If nothing else, the last week has proved it can be very difficult to run a hedge fund. The Carlyle Group, the private equity giant, has known that for much longer.

Its Carlyle Capital fund became a harbinger of the financial crisis after it imploded in March 2008. Months later, Blue Wave Partners, Carlyle’s entrance into hedge funds, ended abruptly after it failed to raise enough money from investors.

They were among the first in a series of bumps in the road for Carlyle and its hedge fund investments, the most recent of which came to the fore last week, when it announced that its credit-focused hedge fund, Claren Road Asset Management, faced nearly $2 billion in investor redemption requests. Since last September, Claren Road has faced a total of $6 billion in redemption requests.

Carlyle’s core buyout business, however, continues to exceed Wall Street’s expectations. It has raised tens of billions of dollars of new money to spend on acquisitions. But its track record with hedge funds has been mixed at best, which has raised questions about its ability to diversify successfully the way its rivals have. In particular, it is unclear whether Carlyle can expand its global market strategies business where its hedge fund investments are housed.