Steve Norris was one of the co-founders of The Carlyle Group in Washington, D.C. serving as President of its management company from inception in 1987 to 1996. He will be Chairman of Stephen Norris & Co. Capital Partner's Investment Committee and will principally focus on sourcing of investment opportunities and investment strategy, as well as structuring and negotiating investments and exits from investments.
Mr. Norris was involved in the decision-making process in essentially every major Carlyle investment decision from its beginning as a $105 million fund that made investments of more than four times that amount through extensive use of co-investors and strategic partners. Those investments yielded an annual return on investment in excess of 40%. He also served on the boards of directors of major Carlyle portfolio companies. He was actively involved in recruiting all of Carlyle's current senior partners and played a major role in recruiting President George W. Bush to serve as a director of one of its portfolio companies and in enlisting former Secretary of State James Baker III and former Secretary of Defense Frank C. Carlucci to be senior partners of Carlyle.
Mr. Norris acted as a principal financial advisor to Prince Al-Waleed bin Talal Al Saud of Kingdom Holding Company, in structuring and negotiating the re-capitalization of Citibank, which returned over $15 billion in profits on about $590 million of equity invested. He also advised or played a key role in other Kingdom Holding Company investments. He was appointed by former president George H.W. Bush and confirmed by the U.S. Senate to serve as one of five governing members of the $100 billion Federal Retirement System Thrift Investment Board.
Since 1997, Mr. Norris, and certain members of his team, have worked on a number of investments including real estate investments in Europe and the United States. They were involved in amongst others the privatization of Thompson CSF, the recapitalization of Suez, the acquisition of portions of Credit Foncier's real estate portfolio in Paris by the German firm of IVG, the formation of Nomura's (London) bid for a Dutch mortgage bank, the offer by a major Saudia Arabian investment firm for Lamborgini in Italy, and the formation of a bid by Leucadia International's for the Labouchere Bank in Holland. He also negotiated and structured investments in Synxis Corporation, which was backed by George Soros and Mr. Norris, and MARC Global Holdings.
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