Rough ride for Carlyle in hedge fund business

New York

IF nothing else, the last week has proved that it can be very difficult to run a hedge fund. The Carlyle Group, the private equity giant, has known that for much longer.

Its Carlyle Capital fund became a harbinger of the financial crisis after it imploded in March 2008. Months later, Blue Wave Partners, Carlyle's entrance into hedge funds, ended abruptly after it failed to raise enough money from investors.