Carlyle's Three Founders Take Home $193 Million in 2017 Payouts

• February 15 2018
• Devin Banerjee, Melissa Mittelman

Carlyle Group LP’s David Rubenstein, Bill Conway and Dan D’Aniello pocketed $193 million in combined payouts in 2017, down from $212 million the previous year.

Carlyle Group LP’s David Rubenstein, Bill Conway and Dan D’Aniello pocketed $193 million in combined payouts in 2017, down from $212 million the previous year.

The investment firm’s founders were each paid $281,750 in salaries and retirement-account contributions, according to Washington-based Carlyle’s annual report filed Thursday with U.S. regulators. Rubenstein also got $66.3 million in dividends based on his stock ownership in the asset manager, and Conway and D’Aniello received $62.7 million each in dividends.

The founders of Carlyle and Apollo Global Management LLC, unlike peers at Blackstone Group LP and KKR & Co., don’t receive carried interest, or a cut of deal profits. Apollo co-founder and Chief Executive Officer Leon Black took home $191.3 million in 2017, almost all of which was stock dividends, according to the firm’s 10-K filed Monday.

Carlyle earned $641.2 million in distributable earnings last year, up from $625.9 million in 2016.

The Carlyle executives’ payouts don’t include distributions from the firms’ funds in which they’re personally invested. During 2017, the firm said, Rubenstein put $120.1 million into Carlyle funds and deals, Conway invested $161.8 million and D’Aniello added $123.5 million.

Read More: Carlyle Founders Eat $1.3 Billion of Their Cooking Since 2014

Blackstone and KKR are set to disclose their founders’ payouts later this month. Blackstone co-founder and CEO Steve Schwarzman, the wealthiest among the executives, pocketed $425 million in 2016.