I like sophisticated customers—it makes us better. KL Look, I think the greater vision and the next step of our development is about the institution, not about any one person. GY When we had problems in our credit business, Bill sat the two of us down and said, “One of you has got to go fix this. BM How would you describe Carlyle’s culture, and what are some reasons a person might not fit in? DONNELLSON – In an attempt to save some construction costs, some of Central Lee High School’s new locker room walls do not go all the way to the ceiling. He’s just outstanding. GY I’d taken this really neat class about private equity deals, and I wanted to work for a private equity firm. BM How would someone describe a Kew- and Glenn-led Carlyle that’s different from the one that was founded 30 years ago? The Central Lee Community School District Board of Directors approved several change orders Monday, one of which was to approve adding in CMU blocks to fill in the gaps between the top of the walls and … But we’re connecting all the time on those kinds of issues. The key then is making sure the founders understand and agree with what their role is. But sometimes career progression is a series of very fortunate circumstances and opportunities that arise, and it’s about trying to take advantage of them instead of trying to methodically plot. Carlyle, a number of years ago, began to dedicate itself to addressing this. It really is rested on the fact that we report to the board. BM There’s been a lot of talk from your competitors about attracting retail investors. It’s all about leader­ship, and when someone with Mark’s experience comes in and says, “I have a view of how I can work with you guys at Carlyle and how to build this business,” it’s a compelling argument to build it. It was late fall, about five years ago. KL If we could buy it, great, but I would point out a few things. Kewsong Lee, who had been at Warburg for more than two decades, will hold the new position of deputy chief investment officer for corporate private equity at Carlyle. The key ingredient isn’t the social-bonding stuff. The stability of the banking system relative to what it was back in 2006-2007, the integrated nature of economies suggests that this could go for quite a while. BM We talked about the division of responsibilities, but can you break down for us how things work? It takes the pressure off of—you know, folks do watch what we do. Glenn and I, starting a year and a half ago, we put out that we want our portfolio companies, especially those businesses we control, to increase diversity on the board, so the portfolio companies can benefit from diversity of thought. I just kept hitting “deny.” One night, I think it was a Thursday or Friday—and you’re not supposed to answer the phone while you’re driving—but I just, it was this weird number and I was about to hit this no-thank-you button, but I must have missed, and I heard, “Hello? BM Your stock has lagged behind Apollo, Blackstone, and KKR. We’re going to win together. I still spend a vast majority of my time on investment committees dealing with investment decisions because that is the life and soul of the place. Legacy of Educational Excellence (LEE) High School is a diverse learning community made up of passionate educators, families, and students, serving over 2,500 students in North East ISD. It will be about culture. It’s also more scalable if you do it right. We meet with Curt every Monday morning, and we go through our agenda. We want to understand how you got here. “What do you think about that? And we just call them the Kew-Glenn off-sites. In fact, the organization has no idea we’re synced up as well as we are. But the big step in retail is when you all of a sudden create structures and products that appeal to a larger group. But I just didn’t know! KL The first thing you have to do in credit is recognize it’s a fundamentally different asset class. Two, acquisitions culturally and integration-wise are very difficult. It’s about, How do we institutionalize and invest and build an incredible platform that in the minds of our customers in the external world is this powerful investment group? Kewsong Lee discusses taking the helm at The Carlyle Group, his vision for the future of the business and the challenges and opportunities of investing in a shifting macroeconomic landscape. KEWSONG LEE: I was born in upstate New York, in Albany, went to school in Connecticut, then had the privilege of being able to go to Harvard. Private equity is an old turn of phrase for what we are really doing. We do debate in front of other folks. Was it going to dinner together or taking in a ballgame? Kewsong has made over 29 trades of the Carlyle Inc stock since 2004, according to the Form 4 filled with the SEC. BM Do you need more gender and racial diversity?

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