AR 2009 The Carlyle Group

8/7/2019 AR 2009 The Carlyle Group

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2009 AnnuAl RepoRt

GloBAl AlteRnAtIVe ASSet MAnAGeMent

One Carlyle



Sectr Epertise

FinnciStrengt

GegrpicRec

PrdctDiersit



Tot, t i ic tat o t O Ca

oba ato oi a ow a to cat a

o o ito. O ato—o o t ot i

o a oba atati at aat —o

a to oatio to wat cai cooic

coitio. I 2009, it ct ctait,

w wok ai to a ow o otoio

o itt. O 67 aco at ca, io

a cto at ii ta tat

ab to t 2010 i a to oitio. Aco i

cotit, o ta o itt oioa k to

co ootiti to at owt a oc

to-ti t o o ito i t a aa.



ThE CaRlylE GRouP

r gb ptfrm

FrOm dIversITy COmes sTrengTh

Tat’ w oct a oaic i-

icatio i a ata tt o o

bi o. yo’ iicatio i

ti w o: i o i ai o

, o ito, o oaic ac,

o itt oioa, a i o

i cto ti.

O iicatio ab toocat ootiti tat ot it

i. It bi tt. A o tt

co ai. Fo o ta 22 a,

ti tat a o owt a

wa o ito.

now, a w ook aa, w a t

tat i icai oba, o tat a

a icai ai t o ki. A a

tat a bit it ao oba ata-

ti at aat, w’ a o tat

t toa.

WhAT seTs CArlyle ApArT? Abo a, w bi it’ o

abiit to cobi a oba iio wit oca iit. B a-

bi a ta o o ta 420 ottai itt oio-

a i 19 coti ao t wo, w a cat a twok

o ciai kow tat w tii a i a ot to

co io ootiti i i iti a ai

ocatio aco t ob. W ca o coaboati iit O

Ca, a w a it to o ito i ia wa

toot o oaiatio.

COnservATIve. dIsCIplIned. meThOdICAl. T a

t tt tat o itt ioo a oc. It’

a aoac tat a at io t o o ito

ic o oi i 1987.

O t at 22 a, w a it o ta $59.6 bi-

io i 952 cooat iat qit a a tat taactio.

Toa, o ta 1,300 ito o 72 coti tt Ca

wit ti caita. W awa b tat w wok o o i-

to, a w cotia ti to wa ti tt b cati

a aci a.

B awi o t taoia tat o Ca’ o-

ioa ao t wo a b oci o oi iti i-

ci, w wi coti to ootiti w t a.



1300+ InVeStoRS fRoM 72 countRIeS

Pbic Pensins & agencies 37%

Finnci Instittins 33%

hig Net Wrt 15%

Crprte Pensins 8%

Endwments & Fndtins 4%

Crprtins 3%

cuRRent InVeStMentS By InduStRy

Energ & Pwer 22%

Re Estte 19%

Tec & Bsiness Serices 15%

Indstri 9%

Cnsmer & Reti 8%

Teecm & Medi 6%

Trnsprttin 6%

hetcre 5%

aerspce 4%

oter 6%

Cre strted in 1987 wit $5 miinf cpit. Td, we mnge $88.6 biinin 67 fnds crss te gbe.

In te pst fie ers ne,cpit cmmitted t r fnds s incresed b 275%.

totAl cApItAl coMMItMentS SInce InceptIon

87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 0

nuMBeR of ActIVe fundS And ASSetS undeR MAnAGeMent

u.S. EuRoPE aSIa(Ex-JaPaN)

JaPaN MENa MExICo SouThaMERICa

GloBal SECToR

u.S. EuRoPE aSIa u.S. EuRoPE aSIa u.S. EuRoPE GloBal

BuyouT GRoWTh CaPITal

GloBal REal ESTaTEGloBal PRIvaTE EquITy

GloBal CREDIT alTERNaTIvES

$25

$20

$15

$10

$5

$0

14

12

10

8

6

4

2

0

N u M B E R o F a C T I v E F u N D S

a S SET S u NDE RMa Na GEM

E NT

( $ I NB I l l I o N S )



From Left

Wiim E. Cnw, Jr.Did M. RbensteinDnie a. D’anie



FInAnCIAl sTrengTh.

prOduCT dIversITy.

seCTOr experTIse.

geOgrAphIC reACh.

T attibt ab Ca to ak it to t gat rcio i oo a.

O i to a at: i 2009 w tii o oba ato to o o ta$5.2 biio o i cotit aco bot, a tat, owt caita a cit ata-

ti. O otoio i i oo coitio a i ioi. T a coot o o

oba o a o ito w to ak a to i t akt.

I 2008 a 2009, w wit a tctoic it i t wa iat qit oat. I

t abc o aaiab a ow-cot cit, o wo ca: a w w a a;

qit wa a bt ow; aii wa ict; itibtio w iia; a

it w cat. I t att a o 2009, to, a a wa to catio otii ai

t t a tat o t oba co. T t to owt aco ajo o aktwa icoitt, bt t wa ao to bi bit a w aa.

Abo a, t ct t o t at two a a t itiati

iotac o t oatioa ti a aat kow-ow tat w a b bi-

i o t at two ca. Woki co wit aat ta aco o otoio o

aoiat 260 coai, w attt to a ac iqiit, k

ow a ot to tat ita a o o otoio coai i t gat

rcio. mawi, o o ta 420 itt oioa a ta o oatioa

aio a at aat ta cti aocat oc a it

octiit a, ici cai a tcti otoio coa bt.

uotat, a w o o coai ai. Fo a, i o eoa otoio, bot

ImO Ca Wa a eca wt ito aiitatio. O itt i ImO Ca Wa

t i a cot wit-o; wi w ci aot 30% o o itt i eca

o a ii caitaiatio a w a ao. I Jaa, WIllCOm o baktc.

leTTer FrOm The FOunders

Te nprecedented eents

te pst tw ers ffirmed

differentiting imprtnce

te pertin epertise n

mngement nw-w twe e been biding fr t

pst tw decdes.



how, o it oc o o otoio coai to t wot o t to ai

o, a t owi ajoit o t a i o t cio i btt a

ta w t t it.

A iicat coot o o ot to ac iqiit aco o oba otoio

io acci bic akt. W ai a btatia iti o bic qit

akt i 2009 a a 2010, ici:

• China Forestry Holdings. patatio ot oato i Cia it o t ho Ko

stock eca, ati tota o oc o $200 iio.

• China Pacifc Insurance (Group) Co. Cia’ ti-at iac o it 861.3

iio h a o t ho Ko stock eca i a qit ai tat tota o

ta $3.1 biio.

• Concord Medical Services Holdings. Oato o Cia’ at twok o aiota

a iaotic iai ct it o t nw yok stock eca, aii $132 iio.

• Kaisa Group Holdings. ra tat o i Cia’ pa ri dta io it

o t ho Ko stock eca, aii $445 iio.

• SS&C Technologies Holdings. A oba oi o acia ic otwa ba i

Coctict it o t nAsdAQ, i 10.7 iio a o coo tock at a

iitia ic o $15 a.

Wi taki oo ca o o oba otoio, w ao oc o aki a a

o wat w tik wi b tic itt tat co abot i ti o akt

iocatio. I 2009, w it a coitt $5.2 biio i 27 coti, ici

$2.7 biio i 47 w cooat a a tat taactio wit a cati ti

a o o ta $4.4 biio. notab w itt ic:

• BankUnited. I ma 2009, Ca goba Fiacia sic pat, l.p., Ca

pat v, l.p. a Ca static pat II, l.p. a cooti o ito i t

acqiitio o Bakuit o t Fa doit Iac Cooatio. Ti taac-

tio wa a t “Fiacia Itittio da o t ya” b Investment Dealer’s Digest.

• Guangdong Yashili Group. I At 2009, Ca Aia pat III, l.p. acqi a

17.3% tak i yaii, o o Cia’ at iat oa coai. A at o t it-

t, Ca wi coit oc to t tt yaii’ aat ti,

ac ac a ot caabiiti a cat a wo-ca qait coto t

or intense fcs n r

prtfi cmpnies trg

te wrst f te strm pid ff,

s te erweming mjrit

f tem re emerging frm te

recessin in better spe tn

wen te entered it.



lEaDERS IN EMERGING MaRkETS

We e istr f cting nd inest-

ing in mrets tt we beiee e eceent

ptenti fr grwt. oer te st decde, we

e incresed r inestment ctiit in teemerging mrets f Cin, Indi, te Midde

Est nd, mre recent, Brzi. Nw emerging

mrets sc s tese, spprted b resiient

dmestic mrets, re eding gb grwt

dring te ecnmic recer. Cntries sc

s Cin nd Indi, wic rge escped te

Gret Recessin, e ttrctie fndmen-

ts tt csined te dwntrn nd sd

ep ensre ftre grwt.

We nticipte tt r grwing nwedgend presence in emerging ecnmies wi rest

in n incresing nmber f pprtnities fr

Cre, sc s te inntie prtnersips we

e red frmed in Cin nd Brzi.

• Broadlea Co. I nob 2009, Ca Jaa pat II, l.p. acqi Boaa,

o o t at ato at-akt otwa oi to t ai a ictio

it i Jaa.

• Medical Park Saglık Hizmetleri. I dcb 2009, Ca menA pat, l.p.

acqi a 40% tak i mica pak hoita go, Tk’ co-at at-

ca ic coa.

W aa ac itt i o oba a tat otoio i a ot to

a a cat it iqiit. I aitio to t actiiti, o ta oc o iti-

i a i ow-cc taactio. Accoi, w it $524 iio i 23

w a tat taactio i 2009. W ao took aata o iocat akt

to o iicat ca o itia ota-back citi (rmBs).

W ot aw obtac, w aw ootit, cai o ta $500 i io o

rmBs i t 12 ot dcb 31, 2009.



dit t ca i t aii akt, Ca a a co o i

totai $15.6 biio i caita coitt o Jaa 2009 to mac 2010. T

ic Ca Aia pat III, l.p. at $2.55 biio; Ca Aia gowt pat Iv,

l.p. at $1.04 biio; Ca Aia ra etat pat II, l.p. at $485 iio; Ca goba

Fiacia sic pat, l.p. at $1.1 biio; Ca menA pat, l.p. at $500 iio;

Ca mai pat II, l.p. at $553 iio; rito/Ca goba e a

pow F Iv, l.p. at $6.0 biio; r ito/Ca rwab a Atati e

F II, l.p. at $3.4 biio; a a a oba cit .

I 2009, w a o coitt to i akt i a ait o wa,

ici t oatio o ioati ati. W ct aoc ati

i Cia to o two aat rmB-oiat . O i a ati btw

Ca Aia pat, wic oc o a ti, a t Biji micia

Ba o Fiacia Wok; wi t ot joi Ca Aia gowt pat, wic

oc o a to i-i coai, wit Fo go, t at iat

ow itt cooat i Cia. eac o t wi a o

itt caabiiti i ti ai owi cot, t ocaii o oatio

a cotibti to t at ot o t oca iat qit it.

Ca ao o a ati wit Baco o Bai to ak bot a owt

caita itt i Bai. lik Cia, w bi tat Bai i ic wit ootiti

o itt. I a 2010, w aoc o sot Aica Bot ta’ t it-

t, i coaboatio wit Ca pat v, l.p.: CvC Bai Oaoa Aêcia

via, lati Aica’ at to oato. W bi ti taactio i tati

o t i-qait ootiti witi Bai a ot lati Aica coti.

I 2010, aci akt, wi ioi, ti a ot a. ecooic -

ata i o akt wi ao ai ca to i ot,

wak oi akt a ow owt i co i. Fto, oi

ibt wi ik ai a i o oba iotac a a a o t oba

cooic co.

dit t i, w bi tat t itt icii, oaic a

oct iit, a oc o a tat wat t to wi ab

to ti a w o t gat rcio. Ca’ tt i at b t

Despite te cenges in te

fndrising mrets, Cre

d fin cses n nine fnds

tting $15.6 biin in cpit

cmmitments frm Jnr

2009 trg Mrc 2010.



at Cre, we beiee tt biding better bsiness mens inesting

respnsib. We ete inestments nt se n teir perfr-

mnce ptenti, bt s n te enirnment, pbic et,

sfet nd sci impictins f te inestment. Wring in prtner-

sip wit te Enirnment Defense Fnd, we jint deeped r

indstr’s first bsiness reiew prcess tt s fr pprtnities

fr pertin imprement nd e cretin trg ennced

enirnment mngement f ptenti inestments. We s wr

t strengten te cities nd twns crss te gbe in wic we

perte. We re teming p wit Jnir acieement t ep ng

pepe deep sis t scceed in te gb ecnm. and trgr vnteer nd Wet Sring Prgrm, we encrge emp-

ees t te time w frm wr t nteer wit ceges fr

gd cses t dd e in cmmnities were te ie nd wr.

Respnsibe inesting, cmmnit

inement nd cncern fr teenirnment re prt f Cre’spprc t bsiness.

BuIlDING a BET TER BuSINESSaND STRoNGER CoMMuNITIESIN NEW aND ENDuRING WayS

i iit o o oba otoio a t acia tabiit it o to t .

Fto, o a aaiab caita t ti tt a i t f-

ibiit a to i-qait itt i ti ctai ciat. W bi

t Ca , i b acia tt, iit a fibiit, oi a

itict cotiti aata.

di t at a, w w o coitt to coiti b t it-

ati o oib itt ici a ooti iatoic actiiti. I

2009, w aoc ati wit aio oaiatio to ak a oiti iact i

coiti i wic w oat: o wok wit t eiota d F wi

bt bot t iot a o otoio coai; wi o oba ati

wit Jio Acit wi ot acia itac i ia a coa coo

ao t wo. I aitio, o vot a Wat sai poa, itoc i

2005, coa o to ot witi ti coiti a ot o

caitab i i b atci o a oa-o-oa ba i to $2,000 a o coti-

btio a to catioa a aitaia oaiatio.



lEaDERShIP aT CaRlylE

In Mrc 2010,pr J. car ws ppinted Dept hed f te u.S. Bt

grp. Tis new re is in dditin t is crrent respnsibiities s hed f te

Gb aerspce, Defense nd Gernment Serices Sectr tem. Pete is Cre

etern, ing jined te firm in 1992. he s been ined wit nd ed mn

f r mst sccessf inestments, incding ai, ai, Bz aen hmitn,

lndmr aitin, Stndrd aer nd united Defense. Frm 1999 t 2001, Pete

ws fnding member f Cre asi Prtners; frm 2001 t 2002, e ped

significnt re in te frmtin f Cre Strtegic Prtners.

Peter J. Cre

Mnging Direct

Wsingtn, DC

or mngement tem is stbe,

wit c-fnders nd senir mng-

ing directrs strng cmmitted t

Cre. at te sme time, we e

identified ftre eders w wicntribte t te firm’s grwt nd

prsperit. Te eperience, ingenit

nd snd jdgment disped b

ec f tese indiids is inspiring.

We intend t mintin r strng

brnd psitin b cmbining te

wisdm f r fnders wit new

genertin f pren inestrs nd

inntie tiners.

At o co, w a a o bi. W bi tat o oioa a ao

t bt a bitt i t it. Wit aoiat 860 o, ici o

ta 420 itt oioa, i 27 oc aco 19 coti, w bi w a t

caabiit to tak aata o ootiti w w cat o co t. W ao

a a bc o itt oioa tat w ct wi cotibt to t ’

owt a oit o a to co. T ic, iit a o jt

ia b ac o t iiia i iii, a ti oiio i to coti

bii o ba i at coot a w aiat ti io o oba ctait.

To cot ti o o i a, w a a a ao o-

ioa aco t Ca ato. I t at a, w wco go l. s

a vic Caia o goba Bot a mica J. ptick a goba ha o Cit

Atati a Caita makt. T accoi io oioa joi Ca at

a iota ti i o ito. W a ao tt o oati coitt, cai



Wiia e. Cowa, J.

maai dicto

dai A. d’Aio

maai dicto

dai m. rbti

maai dicto

or strengt s firm, rng

f prdcts nd gegrpie

nd sectr epertise pride

te fndtin fr r stb

nd sccess.

b g A. yoki. lai t O Ca ato, o ’ a a-

i i a to aata a it o to coitt to cc.

so, w a t ootiti? W a bi o i akt, atica

Cia, Iia a Bai , wic a ic a ai bo i cooic o-

ac i b to ata. W bi t wi b tic, tat oot-

iti i o o akt, t uit stat. I t wak o t oba ci i, t acia

ic it i aki it. O goba Fiacia sic ta coti to

iti wa to aticiat i ti tcti a caitaiatio, a w ct

ti ot to at to t. T oba a u.s. atca cto ao

ai attacti aa o t itt. W bi tat t eoa co wi

a tat o Aia a Aica.

T gat rcio t Ca to t t t. W a b a at to b ab to

a tat w a a tat tt i ic to o ito. O tt a a , a

o oct a oai, a cto ti oi t oatio o o tabiit

a cc. Bt it i t a-to-a ot o o o ta 860 akab oioa

a t o-t coc o o 1,300 ito wo a o iboo.

T t i ctai, bt o iio ai ca: W wi o o oc

i cati a coi wa i o ot to cat i a o o ito

a t coiti i wic w i a oat.



FInAnCIAl sTrengTh:

$88.6 biio aat

Ca oat o a oitio

o acia tt. W a oo t at oba atati

at aat ato. O

baac t i to, a o

at aat a t

co it i t iat qitit. W a $33.5 biio i

caita a to o at t co

o 2009. A o otoio i oi.

T oc oitio to cat

a i ootiti.



CArlyle sTArTed i 1987 wit $5 iio o caita. Toa, w aa $88.6 biio i 67

tat a it i o 260 coai aco t ob. W o o ta 520 cooat i-

at qit a a tat itt wit a tota ca ic a qit it o o ta

$181 biio a $45.4 biio, cti.

W o t gat rcio i a to oitio. O baac t i oi. O

i w caitai. O otoio aatio a a to a ioi. A o itt

ta a t ic to o i o ootiti i a ot to cat a a t akt

coti to co.

W w tabi T Ca go, w ao ac t coati itt ioo-

a icii itt oc tat w ti k to o toa. Qit i, w k to

ak o itt i oo coai wit to aat ta a to tct ta-

actio wit ati coati aot o bt. W bi ti aoac a Ca

aitai oi acia ooti a t oa coo a at, a it’ o ao w

oto i t io ow cc ai i t at ca.

W t t ct cio a o o t to oba atati at aat , a w

a aitai—a oii—o ai oitio a t cooic co a b to

. O otoio a coi b a ti ati to b ao t tot i t it,

a w a coi a it a i accotabiit, taac a cooat oibiit.





prviig si iaia grwh a high qai arWit strng ccpnc rtes nd dierse mi f ptients, hCR MnrCres cntined t eperience sid grwt nd incresed cs fw since itscisitin b Cre Prtners v, l.P. in December 2007. Cnsidered b mn t be mng te best in te etcre indstr, te cmpn’s mngementtem, ed b CEo P a. ormnd since 1991, s sccessf mintined

ig stndrds nd it f cre, inested in tecng, pened ndepnded fciities, nd redced debt. EBITDa s grwn 24% since cisi-tin nd te cmpn s redced tt debt b $500 miin.

Since Cre’s cisitin, hCR MnrCre s cmpeted mtipe prjectsining bt new cnstrctin f sied nrsing fciities nd epnsin f eisting fciities t meet te grwing needs f n ging ntin. Tese prj-ects e dded ner 450 jbs in te pst tw ers, wit er 550 ddi-tin new jbs epected er te net 24 mnts.

hCR MnrCre, wit n enterprise e f $6.2 biin t cisitin, iste rgest prider f sied nrsing fciities in te united Sttes. Bsed

in Ted, oi, it s brd gegrpic ftprint wit 277 sied nrsingfciities cted crss 30 sttes.

Te Cre MnrCre tem is ed b Kar H. Bh,

w spereded Cre’s rigin inestment in te

cmpn in 2007. one f te firm’s Mnging Directrs

nd hed f te Gb hetcre tem bsed in New

yr, kren s inested mre tn $1.5 biin f eit

in u.S. etcre cmpnies since jining Cre in 2005.

Se brings 13 ers f eperience wit etcre-reted

inestments t te edersip f te MnrCre tem.

Wen Cre cired MnrCre in 2007,

Sh H. Wis eped strctre $4.6 biin

cmmerci mrtgge-bced secrit t sp-

prt te trnsctin. Stee, w ws nmed

in Investment Dealers’ Digest’s 2010 Frt nder

Frt, s been inesting in etcre-reted

trnsctins fr 13 ers. he is member f

te brds f directrs f hCR MnrCre,

lifeCre, MtiPn, s we s qicpsGrp, wic is prt f te Cre Jpn

Prtners, l.P. prtfi.

kren h. Becte

Mnging Directr

New yr

Stepen h. Wise

Mnging Directr

New yr

CEo: Paul a. oRMoND

EMPloyEES: aPPRoxIMaTEly 60,000

aCquISITIoN DaTE: DECEMBER 2007

PuRChaSE PRICE: $6.2 BIllIoN



Hig a ma ass a grwig mark Cre ws prt f n inestment grp tt prided RMB6.6 biinf new cpit t Cin Pcific Insrnce, te cntr’s tird-rgestinsrnce grp. at te time f te cisitin, te trnsctin ws tergest prite eit inestment in Cin. Since Cre’s inestment, wespprted Cin Pcif ic Insrnce’s initi pbic fferings in Sngi

in 2007 nd in hng kng in 2009, rising tt f RMB30 biin (r uS$4.1 biin). Tgeter, Cre’s eit inestment nd IPo prceedswi w te cmpn t reize te f ptenti f te wrd’s fstest-grwing mret.

FInAnCIAl sTrengTh

Wi t at 12 ot a b cai, w ao aw ootit a a wat w

bi to b taoia itt. W aa t otoio ioo a cati, a-

i o it ti, aat kow-ow, oba twok, caita akt ti a

t ow O Ca coaboati iit.

preservIng And grOWIng pOrTFOlIO vAlue

W took a b o t i a ot to a ac otoio a i 2009. W iti-

oatioa iot wit aat a ta i t . W ao to

a ac iqiit a ai - w oib to bt ca a b

ai a ti bt to ai aitioa fibiit. W io a tt aa-

t at a o o otoio coai. At t a ti, w tatic acqiitio a

. so a:



• Bita, a oba aact o i-ba ci’ ca at at,

ai it oaiatio to io cici, ica a a coti

itt i w oct a tcooi.

• ArInC, a oba oi o taotatio coicatio a t

ii ic, ica a wi ci bt.

• In June 2009, rito/Ca rwab a Atati e F II,

l.p. coitt $400 iio to cat patt e go hoi, a

ct ai a aitioa $266 iio i co-itt to t

t ’ itt. patt i a wab coa oc o

wi ot iai i t not Aica io.

• scoot’ tatic wit CaWa i bot coai a

iq ootit to ac t oct a ic t oi.

W ao ot o Ci coai i cc coti

ti bic oi, aii a cobi tota o $3.8 biio. W ai co-

itt to i t coai ti tatic a cocia objc-

ti, jt a w a coitt to Cia o t o t.

seeKIng OppOrTunITy WhIle OThers sOughT shelTerma o o at w ai witi t at t a a a a i

ti itt io. Fo a, o u.s. bot , Ca pat v,

l.p., ac at $13.7 biio. It itt ic a ajoit tak i Boo

A haito, acqi o $2.6 biio; hCr maoCa, wit a ti

a o $6.2 biio; hd s, acqi o $8.8 bi io; a Olik

Fiacia, wit a ti a o $475 iio.

likwi, Ca goba Fiacia sic pat, l.p. wa ac

to it i aat bot, owt caita ootiti a tatic

ioit itt i t acia ic cto. Aa t a

a wat w bi to b t ct itt, ici Foia-

ba Bakuit, acqi i 2009 wit Ca pat v, l.p., Ca

static pat II, l.p. a co-ito o $945 iio.

Jnine Feng

Mnging Direct

hng kng

Jai fg is Mnging Directr fcsed

n bt pprtnities in Greter Cin.

Se ersw Cre’s inestments in Cin

Pcific Insrnce s we s ter inestments

sc s Cnging Pcmp Interntin

Crprtin, Pcific Cin hdings nd

Zejing kin hte Mngement. Jnine

s been wit Cre since 1998 nd s

mre tn 15 ers f inestment eperience,incding trnsctins in strctred nd

prject finnce.





prvig h va abraiMncer Grp is n Itin r ppre grp tt mn-ges te brnds Mncer, henr Cttn’s, Mrin ycting,nd Cst, Weber & as. Mncer is s te icensee f tesprtswer ine f te brnd Cerrti.

Since ciring 48% ste in Mncer in 2008, Cre seped mngement deep nd impement strteg fcsedn interntin grwt, wic incdes new stre penings. In2009, Mncer Grp eperienced significnt increse in sesnd prfitbiit, primri de t te strng perfrmnce f te Mncer brnd in bt wese nd reti cnnes nd

impred grss mrgin. Te cmpn is pnning nmber f new stre penings fr te Mncer brnd in 2010, incding new stres in Beijing,Mnic, New yr nd Szbrg, s we s in te Swiss resrttwns f lgn nd Zermtt.

Mncer Grp is n eceent empe f r one Cre c-brtie pprc. Cre prfessins frm hng kng,

T nd te united Sttes e sggested bsiness deep-ment ptins, e eped wit c recriting nd setting p

jint entres, nd sere n Mncer brds f directrs.

ChaIRMaN: REMo RuFFINI


aCquISITIoN DaTE: oCToBER 2008

PuRChaSE PRICE:€476 MIllIoN



FInAnCIAl sTrengTh

ATTrACTIng COmmITmenTs TO neW Funds

W coti to attact coitt to w a t att atio o . I 2009 a

a 2010, a b o a a coi, ici Ca goba Fiacia sic pat,

l.p. at $1.1 biio, Ca menA pat, l.p. at $500 iio a Ca Aia pat III, l.p.

at $2.55 biio. T a acti iti i coai a i a gao yaii

go, o o Cia’ at iat oa coai, a mica pak saık hiti, Tk’

co-at atca ic coa. W a ao cotii to itt ooti-

ti i ot i akt.

O o 20 tat a ct acti i ti itt io, 11 a o ta

a ti o ti coitt caita. W bi w a w oitio to tak aata o t tao-

ia itt ootiti tat t t i t wak o t gat rcio.

lat i 2009, w co w itt ootiti i Cia w Ca Aia gowt

pat Iv, l.p. coitt to it o ta $60 iio i t i-owt coai. Jia

raibow ha Iti, Cia Aitc a iTo a a to o i ti cti

cto o a it, aict a co ic. T taactio ca jt o ot

at t coi o t , Ca’ ot Aia owt , wic ai $1.04 biio i 14 ot

it a ict aii iot. T taactio fct Ca’ cotii coc

i t Aia akt a o ooi tia o itt ootiti i Cia. T titt ao fct Ca Aia gowt pat’ oc o coai wit o bi o

a oi ai ta ki o-t owt i otic a oa akt.

pOsITIOned FOr FuTure grOWTh And FurTher sTrengTh

Ca i qick ti to a acti itt ac: i 2009, w it a coitt

$5.2 biio i 27 coti. di t t t qat o t a, t at ajoit o t

itt w i aa o it, i akt o . Bt a t a w to a co,

o itt it towa o taitioa ootiti. W ct o a-t it to

at oi ca it ibtio.

Ackowi tat Cia’ at-owi coo ak it o o t ot attacti itt

tiatio i t wo, w ac two w rmB-oiat i a 2010, o ba i

Biji a t ot ba i saai. To at, w a it o ta $2.5 biio i Cia

i a 50 taactio. I Jaa 2010, Ca wa a t bt iat qit i Aia b



Trg er 2010, we e cmmitted ner $3.8 biin f r cpit t r fnds, greter mf side-b-side cmmitment tn e cmpetitrs.

aChIEvEMENT 2009–2010

The Asset aai. A o t co a i a ow, Ca wa ak b o ao t bt

iat qit i Cia b Ciavt, a ac a coti ititt i Cia.

Wi t wo i cai at a icai ai ac, w a cotii to bi a to

oba itt oc o ito itt a . O aat ta i tab,

wit co-o a io aai icto to coitt to t . At t a t i,

w a oi a w atio tat i aa bii to a ai oitio. T

w a a icat to o co a o itit a oioai a a i ita

ti aco t .

moi owa, o tat, back b 22 a o cc, wi co-

ti: it i coai wit ai oitio i ti oct aa,

back aat ta wit iio a oatioa icii, a it

i owt. A , w o o itt ti w a ati tat o

wok wit aat a aci t i t. W it i bi-

i wic w a a to t oa caita to wok aoi tat

o o ito. I act, w a coitt a $3.8 biio o o ow

caita to o , aii o itt wit to o o ito.

O itt aoac a icii abo a , t ao

ai t iotac o qick oi to w ootiti. W wi itti to a ctai oaiatioa o, wi at t a ti bjcti a it-

t ooa to ioo iw b t ’ ot ic oioa.

Toa, t Ca ba i ao t tot i t oba itt it. W it

to tai tat oitio b cobii t wio o o o wit a w atio o o

ito a ioati tik.

Cre ws nmed asi’s best prite eit firm b The Asset mgzine in its 2009 Tripe-a asset asin

awrds. Receiing te wrd re Cre Mnging

Directrs (frm eft) Wne Wen-Tsi Ts, hed f

Cre asi Grwt Prtners; Jsn h. lee, hed f

Cre asi Re Estte Prtners; nd xing-Dng

(x.D.) yng, C-hed f Cre asi Prtners.



prOduCT dIversITy:

67 aco ti at ca

Oi a ait o aco

aio icii a ioi o ito at fibiit

to aocat caita ao ti

at ca a toot t

caita tct.



dIversIFICATIOn Is One OF The FundAmenTAl sTrATegIes o cc iti. Ca

ab o ito to t ti tat to wok b oi 18 o a two joit t tata iti aco i cotit i ti at ca.

O ti oct a i tia o a tat a o o t ot i t o ito i

t it. At t o 2009, Ca cot o 1,300 ito o 72 coti, wit o ta

93% o coitt ti ito wo a it i o ta o Ca .

O a aa b a i ta o itt oioa. I ita akt

ao t wo, Ca’ itt oioa a aot ci a o atioa o t

coti i wic t oat. O itt oioa a to tatio, tabi co-

tact a kow abot ti oca bi ciat a ct. T iit o t i ta o

o ta 420 itt oioa o a oba iio tat Ca i it ot to cat a

o nw yok to Biji, o pai to Itab.

glOBAl prIvATe eQuITy: InCreAsIng vAlue

T oa o o goba piat eqit itt oioa i taitowa: to ica t a o

t coai i wic t it. T ta ook co at ti o i- to ot-

owt to akt-ai, a-ca coai i 11 co it cto o i cotit. T

t t t o Ca aoac to wok, coaboati wit bot coa aat a Ca

coa ao t wo to wa to io t coai’ oatioa oac a akt

oitio. I ti wa, a b aii t itt o coa aat wit to o ito,

Ca cotia oc o aiii a o ito aco t ob.

BuyOuT Funds. Ca a 23 bot , 15 o wic a oaica oc o it-

t ootiti i t Aica, Aia, eo, Jaa, a t mi eat a not Aica (menA).

eit aitioa bot a oc o cic cto: Ca goba Fiacia sic pat,

l.p.; Ca Iatct pat, l.p.; a i oba , ow a wab .



CEo: JohN a. kaNaS


aCquISITIoN DaTE: May 2009

PuRChaSE PRICE: $945 MIllIoN



Rviaiig a r am i bakigFrid’s Bnunited ws reestbised s strng nd we-cpitized bn s te rest f n inestment mde b Cre nd ter inestrs in 2009. Cre Gb Finnci Serices Prtners, l.P., Cre Prtners v, l.P. nd CreStrtegic Prtners II, l.P. cmbined teir cpbiities nd epertise in te cisitin. Te inestrs, ed b Jn a. kns,cired te ssets nd mst f te ibiities f te frmer Bnunited frm te Feder Depsit Insrnce Crprtin.

Te grp recpitized te bn wit $900 miin in new eit, ming it ne f te mst we-cpitized finnci

instittins in te cntr.

Mr. kns, te frmer Cirmn nd CEo f Nrt Fr Bncrprtin, becme Bnunited’s Cirmn nd CEo. hebrings mre tn 35 ers f sccessf bn edersip t Bnunited. under Mr. kns’s edersip, Bnunited sired seer new, eperienced bn mngers t strengten nd cmpement te eisting tem. Te bn s pns tintrdce mre prdcts nd serices fr indiid nd bsiness cstmers.

Frid s gener been cnsidered ne f te mst ttrctie bning mrets in te united Sttes wit mre tn5,000 bning ffices trgt te stte. Bnunited is te rgest Frid-bsed bn wit $8 biin in depsits.hedrtered in Mimi les, it s mre tn 75 brnces cted in 13 cst cnties nd emps mre tn1,000 pepe crss te stte.

“Prite eit cn p significnt re in

recpitizing finnci serices firms bffeted

b td’s tg mrets,” ss Jim Brr.

Since jining Cre s Mnging Directr

in r Gb Finnci Serices tem in

2008, Jim s eped Cre d jst tt.

Recent, e ws cse ined wit Cre’s

inestment in Te Bn f N.T. Btterfied &

Sn, bsed in hmitn, Bermd, nd ws

dded t te bn’s brd f directrs s

prt f te trnsctin.

p. oivir Sark eds p Cre’s $1.1 biin

gb finnci serices fnd. he jined Cre in

2008 nd eds tem tt incdes 12 inestment

prfessins wit etensie eperience crss

sectrs f te f innci serices indstr. Since te

fnd’s frmtin, oiier s erseen inestments

in tree finnci instittins: Te Bn f N.T.

Btterf ied & Sn, Bnunited nd Bstn Prite

Finnci hdings.

Jim Brr

Mnging Directr

Crtte

P. oiier Srz

Mnging Directr

New yr



I 2009, o u.s. bot , Ca pat v, l.p., acqi Olik Fiacia, a oi o

co-at tai, ik aat a at otoio aat otwa otio o t oba

cooit, a acia ic akt. Ba i nw yok, Olik’ b ci cit baic 12 o t to 25 at cooit a coai b akt caitaiatio, it o t

at acia itittio a 11 o t at cta bak, a w a ajo a bic

tiiti. I o to t owi atio o t iati akt, Olik i w oitio to

o w oct a ic to it cto.

I Aia, yao C st Tb, a Ca Aia pat II, l.p. otoio coa, wa

awa a cotact i 2009 o Iia’ ai boiak, Baat ha ectica, to abot

4,000 to o a t i. Ti i t t ti tat Baat a cc aiat a Ci

a-iat a t i i o it ti oct a. T cotact i a a o

ow Ca Aia pat it otoio coai t w akt b ai Ca’ oba

twok. Ao i 2009, Cia pacic Iac, Cia’ ti-at iac o, it o t ho

Ko stock eca, aii a tota o o ta $3.1 biio. I a 2010,

a w rmB-oiat wa tabi to it aoi Ca a

it itt i a owt coai. T wi

a Ca’ itt caabiiti i Biji a aco Cia, ti

Ca’ tat o ocaii o oatio i Cia a cotibti to t

ot o t oca iat qit it.

Ca Jaa pat II, l.p. acqi two coai i 2009, iciCi, a Jaa b a taat oato oc o iii a

ai it oatio bo it ct b-ct bi.

Ca menA pat, l.p. cot aii it t wit qit

coitt o $500 iio, a acqi a 40% tak i mica pak saık

hiti, Tk’ co-at atca ic coa. T it-

t wi a t coa a c bt.

Ca Iatct pat, l.p. wa at o a joit t

tat t ito a 35-a bic-iat ati wit t stat o

Coctict; docto’ Aociat, wic i t at coa o suBWAy

rtaat; a sbco to o, oat a aitai Coctict’

23 iwa ic aa aco t tat. A Ca/rito oaw a

ajo ati o b otoio coa Cobat Itatioa e

a soao o oi ii i t wat g o mico a t -

wat oo Aoa.

zir ymd

nging Directr

as Mnging Directr f Cre Jpn Prtners,

Kahir yamaa fcses n Jpnese bt

pprtnities nd s respnsibiities t ed desrcing ctiities nd ersee new trnsc-

tins. Bsed in T, e ws integr ined

in te srcing nd eectin f Cre’s cisi-

tins f asi Secrit, anStrte, Cent

Mteris, Gsei Engi, kit nd Rtm.

he sits n te brds f directrs f Brdef,

Cent Mteris nd kit.

prOduCT dIversITy







pggig i rwab rg Sme s prt f te nswer t te wrd’s grwingenerg needs cn be fnd in wind-generted pwer. In

Jne 2009, Rierstne/Cre Renewbe nd aterntie

Energ Fnd II, l.P. cmmitted $400 miin t cretePttern Energ Grp hdings, nd recent rised ndditin $266 miin in c-inestment t sppementte fnd’s inestment. Pttern is renewbe energ cm-pn fcsed n wind deepment primri in te Nrtamericn regin. It is n independent, f integrtedenerg cmpn tt deeps, cnstrcts, wns ndpertes renewbe energ nd trnsmissin ssets inte united Sttes, Cnd nd prts f ltin americ.

Te tem t Pttern incdes mre tn 80 empeesw e deeped, finnced nd pced int pertin

mre tn tw gigwtts f wind pwer in 11 sttes ndfr cntries—eng t pwer mre tn 800,000 er-ge americn mes. Pttern s deepment pipeinef mre tn fr gigwtts f wind energ prjects.

Since inceptin, Pttern s begn cnstrctin—ndremins n time nd n bdget—n 101-megwttwind frm in Cifrni wit n epected pertinstrt dte f Nember 2010; 138-megwtt cnstrc-tin prject in Mnitb, Cnd, wit n epectedpertin str t dte in te 2010; nd s cired 283-megwtt perting wind frm in Tes. a f

te prjects e ng-term finncing nd ng-tenrepwer prcse greements in pce. It is estimtedtt tese tree prjects wi generte eng pwer fr mre tn 200,000 mes.

CEo: MIkE GaRlaND

EMPloyEES: aPPRoxIMaTEly 80

aCquISITIoN DaTE: JuNE 2009

INITIal CoMMITMENT: $400 MIllIoN



tatic atioi to ac a saai-ba rmB-oiat . Wit a iitia itt o

$100 iio, t k to it i i-owt coai i Cia a w a iti co-it-

t ootiti ao t wo wit a bi to Cia.

glOBAl CredIT AlTernATIves: speCIAlIzed experTIse

Ca goba Cit Atati coi a ta o 57 itt oioa ba i loo,

lo A, nw yok a Waito, dC. T ta aa cit ik aco t cit ct,

ici a oa, bo, ai citi, a it qit a bt. mica J. ptick

wo joi Ca i a 2010, a Ca’ goba Cit Atati bi.

Ca mai pat it i bt a qit citi o a bot, caita-

iatio a owt aci. I 2009, t ta cot aii o it co , Ca

mai pat II, l.p., wit qit coitt o $553 iio. To

at, t a it $257 iio i 10 taactio.

Ca static pat it i t bt a qit o oatioa

o, acia it coai i Ca’ co iti ao t

wo. I 2009, md Ito wa o b a o o mta’ iti

t , b Ca, to acqi t at o mta ia a sctio

363 a oc t u.s. Baktc Co. Ti oc cat a

owtai-oc coa tat i ct to b a tab i to t

oba atooti it.

Ca’ tct cit o it iai i oi io

c bak oa to coatai oa obiatio a ttic tct. T o aa

18 ic i eo a t uit stat, accoti o o ta $10 biio i at aa

t. I 2009, Ca’ tct cit aw aatic iot o t 2008 ow, wit

a aki itibtio to qit ito.

glOBAl reAl esTATe: seeKIng OppOrTunITy

Ca a 10 a tat oc o itt ootiti i Aia, eo a not Aica.I a, Ca a it i 423 oti ao t wo wit a tota caitaiatio o $37.4 biio,

cot 168 o atia aiatio, a t $5.0 biio to ito.

I 2009, o u.s. a tat ta, Ca rat pat, coti to oc o t rmBs cto. I

a joit t wit Faco Bi Caita, Ca acqi $501.1 iio o rmBs. Wi ai to

tict itt citia wit coati witi, Ca k to iti rmBs itt tat

o oi i ata t a ic at it .

prOduCT dIversITy

or secnd u.S. mezznine fnd,Cre Mezznine Prtners II, l.P.,cmpeted fndrising wit eit cmmitments f $553 miin.

aChIEvEMENT 2009



Ram A. Whima, 13-er Cre etern, is C-hed f

te f irm’s distressed inestment tem. he is tsed wit ting

dntge f te gb pprtnities fr distressed inesting tt

rest frm te crrent trbent ecnmic nd cpit mrets

enirnment nd ecessie eerge n crprte bnce seets.

R is bsed in Wsingtn, DC, nd crrent seres n te brds

f directrs f Diersified Mcine nd Metdne Crprtin.

Givig a srg ma w iMetdne Crprtin is gbmnfctrer f ig engineered metcmpnents fr igt eices nd trcs.

Cre begn inesting in te bn debtf Metdne—wic it sw s strngcmpn in dwn-cce mret—in2008. Wen Metdne fied fr Cpter 11 bnrptc prtect in in M 2009,Cre sw te pprtnit t temwit ter term enders t crete new pwertrin-fcsed cmpn tt isepected t be stbe sppier t tegb tmtie indstr, meCre beiees wi benefit Metdne’scstmers nd ter steders.

Rmnd a. Witemn

Mnging Directr

Wsingtn, DC

I eo, iit ic ajo w a i t noic io, it a cai ta akt;

w tai a i pai; a t cotio o a w oc bii i mai, wic i t aqat

o t sai natioa rita Aociatio (Coio ritao). Ca eo ra etat pat

ao a it oatio ito t B io, w t ta i bii a otoio o tt o-

i. I 2009, Ca o oti: t i Fac, o i ga a o i sai.

I Aia, Ca a t Koa natioa pio sic joit acqi Kdx Too gaqa, a

10-to, ca-A oc bii i Toko. I aitio, itt w o i Aia i 2009. Two o t

ai itt ic Oca Itatioa, a aatt bii ocat i Biji wit 228 it

o 23 foo tat wa cot o a itia tow to ic aatt, a lakot via, a w

cot itia co ocat i saai. W bi t taactio i a oati cc i t

akt fct t ic, kow a tat o o ta i Aia.





In InvesTIng, KnOWledge Is pOWer. T o w kow abot a coa a it cto, t btt

a w a to a tak aata o ootiti. O t at 22 a, w a aa ciai

ocic i 11 k cto: aoac a , atooti a taotatio, co a tai,

a ow, acia ic, atca, itia, iatct, a tat, tcoo a bi ic,

a tcoicatio a ia.

W ao to t ti kow to wok w oi iic o ottia itt,

a w a i o ot to cat a o t coai w acqi. Wit Ca’ oba ato, cto ta

coaboat aco t : a ta i a ootit i Aia, o a, ca aw o t it

ti o Ca oioa i t uit stat.

I act, tawok i citica to Ca’ cotiti . Aco t ob, ta a a ia,

oc a cot-cic it kow. O tat ic ati wit it t-

, CeO a COO to a at aat a oatioa t. T io aio wok oac-

ti wit otoio coa aat to a a it tati i a ot to cat a.

AerOspACe & deFense. T Ca aoac a ta a a it ti it

ic to oita itt ootiti aco a wi a o it bcto. O

aiiait wit t ak a to o t cocia aoac cc a o ic i t co-

tacti wo ab to aat ootiti o a o-t tatic cti. Ti iq abiit a

ab to cc cot a b o itt.

O a o t itt ootiti, Ca a wok co wit iti aat ta

ooki to i ootiti witi t it. A tatic at a kowab oc o caita,

Ca k to aciitat t cotio o owt acqiitio, caitaiatio o oi-iat taactio at

it otoio coai.

I 2009, Ca pat Iv, l.p. otoio coa ArInC c it bt a coti to ow it

t cai iot. I aitio, vot Aicat Iti o it sot Caoia aciit to Boi

i 2009. A i mac 2010, Ca a to vot to aicat coot ak Ti go i a

taactio wot $1.44 biio.

Boo A haito ic ob-iit owt i 2009, i b to a i t a

cit akt. Boo A haito a b at t oot o tat a coti o 95 a. T co-

a ocue piaiy on eceion-eitant govenent evice, poviing a boa ange o evice in tategy, opea-

tion, oganization an cange, inoation tecnoogy, cybeecuity, yte engineeing an poga anageent.





fiig riis mas kwig whr k It ps t be cnstnt wre f cnges in te mret. Fr empe, cnditins in temret fr RMBS demnstrte w rpid sifts in mret iidit cn trnste intttrctie inestment pprtnities. In te 2008, finnci grps—incding inest-ment bns nd mrtgge rigintrs—ed rge inentries f RMBS nd we ns

tt were rigin cired fr se r inestment. at te sme time, trditin ines-trs d bced w frm ming new inestments. as rest, te RMBS mretis gener crcterized b imited inestr interest nd bndnt spp. Ting grnr pprc wit cnsertie nderwriting, we seized te pprtnit—bsingr decisins n fndment reserc in te residenti sectr. Trg December 2009, Cre Ret Prtners v, l.P. nd Cre Ret Distressed Prtners I, II nd IIIcmmitted ner $1.1 biin t RMBS inestments. Tis cmmitment cers 58 indi-id trnsctins, f wic 97% e n inestment-grde rting (92% rted aaa).

Rbr G. Sk s eded p Cre’s u.S. re esttefnds fr mst 12 ers. he gides te u.S. re estte tem

n inestments, incding ciring cntring interest in

te reti prt in f New yr Cit’s 666 Fift aene bid-

ing wit Crwn acisitins. Te 90,000-sre-ft reti

prpert, wic is cted in ne f te mst prestigis reti

crridrs in te united Sttes, is ne f n few t ffer

200 feet f ninterrpted reti frntge n Fift aene.

Since ciring te prpert in J 2008, Cre s bgt

t bew-mret eses wit hice Freemn nd Brs

Brters nd retennted mjrit f te spce wit ng-

term t-mret eses wit abercrmbie & Fitc nd uNIqlo.

Rbert G. Stce

Mnging Directr

Wsingtn, DC

666 FiFth Avenue



AuTOmOTIve & Tr AnspOrTATIOn. Ca i o o t w oba atati at aat

wit a oc o t atooti it a t taotatio cto. Ti oc a at a c-

c co o iti i coai tat aact coot a accoi o t wo’ ajo

atoak. W ao a ti ic wit coai tat t taotatio cto it o aaacti taoit o a at o t oba taotatio twok.

Ca ct it it itt i ATc Itatioa o a iab t o qit it,

w t coa wa acqi b ga daic. sic Ca acqi ATc i 2005, t coa,

wic aact a-t a a io t, oitio it, aci otab owt

a a ot. Ot coai i t atooti a taotatio otoio ic Aio

Taiio, ht Cooatio, Jia sioc Tcoo, mta a uit Coot.

COnsumer & reTAIl. At 15% o gdp, Ca bi t ai co oct aa t ii-

cat itt ootiti. B ati wit ao it cti a tai ito o oba twok,

Ca ct to b w oitio to cat qait itt i tat aa o t co oct cto.lat yea, te Itaian uxuy appae goup monce expeience a 23% inceae in ae, epite te toug econ-

oy. Woking wit monce’ taente Caian an Ceative diecto, reo rufni, Caye uppot te copany’

ong-te tategy o contoe gowt aie at ute tengtening te monce ban, iage an poitioning.

I Aia, itt w a i two co oct coai, ici nata Bat Bio-Tcoo,

o o gat Cia’ at ki ca oct a bat a ic oi. nata Bat wa o i

1972 a i it o t ho Ko stock eca.

energy & pOWer. Ca/rito’ oba twok ab it to bot a a caita oi a

tatic at i bot a owt qit ootiti o t cotit. It iticti cobiatio o

itt a it ti a oc a to tack co. A it o-tai atioi witi-qait aat ta cat a toot akt cc.

seCTOr experTIse

frgig a w raishiIn J 2009, Cre cired 78% f Grpe Mre,te rgest independent medic frging cmpn inErpe nd te secnd rgest in te wrd. Mres 30-er trc recrd f ser ing te rtpe-dic impnt indstr nd speciizes in te precisinfrging f ip impnt stems. Te cmpn mnfc-tres ne in fie ip impnts prdced nn inte wrd. Immedite fter te trnsctin csed,Mre bgt t te cntrct f its ecsie dis-tribtr fr Germn nd Switzernd, me ttwi ed t pprimte €300,000 f nn cstsings nd enbe te cmpn t be mre prc-tie in te Germn nd Swiss mrets.



I 2009, daic Oo roc coti to at iicat ca fow, abi it to ak

accti acqiitio. A hoto-ba oi a a coa, daic Oo oc o acqii a o-

i oti i t g o mico io. lat a, t coa a two acqiitio, ai o ta

95 biio o cbic t qiat o .

gibo e hoi ao ic to o otabiit at a. Ba i Caa, Caaa,

gibo a a a twok o at, o 3.4 iio o ba o c toa caacit a a 16,000-ba--

a oci aciit to 11 tia a 290 i o ii. I 2009, gibo a a acqiitio tat

a it tck-ai caacit a oi t ito t oic sakatcwa Bakk bai.

FInAnCIAl servICes. Ca tabi goba Fiacia sic pat i 2007. T ta a o

ta 100 a o cocti ic aco a cto o t acia ic it, oii to itoi-

ca kow, woki atioi wit k acia ic a a ti to i o itt

coic. I 2009, Boto piat Fiacia hoi, wic ow a twok o it oat acia ic

aco t uit stat, took cii t to t tt it baac t b iti t aiat.

Ot acia ic itt ic t Aia coai. hoi dot Fiac

Cooatio, a ota ac coa a t at to a tat o i Iia wit a 25%

atioa akt a, a TC Bak (o Ta Co Bak), a ii cocia bak i Taiwa, a at

o t Ca Aia pat II, l.p. otoio. rco ho Fiac, a oioa aa oi ac co-

a ba i Iia, i at o t Ca Aia gowt pat III, l.p. otoio.

heAlThCAre. To bot bot a owt caita i, Ca it i atca coai

b ao aat tat o a cotiti i ti aic it.

I a 2010, mtipa, t at it oi oaiatio (ppO) i t uit stat,

acqi viat, aot a it ppO. Coco mica sic hoi, a oato o t at

twok o aiota a iaotic iai ct o cac tatt a iaoi i Cia, cot

it iitia bic oi o t nw yok stock eca, aii tota o oc o $132 iio.

IndusTrIAl. Ca bi it itia ta a t ic a oba oc to iti a

caitai o a wi a o itt ootiti. T ta’ tat ic ati wit bot tat-

ic b a ao it cti i ot to io t oatio a cotiti oitioi o a

otoio coa.

Ax Wagbrg is Mnging Directr

fcsed n Erpen bt pprtni-

ties. Bsed in Brcen, e s been

ined in nmers inestments, incd-

ing Sprg, n nim ntritin grp in

Prtg nd Spin, nd apps+, gb

certif ictin cmpn speciizing in test-ing, inspectin, certifictin nd tecn-

gic serices.

ae Wgenberg

Mnging Directr

Brcen





A amark bi-riva arrshi mas grasr highwa mriss a mr ha 300 w jbs.Mtrists stpping t ne f Cnnectict’s 23 igw sericeres wi see sme cnges sn. In Nember 2009, Creentered int jint entre ced Cnnectict Serice Pzswit Dctr’s asscites, wic is te prent cmpn f SuBWay Restrnts, nd Sbcn, frming 35-er pbic-prite prtnersip wit te Stte f Cnnectict t redeep,perte nd mintin Cnnectict’s 23 igw serice resn Intersttes 95 nd 395 nd Rte 15 (Te Wibr Crss ndMerritt Prws). Te crrent fciities were bit in te 1940snd 1950s, nd e d n significnt cpit imprements inte pst 25 ers.

Te Cnnectict Serice Pzs trnsctin is n inntie pbic-prite prtnersip trg wic prite sectr fnding wi ept rebid pbic infrstrctre. In tis effrt, Cnnectict SericePzs wi p fr 100% f te imprements t te serice resin ecnge fr te rigt t perte te fciities fr 35 ers.

Te Stte wi cntine t wn te fciities trg te term f te greement, nd t te end f 35 ers, te Stte wi resmerespnsibiit fr te pertins nd mintennce f te fciities.

Te new rest stps wi incde Dnin’ Dnts, wic is Creprtfi cmpn, nd riet f ter c restrnts ndsps, sppementing eisting brnds sc s McDnd’s.Cnnectict Serice Pzs wi s pride impred fe ser-ices nd epnded cnenience stres nd trism resrcest te ser ice res. It s pns t impement enirnmentinntins incding sier lEED design eements nd trc ideredctin tecng. Cnnectict Serice Pzs nd its tenntsepect t inest pprimte $178 miin in imprements ndpgrdes t te serice res nd crete pprimte 340 jbs.In tt, te stte is epected t receie pprimte $500 mi-in in ecnmic benefit frm te redeepment.

CEo: Paul D. laNDINo

EMPloyEES: aPPRoxIMaTEly 750





In 2009, Cina Foety hoing copete it initia pubic oeing, aiing tota go pocee o $200 iion.

One o te tee aget pivatey e oety pantation in Cina, te copany anage an eveop utainabe

oet o aveting an ae. Jiangu sinogce Tecnoogy ae poge penetating oveea aket,

wit uppot o Caye’ goba netwok an te copany’ new oveea ae eot. sinogce i te aget

Cinee uppie o a key ceica aitive tat ep pevent peatue aging o ubbe, epeciay autootive tie.

InFrAsTruCTure. Ca Iatct pat, l.p. it i bic a iat iatct ojct

a at iai i t uit stat a Caaa. Iatct itt a coti to ow i t

uit stat a Caaa, w aitac a w cotctio cot a tiat to to $1 ti io

o t t a. piat itt o tat a oca ot a atati wa to t t -

i a oati a bo t taitioa a o aii b icai ta a ii bo.

reAl esTATe. Ca a ic a tat ta o t cotit. I t uit stat, Ca

rat pat oc iai o ajo tooita akt, ki itt i t oc, ot,

itia, tai a itia cto. It oa i to ocat a oti i it tat akt wit a

objcti o oii a wit t o caita to ito. I 2009, Ca a a ti oc bii i

sa Jo, Caioia, to haoic, Ic. o it w cooat aqat. It wa t at w oc/ac

a ot a i siico va i two a.

Ca eo ra etat pat k itt i cocia ot tat ca b oitio b

ati a ioi t iti ica tct a b booti occac at a ta i. loca

ta o itt oioa, wit to coctio to eoa a tat a cooat coiti,

acti k oti i t ia tat akt o Fac, ga a Ita. I 2009, Ca a o

67,000 qa t o oc a itia ac aco eo. I aitio, Coo paa bca t t

oc bii i Biia, ea, to aci t ot-at BreeAm ect I-u accitatio,

wic a a bii’ taiabiit oc it i occi a i . I pai, t To 9 rot

wo t ga pi sImI Awa i t cato o bt oat bii.

Ca Aia ra etat pat tat oti iai i Cia a Jaa. Wit a to kow

o oca a oba caita a ot akt, cobi wit co woki atioi wit oca oat-

i at, t ta i ab to cat a to acti at aat. Kaia go hoi, wic

i joit it b Ca Aia ra etat pat II, l.p. a Ca Aia gowt pat III, l.p., i o

a o a Ca itt wit a oca, ic ot o. Kaia i oc o t itia

cto i s, Cia, a bi aoab ic i-qait, a-ca, i- oti tat cat

to t ii i ca, wic i cati to a o o owi i Cia. I 2009, it t

cai akt iot, Kaia cot it iitia bic oi o t ho Ko stock eca,

aii aoiat $445 iio o o oc a ii to owt.

TeChnOlOgy & BusIness servICes. dawi o it cto kow a t Ca twok, t

tcoo a bi ic ta k to cat oita a fow a a a to bi, icia

to oii tcoo iatct a ic to t ti akt. T ta oc o a coa’

ata to a ot bi wit ct owt oct.

seCTOr experTIse



O c a i ss&C Tcooi hoi, a oi o ciai otwa o t acia ic

it. I mac 2010, t coa cot it iitia bic oi o t nAsdAQ, i 10.7 iio

a o coo tock at a iitia ic o $15 a. Ba i Coctict, ss&C a 25 oc oba a

o ta 1,200 o wo o ta 4,500 cit.

TeleCOmmunICATIOns & medIA. T at ca a wit a coicatio otio, o t

at o t Itt to t ai o obi tcoo. di b t aac, t cto it a ca

aica, wit w twok cooic, a w ato aca a w t o cott a aicatio.

Ca, wit o co-oaic, co-it coaboatio, bi it a t ic a oi-

ticatio to iti ootiti i ti cai iot. T mi i a ca i oit. A u.K.-ba

coa tat oi iita ot-octio ic o t tiio atii it, T mi coti

to o obt ati to a cai tiio atii akt i wic bt a cotai

a cotitio o ic i a. not, t coa a ow akt a. Ca a T

mi a to t uit stat, w it w lo A oatio i otoi ocat.

Brk B. cbr (rigt) is hed f Cre Grwt Prtners, r u.S. sm

bt nd grwt cpit tem. he fcses n inestments in te edctin

tecng, teecmmnictins, medi nd bsiness ser ices sectrs. Since

jining Cre in 1996, Bre s been ctie ined wit inestments

in ap Gb, Ctpt lerning nd W Street Institte. Miha G.

Gki (eft) is vice President w fcses n u.S. grwt cpit inest-

ments in sftwre, edctin nd tecng-enbed bsiness serices. he

is member f te brd f directrs f Scnet.

eaia si rvir maks h graPidepi-bsed Ctpt lerning prides edc-tin stins tt meet wide riet f k-12 scneeds, incding sppement instrctin nd prfes-sin deepment fr tecers. Ctpt pridesserices t mre tn 1,000 scs, incding pbic,nnpbic nd crter scs crss te cntr. lst

er, Ctpt ws seected s ne f tree ifiedendrs b te New yr Cit Deprtment f Edctint deier Tite I Instrctin Serices t prite scs.

Te cmpn ws sbseent seected b te mjrit f te prticipting scs t deier mtemtics ndreding edctin spprt serices.

Bre B. C

Mnging Di

Wsingtn,

Mice G. Gzci

vice President

Wsingtn, DC



geOgrAphIC reACh:

27 citi i 19 coti

O oaic ac i

ct, ti

o nw yok to Biji,

o pai to mbai. W

a a tat w w

kock, ootit aw.



experIenCe hAs TAughT us tat t bt wa to ti i a a o akt i b ii oca

o a coai t to wok joit a a oba ta. Ti co-bo coaboatio cat

i—o a oci a iic to otoio coa ot—tat i Ca a

iotat a iti bco o a o itatioa. I 2009, w it a coitt

$5.2 biio i 27 coti.

O itt oioa a to, tabi cotact a kow abot t oca bi-

ciat a ct, ii cti o cooi w w it otwi b coi

oi. T iit o t i ta o o ta 420 itt oioa—a t-

qat oici oti o t uit stat—o a oba iio tat t i a to oitio to

cat a ita aw i t wo.

Ca’ oba ac ao ab to tak aata o ootiti i a aa o t wo.

Fo a, w bi t i akt o Bai, Cia a Iia a oi to a oba owt

i t cooic co. I o iw, t coti ot o a ct ottia o ict

itt, bt a ao ab o eoa, Jaa a u.s. otoio coai to accat ti

owt to btt ac i t akt. O ai kow abot a c i i

cooi o ao a w it i o akt, a w wi b ab to o o otoio

coai a t ito t iotat i cooi.

nOrTh AmerICA. na 60% o o at aat a it i not Aica,

w Ca a bit o o t tot ba i t iat qit it. di ta wit

ti oc o bot, owt caita, a ow, iatct, a tat, a cit

atati taactio, a w a it itatio.



Asia: laig h gba rvr Te gb ecnmic dwntrn s d ess f neffect n asi tn ter res f te wrd, nd teregin s eperienced mre rbst rebnd tnter mrets. asi’s rpid ecnmic grwt, size,ctie gernment encrgement, strng bningsstem nd desire t ttrct freign inestment meit ttrctie fr riet f inestments.

Witin asi, Cin cntines t tpce ter emerging mrets wit respect t ecnmic grwt.

Tt mes it te mst ppeing mret fr inest-ment ctiit. Perps mre tn n ter cntr,Cin s greter nmber f ssets tt cd grw drmtic in e.

c H I n A

A u S t R A l I A

I n d I A

J A p A nS o u t HK o R e A

CEo: ZhaNG lIDIaN


aCquISITIoN DaTE: auGuST 2009

PuRChaSE PRICE: $95.2 MIllIoN

BEIJING

ShaNGhaI

SINGaPoRE

SEoul Tokyo

hoNG koNG

MuMBaI

SyDNEy



Imrvig h rma b sharig bs raisSeeing n pprtnit t cntribte t Cin’s rpid grwing infnt frmindstr, Cre cired 17.3% ste in Gngdng ysii Grp in 2009.

ysii is ne f Cin’s rgest infnt frm cmpnies nd is we psitinedt cpitize n incresing demnd crss te cntr. Te inestment wi ep

ysii cntribte t te indstr’s nging trnsfrmtin nd mderniztin.

Te trnsctin demnstrtes Cre asi Prtners’ cretie tining wenddressing enirnment, sci nd gernnce isses. as prt f te cisi-tin, Cre cmmitted t spprting ysii t frter strengten mnge-ment, it cntr, nd reserc nd deepment cpbiities. Cre wi eprecrit cief it ff icer t ersee ysii’s prdct it cntr nd spp cin prtcs, nd estbis Fd qit nd Sfet adisr Cmmitteecmprising interntin nd dmestic eperts t intrdce best prctices. and tstrengten infnt ntritin reserc nd prdct deepment, Cre wi ssistin frming cbrtins wit tp-tier interntin reserc instittes.



Wit a coaboati iit a a coati, icii itt aoac, Ca’ it-

t oioa i not Aica a b a at o o o t at iat qit taactio

o co. T ic ct otoio coai: ht Cooatio, wic wa acqi wit co-

ito o $14.8 biio; hCr maoCa, wit a ti a o $6.2 biio at acqiitio; Boo

A haito, wit a ti a o $2.6 biio at acqiitio; a dki’ Ba, acqi o

$2.4 biio.

sOuTh AmerICA. W tabi o sot Aica bot itt oatio i 2007. ui

a ti-iciia aoac, t ta k ootiti iai i Bai a ot ct sot

Aica coti, ici Atia, Ci, Coobia a p.

Ba i são pao, t Ca sot Aica Bot ta a kow o

t tat io a ti itt ic i lati Aica. I 2009, Ca

o a tatic aiac wit Baco o Bai, o o lati Aica’ at acia

itittio. Ti tatic aiac wit a oca at a acc to Ca’ oba

oc ac o abiit to oc a ct itt i Bai.

eurOpe. Aoiat 24% o o at o a it i eo.

Wit oc i Bacoa, Fakt, loo, lbo, mai, mia, mic,

pai a stocko, Ca cobi oca iit ito t a-eoa akt wit t ti

o Ca’ oba twok o itt oioa. Ca’ eoa oatio a i bot,

tcoo, a tat a cit atati taactio. maai dicto go p. Bö i ha o

Ca eo pat a a b wit Ca o a 13 a.

Cooat iat qit itt aco bot a tcoo oc o backi to a-

at ta. so ct a: t Fc tcoicatio coai nicab a

Cot, wit a aat ti a o €6.5 biio at acqiitio; A+, o o t 10 at

coai i t tti a cticatio it wowi; A Itt, a oi o Wb it ot-

i, oai a itatio a at ic o a a i-i ti i sai; a

moc, a Itaia aa o.

AsIA. Ca’ Aia a i bot, owt caita a a tat itt o oc

i Biji, ho Ko, mbai, so, saai, siao, s a Toko. Aoiat 17% o

o o caita i it i Aia.

geOgrAphIC reACh

We inested nd cmmitted$5.2 biin crss 27 cntries.

aChIEvEMENT 2009



fg Xia brings etensie eperience in

te restrctring nd isting f nmber

f Cinese cmpnies t Cre. Feng is

Beijing-bsed Mnging Directr fcsed n

grwt cpit inestments in Cin. Prir

t jining Cre, e gided seer Cinese

cmpnies trg teir IPos, incding

Cin Cnstrctin Bn, Cin Pst, Cin

Teecm nd Sinpec.

chia frsr Higs

Cin Frestr (0930.hk) is ne f te tree rgest pnttinfrest pertrs in Cin. It mnges nd deeps sstinbefrests fr resting nd ses. Its gs re sd dmestic fr cnstrctin, frnitre, interir decrtin, wd prdcts ndte pper indstries. Te cmpn rised tt grss prceeds f $200 miin frm te IPo.

chia pai i Isra (Gr) c.

Cin Pcific (2601.hk), Cin’s tird-rgest insrnce grp, isted861.3 miin h sres n te hng kng Stc Ecnge, rising$3.1 biin in te wrd’s seent-rgest pbic ffering f 2009.

cr Mia Srvis Higs

Cncrd Medic (NySE: CCM) pertes Cin’s rgest prite wned netwr f rditerp nd dignstic imging centersfr cncer tretment nd dignsis. Its netwr incdes 83 cen-ters bsed in 55 spits, spnning 36 cities crss 21 princes.Its IPo rised tt grss prceeds f $132 miin.

Kaisa Gr Higs

kis (1638.hk) is deeper in Cin’s Per Rier Det reginwit ne f te rgest nd bns in te Greter Senzen re.

Te cmpn rised $445 miin f grss prceeds nd ttrcted

nmber f rge inestrs frm te prpert sectr nd mjr

instittins. kis is jint inested b Cre asi Grwt

Prtners III, l.P. nd Cre asi Re Estte Prtners II, l.P.

Ahivm 2009: fr chia-bas bi rigs

Fr Cinese prtfi cmpnies dised b Cre’s

asi bt nd grwt cpit tems sccessf cmpeted pbic fferings in hng kng nd New

yr in 2009, rising cmbined tt f $3.8 biin in

grss prceeds. Te brd prticiptin in te pbic

fferings b rge nmber f it inestrs is test-

ment t te strng grwt ptenti f tese cmp-

nies nd teir edersip in te mret.

Feng xi

Mnging Directr Beijing



SÃo pAulo

B R A z I l

Sh Amria: A rgi h mvSt americ s emerged s regin wit sidecnmic fndments nd wt we beiee t be

ttrctie inestment pprtnities. Te re iscrcterized b grwing midde css, incres-ing dispsbe incme nd wer prite eit penetrtin cmpred t ter mrets. Brzi sgrwn int te wrd’s tent-rgest ecnm wit grss dmestic prdct f $1.5 triin in 2009. Tecntr’s ng-term ecnmic fndments reminsid. Dring te recent ecnmic decine, Brziws mng te st t sffer nd ne f te first tretrn t grwt. Incresing dispsbe incme isdriing te grwt f Brzi’s dmestic mret wiegb demnd s epnded te cntr’s diersi-

fied eprt mrets. In 2009, Cin becme Brzi’srgest trde prtner.

fra Brgs eds p r St americ Bt

tem. he eds grp tt s etensie inestment

eperience in ltin americ wit prticiptin in sme

30 prite eit trnsctins. Prir t jining Cre,

Fernnd ws Mnging Directr t aIG Cpit

Prtners nd CEo f aIG Cpit Inestments d Brsi.

he s d ctie prticiptin nd brd tenre in 14

cmpnies, eperience tt is inbe wen wring

wit prtfi cmpnies.

Fernnd Brg

Mnging Dire

S P



car’s Sh Amria B am aks wih is irs ivsm i Brailst er, r St americ Bt tem, wit dditin eit cpit frm CrePrtners v, l.P., mde its first inestment, ciring CvC Brsi operdr e agênci de

vigens, te rgest trism pertr in ltin americ. CvC pcges crter nd cmmercifigts, crises, tes nd receptie serices int ctin pcges, wic it ses t mretn tw miin pssengers ec er. Besides being te rgest tr pertr in Brzi witn estimted 65% mret sre, CvC s s 33% sre f te Brziin crise sip mret.

Te cmpn ses brd ssrtment f tr pcges t bt dmestic nd interntindestintins trg mre tn 400 reti stres, pprimte 8,000 independent tregents nd te Internet. Frncisee interest in new stre deepment remins strng, eenfter CvC pened 103 new stres in 2009 fr tt f 410.

CvC s mre tn 900 empees nd genertes mre tn 4,500 indirect jbs. Te cm-pn is epring rnge f strtegic initities, incding pricing ptimiztin, impredcs mngement nd ennced finnci reprting nd bdgeting.

ChaIRMaN & FouNDER:GuIlhERME PauluS

CEo: valTER PaTRIaNI

EMPloyEES:aPPRoxIMaTEly 920

aCquISITIoN DaTE:DECEMBER 2009



geOgrAphIC reACh

Hig a hahar ma grw m high ma

Tre’s secnd-rgest etcre serices cmpn, Medic Pr Saglık hizmeteri ws estbised in 2005 nd d grwn t wn

nd perte 13 spits wit 2,000 beds. In December 2009,Cre MENa Prtners, l.P. cired 40% ste in te cmpn in n -eit inestment tt wi be sed t fnd epnsinnd redce debt. Tis is Cre’s secnd inestment in Tre, nttrctie emerging mret wit rge nd retie ng wr-frce, epnding regin trde ins, incresing pen ecnm nd deeping cpit mrets.

Fwing Cre’s inestment, Medic Pr ic embred ndeeping we-strctred grwt strteg. Fwing tis str-tegic reiew, Medic Pr mde ne new cisitin t rise tenmber f spits nder mngement t 14. It s creted ne

mjr new deepment prject in Izmir, te tird-rgest cit in Tre, estbised grwt prject fr ne f its dest—et mstprfitbe—spits nd strted negtitins n new cisitintrgets tt wi epnd te cmpn int new gegrpies.

In dditin, nder Cre’s gidnce, Medic Pr mngementbegn deeping best prctices fr mngement nd reprtingstndrds tt re in ine wit mc rger interntin peers.

ChaIRMaN: MuhaRREM uSTa






Ca itt oioa i Aia k to taactio w o a a ca

a bi it ca a a to a itt to Ca’ ti a acc to oba oc.

Ca’ oba twok oi ootiti o Aia coai to oat i t wo akt

to co-bo cooatio, tat itoctio a oca kow. Ca ao a bt

actic wit owi Aia coai, oii aic abot oatioa iot a tati

tat ca boot cotiti. At t a ti, t Aia ta iicat ti i u.s.

a eoa otoio coai acc t at-owi Aia akt.

W bi Aia ct o o o t bt oba itt ootiti. Witi Aia,

Cia t t i-ot attacti aa o itt actiit, a to it ai cooic

owt, a coti to otac a ot cooi— ot i akt. Cia ao a

to otic cotio t, owt i aacti a it, to oi a

a ot tat coa itt.

Ct itt ic: Cia pacic Iac, Cia’ ti-

at iac o; Coat hi, t at a qit ta co-

a i Ataia wit a ti a o $2.2 biio at acqiitio; Cai

licic, a at-owi, itatioa aactica coa ba i

Iia; Cia Fot hoi, o o t t at iat ot

atatio i Cia; hoi dot Fiac Cooatio, a ota

ac coa a t at to a tat o i Iia; xt,o o t at otwa coai i Cia; a Bo sjo ga, a

otoio o io oi oti i Jaa.

mIddle eAsT & nOrTh AFrICA. Ca wa t t oba atati

at aat to tabi oatio i t menA io. Wit ti oca itt kow-

a ic, t ta’ itt aio oioa tat ootiti o oc i Bit,

Caio, dbai a Itab.

Ca menA pat tak a coati, icii itt aoac, oci o i-qa-

it coai tat a ai akt oitio a at owt oct. B ai Ca’

oba twok, it ti a oatioa kow-ow, t ta oc o oti otoio

coa aat i a ot to ac oac a cat a.

T menA io a t wo’ t-at o otic oct a ti-at oatio.

It caita akt a ati a a o to oi it ootiti, wi ibaii tat

aa a cati ootiti o a-ca taactio b icai iatiatio.

Cre MENa Prtners, l.P., r fifnd fcsed n te Midde Est Nrt afric, cmpeted fndrising $500 miin f eit cmmitment

aChIEvEMENT 2009



COrpOrATe respOnsIBIlITy

Cati ati a o o ito a awa bi tat itt w

ak act t i o iiia a coiti. A tat a w t coi t

iota, ocia a oac iicatio o o itt. W bi—

a w wat o itt to fct ti bi—tat t to t coit, t

btt t bi.

Tat’ w w o a a itat ito o itt oc t

piat eqit Coci gii o roib Itt. W a t ii to

ac w cotoi, cooat itt a ic a aai i t itt co-

itt oa. W a cati otoio coa aat abot t ii

a a ooti ti iw at t boa o a aa bai. W a to oi

at at o iota, ocia a oac i acti o itt

i o aa a qat ot to ito.

Fo a, i aati t Bakuit itt, t ta ot t oiti

cotibtio t w caitai bak co ak i coiti b aoti t

Obaa Aiitatio’ ota oicatio oa to ait it oow. I

aitio, w a woki wit gao yaii go, a Ci iat oa coa

to io it qait coto oc, ac iat titio ac a oct

ot, a t tt a aitac coaboatio wit ai a b

oii catioa a oioa aitac wit aii catt.

W bi tat t ii o oib itt a a tia at o bt ac-

tic a oo cooat oac. Ti itatio ac ootit a ioa-

tio wi oii a oc o cotiti aata o Ca a o otoio coai.



prIvATe eQuITy COunCIl guIdelInes FOr respOnsIBle InvesTmenT

1. Coi iota, bic at, at, a ocia i aociat wit tat coai w

aati wt to it i a atica coa o tit, a w a i t io o owi.

2. sk to b accib to, a a wit, at tako it ict o to ta-

ti o otoio coai, a aoiat.

3. sk to ow a io t coai i wic t it o o-t taiabiit a to

bt ti tako, ici o iota, ocia, a oac i. To tat ,

piat eqit Coci b wi wok to aoiat oac tct (.., boa o

icto) wit otoio coai wit ct to iota, bic at, at, a ocia

i, wit t oa o ioi oac a iiii a iact i t aa.

4. sk to oac tct tat oi aoiat o oit i t aa o ait, ik

aat, a ottia cofict o itt a to it coatio a ot oici tat

ai t itt o ow a aat.

5. rai coitt to coiac wit aicab atioa, tat, a oca abo aw i t coti

i wic t it; ot t at o cotiti wa a bt to o; oi a

a a at wokac i cooac wit atioa a oca aw; a, coitt wit aicab

aw, wi ct t it o o to ci wt o ot to joi a io a a i coc-

ti baaii.

6. maitai tict oici tat oibit bib a ot io at to bic ocia coitt

wit t u.s. Foi Cot pactic Act, iia aw i ot coti, a t OeCd Ati-

Bib Cotio.

7. rct t a it o to act b ti itt actiiti a k to co tat ti

itt o ot fow to coai tat tii ci o oc abo o aitai iciiato oici.

8. poi ti ioatio to ti iit at o t att a i, a wok to ot

taac abot ti actiiti.

9. ecoa ti otoio coai to aac t a ici i a wa wic i coitt wit

ti cia ti.




GvraT Ca go i coitt to to cooat

oac, a w bi w a a ca a

cti awok abi to aitai t i-

t tica a bi taa aco t .

maitaii Ca’ oo a a t oo a

o o ito i aaot.

Fo t ait a o t , Ca a

it ai i it t a coto. Ca

o ot ooi actiiti i-o, ici

ito atio, cooat coicatio, a-

cia oti a accoti oit.

owrshiCa i a iat ati, ow b a o

o io Ca oioa a two itittioa

ito. Capers, t Caioia pbic eo

rtit st, ow 5.1%, a mbaaa

dot Coa, a tatic itt a

ot coa aqat i Ab dabi,

ow 7.5%.

Maagm Ca i aqat i Waito, dC a

a oc i 19 coti. T i aa b

it t Co-Fo a maai dicto, Wiia

e. Cowa, J., dai A. d’Aio a dai m.

rbti. T t o a joi b dai

F. Ako a g A. yoki o t ’

cti coitt.

A itt a b Ca-oo

a a a ao b itt co

itt coii io itt oioa.

Itt aio titi ba i oc aot wo oi t wit itt aic.

Ca a ao tabi a oati co-

itt, a iotat t i t coti itit-

tioaiatio o o . T oati coitt

i oib o tatic ai, baac t

aat a w oct ot, ao

ot citica ctio. T oati coitt i

b ao Ca oioa: g

A. yoki, Cai; J W. Fo; dai m.

macick; pt h. nactw; mica J. ptick;

Bc e. rob; a go l. s.

cmia oir Cati ziobo i Ca’ Ci Coiac

Oc a i ba i Waito, dC. m. ziobo

i oib o t oit a aat o

Ca’ coiac ctio.

cis Irs T Ca go a aot a Co o Coct

tat t ot t taa o tica coct o it

o. T ao a a cofict coitt to aa cofict o itt tat a ai -

i t coct o it bi.



u.K. “Wakr” Giis r dissr a trasar A a b o t Biti vt Caita

Aociatio, T Ca go bi tat it i

coiat wit t Wak gii o dico

a Taac. T Ca go’ Wb it

www.carlyle.com i a at, a t io-

atio witi it o t bai o wic coi-

ac wit t gii i aitai. Ti Aa

rot i oc i aitio to t Wb it to

i a oiw o t a it actiiti.

th car Gr’su.K. B oraiCeCp Itt Ai lt. i a u.K. Fiacia

sic Atoit (FsA)-at tit ba i

loo tat oi itt aio ic to

Ca’ eoa bot a owt caita it-

t , ao ot o-at ic.

T bot ic Ca eo pat,

l.p., Ca eo pat II, l.p. a Ca

eo pat III, l.p. T owt caita

ic Ca eo vt pat, l.p., Ca

eo Tcoo pat, l.p. a Ca eoTcoo pat II, l.p. T aio ic

oi b ti u.K. FsA-at tit ic

oii aic a coatio to t

wit ct to oiiatio, itiatio, tcti,

aci, acqiitio, oitoi a/o o t i-

oitio o itt. It o ot ak itt

ciio o ba o t itt o a

t atoit to t ito cotact o coitt

o ba o t itt .

Aw B, maai dicto, a

Ca’ u.K. bot oatio. robt eato,

maai dicto a Ci Coiac Oc o

CeCp Itt Ai, lt., a mica Wa,

maai dicto, co-a Ca’ eo tc-

oo oatio. T u.K. coai i Ca’

ic ACIs hoi, Aiac Boot, Bita

Cica, e, mi diita mia, re

Aio go a Taai ( www.carlyle.com

o tai).

Grma “BVK” Giis r dissr a trasar A a b o t Bba dtc

Kaitabtiicat (BvK), t ga

iat qit a t caita ta aociatio,

T Ca go bi tat it i coi-

at wit t BvK gii o dico a

Taac. T Ca go’ Wb it www.

carlyle.com i a at, a t ioatio

witi it o t bai o wic coiac

wit t gii i aitai. Ti Aa

rot i oc i aitio to t Wb it to

i a oiw o t a it actiiti.Ca otoio coai biotia gbh,

h.C. stack, KCs.t hoi a poa &

Ioatik wi co wit t ii a t

Aa rot wi b bi o t Wb it.

th car Gr’sGrma B oraiT Ca go tii t ic o Ca

Bat gbh, a it aio coa

ba i mic, ga, wic oi ai-

o ic wit ct to itt actiit iga to Ca’ bot , Ca eo

pat, l.p., Ca eo pat II, l.p. a

Ca eo pat III, l.p. di sc a

mica sct a dicto o ti aio tit.

T aio ic oi ic oi-

i aic a coatio to t wit

ct to oiiatio, itiatio, tcti,

aci a oitoi. It o ot ak it-

t ciio o ba o t itt o

a t atoit to t ito cotact o coit-

t o ba o t itt .

go Bö, maai dicto a F

ha, a nobt ri, maai dicto, a -

ciait i ga iat qit oii aic to

Ca’ bot .



a tn- nte receied

frm te Rm t P Grp,

presc t te Greenside

Cmmnit Centre in lndn,

fr id ts dnted in 2009

b Cre empees.


prmig iaia ira “how ca gat Waito coai oib

a cti a wit t cooic ca

aci t uit stat?” Tat wa t toic o t

2009 Jio Acit (JA) ea Cotitio.

JA i t wo’ at oaiatio icat to

iii a ai o o to cc

i a oba coo. eac a, JA o t natioa

Caita Aa o t cotitio, wic i o-o b Ca Co-Fo a maai dicto

dai m. rbti. T t-ac wi ci

a $20,000 coai, a i aitioa -

wi ac ci a $10,000 coai. Ti i

at o a wi ot to at wit JA aco t ob.

loca Ca oc a tai wit JA aiat

to cat a to tt abot acia itac,

i o o o ki to cat a btt

tooow o t a ti coiti.

Givig bak W ca abot t coiti w o o i a

wok. Tat’ w w o T Ca go vot a Wat sai poa. It coa o to tak two

woka a to ot wit coa o a cait o

oo ca i ti oca coit. T oa ao ot

Ca o i ti caitab ii b atci o a

oa-o-oa bai to $2,000 a o cotibtio

a to catioa a aitaia oaiatio.

I 2009, Ca coa i loo itc i a

ca t o o a ak. I lbo, o joi

tot to ait t itio o a ct o t iab. I Toko,

coa wit a aa oia ca ot o a oa-

iatio tat oi ot o o i o iato cofict. I Waito, dC, Ca coa oai a

a oatio o a o o ci wit iabiiti, a

cat wit io citi, a bi o o ow-ico

aii wit habitat o hait o t ot cocti a.



parrig wih h evirmads f imrv virmaa iaia rrmaTo a woki atioi tabi btw Ca

a t eiota d F (edF), t two

joit o t iat qit cto’ t io-

ta aat bi iw oc. ecovasc

ock ootiti o oatioa iot a a

catio to ac iota aat o ottia itt. “W bi tat acia oac

a iota iot a bot cota

a i t bt itt o o ito,” a Wiia e.

Cowa, J., Ca Co-Fo a maai dicto.

ecovasc wa o i ati wit T

pa Fi, a itatioa iota cotac,

a bi o Ca’ tabi iic actic

a edF’ o oc. It o bo t taitioa

oc o ik itiatio i t iic oc b

itii ootiti o oatioa act tatwi a to btt iota a acia oac

bo aki a itt. Ti oc ab Ca

oioa to o cti aat t oatio o a

tat coa, iti t ot oii iota

aat ootiti a icooat t ito t

ot-itt aat, oac a oti

a o o otoio coai. ecovasc i bi

it t i o u.s. a eoa bot .

To o ecovasc, pa, edF a Ca’

Aw maio, a picia o t itia cto ta,

ai o ta 320 ct a o Ca otoiocoai to iti ootiti to io cic, c

cot a iii iota iact aco k

aa—o a iio, wat aat, wat ,

ioit cica a ot oct. T aai a a

i coatio btw iota iact a coo

bi actiiti tat occ aco Ca’ itt. It

ao iti cic iitiati to ac t iota

oac o t actiiti wi ii acia ai.

chagig h a h riva qi sr

W bi i t to a i ta a i-c bi to t a t iat qit cto a a wo.

To tat , Ca a t robt Toio Foatio joi

oc to ac t Toio piat eqit mBA Fowi i

2009, a it iitiati ai at attacti ioit mBA

aat to t cto. Ca a $1 iio o

o a to back Toio’ ac o t ot. A oot

oaiatio, Toio a ot t ot o ioit

mBA a ac a o t at 20 a.

I mac 2010, t iaa Toio piat eqit mBA

Fowi wa awa to Taaka mawow, a aat t-

t at haa Bi scoo. T owi i a a o,t-at otatio i to i ac Fow atc

o to t iat qit cto. Fow ci a aa

ti, a w a a $50,000 mBA titio at to c

ti mBA oa o.

Te ingr Tig Prite Eit MBa Fewsip ws wrded t TnMswswe (seted rigt) in Mrc 2010. Wit im, frm Cre, re Did

M. Rbenstein (seted eft), C-Fnder nd Mnging Directr; Cedric l.

Bb (stnding eft), vice President nd Tig amns; nd an M. ht

(stnding rigt), Mnging Directr nd hed f te u.S. Bt grp.



O Ito sic o oi a o ic tat t aat i t

atati at aat it. O o t at o o it ki,

it oi ti ioatio to o ta 1,300 ito i 72 coti. It

ao coicat wit a oi ioati otio to Ca’ otoio

coai, o a ow to aciitat io ciio a ot

otab owt.

W a it iicat i t, coto a a caita to

oi io ic to o ito. T Ito sic o coti

to tt Ca’ ita oba oti t a oc. ecti

coto bt ito b i tat o oatio co wit cotac-

ta oiio a ato qit. Ai to u.s. a acct

accoti ici, w ot to ito o a qat bai. A awo-

otct oi ito oti t ab ito to oito t

oac o ti itt ia t Itt.

T Ito sic o i b 12 o a, ac wit a aa

o a 20 a o ic. It coa ciai ta, ici aat, a a coiac, a ioatio tcoo. T Ito

sic o i itta i bii tot t a ic o o oba

o to cat t ow O Ca ato to btt o ito.

T ta witi Ito sic wok co toot ac ’

i cc, o oatio a itt to otoio oitoi a

iqiatio. A i t ct io o cooic ctait, t ta a

a a coct ot to coicat o qt wit itt ta

ao t wo to ito a io o t a t a.

InvesTOr servICes

Te Inestr Serices grp isinstrment in bringing tgeter te mn pieces f r gbmde t crete te pwerfone Cre ptfrm t better sere r inestrs.

aCCouNTING

huMaNRESouRCES

lEGal aNDCoMPlIaNCE

ExTERNal aFFaIRS

GloBal PRIvaTEEquITy

INvESTMENT TEaMS

GloBal CREDIT

alTERNaTIvES

GloBal REal

ESTaTE

Ivsr Srvis Gr Has (frm eft): Pme l. Bente—Crprte accnting,

Did P. Rt—IT, Crn S. Weimer—Inestr Retins Mngement, lren B.

Dird—Eit Mngement/T , Crtis l. Bser—Cief accnting officer,

Cristper W. umn—Gb Cmmnictins, Jnet J. andre—administrtin,

Jeffre W. Fergsn—leg & Cmpince, Rbert C. knigsberg—Fnd Mngement,

Tms B. Mrfer—Prtnersip accnting, lri R. Sbet—hmn Resrces,

Nnc a. Pesci—Gb Cnferences & Eents

IT

FuND

MaNaGEMENT

aDMINISTRaTIoN

INvES ToR

R ElaT IoNS

CoNFERENCESaND

EvENTS

InVeStoRS/lIMIted

pARtneRS

INvESToR SERvICES



OFFICes

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a cntent incded in tis ann Reprt, sc s grpics, gs, rtices nd ter mteris, is te prpert f Te Cre Grp r ters nted erein nd is prtected b cprigt nd ter ws. a trdemrs nd gs disped in tis ann Reprt re te prpert f teir respectie wners, w m r m nt be ffiited wit r rgniztin. an persn recei ing tis ann Reprt is permitted t cp nd print indiid pges fr nn-cmmerci prpses. Recipients m s cp r pr int minimcpies f tis reprt fr infrmtin, nn-cmmerci se. Tese cpies mst nt ter te rigin reprt’s cntent, incding eg ntices nd egends. Tere cn be nssrnces tt Cre’s inestment bjecties wi be cieed r tt r inestment prgrms wi be sccessf. PaST PERFoRMaNCE IS No GuaRaNTEE oF FuTuRERESulTS. Inestrs sd red tis ann Reprt in cnjnctin wit fnd rter reprts, f innci sttements nd ter discsres regrding te perfrmnce f tespecific inestments isted erein. uness terwise nted, te perfrmnce figres sed erein d nt refect mngement fees, crried interest, tes, trnsctin csts ndter epenses tt re brne b inestrs in fnds spnsred b Cre, wic wi redce retrns nd in te ggregte re epected t be sbstnti. Certin f teinfrmtin cntined in tis ann Reprt represents r is bsed pn frwrd-ing sttements r infrmtin. Frwrd-ing sttements re inerent ncer tin, ndcnging fctrs, sc s tse ffect ing te mrets gener, r tse ffecting prticr indstries r issers, m cse eents r rests t differ frm tse discssed.

Terefre, nde reince sd nt be pced n sc sttements r te cncsins drwn terefrm, wic in n eent s be cnstred s grntee f f treperfrmnce, rests r crses f ctin. Te Cre Grp epress discims n bigtin r nderting t pdte r reise n sc frwrd-ing sttements .

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© T h e C

r l y l e G r p , 2 0 1 0

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w w w . f c i c r e t i e . c m



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