UPDATE: Oppenheimer Initiates Carlyle Group at Perform on Distributions Visibility

Oppenheimer initiated coverage on Carlyle Group CG with a Perform rating. Oppenheimer commented, "Despite a strong distributable earnings (DE) track record in 2011 and 2012, we are unsure there's much growth to that in 2013 and 2014. Like peers, Carlyle built its impressive track record as a private equity firm and has been diversifying into other alternative asset classes. Despite this, over the next 12-18 months we think distributable earnings will be primarily driven by the private equity segment, and the results have been so strong over the last 18 months that they will likely be hard to top in 2013 and 2014." Carlyle Group closed at $26.20 on Thursday.