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W&D Webcast: The Carlyle Group’s Youngkin on Maintaining a Global Perspective

Although the Carlyle Group’s headquarters in Washington, D.C. rather than New York City once seemed like a real point of differentiation for the private equity firm, co-CEO Glenn Youngkin said in the latest Walker & Dunlop webcast that the firm today is more global than Washington-centric. It’s that global perspective that Carlyle will rely on to navigate the COVID-19 pandemic and the resulting downturn, he said.

Youngkin and his team don’t expect the downturn to be short-lived. He told the webcast audience Wednesday that although it’s hard to predict what the recovery will look like, the general view at Carlyle is that it will be U-shaped, rather than V-shaped. “It’s going to be a meaningfully volatile nine to 12 months ahead of us,” he said.

Asked by Walker & Dunlop CEO Willy Walker where we are in the cycle, Youngkin responded, “We’re at the bottom of the cycle today. I don’t think anybody expected to be in a global pandemic, with the entire world, at one time or another, shutting down.”

COVID-19 aside, the current economic environment already felt like late-cycle from Carlyle’s perspective. The firm had already begun preparing its portfolio accordingly, said Youngkin, even before what has proven to be “an extraordinary economic shock.”

Within the firm’s global theater of operations, Carlyle has seen some “encouraging” data coming from China in terms of the speed of its recovery from the pandemic, Youngkin said. There has been a rebound in consumer spending but not yet one in business investment, though.

“The areas that we would expect to be tough are tough,” he said.

In the course of the hour-long webcast, Youngkin also drilled down into the various sectors where Carlyle is active—and where the investment opportunities may be. On-demand replays of the webcast are available by clicking here.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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