Mclean, VA

The richest person in McLean, Virginia

Luay Rahil
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If you can find an investment company that operates across five continents and employs 1,850 professionals, you will become a billionaire. This billionaire built a global network of investors that helped him become the richest person in McLean, Virginia. His net worth exceeds $3.1 billion, and he continues to amass more money.

His name is William E. Conway Jr.

William E. Conway Jr. is an entrepreneur and Co-Founder of the Carlyle Group. Conway received his Bachelor's degree from Dartmouth College and his Master's in Business Administration in finance from The University of Chicago Booth School of Business.

William E. Conway Jr. started his career with the First National Bank of Chicago, working in corporate finance and commercial lending. After earning his MBA, Conway became a loan officer and kept climbing the corporate ladder until he became the vice president of bank operations.

In 1981, Conway joined MCI Communications Corporation as a vice president and treasurer. He left MCI Communications in 1987 to find The Carlyle Group Inc. He was elected to the company's Board of Directors in 2011 and stepped down from his role as co-CEO in January 2018. Conway bankrolled his son's failed campaign for Cook County State's Attorney in Illinois by donating $10.5 million. In addition, Conway is a passionate advocate for various local charities, especially supporting nursing and the Catholic Church.

The history behind the brand

The Carlyle Group Inc. is an international investment firm that invests across four segments.

  • The private equity segment focuses on private financing, where investors directly invest in companies or engage in buyouts of such companies.
  • The real estate segment focuses on real estate, infrastructure, and natural resources.
  • The global credit segment leverages loans and structures credits for distressed companies.
  • The investment solutions segment provides investors and clients with complete investment options and resources.

The Carlyle Group Inc. was founded by William E. Conway Jr., Daniel A. D'Aniello, David M. Rubenstein, Stephen L. Norris, and Greg Rosenbaum in 1987 and is headquartered in Washington, DC.

Rosenbaum and Norris left the firm. However, D'Aniello, Conway, and Rubenstein continue to be active partners until this day. Under their leadership, Carlyle became a force in buying businesses related to the defense industry.

The four big acquisitions helped him become a billionaire.

  1. In 1992, they bought the Electronics division of General Dynamics Corporation, a producer of military electronics systems. They rebranded it to GDE Inc. and sold it in October 1994.
  2. In 1993, the partners purchased Magnavox Electronic Systems, the military communications, and electronic-warfare system from Philips Electronics, and sold for about $370 million in 1995.
  3. In 2005, Carlyle partnered with other companies to complete a $15.0 billion leveraged buyout of The Hertz Corporation, the largest car rental company in the country.
  4. In 2020, The Carlyle Group and T&D Holdings purchased a 76.6% stake in Fortitude Group Holdings, a group of businesses including Fortitude Re, from American International Group.

According to the group, Carlyle produced record fee-related earnings of $520 million, with margins over 30% in 2020, so the company continues to be very promising.

Have you heard about William E. Conway Jr. before reading this article?

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