Company: CGABL
Filing Date: 2025-07-29
Form Type: 40-6B/A
Source: 0001193125-25-168066
Chunk: 24

Company: Carlyle Group Inc.
Filing Date: 2025-07-29
Form: 40-6B/A
Chunk 24
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 and Rule 17d-1were designed to prevent. The Applicants state that the concern that permitting co-investmentsby Carlyle and a Fund might lead to less advantageous treatment of the Fund should be mitigated by the fact that Carlyle will be acutely concerned with its relationship with the Investors in the Fund and the fact that senior officers and directors of Carlyle will be investing in the Fund. In addition, the Applicants assert that compliance with Section 17(d) would cause the Fund to forgo investment opportunities simply because the Funds, an Investor, the General Partner or any other affiliated person of the Fund (or any affiliated person of such affiliated person) made a similar investment. 11

Co-investmentswith Third Party Funds, or by a Carlyle Entity pursuant to a contractual obligation to a Third Party Fund, will not be subject to Condition 3 below. The Applicants note that it is common for a Third Party Fund to require that Carlyle invest its own capital in Third Party Fund investments and that Carlyle investments be subject to substantially the same terms as those applicable to the Third Party Fund. The Applicants believe it is important that the interests of the Third Party Fund take priority over the interests of the Funds and that the Third Party Fund not be burdened or otherwise affected by activities of the Funds. In addition, the Applicants assert that the relationship of a Fund to a Third Party Fund is fundamentally different from a Fund’s relationship to Carlyle. The Applicants contend that the focus of, and the rationale for, the protections contained in the requested relief are to protect the Funds from any overreaching by Carlyle in the employer/employee context, whereas the same concerns are not present with respect to the Funds vis-à-visa Third Party Fund. In summary, the requested relief under Section 17(d) of the 1940 Act is necessary in light of the purpose of each Fund. Given the criteria for Eligible Employees and the conditions with which the Funds have agreed to comply, the requested relief is appropriate in light of the purposes of the 1940 Act. The considerations described above will protect each Fund and limit the possibilities of conflict of interest and abuse of the type which Section 17(d) was designed to prevent. Consistent with the foregoing, the Funds agree to abide by the conditions set forth below to the relief requested from Section 17(d) and Rule 17d-1.In addition, the Applicants represent that any transactions otherwise subject to Section 17(d) of the 1940 Act and Rule