Carlyle senior executives will benefit from this hefty payout as well, because many own shares of the company as well as investments in the funds. In other words, they can afford to be generous. Make that offering bonus number two.

Carlyle is also paying itself back $19 million in expenses to go public. Most companies that disclose how much they spend on offering expenses spend between $1-3 million. This goes to lawyers, filing fees and the bankers. But $19 million? To themselves? That makes this the third offering bonus.

Initially Carlyle said its executives wouldn't be selling stock on the offering. Which sounds like it's really supporting the company, but as you see, they are already raking in money in so many ways that they don't need to sell their stock.

Avoid These IPOs >>

The shares are expected to price within a range of $23 to $25 each on May 2. At the midpoint of the range, the deal would value Carlyle at $7.6 billion, the equivalent of nearly eight Instagrams.

New investors may be drawn to the big riches of the owners or the high-profile deals like bringing Dunkin' Brands ( DNKN) public. But they are really just helping the owners enrich themselves to the tune of millions, while earning 64 cents per share a year in dividends.

-- Written by Debra Borchardt in New York.

>To contact the writer of this article, click here: Debra Borchardt.

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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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