Carlyle Pitches Wall Street on IPO Valuation to Rival Blackstone

Carlyle Group, pressing ahead with plans for an initial public offering, is meeting privately with analysts to convince them the buyout firm is worth at least as much as its most richly valued competitor, Blackstone Group LP.

Carlyle, which manages $153 billion, is arguing that its steadier earnings should reward shareholders with a more predictable dividend than those of other private-equity firms, according to people briefed on the Washington-based company’s marketing materials. They asked not to be named because the talks are private.