Overview

Our corporate private equity operation, established in 1987, is a global business with 110-investment professionals and offices in New York, London, Mumbai and Hong Kong. We are a world leader in private equity investing, having managed five general private equity funds as well as one specialized fund focusing on communications-related investments. From an operation focused in our early years on consummating leveraged buyout acquisitions of U.S.-based companies, we have grown into a business pursuing transactions throughout the world and executing not only typical leveraged buyout acquisitions of seasoned companies but also transactions involving start-up businesses in established industries, turnarounds, minority investments, corporate partnerships and industry consolidations, in all cases in strictly friendly transactions supported by the subject company's board of directors. In total, our corporate private equity operation has raised approximately $36 billion in capital since 1987. As of March 31, 2008, our corporate private equity operation had $30.6 billion of assets under management.

From 1987 through March 31, 2008, our corporate private equity funds have invested in approximately 126 companies in a variety of industries and geographies in pursuit of their investment objectives. The total enterprise value of all transactions effected by our corporate private equity operations through March 31, 2008, was approximately $284 billion. As of March 31, 2008, our corporate private equity funds had significant equity investments in 47 different companies.