He then went back to work for Dillon, Read & Co. From 1997 to 2005, Powell was a partner at The Carlyle Group, where he founded and led the Industrial Group within the Carlyle U.S. Buyout Fund.
Dann arbeitete er erneut für Dillon, Read & Co. Von 1997 bis 2005 war Powell Partner bei der Carlyle Group, wo er die Industrial Group innerhalb des Carlyle US Buyout Fund gründete und leitete.