CARLYLE GROUP INC
CG
Financials
3
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Acquired manufactured home communities and implemented aggressive lot rent hikes trapping low-income residents who cannot move their homes; documented by Private Equity Stakeholder Project as a predatory housing extraction model.
Acquired defense contractor ManTech International ($4.2B, 2022), the 42nd-largest U.S. military contractor with $14.4B in DoD contracts. ManTech provides AI-powered surveillance and targeting systems to CBP and ICE ($727.9M in immigration authority contracts), including a $272.5M contract for border screening systems.
The Carlyle Group has faced multiple legal claims alleging financial misconduct that harmed investors. In March 2008, its Guernsey-listed fund, Carlyle Capital Corporation (CCC), collapsed, resulting in a total loss of its approximately $1 billion in investor capital. More recently, the Delaware Court of Chancery allowed minority investor claims to proceed against Carlyle in *Manti v. Carlyle*, where plaintiffs alleged the private equity firm rushed a portfolio company exit to secure a unique benefit for itself, triggering judicial review under the "entire fairness" standard. The firm has also been subject to other litigation, including a 2010 case alleging fiduciary fraud in a real estate transaction and a 2024 discovery application in Germany related to investor claims. While Carlyle successfully defended against some claims in Guernsey in 2017, the pattern of high-stakes investor litigation points to recurring conflicts of interest and governance risks in its dealings with fund investors and portfolio company stakeholders.
Research Sources
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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