私募股权公司凯雷投资集团（The Carlyle Group）周三晚间将IPO发行价定为每股22美元，低于此前计划的23-25美元区间。

    这意味着凯雷筹集了约6.71亿美元的资金，初始市值近67亿美元。

    5月3日起，凯雷投资集团将在纳斯达克市场交易，交易代码“CG”。摩根大通（J.P. Morgan）、花旗（Citigroup）和瑞士信贷证券（Credit Suisse Securities）是此次IPO的联席牵头承销商。

    对于凯雷而言，这样的发行价显然令人失望，因为凯雷早就觉得自己是在折价发行了。显而易见，让公开市场投资者们担心的是黑石集团（The Blackstone Group）、KKR集团（Kohlberg Kravis Roberts & Co.）等可比公司去年的股价表现，去年这些公司的股价和其他金融股一起走低。

    另外，也可能是因为凯雷是所有上市的私募股权公司中最专注于私募股权业务（即多元化程度最弱），因而定价受到折价。这家总部位于华盛顿的公司管理的资产中有63%是直接私募股权投资或非直接私募股权投资（后者是通过去年收购的大型私募股权基金的基金及次级股公司AlpInvest进行）。

    相比之下，黑石集团管理的房地产和对冲基金资产与私募股权投资相当（截至2011年年末数据），KKR正在扩张资本市场业务（目前管理的私募股权投资规模也比凯雷小很多）。另外一家已上市的竞争对手——阿波罗全球管理公司（Apollo Global Management）管理的资产中私募股权仅占47%——而且，实际数额也远低于凯雷。

    以下是凯雷刚刚发布的一份新闻稿：

    华盛顿——全球另类资产管理公司凯雷投资集团（The Carlyle Group L.P.）日前宣布，该公司确定IPO价格为每股22美元，共发售3,050万股普通股。这些股票将于2012年5月3日起在纳斯达克全球精选市场（NASDAQ Global Select Market）交易，交易代码“CG”。凯雷授予承销商一项30天选择权，允许他们以IPO价格减承销折价，购买至多457.5万股。凯雷计划将此次募股所得用于偿还债务和一般企业用途，包括一般经营需求、业务发展、收购和策略投资、允诺出资、投资自有基金以及协同自有基金共同投资。

    摩根大通证券（J.P. Morgan Securities LLC）、花旗（Citigroup Global Markets Inc.）和瑞士信贷证券（Credit Suisse Securities (USA) LLC）是此次IPO的联席簿计行。

    译者：早稻米

    Private equity firm The Carlyle Group priced its IPO this evening at $22 per unit, which was lower than its proposed $23 to $25 per unit range.

    It means that the firm raised around $671 million, and has an initial market capitalization of nearly $6.7 billion.

    Carlyle will begin trading tomorrow on the NASDAQ under ticker symbol CG, while J.P. Morgan, Citigroup and Credit Suisse Securities served as co-lead underwriters.

    This obviously is a disappointing result for Carlyle, which already felt that it was offering its shares at a discount. Apparently public market buyers were worried about the past year's performance of market comps like The Blackstone Group (BX) and Kohlberg Kravis Roberts & Co. (KKR), which have suffered alongside other financials.

    It's also possible that Carlyle received an extra demerit for being the private equity-ist of all the publicly-traded private equity firms (i.e., the least diverse). Sixty-three percent of the Washington, DC-based firm's assets under management are either in direct private equity investments or in indirect private equity investments (the latter via AlpInvest, a giant private equity fund-of-funds and secondaries firm acquired last year).

    Blackstone Group, on the other hand, the firm has nearly as much real estate and hedge fund assets under management as it does private equity (through year-end 2011), while KKR is building out a capital markets business (and has far less PE under management than does Carlyle). Apollo Global Management (APO), another listed rival, reports just 47% of its assets under management as private equity -- and, again, the actual volume pales in comparison to Carlyle.

    More analysis to come tomorrow. What follows is a press release just issued by the firm:

    Washington, DC – Global alternative asset manager The Carlyle Group L.P. today announced that it has priced the initial public offering of 30.5 million of its common units at $22 per unit. The units are expected to start trading tomorrow, May 3, 2012, on the NASDAQ Global Select Market under the symbol "CG." The Carlyle Group L.P. has granted the underwriters a 30-day option to purchase up to 4.575 million additional common units at the public offering price less underwriting discounts. Carlyle intends to use the net proceeds from the offering to repay indebtedness and for general corporate purposes, including general operational needs, growth initiatives, acquisitions and strategic investments and to fund capital commitments to, and other investments in and alongside of, its funds.

    J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are joint book-running managers for the offering.