Our Passion for IPOs
Largest Global IPOs
Largest US IPOs
Largest US IPOs YTD
Largest US Internet IPOs
Top First Day Returns
US IPO Stats
IPO Average Age
IPO Industry Breakdown
Offer Price Discounts
Global IPO Stats
IPOs by Region
IPO Industry Breakdown
Press Contact Form
Register for IPO Updates
Follow us on g+
Like us on Facebook
Follow us on LinkedIn
Free iPhone App
Free Android App
IPO News Feed
IPO News Archive
New Ways to Invest in IPOs - IPO ETFs
Private equity giant Carlyle files for IPO
Analyst IPO Blog
The Carlyle Group, one of the world's largest and most diversified alternative asset management firms, filed on Tuesday with the SEC to register for an initial public offering. Since its inception in 1987, Carlyle has grown its portfolio steadily and currently operates on six continents with $153 billion in assets under management (AUM) across 49 funds of fund vehicles. Carlyle has raised $41 billion of capital in the last five years, making it the third fastest growing private equity firm behind TPG and Goldman Sachs ($51 billion and $47 billion respectively) during that time span. Furthermore, Carlyle has impressively more than tripled its AUM from $45 billion in 2006 to $153 billion as of July 1 and has achieved a 36% compound annual growth rate since 2003. The Washington, DC-based company booked $4.1 billion in revenue and net income of $2.4 billion for the 12 months ended June 30, 2011. J.P. Morgan, Citigroup, and Credit Suisse are the lead underwriters on the deal.
Carlyle is the second notable private equity firm to
initiate an IPO in recent months after Oaktree Capital
) filed in June. Both companies have filed in the wake of the Apollo Global Management (
) raising $565 million in its March IPO as private equity firms increasingly look to provide liquidity to management, enable succession planning, and obtain a public currency that can be used for acquisitions and growth. However, Apollo traded poorly following its IPO, falling 4% on its first day of trading, and public alternative asset stocks such as Apollo, Blackstone, KKR, Och-Ziff and Fortress have been hit hard by the recent market volatility, with all five down more than 25% YTD.
Although Carlyle has yet to officially announce terms and timing, it is reportedly looking to raise as much as $1 billion in its IPO that will be allocated towards debt repayment and the growth initiatives. Carlyle has backed some of the year's most prominent initial public offerings, including Dunkin' Brands (
), Freescale Semiconductor (
), Nielsen Holdings (
), Kinder Morgan (
), and Wesco Aircraft Holdings (
Following August's market volatility, which is spilling into the first day of September, many companies will likely be waiting on IPOs until the market stabilizes. However,
filing activity has remained robust
, suggesting that issuers and bankers are confident that the IPO window will remain open for at least the next several months. The first companies to launch deals post-Labor Day will set the tone for the rest of the year and provide a litmus test for investor risk appetite. Carlyle's filing is another indication that investment banks are confident of market demand, but it remains to be seen whether weak trading by Apollo and other alternative asset stocks will have a negative effect on its IPO.
Keywords / Tickers:
Recently Priced IPOs
Global IPO Volume
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Investors should consider the investment objectives, risks, charges and expenses carefully before investing.
As stated in the Prospectus, the total annual operating expenses for the Fund was 3.48%. The Adviser has contractually agreed to keep net expenses from exceeding 2.50% of the Fund’s average daily net assets for at least a year from the date of the Prospectus and for an indefinite period thereafter subject to annual re-approval of the agreement by the Board of Trustees.
An investor cannot invest directly in an index. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.
Net Asset Value (NAV)
of the fund is calculated by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of fund shares outstanding.
is current value at which an asset or service can be bought or sold.
is provided to show the comparison of the daily net asset value (NAV) and the midpoint of the closing bid/ask for each of the funds. The
Renaissance IPO Index® (IPOUSA)
is a stock market index based upon a portfolio of U.S.-listed newly public companies that includes securities prior to their inclusion in core U.S. equity portfolios. The
Renaissance International IPO Index® (IPOXUS)
is a stock market index based upon a portfolio of newly public companies listed on non-U.S. exchanges.
The S&P 500® Index (SPX)
is a stock market index based on the market capitalizations of 500 large companies whose common stock is publicly traded on the NYSE.
Investments in the
Renaissance IPO ETF, symbol "IPO"
Renaissance International IPO ETF, symbol "IPOS"
(the “ETFs”), and the
Global IPO Fund, symbol "IPOSX"
(the “Mutual Fund”) are subject to investment risk, including possible loss of the principal amounts invested. The ETFs and the Mutual Fund (the “Funds”) invest in companies that have recently completed initial public offerings. These stocks are unseasoned equities lacking trading history, a track record of reporting to investors and widely available research coverage which many result in extreme price volatility. Due to a greater number of IPOs in certain segments, the Funds may also be subject to information technology and financial sector risk, small and mid-capitalization company risk, and, for the Renaissance International IPO ETF, emerging markets risk. The Funds may hold securities in the form of Depository Receipts, REITs, and Partnership Units which have greater risks than common shares. The strategies have high portfolio turnover and securities lending risks. The returns of the ETFs may not match the return of the respective indices. The ETFs are classified as non-diversified investment companies subject to concentration risk.
Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus and/or summary prospectus with this and other information, please visit
. Read the prospectus carefully before investing. Renaissance Capital Investments, Inc., distributor for the Mutual Fund. Foreside Fund Services, LLC, distributor for the ETFs, 1-866-486-6645.
The information contained herein is proprietary and copyrighted. The media is welcome to use our information and ideas, provided that the following sourcing is included:
Renaissance Capital - manager of IPO-focused ETFs.
The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital, the
Renaissance IPO ETF (symbol: IPO)
Renaissance International IPO ETF (symbol: IPOS)
, or the
Global IPO Fund (symbol: IPOSX)
, may have investments in securities of companies mentioned.
Register for Updates
Renaissance Capital LLC is an SEC-registered investment adviser.
Renaissance Capital Investments, Inc. is a
-registered broker-dealer, and member of
© 2014 Renaissance Capital LLC. All rights reserved.