CARLYLE GROUP INC
Q3 2023 Form 13-F

Description and Activity

Carlyle Group Inc. is a global investment firm managing $426 billion in assets as of December 31, 2023. The company operates through three main business segments: Global Private Equity (GPE), Global Credit (GC), and Global Investment Solutions (GIS). The GPE segment focuses on corporate private equity, real estate, infrastructure, and natural resources, managing $161.3 billion in assets. The GC segment includes various credit strategies such as liquid credit, private credit, and real assets credit, with $187.8 billion in assets. The GIS segment offers investment opportunities through private equity fund of funds, secondary purchases, and managed co-investment programs, totaling $76.9 billion in assets.

Carlyle generates revenue primarily from management fees, performance allocations, and transaction fees associated with its investment funds. Management fees typically range from 1.0% to 2.0% of capital commitments for closed-end carry funds. Carried interest, a share of profits from investments after meeting performance thresholds, is another significant revenue stream. The company's primary customers include institutional investors, pension funds, and high-net-worth individuals. Carlyle operates globally with over 2,200 employees, including 720 investment professionals, across 28 offices. Key factors impacting Carlyle’s business performance include fundraising efforts, investment performance, and market conditions.