Companies · CG
Carlyle Group
AI-generated · informational only · not investment advice · verify before relying.
Latest analysis
Updated Aug 10, 2026
Carlyle's Q2 2026 10-Q shows FRE rising 11% to $658M H1 while GAAP results are distorted by a $988M swing in CP VII unrealized carry.
Carlyle's core fee engine is accelerating: H1 2026 FRE reached $657.7 million, up from $633.9 million in H1 2025, driven by Carlyle AlpInvest's 15% FRE growth and Global Credit's 7% gain, while total AUM crossed $485 billion on strong AlpInvest inflows and a $5 billion GPE vehicle raise. GAAP net income attributable to Carlyle collapsed to $4.9 million for H1 2026 versus $449.7 million in H1 2025, entirely due to a $987.8 million unrealized carry reversal in CP VII caused by public market price declines and preferred return mechanics — a mark-to-market artifact, not an economic loss. The most consequential structural development is the $20.1 billion evergreen wealth AUM base, up 64% year-over-year, signaling that Carlyle's perpetual capital strategy is converting into durable management fee infrastructure at scale.
Tone: mixedRevenue
$4.8B
CG 10-K · FY 2025
Revenue FY2024
$5.4B
Founded
1987
Headquarters
Washington, DC
Profile
CG 10-K Item 1 · Feb 27, 2026The Carlyle Group is one of the world's largest global investment firms, deploying private capital across three reportable segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. The firm earns management fees, incentive fees, and performance allocations (carried interest) from the investment funds it advises. As of December 31, 2025, total AUM across all segments was approximately $476.8 billion.
Read filing description ↓ Collapse description ↑
Carlyle is one of the world's largest global investment firms that deploys private capital across its business and conducts its operations through three reportable segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. The Global Private Equity segment advises buyout, growth, real estate, and infrastructure & natural resources funds. The Global Private Equity segment also includes the NGP Carry Funds advised by NGP. The Global Credit segment advises funds and vehicles that pursue investment strategies including insurance solutions, liquid credit, opportunistic credit, direct lending, asset-backed finance, aviation finance, infrastructure credit, cross-platform credit products, and global capital markets. The Carlyle AlpInvest segment advises global private equity programs that pursue secondary purchases and financing of existing portfolios, managed co-investment programs, and primary fund investments. Carlyle typically serves as the general partner, investment manager, or collateral manager, making day-to-day investment decisions concerning the assets of these products. We earn management fees pursuant to contractual arrangements with the investment funds that we manage and fees for transaction advisory and oversight services provided to portfolio companies of these funds. We also typically receive a performance fee from an investment fund, which may be either an incentive fee or a special residual allocation of income, which we refer to as a performance allocation, or carried interest, in the event that specified investment returns are achieved by the fund.
Primary products
- Buyout funds
- Growth equity funds
- Real estate funds
- Infrastructure and natural resources funds
- NGP Carry Funds
- CLOs (collateralized loan obligations)
Business segments
End markets
Geographies
Named customers
Revenue commentary · FY 2025
Total revenues declined in 2025 versus 2024, primarily due to a large decrease in unrealized performance allocations, partially offset by higher fund management fees and incentive fees.
The rest of CG is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.