☒ |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware |
45-2832612 |
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock |
CG |
The Nasdaq Global Select Market |
4.625% Subordinated Notes due 2061 of Carlyle Finance L.L.C. |
CGABL |
The Nasdaq Global Select Market |
Large accelerated filer |
☒ |
Accelerated filer |
☐ |
|||
Non-accelerated filer |
☐ |
Smaller reporting company |
☐ |
|||
Emerging growth company |
☐ |
Page |
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ITEM 1. |
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ITEM 1A. |
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ITEM 1B. |
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ITEM 1C. |
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ITEM 2. |
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ITEM 3. |
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ITEM 4. |
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ITEM 5. |
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ITEM 6. |
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ITEM 7. |
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ITEM 7A. |
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ITEM 8. |
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ITEM 9. |
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ITEM 9A. |
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ITEM 9B. |
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ITEM 9C. |
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ITEM 10. |
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ITEM 11. |
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ITEM 12. |
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ITEM 13. |
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ITEM 14. |
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ITEM 15. |
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ITEM 16. |
AUM(1) |
% of Total
AUM
|
Fee-earning
AUM
|
Active
Investments
|
Active
Funds(1)
|
Available
Capital
|
Investment
Professionals(2)
|
Amount Invested
Since Inception
|
Investments Since
Inception
|
||||||||
$164 |
37% |
$98 |
950+ |
71 |
$41 |
425+ |
$230 |
2,650+ |
AUM |
% of Total
AUM
|
Fee-earning
AUM
|
Available
Capital
|
Active
Funds
|
Investment
Professionals
|
|||||
$192 |
44% |
$154 |
$18 |
142 |
190+ |
AUM |
% of Total
AUM
|
Fee-earning
AUM
|
Fund
Vehicles
|
Available
Capital
|
Investment
Professionals
|
Amount Invested
Since Inception
|
||||||
$85 |
19% |
$52 |
423 |
$25 |
100+ |
$98 |
Global Private Equity |
$163.5 |
Global Credit |
$192.4 |
|
Corporate Private Equity |
$105.2 |
Insurance Solutions 4 |
$76.9 |
|
U.S. Buyout (CP) |
53.5 |
Liquid Credit |
$50.0 |
|
Asia Buyout (CAP) |
11.8 |
U.S. CLOs |
36.6 |
|
Europe Buyout (CEP) |
10.1 |
Europe CLOs |
9.1 |
|
Carlyle Global Partners (CGP) |
7.2 |
CLO Investment Products |
2.3 |
|
Europe Technology (CETP) |
5.7 |
Revolving Credit |
2.0 |
|
Japan Buyout (CJP) |
5.4 |
Private Credit |
$65.5 |
|
U.S. Growth (CP Growth / CEOF) |
3.0 |
Opportunistic Credit (CCOF / CSP) |
19.5 |
|
Life Sciences (ABV / ACCD) |
1.9 |
Aviation (SASOF / CALF) |
12.6 |
|
Asia Growth (CAP Growth / CAGP) |
1.2 |
Direct Lending 5 |
10.9 |
|
Other 1 |
5.4 |
Platform Initiatives (incl. CTAC) |
8.1 |
|
Real Estate |
$34.4 |
Asset-Backed Finance |
7.6 |
|
U.S. Real Estate (CRP) |
23.8 |
Infrastructure (CICF) |
5.9 |
|
Core Plus Real Estate (CPI) |
7.6 |
Other 6 |
0.8 |
|
International Real Estate (CER) |
3.1 |
|||
Infrastructure & Natural Resources |
$24.0 |
Global Investment Solutions |
$85.1 |
|
NGP Energy 2 |
10.6 |
Secondaries and Portfolio Finance (ASF / ASPF) |
$37.1 |
|
Infrastructure & Renewable Energy 3 |
7.5 |
Co-Investments (ACF) |
$22.2 |
|
International Energy (CIEP) |
5.9 |
Primary Investments & Other 7 |
$25.8 |
|
Period |
(a) Total number
of shares
purchased
|
(b) Average
price paid per
share
|
(c) Total number of
shares purchased as
part of publicly
announced plans or
programs
|
(d) Maximum number (or
approximate dollar value)
of shares that may yet be
purchased under the
plans or programs (3)
|
(Dollars in millions, except unit and per unit data) |
||||
October 1, 2024 to October 31, 2024 (1) |
— |
$— |
— |
$1,054.4 |
November 1, 2024 to November 30, 2024
(1)(2)
|
716,872 |
$52.17 |
716,872 |
$1,017.0 |
December 1, 2024 to December 31, 2024
(1)(2)
|
238,937 |
$52.82 |
238,937 |
$1,004.4 |
Total |
955,809 |
955,809 |
Shares of Common Stock Delivered / Deliverable in August |
|||||||||||||
2022 |
2023 |
2024 |
2025 |
2026 |
2027 |
2028 |
|||||||
Date of Agreement: |
|||||||||||||
February 1, 2019 |
164,393 |
— |
— |
— |
— |
— |
— |
||||||
February 1, 2020 |
89,821 |
89,820 |
— |
— |
— |
— |
— |
||||||
February 1, 2021 |
116,559 |
87,419 |
87,418 |
— |
— |
— |
— |
||||||
February 1, 2022 |
— |
75,290 |
56,467 |
56,467 |
— |
— |
— |
||||||
February 1, 2023 |
— |
— |
103,432 |
77,574 |
77,573 |
— |
— |
||||||
February 1, 2024 |
— |
— |
— |
98,918 |
74,188 |
74,187 |
— |
||||||
February 1, 2025 |
— |
— |
— |
— |
68,757 |
51,567 |
51,567 |
As of December 31, |
|||
2024 |
2023 |
||
Consolidated Results |
(Dollars in millions) |
||
Components of Fee-earning AUM |
|||
Fee-earning AUM based on capital commitments |
$58,885 |
$71,920 |
|
Fee-earning AUM based on invested capital |
81,826 |
69,371 |
|
Fee-earning AUM based on collateral balances, at par |
45,890 |
49,999 |
|
Fee-earning AUM based on net asset value |
23,369 |
19,537 |
|
Fee-earning AUM based on fair value and other |
94,388 |
96,591 |
|
Balance, End of Period(1) |
$304,358 |
$307,418 |
Year Ended December 31, |
|||
2024 |
2023 |
||
Consolidated Results |
(Dollars in millions) |
||
Fee-earning AUM Rollforward |
|||
Balance, Beginning of Period |
$307,418 |
$266,577 |
|
Inflows(1) |
32,971 |
55,531 |
|
Outflows (including realizations)(2) |
(31,289) |
(18,329) |
|
Market Activity & Other(3) |
(1,856) |
2,873 |
|
Foreign Exchange(4) |
(2,886) |
766 |
|
Balance, End of Period |
$304,358 |
$307,418 |
Year Ended December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Consolidated Results |
|||
Total AUM Rollforward |
|||
Balance, Beginning of Period |
$425,994 |
$372,691 |
|
Inflows(1) |
40,781 |
63,466 |
|
Outflows (including realizations)(2) |
(36,575) |
(25,880) |
|
Market Activity & Other(3) |
15,220 |
13,563 |
|
Foreign Exchange(4) |
(4,400) |
2,154 |
|
Balance, End of Period |
$441,020 |
$425,994 |
Year Ended December 31, |
Change |
||||||
2024 |
2023 |
$ |
% |
||||
(Dollars in millions) |
|||||||
Revenues |
|||||||
Fund management fees |
$2,188.1 |
$2,043.2 |
$144.9 |
7% |
|||
Incentive fees |
133.5 |
93.7 |
39.8 |
42% |
|||
Investment income |
|||||||
Performance allocations |
2,015.7 |
(88.6) |
2,104.3 |
NM |
|||
Principal investment income |
238.7 |
133.4 |
105.3 |
79% |
|||
Total investment income |
2,254.4 |
44.8 |
2,209.6 |
NM |
|||
Interest and other income |
218.2 |
212.1 |
6.1 |
3% |
|||
Interest and other income of Consolidated Funds |
631.6 |
570.1 |
61.5 |
11% |
|||
Total revenues |
5,425.8 |
2,963.9 |
2,461.9 |
83% |
|||
Expenses |
|||||||
Compensation and benefits |
|||||||
Cash-based compensation and benefits |
875.5 |
1,023.7 |
(148.2) |
(14)% |
|||
Equity-based compensation |
467.9 |
249.1 |
218.8 |
88% |
|||
Performance allocations and incentive fee related
compensation
|
1,361.5 |
1,103.7 |
257.8 |
23% |
|||
Total compensation and benefits |
2,704.9 |
2,376.5 |
328.4 |
14% |
|||
General, administrative and other expenses |
665.6 |
652.1 |
13.5 |
2% |
|||
Interest |
121.0 |
123.8 |
(2.8) |
(2)% |
|||
Interest and other expenses of Consolidated Funds |
564.9 |
419.1 |
145.8 |
35% |
|||
Other non-operating expenses (income) |
(0.3) |
0.2 |
(0.5) |
NM |
|||
Total expenses |
4,056.1 |
3,571.7 |
484.4 |
14% |
|||
Other income (loss) |
|||||||
Net investment income of Consolidated Funds |
24.0 |
6.9 |
17.1 |
248% |
|||
Income (loss) before provision for income taxes |
1,393.7 |
(600.9) |
1,994.6 |
NM |
|||
Provision (benefit) for income taxes |
302.6 |
(104.2) |
406.8 |
NM |
|||
Net income (loss) |
1,091.1 |
(496.7) |
1,587.8 |
NM |
|||
Net income attributable to non-controlling interests in consolidated
entities
|
70.7 |
111.7 |
(41.0) |
(37)% |
|||
Net income (loss) attributable to The Carlyle Group Inc. Common
Stockholders
|
$1,020.4 |
$(608.4) |
$1,628.8 |
NM |
Year Ended December 31, |
|
2024 v. 2023 |
|
(Dollars in millions) |
|
Higher management fees from the commencement of the investment period for certain newly raised
funds which charge fees based on commitments and the impact of incremental fundraising in funds
which activated fees in a prior period
|
$121.5 |
Lower management fees resulting from the change in basis from commitments to invested capital and
step-downs in rate for certain funds, and the impact of net investment activity in funds whose
management fees are based on invested capital, including the impact of changes in the base under the
strategic advisory services agreement with Fortitude
|
(54.3) |
Decrease in catch-up management fees from subsequent closes of funds that are in the fundraising period |
(3.9) |
Higher transaction and portfolio advisory fees |
83.9 |
All other changes |
(2.3) |
Total increase in Fund management fees(1) |
$144.9 |
Year Ended December 31, |
Change |
||||||
2024 |
2023 |
$ |
% |
||||
(Dollars in millions) |
|||||||
Performance allocations |
$2,015.7 |
$(88.6) |
$2,104.3 |
NM |
|||
Principal investment income: |
|||||||
Investment income from NGP, which includes performance
allocations
|
103.6 |
138.3 |
(34.7) |
(25)% |
|||
Investment income from our carry funds: |
|||||||
Global Private Equity |
35.3 |
16.4 |
18.9 |
115% |
|||
Global Credit |
12.3 |
10.7 |
1.6 |
15% |
|||
Global Investment Solutions |
25.7 |
19.2 |
6.5 |
34% |
|||
Investment income from our CLOs |
23.0 |
21.3 |
1.7 |
8% |
|||
Investment income (loss) from Carlyle FRL |
33.8 |
(100.7) |
134.5 |
NM |
|||
Investment (loss) income from our other Global Credit products |
(4.8) |
34.3 |
(39.1) |
NM |
|||
Investment income on foreign currency hedges |
4.0 |
2.0 |
2.0 |
100% |
|||
All other investment income (loss) |
5.8 |
(8.1) |
13.9 |
NM |
|||
Total Principal investment income |
238.7 |
133.4 |
105.3 |
79% |
|||
Total Investment income |
$2,254.4 |
$44.8 |
$2,209.6 |
NM |
Year Ended December 31, |
Change |
||||||
2024 |
2023 |
$ |
% |
||||
(Dollars in millions) |
|||||||
Global Private Equity |
$1,559.9 |
$(551.5) |
$2,111.4 |
NM |
|||
Global Credit |
227.7 |
163.7 |
64.0 |
39% |
|||
Global Investment Solutions |
228.1 |
299.2 |
(71.1) |
(24)% |
|||
Total performance allocations |
$2,015.7 |
$(88.6) |
$2,104.3 |
NM |
Year Ended December 31, |
Change |
||||||
2024 |
2023 |
$ |
% |
||||
(Dollars in millions) |
|||||||
Net realized losses |
$(60.7) |
$(80.8) |
$20.1 |
(25)% |
|||
Net change in unrealized gains |
157.1 |
327.7 |
(170.6) |
(52)% |
|||
Total net gains |
96.4 |
246.9 |
(150.5) |
(61)% |
|||
Losses from liabilities of CLOs |
(72.4) |
(240.0) |
167.6 |
(70)% |
|||
Total net investment income of Consolidated Funds |
$24.0 |
$6.9 |
$17.1 |
NM |
Year Ended December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Total Segment Revenues |
$3,655.4 |
$3,405.1 |
|
Total Segment Expenses |
2,129.9 |
1,974.6 |
|
(=) Distributable Earnings |
$1,525.5 |
$1,430.5 |
|
(-) Realized Net Performance Revenues |
366.1 |
531.0 |
|
(-) Realized Principal Investment Income |
101.0 |
88.8 |
|
(+) Net Interest |
46.2 |
48.7 |
|
(=) Fee Related Earnings |
$1,104.6 |
$859.4 |
Year Ended December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Segment Revenues |
|||
Fund level fee revenues |
|||
Fund management fees |
$2,107.5 |
$2,064.4 |
|
Portfolio advisory and transaction fees, net and other |
163.6 |
80.4 |
|
Fee related performance revenues |
132.7 |
161.0 |
|
Total fund level fee revenues |
2,403.8 |
2,305.8 |
|
Realized performance revenues |
1,075.9 |
938.3 |
|
Realized principal investment income |
101.0 |
88.8 |
|
Interest income |
74.7 |
72.2 |
|
Total Segment Revenues |
$3,655.4 |
$3,405.1 |
Year Ended December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Segment Expenses |
|||
Compensation and benefits |
|||
Cash-based compensation and benefits |
$861.7 |
$1,031.9 |
|
Realized performance revenue related compensation |
709.8 |
407.3 |
|
Total compensation and benefits |
1,571.5 |
1,439.2 |
|
General, administrative, and other indirect expenses |
390.7 |
376.5 |
|
Depreciation and amortization expense |
46.8 |
38.0 |
|
Interest expense |
120.9 |
120.9 |
|
Total Segment Expenses |
$2,129.9 |
$1,974.6 |
Year Ended December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Income (loss) before provision for income taxes |
$1,393.7 |
$(600.9) |
|
Adjustments: |
|||
Net unrealized performance and fee related performance revenues |
(396.7) |
1,659.2 |
|
Unrealized principal investment (income) loss |
(34.1) |
(36.1) |
|
Principal investment loss from dilution of indirect investment in Fortitude |
— |
104.0 |
|
Equity-based compensation(1) |
476.5 |
260.1 |
|
Acquisition or disposition-related charges, including amortization of intangibles
and impairment
|
136.6 |
145.3 |
|
Tax (expense) benefit associated with certain foreign performance revenues |
(1.0) |
(1.0) |
|
Net income attributable to non-controlling interests in consolidated entities |
(70.7) |
(111.7) |
|
Other adjustments(2) |
21.2 |
11.6 |
|
(=) Distributable Earnings |
1,525.5 |
1,430.5 |
|
(-) Realized net performance revenues, net of related compensation(3) |
366.1 |
531.0 |
|
(-) Realized principal investment income(3) |
101.0 |
88.8 |
|
(+) Net interest |
46.2 |
48.7 |
|
(=) Fee Related Earnings |
$1,104.6 |
$859.4 |
Year Ended December 31, 2024 |
|||||
Carlyle
Consolidated
|
Adjustments(4) |
Total
Reportable
Segments
|
|||
(Dollars in millions) |
|||||
Performance revenues |
$2,015.7 |
$(939.8) |
$1,075.9 |
||
Performance revenues related compensation expense |
1,361.5 |
(651.7) |
709.8 |
||
Net performance revenues |
$654.2 |
$(288.1) |
$366.1 |
||
Principal investment income (loss) |
$238.7 |
$(137.7) |
$101.0 |
||
Year Ended December 31, 2023 |
|||||
Carlyle
Consolidated
|
Adjustments(4) |
Total
Reportable
Segments
|
|||
(Dollars in millions) |
|||||
Performance revenues |
$(88.6) |
$1,026.9 |
$938.3 |
||
Performance revenues related compensation expense |
1,103.7 |
(696.4) |
407.3 |
||
Net performance revenues |
$(1,192.3) |
$1,723.3 |
$531.0 |
||
Principal investment income (loss) |
$133.4 |
$(44.6) |
$88.8 |
Year Ended December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Global Private Equity |
$957.3 |
$1,071.8 |
|
Global Credit |
377.3 |
274.4 |
|
Global Investment Solutions |
190.9 |
84.3 |
|
Distributable Earnings |
$1,525.5 |
$1,430.5 |
Year Ended December 31, |
Change |
||||||
2024 |
2023 |
$ |
% |
||||
(Dollars in millions) |
|||||||
Segment Revenues |
|||||||
Fund level fee revenues |
|||||||
Fund management fees |
$1,212.0 |
$1,309.8 |
$(97.8) |
(7)% |
|||
Portfolio advisory and transaction fees, net and other |
24.6 |
18.4 |
6.2 |
34% |
|||
Fee related performance revenues |
6.9 |
68.3 |
(61.4) |
(90)% |
|||
Total fund level fee revenues |
1,243.5 |
1,396.5 |
(153.0) |
(11)% |
|||
Realized performance revenues |
927.2 |
805.1 |
122.1 |
15% |
|||
Realized principal investment income |
49.7 |
45.3 |
4.4 |
10% |
|||
Interest income |
28.1 |
31.6 |
(3.5) |
(11)% |
|||
Total revenues |
2,248.5 |
2,278.5 |
(30.0) |
(1)% |
|||
Segment Expenses |
|||||||
Compensation and benefits |
|||||||
Cash-based compensation and benefits |
422.8 |
583.8 |
(161.0) |
(28)% |
|||
Realized performance revenues related compensation |
590.1 |
308.1 |
282.0 |
92% |
|||
Total compensation and benefits |
1,012.9 |
891.9 |
121.0 |
14% |
|||
General, administrative, and other indirect expenses |
195.2 |
221.9 |
(26.7) |
(12)% |
|||
Depreciation and amortization expense |
26.8 |
26.0 |
0.8 |
3% |
|||
Interest expense |
56.3 |
66.9 |
(10.6) |
(16)% |
|||
Total expenses |
1,291.2 |
1,206.7 |
84.5 |
7% |
|||
(=) Distributable Earnings |
$957.3 |
$1,071.8 |
$(114.5) |
(11)% |
|||
(-) Realized Net Performance Revenues |
337.1 |
497.0 |
(159.9) |
(32)% |
|||
(-) Realized Principal Investment Income |
49.7 |
45.3 |
4.4 |
10% |
|||
(+) Net Interest |
28.2 |
35.3 |
(7.1) |
(20)% |
|||
(=) Fee Related Earnings |
$598.7 |
$564.8 |
$33.9 |
6% |
Year Ended
December 31,
|
|
2024 v. 2023 |
|
(Dollars in millions) |
|
Distributable Earnings, December 31, 2023 |
$1,071.8 |
Increases (decreases): |
|
Increase in fee related earnings |
33.9 |
Decrease in realized net performance revenues |
(159.9) |
Increase in realized principal investment income |
4.4 |
Decrease in net interest |
7.1 |
Total decrease |
(114.5) |
Distributable Earnings, December 31, 2024 |
$957.3 |
Year Ended
December 31,
|
|
2024 v. 2023 |
|
(Dollars in millions) |
|
Fee Related Earnings, December 31, 2023 |
$564.8 |
Increases (decreases): |
|
Decrease in fee revenues |
(153.0) |
Decrease in cash-based compensation and benefits |
161.0 |
Decrease in general, administrative and other indirect expenses |
26.7 |
All other changes |
(0.8) |
Total increase |
33.9 |
Fee Related Earnings, December 31, 2024 |
$598.7 |
Year Ended
December 31,
|
|
2024 v. 2023 |
|
(Dollars in millions) |
|
Lower fund management fees |
$(97.8) |
Higher portfolio advisory and transaction fees, net and other |
6.2 |
Lower fee related performance revenues |
(61.4) |
Total decrease in fee revenues |
$(153.0) |
As of December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Global Private Equity |
|||
Components of Fee-earning AUM(1) |
|||
Fee-earning AUM based on capital commitments |
$34,484 |
$52,172 |
|
Fee-earning AUM based on invested capital |
52,998 |
44,524 |
|
Fee-earning AUM based on net asset value |
7,348 |
6,877 |
|
Fee-earning AUM based on lower of cost or fair value |
3,203 |
3,078 |
|
Total Fee-earning AUM |
$98,033 |
$106,651 |
|
Annualized Management Fee Rate(2) |
1.17% |
1.22% |
Year Ended December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Global Private Equity |
|||
Fee-earning AUM Rollforward |
|||
Balance, Beginning of Period |
$106,651 |
$107,801 |
|
Inflows(1) |
7,696 |
6,863 |
|
Outflows (including realizations)(2) |
(14,910) |
(7,917) |
|
Market Activity & Other(3) |
(240) |
(413) |
|
Foreign Exchange(4) |
(1,164) |
317 |
|
Balance, End of Period |
$98,033 |
$106,651 |
Year Ended December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Global Private Equity |
|||
Total AUM Rollforward |
|||
Balance, Beginning of Period |
$161,308 |
$163,098 |
|
Inflows(1) |
12,695 |
8,759 |
|
Outflows (including realizations)(2) |
(16,314) |
(14,375) |
|
Market Activity & Other(3) |
7,533 |
3,073 |
|
Foreign Exchange(4) |
(1,689) |
753 |
|
Balance, End of Period |
$163,533 |
$161,308 |
(Amounts in millions) |
TOTAL INVESTMENTS |
REALIZED/PARTIALLY
REALIZED INVESTMENTS
(5)
|
||||||||||||
As of December 31, 2024 |
As of December 31, 2024 |
|||||||||||||
Fund (Fee Initiation Date/Stepdown Date)
(19)
|
Committed
Capital
(20)
|
Cumulative
Invested
Capital (1)
|
Percent
Invested
|
Realized
Value (2)
|
Remaining
Fair Value
(3)
|
MOIC
(4)
|
Gross
IRR
(6)(12)
|
Net
IRR
(7)(12)
|
Net Accrued
Carry/
(Giveback)
(8)
|
Total
Fair
Value (9)
|
MOIC
(4)
|
Gross
IRR
(6)(12)
|
||
Corporate Private Equity |
||||||||||||||
CP VIII (Oct 2021 / Oct 2027) |
$14,797 |
$9,590 |
65% |
$761 |
$11,960 |
1.3x |
22% |
10% |
$112 |
n/a |
n/a |
n/a |
||
CP VII (May 2018 / Oct 2021) |
$18,510 |
$17,740 |
96% |
$5,344 |
$22,682 |
1.6x |
12% |
8% |
$524 |
$6,419 |
1.5x |
12% |
||
CP VI (May 2013 / May 2018) |
$13,000 |
$13,140 |
101% |
$25,270 |
$3,212 |
2.2x |
18% |
13% |
$131 |
$26,224 |
2.5x |
22% |
||
CP V (Jun 2007 / May 2013) |
$13,720 |
$13,238 |
96% |
$28,109 |
$565 |
2.2x |
18% |
14% |
$40 |
$28,134 |
2.3x |
20% |
||
CEP V (Oct 2018 / Oct 2024) |
€6,416 |
€5,565 |
87% |
€1,446 |
€5,212 |
1.2x |
5% |
—% |
$— |
€— |
0.0x |
Neg |
||
CEP IV (Sep 2014 / Oct 2018) |
€3,670 |
€3,797 |
103% |
€6,197 |
€1,268 |
2.0x |
17% |
12% |
$73 |
€6,249 |
2.1x |
20% |
||
CEP III (Jul 2007 / Dec 2013) |
€5,295 |
€5,177 |
98% |
€11,725 |
€24 |
2.3x |
19% |
14% |
$2 |
€11,658 |
2.3x |
19% |
||
CAP VI (Jun 2024/Jun 2030) |
$2,266 |
$— |
—% |
$— |
$— |
n/a |
n/a |
n/a |
$— |
n/a |
n/a |
n/a |
||
CAP V (Jun 2018 / Jun 2024) |
$6,554 |
$6,291 |
96% |
$2,369 |
$6,591 |
1.4x |
15% |
8% |
$96 |
$1,488 |
1.3x |
24% |
||
CAP IV (Jul 2013 / Jun 2018) |
$3,880 |
$4,146 |
107% |
$8,360 |
$561 |
2.2x |
18% |
13% |
$37 |
$8,664 |
2.4x |
21% |
||
CJP V (Nov 2024 / Nov 2030) |
¥434,325 |
¥— |
—% |
¥— |
¥— |
n/a |
n/a |
n/a |
$— |
n/a |
n/a |
n/a |
||
CJP IV (Oct 2020 / Nov 2024) |
¥258,000 |
¥224,357 |
87% |
¥108,478 |
¥276,215 |
1.7x |
38% |
24% |
$58 |
¥153,712 |
3.9x |
69% |
||
CJP III (Sep 2013 / Aug 2020) |
¥119,505 |
¥91,192 |
76% |
¥257,202 |
¥16,742 |
3.0x |
25% |
18% |
$6 |
¥247,857 |
3.4x |
27% |
||
CGFSP III (Dec 2017 / Dec 2023) |
$1,005 |
$972 |
97% |
$527 |
$1,684 |
2.3x |
25% |
18% |
$75 |
$1,064 |
4.3x |
37% |
||
CGFSP II (Jun 2013 / Dec 2017) |
$1,000 |
$943 |
94% |
$1,960 |
$608 |
2.7x |
26% |
20% |
$35 |
$1,956 |
2.4x |
28% |
||
CP Growth (Oct 2021 / Oct 2027) |
$1,283 |
$472 |
37% |
$— |
$551 |
1.2x |
NM |
NM |
$— |
n/a |
n/a |
n/a |
||
CEOF II (Nov 2015 / Mar 2020) |
$2,400 |
$2,364 |
98% |
$4,091 |
$1,314 |
2.3x |
21% |
15% |
$63 |
$4,589 |
2.4x |
23% |
||
CETP V (Mar 2022 / Jun 2028) |
€3,180 |
€1,209 |
38% |
€— |
€1,345 |
1.1x |
NM |
NM |
$— |
n/a |
n/a |
n/a |
||
CETP IV (Jul 2019 / Jun 2022) |
€1,350 |
€1,199 |
89% |
€1,009 |
€1,777 |
2.3x |
33% |
24% |
$72 |
€1,009 |
4.9x |
82% |
||
CETP III (Jul 2014 / Jul 2019) |
€657 |
€608 |
93% |
€1,750 |
€330 |
3.4x |
41% |
29% |
$17 |
€1,755 |
3.8x |
45% |
||
CGP II (Dec 2020 / Jan 2025) |
$1,840 |
$984 |
53% |
$46 |
$1,463 |
1.5x |
17% |
12% |
$19 |
n/a |
n/a |
n/a |
||
CGP (Jan 2015 / Mar 2021) |
$3,588 |
$3,206 |
89% |
$1,575 |
$3,050 |
1.4x |
6% |
5% |
$43 |
$1,728 |
2.2x |
16% |
||
All Other Active Funds & Vehicles (10) |
$19,182 |
n/a |
$14,284 |
$16,535 |
1.6x |
13% |
11% |
$40 |
$14,590 |
2.0x |
19% |
|||
Fully Realized Funds & Vehicles (11)(21) |
$34,791 |
n/a |
$80,118 |
$2 |
2.3x |
28% |
20% |
$2 |
$80,120 |
2.3x |
28% |
|||
TOTAL CORPORATE PRIVATE EQUITY (13) |
$147,230 |
n/a |
$198,035 |
$82,940 |
1.9x |
25% |
17% |
$1,442 |
$198,918 |
2.3x |
26% |
|||
Real Estate |
||||||||||||||
CRP IX (Oct 2021 / Dec 2024) |
$7,987 |
$5,329 |
67% |
$189 |
$5,938 |
1.1x |
NM |
NM |
$— |
$182 |
1.4x |
NM |
||
CRP VIII (Aug 2017 / Oct 2021) |
$5,505 |
$5,160 |
94% |
$5,254 |
$3,793 |
1.8x |
35% |
20% |
$102 |
$5,352 |
2.1x |
52% |
||
CRP VII (Jun 2014 / Dec 2017) |
$4,162 |
$3,826 |
92% |
$5,077 |
$1,241 |
1.7x |
17% |
10% |
$22 |
$5,040 |
1.8x |
22% |
||
CRP VI (Mar 2011 / Jun 2014) |
$2,340 |
$2,158 |
92% |
$3,807 |
$118 |
1.8x |
27% |
17% |
$3 |
$3,727 |
1.9x |
29% |
||
CPI (May 2016 / n/a) |
$7,557 |
$8,283 |
110% |
$3,088 |
$7,549 |
1.3x |
12% |
10% |
n/a* |
$2,049 |
1.8x |
13% |
||
All Other Active Funds & Vehicles (14) |
$2,766 |
n/a |
$682 |
$2,957 |
1.3x |
8% |
7% |
$4 |
$261 |
1.6x |
23% |
|||
Fully Realized Funds & Vehicles (15)(21) |
$13,244 |
n/a |
$19,941 |
$12 |
1.5x |
10% |
6% |
$— |
$19,952 |
1.5x |
10% |
|||
TOTAL REAL ESTATE (13) |
$40,766 |
n/a |
$38,037 |
$21,607 |
1.5x |
12% |
8% |
$131 |
$36,562 |
1.7x |
13% |
|||
Infrastructure & Natural Resources |
||||||||||||||
CIEP II (Apr 2019 / Apr 2025) |
$2,286 |
$1,008 |
44% |
$799 |
$1,001 |
1.8x |
28% |
13% |
$33 |
$734 |
3.1x |
NM** |
||
CIEP I (Sep 2013 / Jun 2019) |
$2,500 |
$2,464 |
99% |
$3,047 |
$1,608 |
1.9x |
15% |
9% |
$58 |
$3,602 |
2.3x |
19% |
||
CPP II (Sep 2014 / Apr 2021) |
$1,527 |
$1,606 |
105% |
$1,544 |
$1,381 |
1.8x |
14% |
9% |
$75 |
$2,485 |
2.5x |
21% |
||
CGIOF (Dec 2018 / Sep 2023) |
$2,201 |
$1,937 |
88% |
$459 |
$2,729 |
1.6x |
20% |
11% |
$67 |
$341 |
1.9x |
22% |
||
CRSEF II (Nov 2022 / Aug 2027) |
$1,187 |
$389 |
33% |
$— |
$555 |
1.4x |
NM |
NM |
$6 |
n/a |
n/a |
n/a |
||
NGP XIII (Feb 2023 / Feb 2028) |
$2,300 |
$322 |
14% |
$— |
$413 |
1.3x |
NM |
NM |
$1 |
n/a |
n/a |
n/a |
||
NGP XII (Jul 2017 / Jul 2022) |
$4,304 |
$3,324 |
77% |
$4,150 |
$2,761 |
2.1x |
22% |
15% |
$42 |
$3,551 |
3.4x |
40% |
||
NGP XI (Oct 2014 / Jul 2017) |
$5,325 |
$5,034 |
95% |
$6,877 |
$2,775 |
1.9x |
13% |
10% |
$135 |
$7,297 |
2.1x |
21% |
||
NGP X (Jan 2012 / Dec 2014) |
$3,586 |
$3,351 |
93% |
$3,428 |
$290 |
1.1x |
3% |
—% |
$— |
$3,262 |
1.2x |
5% |
||
All Other Active Funds & Vehicles (17) |
$5,101 |
n/a |
$4,003 |
$3,928 |
1.6x |
14% |
n/a |
$16 |
$3,740 |
2.0x |
17% |
|||
Fully Realized Funds & Vehicles (18)(21) |
$1,190 |
n/a |
$1,435 |
$— |
1.2x |
3% |
1% |
$— |
$1,435 |
1.2x |
3% |
|||
TOTAL INFRASTRUCTURE & NATURAL
RESOURCES (13)
|
$25,726 |
n/a |
$25,743 |
$17,439 |
1.7x |
12% |
8% |
$432 |
$26,448 |
2.0x |
15% |
|||
Legacy Energy Funds (16) |
$16,741 |
n/a |
$24,035 |
$6 |
1.4x |
12% |
6% |
$— |
$24,041 |
1.4x |
14% |
Year Ended December 31, |
Change |
||||||
2024 |
2023 |
$ |
% |
||||
(Dollars in millions) |
|||||||
Segment Revenues |
|||||||
Fund level fee revenues |
|||||||
Fund management fees |
$558.3 |
$512.2 |
$46.1 |
9% |
|||
Portfolio advisory and transaction fees, net and other |
138.8 |
62.0 |
76.8 |
124% |
|||
Fee related performance revenues |
109.1 |
89.1 |
20.0 |
22% |
|||
Total fund level fee revenues |
806.2 |
663.3 |
142.9 |
22% |
|||
Realized performance revenues |
32.0 |
43.5 |
(11.5) |
(26)% |
|||
Realized principal investment income |
46.2 |
37.1 |
9.1 |
25% |
|||
Interest income |
39.0 |
34.7 |
4.3 |
12% |
|||
Total revenues |
923.4 |
778.6 |
144.8 |
19% |
|||
Segment Expenses |
|||||||
Compensation and benefits |
|||||||
Cash-based compensation and benefits |
320.1 |
324.5 |
(4.4) |
(1)% |
|||
Realized performance revenues related compensation |
19.4 |
20.3 |
(0.9) |
(4)% |
|||
Total compensation and benefits |
339.5 |
344.8 |
(5.3) |
(2)% |
|||
General, administrative, and other indirect expenses |
140.4 |
106.8 |
33.6 |
31% |
|||
Depreciation and amortization expense |
13.2 |
7.6 |
5.6 |
74% |
|||
Interest expense |
53.0 |
45.0 |
8.0 |
18% |
|||
Total expenses |
546.1 |
504.2 |
41.9 |
8% |
|||
(=) Distributable Earnings |
$377.3 |
$274.4 |
$102.9 |
38% |
|||
(-) Realized Net Performance Revenues |
12.6 |
23.2 |
(10.6) |
(46)% |
|||
(-) Realized Principal Investment Income |
46.2 |
37.1 |
9.1 |
25% |
|||
(+) Net Interest |
14.0 |
10.3 |
3.7 |
36% |
|||
(=) Fee Related Earnings |
$332.5 |
$224.4 |
$108.1 |
48% |
Year Ended
December 31,
|
|
2024 v. 2023 |
|
(Dollars in millions) |
|
Distributable Earnings, December 31, 2023 |
$274.4 |
Increases (decreases): |
|
Increase in fee related earnings |
108.1 |
Decrease in realized net performance revenues |
(10.6) |
Increase in realized principal investment income |
9.1 |
Increase in net interest |
(3.7) |
Total increase |
102.9 |
Distributable Earnings, December 31, 2024 |
$377.3 |
Year Ended
December 31,
|
|
2024 v. 2023 |
|
(Dollars in millions) |
|
Fee Related Earnings, December 31, 2023 |
$224.4 |
Increases (Decreases): |
|
Increase in fee revenues |
142.9 |
Decrease in cash-based compensation and benefits |
4.4 |
Increase in general, administrative and other indirect expenses |
(33.6) |
All other changes |
(5.6) |
Total increase |
108.1 |
Fee Related Earnings, December 31, 2024 |
$332.5 |
Year Ended
December 31,
|
|
2024 v. 2023 |
|
(Dollars in millions) |
|
Higher fund management fees |
$46.1 |
Higher portfolio advisory and transaction fees, net and other |
76.8 |
Higher fee related performance revenues |
20.0 |
Total increase in fee revenues |
$142.9 |
As of December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Global Credit |
|||
Components of Fee-earning AUM(1) |
|||
Fee-earning AUM based on capital commitments |
$2,467 |
$2,260 |
|
Fee-earning AUM based on invested capital |
19,604 |
16,388 |
|
Fee-earning AUM based on collateral balances, at par |
45,890 |
49,999 |
|
Fee-earning AUM based on net asset value |
3,091 |
2,130 |
|
Fee-earning AUM based on fair value and other(2) |
83,134 |
84,461 |
|
Total Fee-earning AUM |
$154,186 |
$155,238 |
|
Annualized Management Fee Rate(3) |
0.36% |
0.39% |
Year Ended Ended December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Global Credit |
|||
Fee-earning AUM Rollforward |
|||
Balance, Beginning of Period |
$155,238 |
$121,229 |
|
Inflows(1) |
15,389 |
35,568 |
|
Outflows (including realizations)(2) |
(12,520) |
(4,705) |
|
Market Activity & Other(3) |
(3,290) |
2,793 |
|
Foreign Exchange(4) |
(631) |
353 |
|
Balance, End of Period |
$154,186 |
$155,238 |
Year Ended December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Global Credit |
|||
Total AUM Rollforward |
|||
Balance, Beginning of Period |
$187,826 |
$146,302 |
|
Inflows(1) |
17,274 |
41,975 |
|
Outflows (including realizations)(2) |
(13,172) |
(5,613) |
|
Market Activity & Other(3) |
1,110 |
4,789 |
|
Foreign Exchange(4) |
(664) |
373 |
|
Balance, End of Period |
$192,374 |
$187,826 |
(Dollars in millions) |
TOTAL INVESTMENTS |
|||||||||
As of December 31, 2024 |
||||||||||
Fund (Fee Initiation Date/Stepdown Date) (11) |
Committed
Capital (12)
|
Cumulative
Invested
Capital (1)
|
Percent
Invested
|
Realized
Value (2)
|
Remaining
Fair Value (3)
|
MOIC
(4)
|
Gross IRR
(5)(8)
|
Net IRR
(6)(8)
|
Net Accrued
Carry/(Giveback)
(7)
|
|
Global Credit Carry Funds |
||||||||||
CCOF III |
$5,731 |
Refer to CCOF III - Levered, CCOF III - Unlevered, and CCOF III PSV performance below |
||||||||
CCOF III - Levered (Feb 2023 / Oct 2028) |
$4,677 |
$1,890 |
40% |
$248 |
$1,962 |
1.2x |
NM |
NM |
$10 |
|
CCOF III - Unlevered (Feb 2023 / Oct 2028) |
$204 |
$63 |
31% |
$8 |
$65 |
1.2x |
NM |
NM |
$— |
|
CCOF III PSV (Nov 2023 / n/a) (14) |
$850 |
$244 |
29% |
$33 |
$238 |
1.1x |
NM |
NM |
$— |
|
CCOF II (Nov 2020 / Mar 2026) |
$4,430 |
$5,543 |
125% |
$2,539 |
$4,856 |
1.3x |
15% |
11% |
$102 |
|
CCOF I (Nov 2017 / Sep 2022) |
$2,373 |
$3,500 |
147% |
$3,518 |
$1,434 |
1.4x |
17% |
12% |
$28 |
|
CSP IV (Apr 2016 / Dec 2020) |
$2,500 |
$2,500 |
100% |
$1,367 |
$1,977 |
1.3x |
9% |
4% |
$— |
|
CSP III (Dec 2011 / Aug 2015) |
$703 |
$703 |
100% |
$932 |
$8 |
1.3x |
17% |
7% |
$— |
|
CEMOF II (Dec 2015 / Jun 2019) |
$1,692 |
$1,713 |
101% |
$1,869 |
$342 |
1.3x |
7% |
4% |
$— |
|
SASOF III (Nov 2014 / n/a) |
$833 |
$991 |
119% |
$1,212 |
$74 |
1.3x |
18% |
10% |
$6 |
|
All Other Active Funds & Vehicles (9) |
$11,365 |
n/a |
$3,481 |
$9,500 |
1.1x |
8% |
6% |
$46 |
||
Fully Realized Funds & Vehicles (10)(13) |
$6,717 |
n/a |
$8,287 |
$— |
1.2x |
9% |
3% |
$— |
||
TOTAL GLOBAL CREDIT CARRY FUNDS |
$35,228 |
n/a |
$23,495 |
$20,457 |
1.2x |
11% |
6% |
$192 |
Year Ended December 31, |
Change |
||||||
2024 |
2023 |
$ |
% |
||||
(Dollars in millions) |
|||||||
Segment Revenues |
|||||||
Fund level fee revenues |
|||||||
Fund management fees |
$337.2 |
$242.4 |
$94.8 |
39% |
|||
Portfolio advisory and transaction fees, net and other |
0.2 |
— |
0.2 |
NA |
|||
Fee related performance revenues |
16.7 |
3.6 |
13.1 |
NM |
|||
Total fund level fee revenues |
354.1 |
246.0 |
108.1 |
44% |
|||
Realized performance revenues |
116.7 |
89.7 |
27.0 |
30% |
|||
Realized principal investment income |
5.1 |
6.4 |
(1.3) |
(20)% |
|||
Interest income |
7.6 |
5.9 |
1.7 |
29% |
|||
Total revenues |
483.5 |
348.0 |
135.5 |
39% |
|||
Segment Expenses |
|||||||
Compensation and benefits |
|||||||
Cash-based compensation and benefits |
118.8 |
123.6 |
(4.8) |
(4)% |
|||
Realized performance revenues related compensation |
100.3 |
78.9 |
21.4 |
27% |
|||
Total compensation and benefits |
219.1 |
202.5 |
16.6 |
8% |
|||
General, administrative, and other indirect expenses |
55.1 |
47.8 |
7.3 |
15% |
|||
Depreciation and amortization expense |
6.8 |
4.4 |
2.4 |
55% |
|||
Interest expense |
11.6 |
9.0 |
2.6 |
29% |
|||
Total expenses |
292.6 |
263.7 |
28.9 |
11% |
|||
(=) Distributable Earnings |
$190.9 |
$84.3 |
$106.6 |
126% |
|||
(-) Realized Net Performance Revenues |
16.4 |
10.8 |
5.6 |
52% |
|||
(-) Realized Principal Investment Income |
5.1 |
6.4 |
(1.3) |
(20)% |
|||
(+) Net Interest |
4.0 |
3.1 |
0.9 |
29% |
|||
(=) Fee Related Earnings |
$173.4 |
$70.2 |
$103.2 |
147% |
Year Ended December 31, |
|
2024 v. 2023 |
|
(Dollars in millions) |
|
Distributable Earnings, December 31, 2023 |
$84.3 |
Increases (decreases): |
|
Increase in fee related earnings |
103.2 |
Increase in realized net performance revenues |
5.6 |
Decrease in realized principal investment income |
(1.3) |
Increase in net interest |
(0.9) |
Total increase |
106.6 |
Distributable Earnings, December 31, 2024 |
$190.9 |
Year Ended December 31, |
|
2024 v. 2023 |
|
(Dollars in millions) |
|
Fee Related Earnings, December 31, 2023 |
$70.2 |
Increases (decreases): |
|
Increase in fee revenues |
108.1 |
Decrease in cash-based compensation and benefits |
4.8 |
Increase in general, administrative and other indirect expenses |
(7.3) |
All other changes |
(2.4) |
Total increase |
103.2 |
Fee Related Earnings, December 31, 2024 |
$173.4 |
As of December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Global Investment Solutions |
|||
Components of Fee-earning AUM(1) |
|||
Fee-earning AUM based on capital commitments |
$21,934 |
$17,488 |
|
Fee-earning AUM based on invested capital(2) |
9,224 |
8,459 |
|
Fee-earning AUM based on net asset value |
12,930 |
10,530 |
|
Fee-earning AUM based on lower of cost or fair market value |
8,051 |
9,052 |
|
Total Fee-earning AUM |
$52,139 |
$45,529 |
|
Annualized Management Fee Rate(3) |
0.66% |
0.60% |
Year Ended Ended December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Global Investment Solutions |
|||
Fee-earning AUM Rollforward |
|||
Balance, Beginning of Period |
$45,529 |
$37,547 |
|
Inflows(1) |
9,886 |
13,100 |
|
Outflows (including realizations)(2) |
(3,859) |
(5,707) |
|
Market Activity & Other(3) |
1,674 |
493 |
|
Foreign Exchange(4) |
(1,091) |
96 |
|
Balance, End of Period |
$52,139 |
$45,529 |
Year Ended Ended December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Global Investment Solutions |
|||
Total AUM Rollforward |
|||
Balance, Beginning of Period |
$76,860 |
$63,291 |
|
Inflows(1) |
10,812 |
12,732 |
|
Outflows (including realizations)(2) |
(7,089) |
(5,892) |
|
Market Activity & Other(3) |
6,577 |
5,701 |
|
Foreign Exchange(4) |
(2,047) |
1,028 |
|
Balance, End of Period |
$85,113 |
$76,860 |
(Amounts in millions) |
TOTAL INVESTMENTS |
||||||||||
As of December 31, 2024 |
|||||||||||
Global Investment Solutions (1)(8) |
Vintage
Year
|
Fund Size |
Cumulative
Invested
Capital
(2)(3)
|
Realized
Value (3)
|
Remaining
Fair Value
(3)
|
Total Fair
Value
(3)(4)
|
MOIC
(5)
|
Gross
IRR
(6)(10)
|
Net
IRR
(7)(10)
|
Net Accrued
Carry/
(Giveback)
(12)
|
|
(Reported in Local Currency, in Millions) |
|||||||||||
Secondaries &
Portfolio
Finance
|
ASF VIII |
2024 |
$9,359 |
$3,472 |
$47 |
$4,323 |
$4,369 |
1.3x |
NM |
NM |
$28 |
ASF VII |
2020 |
$6,769 |
$4,583 |
$1,473 |
$5,594 |
$7,067 |
1.5x |
20% |
15% |
$100 |
|
ASF VII - SMAs |
2020 |
€2,016 |
€1,806 |
€483 |
€2,157 |
€2,641 |
1.5x |
19% |
16% |
$36 |
|
ASF VI |
2017 |
$3,333 |
$2,711 |
$2,590 |
$1,930 |
$4,520 |
1.7x |
16% |
13% |
$58 |
|
ASF VI - SMAs |
2017 |
€2,817 |
€2,863 |
€2,479 |
€2,130 |
€4,610 |
1.6x |
14% |
13% |
$48 |
|
ASF V |
2012 |
$756 |
$652 |
$1,043 |
$127 |
$1,170 |
1.8x |
18% |
14% |
$5 |
|
ASF V - SMAs |
2012 |
€3,916 |
€4,278 |
€7,417 |
€563 |
€7,980 |
1.9x |
21% |
20% |
$10 |
|
SMAs 2009-2011 |
2010 |
€1,859 |
€2,080 |
€3,566 |
€65 |
€3,630 |
1.7x |
19% |
18% |
$— |
|
ASPF II |
2023 |
$1,467 |
$393 |
$74 |
$415 |
$489 |
1.2x |
NM |
NM |
$4 |
|
All Other Active Funds & Vehicles (9) |
Various |
$1,305 |
$612 |
$1,221 |
$1,833 |
1.4x |
21% |
18% |
$20 |
||
Fully Realized Funds & Vehicles |
Various |
€4,442 |
€7,298 |
€17 |
€7,315 |
1.6x |
19% |
18% |
$— |
||
Co-Investments |
ACF IX |
2023 |
$3,494 |
$962 |
$1 |
$1,048 |
$1,049 |
1.1x |
NM |
NM |
$— |
ACF VIII |
2021 |
$3,614 |
$3,278 |
$128 |
$4,070 |
$4,199 |
1.3x |
11% |
9% |
$22 |
|
ACF VIII - SMAs |
2021 |
$1,069 |
$914 |
$45 |
$1,138 |
$1,182 |
1.3x |
12% |
10% |
$7 |
|
ACF VII |
2017 |
$1,688 |
$1,605 |
$964 |
$2,192 |
$3,156 |
2.0x |
16% |
13% |
$56 |
|
ACF VII - SMAs |
2017 |
€1,452 |
€1,489 |
€724 |
€2,013 |
€2,737 |
1.8x |
15% |
13% |
$41 |
|
SMAs 2014-2016 |
2014 |
€1,274 |
€1,151 |
€2,374 |
€626 |
€3,000 |
2.6x |
24% |
23% |
$10 |
|
SMAs 2012-2013 |
2012 |
€1,124 |
€1,102 |
€2,975 |
€151 |
€3,127 |
2.8x |
27% |
26% |
$1 |
|
SMAs 2009-2010 |
2010 |
€1,475 |
€1,439 |
€3,719 |
€611 |
€4,330 |
3.0x |
23% |
22% |
$— |
|
Strategic SMAs |
Various |
$3,979 |
$1,366 |
$5,349 |
$6,715 |
1.7x |
18% |
16% |
$70 |
||
All Other Active Funds & Vehicles (9) |
Various |
€558 |
€651 |
€176 |
€827 |
1.5x |
15% |
14% |
$1 |
||
Fully Realized Funds & Vehicles |
Various |
€6,000 |
€10,281 |
€1 |
€10,282 |
1.7x |
14% |
12% |
$— |
||
Primary
Investments
|
SMAs 2024-2026 |
2024 |
$2,125 |
$45 |
$— |
$40 |
$40 |
0.9x |
NM |
NM |
$— |
SMAs 2021-2023 |
2021 |
€4,505 |
€1,310 |
€48 |
€1,418 |
€1,466 |
1.1x |
NM |
NM |
$— |
|
SMAs 2018-2020 |
2018 |
$3,116 |
$2,309 |
$472 |
$2,775 |
$3,247 |
1.4x |
14% |
13% |
$1 |
|
SMAs 2015-2017 |
2015 |
€2,501 |
€2,614 |
€2,567 |
€2,572 |
€5,138 |
2.0x |
20% |
19% |
$9 |
|
SMAs 2012-2014 |
2012 |
€5,080 |
€6,240 |
€9,875 |
€3,839 |
€13,714 |
2.2x |
18% |
17% |
$13 |
|
SMAs 2009-2011 |
2009 |
€4,877 |
€5,959 |
€11,068 |
€1,923 |
€12,991 |
2.2x |
17% |
17% |
$1 |
|
SMAs 2006-2008 |
2005 |
€11,500 |
€14,043 |
€23,136 |
€1,323 |
€24,459 |
1.7x |
10% |
10% |
$— |
|
SMAs 2003-2005 |
2003 |
€4,628 |
€5,286 |
€8,389 |
€157 |
€8,546 |
1.6x |
10% |
9% |
$— |
|
All Other Active Funds & Vehicles (9) |
Various |
€1,932 |
€1,896 |
€284 |
€2,181 |
1.1x |
2% |
2% |
$— |
||
Fully Realized Funds & Vehicles |
Various |
€5,173 |
€8,423 |
€34 |
€8,458 |
1.6x |
12% |
11% |
$— |
||
TOTAL GLOBAL INVESTMENT SOLUTIONS (USD) (11) |
$98,404 |
$119,930 |
$50,983 |
$170,914 |
1.7x |
14% |
13% |
$541 |
Accrued
Performance
Allocations(1)
|
Accrued
Giveback
Obligation
|
Net Accrued
Performance
Revenues
|
|||
(Dollars in millions) |
|||||
Global Private Equity |
$4,910.2 |
$(18.5) |
$4,891.7 |
||
Global Credit |
527.1 |
(25.5) |
501.6 |
||
Global Investment Solutions |
1,616.2 |
— |
1,616.2 |
||
Total |
$7,053.5 |
$(44.0) |
$7,009.5 |
||
Plus: Accrued performance allocations from NGP Carry Funds(2) |
489.4 |
||||
Less: Accrued performance allocation-related compensation |
(4,788.5) |
||||
Plus: Receivable for giveback obligations from current and former employees |
11.5 |
||||
Less: Deferred taxes on certain foreign accrued performance allocations |
(19.0) |
||||
Less/Plus: Net accrued performance allocations/giveback obligations attributable to non-controlling interests in
consolidated entities
|
0.2 |
||||
Plus: Net accrued performance allocations attributable to Consolidated Funds, eliminated in consolidation |
10.1 |
||||
Net accrued performance revenues before timing differences |
2,713.2 |
||||
Less/Plus: Timing differences between the period when accrued performance allocations/giveback obligations are
realized and the period they are collected/distributed
|
24.7 |
||||
Net accrued performance revenues attributable to The Carlyle Group Inc. |
$2,737.9 |
Carry Fund Appreciation/(Depreciation)(1) |
Net Accrued
Performance
Revenues
|
|||||||
FY 2022 |
FY 2023 |
FY 2024 |
||||||
Overall Carry Fund Appreciation/(Depreciation) |
11% |
7% |
8% |
|||||
Global Private Equity: |
13% |
5% |
7% |
$2,005.0 |
||||
Corporate Private Equity |
6% |
5% |
8% |
1,442.3 |
||||
Real Estate |
16% |
(1)% |
5% |
130.9 |
||||
Infrastructure & Natural Resources |
48% |
8% |
8% |
431.8 |
||||
Global Credit Carry Funds |
3% |
12% |
12% |
191.5 |
||||
Global Investment Solutions Carry Funds |
6% |
10% |
9% |
541.4 |
||||
Net Accrued Performance Revenues |
$2,737.9 |
Investments
in Carlyle
Funds
|
Investments
in NGP(1)
|
Total |
|||
(Dollars in millions) |
|||||
Investments, excluding performance allocations |
$3,024.6 |
$858.6 |
$3,883.2 |
||
Less: Amounts attributable to non-controlling interests in consolidated entities |
(309.6) |
— |
(309.6) |
||
Plus: Investments in Consolidated Funds, eliminated in consolidation |
377.3 |
— |
377.3 |
||
Less: Strategic equity method investments in NGP Management |
— |
(369.2) |
(369.2) |
||
Less: Investment in NGP general partners - accrued performance allocations |
— |
(489.4) |
(489.4) |
||
Total investments attributable to The Carlyle Group Inc. |
$3,092.3 |
$— |
$3,092.3 |
Investments in Carlyle Funds, excluding CLOs: |
|
Global Private Equity funds(1) |
$1,052.9 |
Global Credit funds(2) |
1,253.6 |
Global Investment Solutions funds |
316.9 |
Total investments in Carlyle Funds, excluding CLOs |
2,623.4 |
Investments in CLOs |
357.1 |
Other investments |
111.8 |
Total investments attributable to The Carlyle Group Inc. |
3,092.3 |
CLO loans and other borrowings collateralized by investments attributable to The Carlyle Group Inc.(3) |
(271.6) |
Total investments attributable to The Carlyle Group Inc., net of CLO loans and other borrowings |
$2,820.7 |
Common Stock Dividends - Dividend Year 2024 | ||||
Quarter |
Dividend per
Common
Share
|
Dividend to
Common
Stockholders
|
Record Date |
Payment Date |
(Dollars in millions, except per share data) | ||||
Q1 2024 |
$0.35 |
$125.6 |
May 14, 2024 |
May 21, 2024 |
Q2 2024 |
0.35 |
125.5 |
August 16, 2024 |
August 26, 2024 |
Q3 2024 |
0.35 |
125.2 |
November 18, 2024 |
November 25, 2024 |
Q4 2024 |
0.35 |
126.5 |
February 21, 2025 |
February 28, 2025 |
Total |
$1.40 |
$502.8 |
Common Stock Dividends - Dividend Year 2023 | ||||
Quarter |
Dividend per
Common
Share
|
Dividend to
Common
Stockholders
|
Record Date |
Payment Date |
(Dollars in millions, except per share data) | ||||
Q1 2023 |
$0.35 |
$126.7 |
May 16, 2023 |
May 23, 2023 |
Q2 2023 |
0.35 |
126.3 |
August 15, 2023 |
August 23, 2023 |
Q3 2023 |
0.35 |
126.3 |
November 21, 2023 |
November 29, 2023 |
Q4 2023 |
0.35 |
126.7 |
February 23, 2024 |
March 1, 2024 |
Total |
$1.40 |
$506.0 |
Year Ended December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Statements of Cash Flows Data |
|||
Net cash provided by (used in) operating activities |
$(759.5) |
$204.9 |
|
Net cash used in investing activities |
(77.6) |
(43.6) |
|
Net cash provided by (used in) financing activities |
682.8 |
(99.6) |
|
Effect of foreign exchange rate changes |
(21.3) |
18.9 |
|
Net change in cash, cash equivalents and restricted cash |
$(175.6) |
$80.6 |
2025 |
2026-2027 |
2028-2029 |
Thereafter |
Total |
|||||
(Dollars in millions) |
|||||||||
Debt obligations(1) |
$5.1 |
$95.7 |
$80.5 |
$1,983.1 |
$2,164.4 |
||||
Interest payable(2) |
107.6 |
207.0 |
193.0 |
1,547.6 |
2,055.2 |
||||
Other consideration(3) |
10.2 |
35.9 |
18.0 |
— |
64.1 |
||||
Operating lease obligations(4) |
70.7 |
136.5 |
135.3 |
249.6 |
592.1 |
||||
Capital commitments to Carlyle funds(5) |
4,195.5 |
— |
— |
— |
4,195.5 |
||||
Tax receivable agreement payments(6) |
5.6 |
12.5 |
13.8 |
45.3 |
77.2 |
||||
Loans payable of Consolidated Funds(7) |
390.6 |
781.2 |
782.3 |
8,910.6 |
10,864.7 |
||||
Unfunded commitments of the CLOs(8) |
11.9 |
— |
— |
— |
11.9 |
||||
Consolidated contractual obligations |
4,797.2 |
1,268.8 |
1,222.9 |
12,736.2 |
20,025.1 |
||||
Loans payable of Consolidated Funds(7) |
(390.6) |
(781.2) |
(782.3) |
(8,910.6) |
(10,864.7) |
||||
Capital commitments to Carlyle funds(5) |
(3,479.7) |
— |
— |
— |
(3,479.7) |
||||
Unfunded commitments of the CLOs(8) |
(11.9) |
— |
— |
— |
(11.9) |
||||
Carlyle Operating Entities contractual obligations |
$915.0 |
$487.6 |
$440.6 |
$3,825.6 |
$5,668.8 |
Year Ended Ended December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Balance, beginning of period |
361,326,172 |
362,298,650 |
|
Shares issued |
4,842,417 |
5,532,559 |
|
Shares repurchased/retired |
(8,984,957) |
(6,505,037) |
|
Balance, end of period |
357,183,632 |
361,326,172 |
10% Increase
in Total
Remaining
Fair Value
|
10% Decrease
in Total
Remaining
Fair Value
|
||
(Dollars in millions) |
|||
Global Private Equity |
$2,089.2 |
$(2,745.4) |
|
Global Credit |
202.4 |
(308.6) |
|
Global Investment Solutions |
377.5 |
(382.0) |
|
Total |
$2,669.1 |
$(3,436.0) |
Remaining
Fair Value
|
|
(Dollars in millions) |
|
Global Private Equity |
$122,964 |
Global Credit |
$174,494 |
Global Investment Solutions |
$59,806 |
Description of the
Matter
|
At December 31, 2024, the carrying value of the Company’s investments totaled
approximately $10.9 billion. As discussed in Notes 2 and 4 to the consolidated financial
statements, a significant input to the measurement of the Company’s principal equity method
investments in the funds and accrued performance allocations, is management’s estimate of
the fair value of the investments held by each fund. Management estimates the fair value of
the funds’ investments, including investments in the equity of private operating companies,
real estate properties and certain debt positions, by applying the methodologies outlined in
Notes 2 and 4 and using unobservable inputs and assumptions.
Auditing management’s estimates of the fair value of certain of the funds’ investments using
significant unobservable inputs and assumptions was complex and judgmental because these
investments exhibit higher estimation uncertainty.
|
How We Addressed
the Matter in Our
Audit
|
We obtained an understanding, evaluated the design, and tested the operating effectiveness of
controls over the funds’ investment valuation process. This included management's review
controls over the assessment of the methodologies, significant inputs and assumptions
included in the fair value estimates, as well as management’s review around the completeness,
accuracy and reasonableness of the data used in these estimates.
Our audit procedures related to a sample of investment valuations using significant
unobservable inputs included, among others, assessing whether the valuation methodologies
used were appropriate and testing the mathematical accuracy of the valuation models.
For a sample of investment valuations, we obtained management’s valuation models and
compared objective inputs used in the models to agreements or underlying source documents
provided by the Company. We assessed the appropriateness of certain unobservable inputs
and assumptions used in the valuation models by comparing them to underlying support or
available market data and evaluating the appropriateness of adjustments. Our procedures
varied based on the nature of the investment selected for testing.
For example, for certain investments in the equity of private operating companies, we
assessed the appropriateness of management’s determination of public market comparable
companies and similar transactions. For these selected investments, we also evaluated
adjustments applied to the selected earnings before interest, taxes, depreciation and
amortization (EBITDA) multiple or discount rate derived from the comparable companies by
considering investee specific and relevant market information.
For certain investments, we independently developed fair value estimates, with the support of
valuation specialists, using investee and market information and compared them to the funds’
fair value estimates.
For a sample of investments that were sold during the year, we performed procedures to
assess the historical reasonableness of management’s estimates. We also evaluated subsequent
events and transactions and considered whether they corroborated or contradicted the year-
end estimates.
|
December 31, |
|||
2024 |
2023 |
||
Assets |
|||
Cash and cash equivalents |
$1,266.0 |
$1,440.3 |
|
Cash and cash equivalents held at Consolidated Funds |
830.4 |
346.0 |
|
Restricted cash |
0.5 |
1.8 |
|
Investments, including accrued performance allocations of $7,053.5 and $6,169.9 as of December 31,
2024 and 2023, respectively
|
10,936.7 |
9,955.3 |
|
Investments of Consolidated Funds |
7,782.4 |
7,253.1 |
|
Due from affiliates and other receivables, net |
805.6 |
691.6 |
|
Due from affiliates and other receivables of Consolidated Funds, net |
237.1 |
141.0 |
|
Fixed assets, net |
185.3 |
161.5 |
|
Lease right-of-use assets, net |
341.4 |
332.2 |
|
Deposits and other |
56.4 |
70.6 |
|
Intangible assets, net |
634.1 |
766.1 |
|
Deferred tax assets |
27.6 |
16.5 |
|
Total assets |
$23,103.5 |
$21,176.0 |
|
Liabilities and equity |
|||
Debt obligations |
$2,143.5 |
$2,281.0 |
|
Loans payable of Consolidated Funds |
6,864.2 |
6,486.5 |
|
Accounts payable, accrued expenses and other liabilities |
389.8 |
333.8 |
|
Accrued compensation and benefits |
5,446.6 |
4,922.2 |
|
Due to affiliates |
241.9 |
275.9 |
|
Deferred revenue |
138.7 |
140.3 |
|
Deferred tax liabilities |
137.0 |
45.3 |
|
Other liabilities of Consolidated Funds |
861.6 |
374.4 |
|
Lease liabilities |
488.6 |
488.1 |
|
Accrued giveback obligations |
44.0 |
44.0 |
|
Total liabilities |
16,755.9 |
15,391.5 |
|
Commitments and contingencies |
|||
Common stock, $0.01 par value, 100,000,000,000 shares authorized (357,183,632 and 361,326,172
shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively)
|
3.6 |
3.6 |
|
Additional paid-in capital |
3,892.3 |
3,403.0 |
|
Retained earnings |
2,040.8 |
2,082.1 |
|
Accumulated other comprehensive loss |
(329.8) |
(297.3) |
|
Non-controlling interests in consolidated entities |
740.7 |
593.1 |
|
Total equity |
6,347.6 |
5,784.5 |
|
Total liabilities and equity |
$23,103.5 |
$21,176.0 |
Year Ended December 31, |
|||||
2024 |
2023 |
2022 |
|||
Revenues |
|||||
Fund management fees |
$2,188.1 |
$2,043.2 |
$2,030.1 |
||
Incentive fees |
133.5 |
93.7 |
63.7 |
||
Investment income |
|||||
Performance allocations |
2,015.7 |
(88.6) |
1,327.5 |
||
Principal investment income |
238.7 |
133.4 |
570.5 |
||
Total investment income |
2,254.4 |
44.8 |
1,898.0 |
||
Interest and other income |
218.2 |
212.1 |
135.9 |
||
Interest and other income of Consolidated Funds |
631.6 |
570.1 |
311.0 |
||
Total revenues |
5,425.8 |
2,963.9 |
4,438.7 |
||
Expenses |
|||||
Compensation and benefits |
|||||
Cash-based compensation and benefits |
875.5 |
1,023.7 |
1,052.0 |
||
Equity-based compensation |
467.9 |
249.1 |
154.0 |
||
Performance allocations and incentive fee related compensation |
1,361.5 |
1,103.7 |
719.9 |
||
Total compensation and benefits |
2,704.9 |
2,376.5 |
1,925.9 |
||
General, administrative and other expenses |
665.6 |
652.1 |
575.8 |
||
Interest |
121.0 |
123.8 |
110.4 |
||
Interest and other expenses of Consolidated Funds |
564.9 |
419.1 |
211.6 |
||
Other non-operating (income) expenses |
(0.3) |
0.2 |
1.0 |
||
Total expenses |
4,056.1 |
3,571.7 |
2,824.7 |
||
Other income |
|||||
Net investment income (loss) of Consolidated Funds |
24.0 |
6.9 |
(41.5) |
||
Income (loss) before provision for income taxes |
1,393.7 |
(600.9) |
1,572.5 |
||
Provision (benefit) for income taxes |
302.6 |
(104.2) |
287.8 |
||
Net income (loss) |
1,091.1 |
(496.7) |
1,284.7 |
||
Net income attributable to non-controlling interests in consolidated entities |
70.7 |
111.7 |
59.7 |
||
Net income (loss) attributable to The Carlyle Group Inc. |
$1,020.4 |
$(608.4) |
$1,225.0 |
||
Net income (loss) attributable to The Carlyle Group Inc. per common share (see Note 12) |
|||||
Basic |
$2.85 |
$(1.68) |
$3.39 |
||
Diluted |
$2.77 |
$(1.68) |
$3.35 |
||
Weighted-average common shares |
|||||
Basic |
358,584,203 |
361,395,823 |
361,278,064 |
||
Diluted |
368,024,612 |
361,395,823 |
365,707,722 |
Year Ended December 31, |
|||||
2024 |
2023 |
2022 |
|||
Net income (loss) |
$1,091.1 |
$(496.7) |
$1,284.7 |
||
Other comprehensive income (loss), net of tax |
|||||
Foreign currency translation adjustments, net of income tax (benefit) expense of $(11.8),
$10.9 and $(16.0) for the years ended December 31, 2024, 2023 and 2022, respectively
|
(39.8) |
41.7 |
(107.8) |
||
Defined benefit plans, net |
|||||
Unrealized net income (loss) for the period, net of income tax (benefit) expense of
$0.9, $(1.3) and $4.6 for the years ended December 31, 2024, 2023 and 2022,
respectively
|
2.8 |
(3.9) |
14.5 |
||
Less: reclassification adjustment for unrecognized (gain) loss during the period
included in base compensation expense, net of income tax (benefit) expense of
$(0.1), $(0.1) and $0.3 for the years ended December 31, 2024, 2023 and 2022,
respectively
|
(0.2) |
(0.3) |
1.0 |
||
Other comprehensive income (loss) |
(37.2) |
37.5 |
(92.3) |
||
Comprehensive income (loss) |
1,053.9 |
(459.2) |
1,192.4 |
||
Comprehensive income attributable to non-controlling interests in consolidated entities |
66.0 |
124.3 |
42.1 |
||
Comprehensive income (loss) attributable to The Carlyle Group Inc. |
$987.9 |
$(583.5) |
$1,150.3 |
Common
Shares
|
Common
Stock
|
Additional
Paid-in Capital
|
Retained
Earnings
(Deficit)
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Non-controlling
Interests in
Consolidated
Entities
|
Total
Equity
|
|||||||
Balance at December 31, 2021 |
355.4 |
$3.6 |
$2,717.6 |
$2,805.3 |
$(247.5) |
$427.2 |
$5,706.2 |
||||||
Shares repurchased |
(5.0) |
— |
— |
(185.6) |
— |
— |
(185.6) |
||||||
Equity-based compensation |
— |
— |
162.5 |
— |
— |
— |
162.5 |
||||||
Net shares issued for equity-based awards |
6.2 |
— |
— |
— |
— |
— |
— |
||||||
Shares issued for performance allocations |
0.9 |
— |
38.9 |
— |
— |
— |
38.9 |
||||||
Shares issued related to the acquisition of CBAM |
4.2 |
— |
194.5 |
— |
— |
— |
194.5 |
||||||
Shares issued related to the acquisition of
Abingworth
|
0.6 |
— |
25.0 |
— |
— |
— |
25.0 |
||||||
Contributions |
— |
— |
— |
— |
— |
391.2 |
391.2 |
||||||
Dividends and distributions |
— |
— |
— |
(443.6) |
— |
(216.8) |
(660.4) |
||||||
Net income |
— |
— |
— |
1,225.0 |
— |
59.7 |
1,284.7 |
||||||
Deconsolidation of a Consolidated Entity |
— |
— |
— |
— |
— |
(47.6) |
(47.6) |
||||||
Non-controlling interests related to the acquisition
of Abingworth
|
— |
— |
— |
— |
— |
4.2 |
4.2 |
||||||
Currency translation adjustments |
— |
— |
— |
— |
(90.2) |
(17.6) |
(107.8) |
||||||
Defined benefit plans, net |
— |
— |
— |
— |
15.5 |
— |
15.5 |
||||||
Balance at December 31, 2022 |
362.3 |
$3.6 |
$3,138.5 |
$3,401.1 |
$(322.2) |
$600.3 |
$6,821.3 |
||||||
Shares repurchased |
(6.5) |
— |
— |
(203.5) |
— |
— |
(203.5) |
||||||
Equity-based compensation |
— |
— |
255.1 |
— |
— |
— |
255.1 |
||||||
Net shares issued for equity-based awards |
5.5 |
— |
— |
— |
— |
— |
— |
||||||
Dividend-equivalent rights on certain equity-
based awards
|
— |
— |
9.4 |
(9.4) |
— |
— |
— |
||||||
Contributions |
— |
— |
— |
— |
— |
177.0 |
177.0 |
||||||
Dividends and distributions |
— |
— |
— |
(497.7) |
— |
(139.7) |
(637.4) |
||||||
Net income |
— |
— |
— |
(608.4) |
— |
111.7 |
(496.7) |
||||||
Deconsolidation of Consolidated Entities |
— |
— |
— |
— |
— |
(168.8) |
(168.8) |
||||||
Currency translation adjustments |
— |
— |
— |
— |
29.1 |
12.6 |
41.7 |
||||||
Defined benefit plans, net |
— |
— |
— |
— |
(4.2) |
— |
(4.2) |
||||||
Balance at December 31, 2023 |
361.3 |
$3.6 |
$3,403.0 |
$2,082.1 |
$(297.3) |
$593.1 |
$5,784.5 |
||||||
Shares repurchased |
(9.0) |
(0.1) |
— |
(395.6) |
— |
— |
(395.7) |
||||||
Equity-based compensation |
— |
0.1 |
476.1 |
— |
— |
— |
476.2 |
||||||
Net shares issued for equity-based awards |
4.9 |
— |
— |
(159.0) |
— |
— |
(159.0) |
||||||
Dividend-equivalent rights on certain equity-
based awards
|
— |
— |
13.2 |
(13.2) |
— |
— |
— |
||||||
Contributions |
— |
— |
— |
— |
— |
319.5 |
319.5 |
||||||
Dividends and distributions |
— |
— |
— |
(503.0) |
— |
(178.4) |
(681.4) |
||||||
Net income |
— |
— |
— |
1,020.4 |
— |
70.7 |
1,091.1 |
||||||
Change in ownership of a Consolidated Entity |
— |
— |
— |
9.1 |
— |
(9.1) |
— |
||||||
Deconsolidation of Consolidated Entities |
— |
— |
— |
— |
— |
(50.4) |
(50.4) |
||||||
Currency translation adjustments |
— |
— |
— |
— |
(35.1) |
(4.7) |
(39.8) |
||||||
Defined benefit plans, net |
— |
— |
— |
— |
2.6 |
— |
2.6 |
||||||
Balance at December 31, 2024 |
357.2 |
$3.6 |
$3,892.3 |
$2,040.8 |
$(329.8) |
$740.7 |
$6,347.6 |
Year Ended December 31, |
|||||
2024 |
2023 |
2022 |
|||
Cash flows from operating activities |
|||||
Net income (loss) |
$1,091.1 |
$(496.7) |
$1,284.7 |
||
Adjustments to reconcile net income (loss) to net cash flows from operating activities: |
|||||
Depreciation and amortization |
184.1 |
180.6 |
147.4 |
||
Equity-based compensation |
467.9 |
249.1 |
154.0 |
||
Non-cash performance allocations and incentive fees, net |
(359.3) |
1,572.8 |
393.6 |
||
Non-cash principal investment (income) loss |
(209.6) |
(123.9) |
(553.4) |
||
Other non-cash amounts |
1.8 |
23.8 |
(10.3) |
||
Consolidated Funds related: |
|||||
Realized/unrealized (gain) loss on investments of Consolidated Funds |
(96.4) |
(246.9) |
408.1 |
||
Realized/unrealized (gain) loss from loans payable of Consolidated Funds |
72.4 |
240.0 |
(366.6) |
||
Purchases of investments by Consolidated Funds |
(7,447.9) |
(3,084.7) |
(3,826.2) |
||
Proceeds from sales and settlements of investments by Consolidated Funds |
5,493.2 |
2,348.8 |
2,860.4 |
||
Non-cash interest income, net |
(20.8) |
(27.2) |
(12.1) |
||
Change in cash and cash equivalents held at Consolidated Funds |
(526.3) |
(171.8) |
(61.0) |
||
Change in other receivables held at Consolidated Funds |
(99.5) |
(30.1) |
19.3 |
||
Change in other liabilities held at Consolidated Funds |
508.0 |
97.1 |
(336.8) |
||
Other non-cash amounts of Consolidated Funds |
— |
— |
0.1 |
||
Purchases of investments |
(385.9) |
(301.2) |
(629.9) |
||
Proceeds from the sale of investments |
498.0 |
472.2 |
474.9 |
||
Payments of contingent consideration |
(4.1) |
(68.6) |
(5.7) |
||
Changes in deferred taxes, net |
91.2 |
(368.7) |
(73.2) |
||
Change in due from affiliates and other receivables |
(27.6) |
(33.4) |
(82.5) |
||
Change in deposits and other |
8.5 |
6.3 |
(11.8) |
||
Change in accounts payable, accrued expenses and other liabilities |
58.8 |
(33.2) |
(14.3) |
||
Change in accrued compensation and benefits |
(37.1) |
10.6 |
(135.4) |
||
Change in due to affiliates |
(11.7) |
(14.5) |
1.7 |
||
Change in lease right-of-use assets and lease liabilities |
(8.1) |
(10.8) |
(8.8) |
||
Change in deferred revenue |
(0.2) |
15.3 |
4.5 |
||
Net cash provided by (used in) operating activities |
(759.5) |
204.9 |
(379.3) |
||
Cash flows from investing activities |
|||||
Purchases of corporate treasury investments |
(5.0) |
(187.3) |
(69.6) |
||
Proceeds from corporate treasury investments |
5.1 |
210.3 |
50.0 |
||
Purchases of fixed assets, net |
(77.7) |
(66.6) |
(40.6) |
||
Purchase of Abingworth, net of cash acquired |
— |
— |
(150.2) |
||
Purchase of CBAM intangibles and investments |
— |
— |
(618.4) |
||
Net cash used in investing activities |
(77.6) |
(43.6) |
(828.8) |
Year Ended December 31, |
|||||
2024 |
2023 |
2022 |
|||
Cash flows from financing activities |
|||||
Borrowings under credit facilities |
10.4 |
— |
— |
||
Repayments under credit facilities |
(10.4) |
— |
— |
||
Proceeds from CLO borrowings, net of financing costs |
0.7 |
12.0 |
73.2 |
||
Payments on CLO borrowings |
(120.5) |
(17.2) |
(16.7) |
||
Net borrowings on loans payable of Consolidated Funds |
1,825.0 |
700.6 |
624.2 |
||
Dividends to common stockholders |
(503.0) |
(497.7) |
(443.6) |
||
Payment of deferred consideration for Carlyle Holdings units |
(68.8) |
(68.8) |
(68.8) |
||
Contributions from non-controlling interest holders |
319.5 |
177.0 |
391.2 |
||
Distributions to non-controlling interest holders |
(178.4) |
(139.7) |
(216.8) |
||
Common shares issued for performance allocations |
— |
— |
38.9 |
||
Common shares repurchased and net share settlement of equity awards |
(554.6) |
(203.5) |
(185.6) |
||
Change in due to/from affiliates financing activities |
(37.1) |
(62.3) |
(81.2) |
||
Net cash provided by (used in) financing activities |
682.8 |
(99.6) |
114.8 |
||
Effect of foreign exchange rate changes |
(21.3) |
18.9 |
(20.3) |
||
Increase (decrease) in cash, cash equivalents and restricted cash |
(175.6) |
80.6 |
(1,113.6) |
||
Cash, cash equivalents and restricted cash, beginning of period |
1,442.1 |
1,361.5 |
2,475.1 |
||
Cash, cash equivalents and restricted cash, end of period |
$1,266.5 |
$1,442.1 |
$1,361.5 |
||
Supplemental cash disclosures |
|||||
Cash paid for interest |
$93.6 |
$91.8 |
$91.5 |
||
Cash paid for income taxes |
$218.8 |
$250.1 |
$402.1 |
||
Supplemental non-cash disclosures |
|||||
Issuance of common shares related to the acquisition of CBAM and Abingworth |
$— |
$— |
$219.5 |
||
Net asset impact of deconsolidation of Consolidated Funds |
$(131.2) |
$(110.4) |
$(47.7) |
||
Reconciliation of cash, cash equivalents and restricted cash, end of period: |
|||||
Cash and cash equivalents |
$1,266.0 |
$1,440.3 |
$1,360.7 |
||
Restricted cash |
0.5 |
1.8 |
0.8 |
||
Total cash, cash equivalents and restricted cash, end of period |
$1,266.5 |
$1,442.1 |
$1,361.5 |
||
Cash and cash equivalents held at Consolidated Funds |
$830.4 |
$346.0 |
$209.0 |
As of December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Investments |
$942.6 |
$1,118.4 |
|
Accrued performance allocations |
580.8 |
492.3 |
|
Management fee receivables |
62.4 |
65.1 |
|
Total |
$1,585.8 |
$1,675.8 |
As of December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Currency translation adjustments |
$(327.9) |
$(292.8) |
|
Unrealized losses on defined benefit plans |
(1.9) |
(4.5) |
|
Total |
$(329.8) |
$(297.3) |
(Dollars in millions) |
Level I |
Level II |
Level III |
Total |
|||
Assets |
|||||||
Investments of Consolidated Funds(1): |
|||||||
Equity securities(2) |
$— |
$— |
$572.0 |
$572.0 |
|||
Bonds |
— |
— |
465.1 |
465.1 |
|||
Loans |
— |
— |
6,431.4 |
6,431.4 |
|||
Other |
— |
1.3 |
— |
1.3 |
|||
— |
1.3 |
7,468.5 |
7,469.8 |
||||
Investments in CLOs and other: |
|||||||
Investments in CLOs |
— |
— |
378.9 |
378.9 |
|||
Other investments(3) |
40.4 |
21.5 |
85.1 |
147.0 |
|||
40.4 |
21.5 |
464.0 |
525.9 |
||||
Subtotal |
$40.4 |
$22.8 |
$7,932.5 |
$7,995.7 |
|||
Investments measured at net asset value |
320.7 |
||||||
Total |
$8,316.4 |
||||||
Liabilities |
|||||||
Loans payable of Consolidated Funds(4)(5) |
$— |
$— |
$6,809.1 |
$6,809.1 |
|||
Foreign currency forward contracts |
— |
0.6 |
— |
0.6 |
|||
Total |
$— |
$0.6 |
$6,809.1 |
$6,809.7 |
(Dollars in millions) |
Level I |
Level II |
Level III |
Total |
|||
Assets |
(Dollars in millions) |
||||||
Investments of Consolidated Funds(1): |
|||||||
Equity securities(2) |
$— |
$— |
$377.6 |
$377.6 |
|||
Bonds |
— |
— |
522.5 |
522.5 |
|||
Loans |
— |
— |
5,862.1 |
5,862.1 |
|||
— |
— |
6,762.2 |
6,762.2 |
||||
Investments in CLOs and other: |
|||||||
Investments in CLOs |
— |
— |
532.6 |
532.6 |
|||
Other investments(3) |
38.7 |
42.8 |
84.6 |
166.1 |
|||
38.7 |
42.8 |
617.2 |
698.7 |
||||
Subtotal |
$38.7 |
$42.8 |
$7,379.4 |
$7,460.9 |
|||
Investments measured at net asset value |
502.0 |
||||||
Total |
$7,962.9 |
||||||
Liabilities |
|||||||
Loans payable of Consolidated Funds(4)(5) |
$— |
$— |
$6,298.6 |
$6,298.6 |
|||
Total |
$— |
$— |
$6,298.6 |
$6,298.6 |
Financial Assets Year Ended December 31, 2024 |
|||||||||||
Investments of Consolidated Funds |
Investments
in CLOs
|
Total |
|||||||||
Equity
securities
|
Bonds |
Loans |
Other
investments
|
||||||||
Balance, beginning of period |
$377.6 |
$522.5 |
$5,862.1 |
$532.6 |
$84.6 |
$7,379.4 |
|||||
Deconsolidation of funds(1) |
— |
(34.1) |
(1,219.5) |
2.3 |
— |
(1,251.3) |
|||||
Purchases |
199.5 |
335.3 |
6,867.6 |
4.0 |
36.5 |
7,442.9 |
|||||
Sales and distributions |
(11.7) |
(343.4) |
(3,090.3) |
(184.4) |
(10.0) |
(3,639.8) |
|||||
Settlements |
— |
(1.6) |
(1,882.8) |
— |
— |
(1,884.4) |
|||||
Realized and unrealized gains (losses), net |
|||||||||||
Included in earnings |
6.6 |
15.1 |
78.2 |
29.9 |
(26.0) |
103.8 |
|||||
Included in other comprehensive income |
— |
(28.7) |
(183.9) |
(5.5) |
— |
(218.1) |
|||||
Balance, end of period |
$572.0 |
$465.1 |
$6,431.4 |
$378.9 |
$85.1 |
$7,932.5 |
|||||
Changes in unrealized gains (losses) included in
earnings related to financial assets still held at the
reporting date
|
$3.5 |
$7.9 |
$33.4 |
$29.0 |
$(29.0) |
$44.8 |
|||||
Changes in unrealized gains (losses) included in
other comprehensive income related to financial
assets still held at the reporting date
|
$— |
$(15.8) |
$(115.7) |
$(6.2) |
$— |
$(137.7) |
Financial Assets Year Ended December 31, 2023 |
|||||||||||
Investments of Consolidated Funds |
Investments
in CLOs
|
Total |
|||||||||
Equity
securities
|
Bonds |
Loans |
Other
investments
|
||||||||
Balance, beginning of period |
$430.6 |
$594.9 |
$5,352.9 |
$526.1 |
$79.4 |
$6,983.9 |
|||||
Deconsolidation of funds(2) |
(20.0) |
— |
(429.5) |
— |
— |
(449.5) |
|||||
Purchases |
85.8 |
168.9 |
2,549.5 |
2.0 |
— |
2,806.2 |
|||||
Sales and distributions |
(104.5) |
(269.0) |
(1,151.2) |
(58.0) |
(3.5) |
(1,586.2) |
|||||
Settlements |
— |
(8.2) |
(740.4) |
— |
— |
(748.6) |
|||||
Realized and unrealized gains (losses), net |
|||||||||||
Included in earnings |
(14.4) |
21.0 |
182.7 |
43.4 |
8.7 |
241.4 |
|||||
Included in other comprehensive income |
0.1 |
14.9 |
98.1 |
19.1 |
— |
132.2 |
|||||
Balance, end of period |
$377.6 |
$522.5 |
$5,862.1 |
$532.6 |
$84.6 |
$7,379.4 |
|||||
Changes in unrealized gains (losses) included in
earnings related to financial assets still held at the
reporting date
|
$(15.7) |
$13.8 |
$131.5 |
$43.3 |
$5.2 |
$178.1 |
|||||
Changes in unrealized gains (losses) included in
other comprehensive income related to financial
assets still held at the reporting date
|
$0.1 |
$12.4 |
$93.4 |
$19.1 |
$— |
$125.0 |
Financial Liabilities |
|||
Loans Payable of Consolidated Funds |
|||
Year Ended December 31, |
|||
2024 |
2023 |
||
Balance, beginning of period |
$6,298.6 |
$5,491.6 |
|
Deconsolidation of funds(1) |
(1,269.3) |
— |
|
Borrowings |
7,006.0 |
903.0 |
|
Paydowns |
(2,101.8) |
(159.6) |
|
Sales |
(2,986.7) |
(290.8) |
|
Realized and unrealized (gains) losses, net |
|||
Included in earnings |
72.0 |
239.7 |
|
Included in other comprehensive income |
(209.7) |
114.7 |
|
Balance, end of period |
$6,809.1 |
$6,298.6 |
|
Changes in unrealized (gains) losses included in earnings related to
financial liabilities still held at the reporting date
|
$86.4 |
$250.1 |
|
Changes in unrealized (gains) losses included in other comprehensive
income related to financial liabilities still held at the reporting date
|
$(254.2) |
$112.4 |
Fair Value at |
Range
(Weighted
Average)
|
Impact to
Valuation
from
Increase in
Input
|
|||||||
(Dollars in millions) |
December 31, 2024 |
Valuation Technique(s) |
Unobservable Input(s) |
||||||
Assets |
|||||||||
Investments of Consolidated
Funds:
|
|||||||||
Equity securities |
$3.9 |
Consensus Pricing |
Indicative Quotes ($ per share) |
0.00 - 112.17 (0.01) |
Higher |
||||
485.0 |
Discounted Cash Flow |
Discount Rates |
10% - 13% (11%) |
Lower |
|||||
Terminal Growth Rate |
3% - 7% (6%) |
Higher |
|||||||
Comparable Multiple |
EBITDA Multiple |
7.7x - 23.2x (12.8x) |
Higher |
||||||
TCF Multiple |
26.0x - 26.0x (26.0x) |
Higher |
|||||||
38.2 |
Discounted Cash Flow |
Discount Rates |
14% - 34% (18%) |
Lower |
|||||
Constant Prepayment Rate |
6% - 16% (11%) |
Lower |
|||||||
Constant Default Rate |
1% - 4% (2%) |
Lower |
|||||||
Recovery Rate |
0% - 40% (17%) |
Higher |
|||||||
44.9 |
Other(1) |
N/A |
N/A |
N/A |
|||||
Bonds |
465.1 |
Consensus Pricing |
Indicative Quotes (% of Par) |
30 - 103 (93) |
Higher |
||||
Loans |
6,408.2 |
Consensus Pricing |
Indicative Quotes (% of Par) |
0 - 105 (97) |
Higher |
||||
10.2 |
Discounted Cash Flow |
Discount Rates |
9% - 19% (18%) |
Lower |
|||||
6.4 |
Discounted Cash Flow |
Discount Rates |
16% - 16% (16%) |
Lower |
|||||
Constant Prepayment Rate |
8% - 14% (11%) |
Lower |
|||||||
Constant Default Rate |
1% - 1% (1%) |
Lower |
|||||||
Recovery Rate |
0% - 0% (0%) |
Higher |
|||||||
6.6 |
Other(1) |
N/A |
N/A |
N/A |
|||||
7,468.5 |
|||||||||
Investments in CLOs |
|||||||||
Senior secured notes |
321.8 |
Discounted Cash Flow
with Consensus Pricing
|
Indicative Quotes (% of Par) |
80 - 101 (99) |
Higher |
||||
Discount Margins (Basis
Points)
|
113 - 1,535 (214) |
Lower |
|||||||
Default Rates |
2% - 2% (2%) |
Lower |
|||||||
Recovery Rates |
60% - 60% (60%) |
Higher |
|||||||
Subordinated notes and
preferred shares
|
57.1 |
Discounted Cash Flow
with Consensus Pricing
|
Indicative Quotes (% of Par) |
1 - 103 (38) |
Higher |
||||
Discount Rate |
4% - 35% (16%) |
Lower |
|||||||
Default Rates |
1% - 2% (2%) |
Lower |
|||||||
Recovery Rates |
60% - 60% (60%) |
Higher |
|||||||
Other investments: |
|||||||||
BDC preferred shares |
53.4 |
Other(2) |
Net Asset Value per Share |
16.80 - 16.80 (16.80) |
Lower |
||||
Aviation subordinated
notes
|
2.9 |
Discounted Cash Flow |
Discount Rates |
21% - 21% (21%) |
Lower |
||||
Loans |
28.8 |
Consensus Pricing |
Indicative Quotes (% of Par) |
99 - 99 (99) |
Higher |
||||
Total |
$7,932.5 |
||||||||
Liabilities |
|||||||||
Loans payable of Consolidated
Funds:
|
|||||||||
Senior secured notes |
$6,598.8 |
Other(3) |
N/A |
N/A |
N/A |
||||
Subordinated notes and
preferred shares
|
210.3 |
Discounted Cash Flow
with Consensus Pricing
|
Indicative Quotes (% of Par) |
11 - 87 (34) |
Higher |
||||
Discount Rates |
2% - 35% (15%) |
Lower |
|||||||
Default Rates |
1% - 2% (2%) |
Lower |
|||||||
Recovery Rates |
60% - 60% (60%) |
Higher |
|||||||
Total |
$6,809.1 |
Fair Value at |
Range
(Weighted
Average)
|
Impact to
Valuation
from
Increase in
Input
|
|||||||
(Dollars in millions) |
December 31, 2023 |
Valuation Technique(s) |
Unobservable Input(s) |
||||||
Assets |
|||||||||
Investments of Consolidated
Funds:
|
|||||||||
Equity securities |
$3.3 |
Consensus Pricing |
Indicative Quotes
($ per share)
|
0.00 - 208.38 (0.11) |
Higher |
||||
366.5 |
Discounted Cash Flow |
Discount Rates |
10% - 11% (10%) |
Lower |
|||||
Terminal Growth Rate |
0% - 7% (5%) |
Higher |
|||||||
Comparable Multiple |
EBITDA Multiple |
12.7x - 12.7x (12.7x) |
Higher |
||||||
TCF Multiple |
24.3x - 24.3x (24.3x) |
Higher |
|||||||
7.8 |
Other(1) |
N/A |
N/A |
N/A |
|||||
Bonds |
522.5 |
Consensus Pricing |
Indicative Quotes (% of Par) |
30 - 105 (90) |
Higher |
||||
Loans |
5,829.3 |
Consensus Pricing |
Indicative Quotes (% of Par) |
0 - 102 (95) |
Higher |
||||
11.0 |
Discounted Cash Flow |
Discount Rates |
7% - 16% (15%) |
Lower |
|||||
9.4 |
Discounted Cash Flow |
Discount Rates |
17% - 17% (17%) |
Lower |
|||||
Constant Prepayment Rate |
8% - 8% (8%) |
Lower |
|||||||
Constant Default Rate |
1% - 1% (1%) |
Lower |
|||||||
Recovery Rate |
0% - 0% (0%) |
Higher |
|||||||
Other |
12.4 |
Other(1) |
N/A |
N/A |
N/A |
||||
6,762.2 |
|||||||||
Investments in CLOs |
|||||||||
Senior secured notes |
472.2 |
Discounted Cash Flow
with Consensus Pricing
|
Indicative Quotes (% of Par) |
72 - 101 (96) |
Higher |
||||
Discount Margins (Basis
Points)
|
139 - 1,600 (319) |
Lower |
|||||||
Default Rates |
2% - 2% (2%) |
Lower |
|||||||
Recovery Rates |
60% - 60% (60%) |
Higher |
|||||||
Subordinated notes and
preferred shares
|
59.4 |
Discounted Cash Flow
with Consensus Pricing
|
Indicative Quotes (% of Par) |
6 - 90 (40) |
Higher |
||||
Discount Rate |
11% - 40% (21%) |
Lower |
|||||||
Default Rates |
1% - 2% (2%) |
Lower |
|||||||
Recovery Rates |
60% - 60% (60%) |
Higher |
|||||||
1.0 |
Other(1) |
N/A |
N/A |
N/A |
|||||
Other investments: |
|||||||||
BDC preferred shares |
81.7 |
Market Yield Analysis |
Market Yields |
11% - 11% (11%) |
Lower |
||||
Aviation subordinated
notes
|
2.9 |
Discounted Cash Flow |
Discount Rates |
21% - 21% (21%) |
Lower |
||||
Total |
$7,379.4 |
||||||||
Liabilities |
|||||||||
Loans payable of Consolidated
Funds:
|
|||||||||
Senior secured notes |
$6,090.1 |
Other(2) |
N/A |
N/A |
N/A |
||||
Subordinated notes and
preferred shares
|
190.0 |
Discounted Cash Flow
with Consensus Pricing
|
Indicative Quotes (% of Par) |
16 - 103 (41) |
Higher |
||||
Discount Rates |
14% - 30% (21%) |
Lower |
|||||||
Default Rates |
2% - 2% (2%) |
Lower |
|||||||
Recovery Rates |
60% - 60% (60%) |
Higher |
|||||||
18.5 |
Other(1) |
N/A |
N/A |
N/A |
|||||
Total |
$6,298.6 |
As of December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Accrued performance allocations |
$7,053.5 |
$6,169.9 |
|
Principal equity method investments, excluding performance allocations |
3,292.3 |
3,024.1 |
|
Principal investments in CLOs |
378.9 |
532.6 |
|
Other investments |
212.0 |
228.7 |
|
Total |
$10,936.7 |
$9,955.3 |
As of December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Global Private Equity |
$4,910.2 |
$4,310.7 |
|
Global Credit |
527.1 |
323.4 |
|
Global Investment Solutions |
1,616.2 |
1,535.8 |
|
Total |
$7,053.5 |
$6,169.9 |
As of December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Global Private Equity |
$(18.5) |
$(18.4) |
|
Global Credit |
(25.5) |
(25.6) |
|
Total |
$(44.0) |
$(44.0) |
As of December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Global Private Equity(1) |
$1,818.0 |
$1,798.3 |
|
Global Credit(2) |
1,157.0 |
987.4 |
|
Global Investment Solutions |
317.3 |
238.4 |
|
Total |
$3,292.3 |
$3,024.1 |
Global Private Equity |
Global Credit |
Global Investment Solutions |
Aggregate Totals |
||||||||||||||||||||
For the Year Ended
December 31,
|
For the Year Ended
December 31,
|
For the Year Ended
December 31,
|
For the Year Ended
December 31,
|
||||||||||||||||||||
2024 |
2023 |
2022 |
2024 |
2023 |
2022 |
2024 |
2023 |
2022 |
2024 |
2023 |
2022 |
||||||||||||
Statement of operations
information
|
|||||||||||||||||||||||
Investment income |
$1,986.9 |
$2,652.7 |
$3,129.1 |
$3,639.1 |
$3,497.5 |
$1,803.9 |
$275.3 |
$74.8 |
$115.2 |
$5,901.3 |
$6,225.0 |
$5,048.2 |
|||||||||||
Expenses |
2,644.6 |
2,320.4 |
2,151.6 |
1,111.8 |
1,019.5 |
591.8 |
2,123.9 |
1,238.5 |
1,139.2 |
5,880.3 |
4,578.4 |
3,882.6 |
|||||||||||
Net investment income
(loss)
|
(657.7) |
332.3 |
977.5 |
2,527.3 |
2,478.0 |
1,212.1 |
(1,848.6) |
(1,163.7) |
(1,024.0) |
21.0 |
1,646.6 |
1,165.6 |
|||||||||||
Net realized and
unrealized gain (loss)
|
7,911.2 |
2,980.0 |
10,643.7 |
575.8 |
224.7 |
(1.9) |
4,891.9 |
4,159.4 |
2,876.1 |
13,378.9 |
7,364.1 |
13,517.9 |
|||||||||||
Net income (loss) |
$7,253.4 |
$3,312.3 |
$11,621.2 |
$3,103.1 |
$2,702.7 |
$1,210.2 |
$3,043.3 |
$2,995.7 |
$1,852.1 |
$13,399.9 |
$9,010.7 |
$14,683.5 |
Global Private Equity |
Global Credit |
Global Investment Solutions |
Aggregate Totals |
||||||||||||
As of December 31, |
As of December 31, |
As of December 31, |
As of December 31, |
||||||||||||
2024 |
2023 |
2024 |
2023 |
2024 |
2023 |
2024 |
2023 |
||||||||
Balance sheet information |
|||||||||||||||
Investments |
$123,663.3 |
$102,536.5 |
$32,367.7 |
$26,814.0 |
$62,935.0 |
$40,170.7 |
$218,966.0 |
$169,521.2 |
|||||||
Total assets |
$127,257.1 |
$106,116.6 |
$33,970.1 |
$32,803.3 |
$63,678.5 |
$40,156.2 |
$224,905.7 |
$179,076.1 |
|||||||
Debt |
$11,560.9 |
$8,355.4 |
$6,625.5 |
$6,601.0 |
$2,929.2 |
$2,305.2 |
$21,115.6 |
$17,261.6 |
|||||||
Other liabilities |
$1,399.3 |
$1,329.3 |
$682.0 |
$777.7 |
$4,048.8 |
$2,149.7 |
$6,130.1 |
$4,256.7 |
|||||||
Total liabilities |
$12,960.2 |
$9,684.7 |
$7,307.5 |
$7,378.7 |
$6,978.1 |
$4,454.9 |
$27,245.8 |
$21,518.3 |
|||||||
Partners’ capital |
$114,296.9 |
$96,431.9 |
$26,662.6 |
$25,424.6 |
$56,700.4 |
$35,701.3 |
$197,659.9 |
$157,557.8 |
As of December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Investment in NGP Management |
$369.2 |
$370.5 |
|
Investments in NGP general partners - accrued performance allocations |
489.4 |
484.4 |
|
Principal investments in NGP funds |
53.4 |
61.3 |
|
Total investments in NGP |
$912.0 |
$916.2 |
Year Ended December 31, |
|||||
2024 |
2023 |
2022 |
|||
(Dollars in millions) |
|||||
Management fee related revenues from NGP Management |
$76.2 |
$78.6 |
$71.0 |
||
Expenses related to the investment in NGP Management |
(13.1) |
(13.8) |
(11.5) |
||
Amortization of basis differences from the investment in NGP Management |
— |
— |
(1.4) |
||
Net investment income from NGP Management |
$63.1 |
$64.8 |
$58.1 |
Year Ended December 31, |
|||||
2024 |
2023 |
2022 |
|||
(Dollars in millions) |
|||||
Performance allocations |
|||||
Realized |
$1,047.5 |
$867.0 |
$2,048.8 |
||
Unrealized |
968.2 |
(955.6) |
(721.3) |
||
2,015.7 |
(88.6) |
1,327.5 |
|||
Principal investment income (loss) from equity method investments (excluding
performance allocations)
|
|||||
Realized |
184.5 |
231.7 |
73.1 |
||
Unrealized |
52.0 |
(115.1) |
546.4 |
||
236.5 |
116.6 |
619.5 |
|||
Principal investment income (loss) from investments in CLOs and other
investments
|
|||||
Realized |
3.8 |
(1.1) |
5.0 |
||
Unrealized(1) |
(1.6) |
17.9 |
(54.0) |
||
2.2 |
16.8 |
(49.0) |
|||
Total |
$2,254.4 |
$44.8 |
$1,898.0 |
Year Ended December 31, |
|||||
2024 |
2023 |
2022 |
|||
(Dollars in millions) |
|||||
Global Private Equity |
$1,559.9 |
$(551.5) |
$1,098.3 |
||
Global Credit |
227.7 |
163.7 |
24.0 |
||
Global Investment Solutions |
228.1 |
299.2 |
205.2 |
||
Total |
$2,015.7 |
$(88.6) |
$1,327.5 |
Year Ended December 31, 2024 | ||
(Dollars in millions) | ||
Global Private Equity |
CP VII |
$1,483.3 |
Year Ended December 31, 2023 | ||
(Dollars in millions) | ||
Global Private Equity |
CP VI |
$(238.0) |
Global Private Equity |
CP VII |
(391.8) |
Year Ended December 31, 2022 | ||
(Dollars in millions) | ||
Global Private Equity |
CP VI |
$(436.9) |
Year Ended December 31, |
|||||
2024 |
2023 |
2022 |
|||
(Dollars in millions) |
|||||
Global Private Equity |
$140.8 |
$157.6 |
$744.8 |
||
Global Credit |
71.2 |
(60.0) |
(134.8) |
||
Global Investment Solutions |
24.5 |
19.0 |
9.5 |
||
Total |
$236.5 |
$116.6 |
$619.5 |
Fair Value |
Percentage of Investments of
Consolidated Funds
|
||||||
Geographic Region/Instrument Type/ Industry |
December 31, |
December 31, |
|||||
Description or Investment Strategy |
2024 |
2023 |
2024 |
2023 |
|||
(Dollars in millions) |
|||||||
United States |
|||||||
Equity securities: |
|||||||
Business Services |
$30.0 |
$— |
0.39% |
—% |
|||
Infrastructure |
361.3 |
366.5 |
4.64% |
5.05% |
|||
Technology |
17.3 |
— |
0.22% |
—% |
|||
Transportation |
29.1 |
— |
0.37% |
—% |
|||
Other |
83.2 |
7.8 |
1.07% |
0.11% |
|||
Total equity securities (cost of $543.7 and $397.3 at December 31,
2024 and 2023, respectively)
|
520.9 |
374.3 |
6.69% |
5.16% |
|||
Partnership and LLC interests: |
|||||||
Fund Investments |
$312.7 |
$490.9 |
4.02% |
6.77% |
|||
Total Partnership and LLC interests (cost of $194.8 and $389.2 at
December 31, 2024 and 2023, respectively)
|
312.7 |
490.9 |
4.02% |
6.77% |
|||
Loans: |
|||||||
Aerospace & Defense |
$9.3 |
$10.1 |
0.12% |
0.14% |
|||
Collateralized Debt Obligation |
7.2 |
13.0 |
0.09% |
0.18% |
|||
Environmental Industries |
0.9 |
0.9 |
0.01% |
0.01% |
|||
Education |
11.6 |
14.7 |
0.15% |
0.20% |
|||
Total loans (cost of $24.0 and $36.3 at December 31, 2024 and 2023,
respectively)
|
29.0 |
38.7 |
0.37% |
0.53% |
|||
Assets of the CLOs: |
|||||||
Bonds |
$90.1 |
$80.5 |
1.16% |
1.11% |
|||
Equity |
3.8 |
2.0 |
0.05% |
0.03% |
|||
Loans |
3,844.6 |
3,100.0 |
49.40% |
42.74% |
|||
Total assets of the CLOs (cost of $3,943.3 and $3,256.0 at
December 31, 2024 and 2023, respectively)
|
3,938.5 |
3,182.5 |
50.61% |
43.88% |
|||
Total United States |
$4,801.1 |
$4,086.4 |
61.69% |
56.34% |
Europe |
|||||||
Equity securities: |
|||||||
Software |
$10.6 |
$— |
0.14% |
—% |
|||
Total equity securities (cost of $10.7 and $— at December 31, 2024
and 2023, respectively)
|
10.6 |
— |
0.14% |
—% |
|||
Assets of the CLOs: |
|||||||
Bonds |
$373.1 |
$437.9 |
4.79% |
6.04% |
|||
Equity |
0.1 |
1.3 |
0.01% |
0.02% |
|||
Loans |
2,479.9 |
2,652.6 |
31.87% |
36.57% |
|||
Total assets of the CLOs (cost of $2,889.4 and $3,231.8 at
December 31, 2024 and 2023, respectively)
|
2,853.1 |
3,091.8 |
36.67% |
42.63% |
|||
Total Europe |
$2,863.7 |
$3,091.8 |
36.81% |
42.63% |
|||
Global |
|||||||
Equity securities: |
|||||||
Consumer |
$28.3 |
$— |
0.36% |
—% |
|||
Hardware |
9.6 |
— |
0.12% |
—% |
|||
Total equity securities (cost of $39.9 and $— at December 31, 2024
and 2023, respectively)
|
37.9 |
— |
0.48% |
—% |
|||
Assets of the CLOs: |
|||||||
Bonds |
$1.9 |
$4.1 |
0.02% |
0.06% |
|||
Loans |
77.8 |
70.8 |
1.00% |
0.97% |
|||
Total assets of the CLOs (cost of $80.7 and $77.3 at
December 31, 2024 and 2023, respectively)
|
79.7 |
74.9 |
1.02% |
1.03% |
|||
Total Global |
$117.6 |
$74.9 |
1.50% |
1.03% |
|||
Total investments of Consolidated Funds (cost of $7,726.5 and $7,387.9
at December 31, 2024 and 2023, respectively)
|
$7,782.4 |
$7,253.1 |
100.00% |
100.00% |
Year Ended December 31, |
|||||
2024 |
2023 |
2022 |
|||
(Dollars in millions) |
|||||
Interest income from investments |
$577.6 |
$512.4 |
$282.3 |
||
Other income |
54.0 |
57.7 |
28.7 |
||
Total |
$631.6 |
$570.1 |
$311.0 |
Year Ended December 31, |
|||||
2024 |
2023 |
2022 |
|||
(Dollars in millions) |
|||||
Gains (losses) from investments of Consolidated Funds |
$96.4 |
$246.9 |
$(408.1) |
||
Gains (losses) from liabilities of CLOs |
(72.4) |
(240.0) |
366.6 |
||
Total |
$24.0 |
$6.9 |
$(41.5) |
Year Ended December 31, |
|||||
2024 |
2023 |
2022 |
|||
(Dollars in millions) |
|||||
Realized gains (losses) |
$(60.7) |
$(80.8) |
$(29.6) |
||
Net change in unrealized gains (losses) |
157.1 |
327.7 |
(378.5) |
||
Total |
$96.4 |
$246.9 |
$(408.1) |
As of December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Acquired contractual rights |
$922.7 |
$924.1 |
|
Accumulated amortization |
(392.2) |
(262.0) |
|
Finite-lived intangible assets, net |
530.5 |
662.1 |
|
Goodwill |
103.6 |
104.0 |
|
Intangible Assets, net |
$634.1 |
$766.1 |
Year ending December 31, |
|
2025 |
$131.0 |
2026 |
130.9 |
2027 |
120.8 |
2028 |
113.6 |
2029 |
31.7 |
Thereafter |
2.5 |
$530.5 |
As of December 31, |
|||||||
2024 |
2023 |
||||||
Borrowing
Outstanding
|
Carrying
Value
|
Borrowing
Outstanding
|
Carrying
Value
|
||||
(Dollars in millions) |
|||||||
CLO Borrowings (See below) |
$289.4 |
$288.0 |
$431.7 |
$426.4 |
|||
3.500% Senior Notes Due 9/19/2029 |
425.0 |
422.9 |
425.0 |
422.5 |
|||
5.625% Senior Notes Due 3/30/2043 |
600.0 |
600.5 |
600.0 |
600.6 |
|||
5.650% Senior Notes Due 9/15/2048 |
350.0 |
346.6 |
350.0 |
346.4 |
|||
4.625% Subordinated Notes Due 5/15/2061 |
500.0 |
485.5 |
500.0 |
485.1 |
|||
Total debt obligations |
$2,164.4 |
$2,143.5 |
$2,306.7 |
$2,281.0 |
Formation Date |
Borrowing
Outstanding
December 31, 2024
|
Borrowing
Outstanding
December 31, 2023
|
Maturity Date(1) |
Interest Rate as of
December 31, 2024
|
||||||
February 28, 2017 |
$23.5 |
$39.9 |
September 21, 2029 |
6.13% |
(2) |
|||||
June 29, 2017 |
— |
45.6 |
N/A |
N/A |
(3) |
|||||
December 6, 2017 |
25.5 |
41.1 |
January 15, 2031 |
6.41% |
(4) |
|||||
March 15, 2019 |
1.7 |
1.8 |
March 15, 2032 |
10.99% |
(5) |
|||||
August 20, 2019 |
3.7 |
4.0 |
August 15, 2032 |
7.76% |
(5) |
|||||
September 15, 2020 |
18.4 |
19.7 |
April 15, 2033 |
4.77% |
(5) |
|||||
January 8, 2021 |
19.2 |
20.6 |
January 15, 2034 |
5.68% |
(5) |
|||||
March 9, 2021 |
— |
16.8 |
N/A |
N/A |
(3) |
|||||
March 30, 2021 |
16.5 |
18.6 |
March 15, 2032 |
4.62% |
(5) |
|||||
April 21, 2021 |
3.3 |
3.6 |
April 15, 2033 |
9.03% |
(5) |
|||||
May 21, 2021 |
11.6 |
15.5 |
November 17, 2031 |
4.42% |
(5) |
|||||
June 4, 2021 |
19.4 |
20.7 |
January 16, 2034 |
5.46% |
(5) |
|||||
June 10, 2021 |
1.2 |
1.3 |
November 17, 2031 |
5.87% |
(5) |
|||||
July 15, 2021 |
14.5 |
15.5 |
July 15, 2034 |
5.48% |
(5) |
|||||
July 20, 2021 |
19.3 |
20.6 |
July 20, 2031 |
5.49% |
(5) |
|||||
August 4, 2021 |
15.6 |
16.7 |
August 15, 2032 |
4.77% |
(5) |
|||||
October 27, 2021 |
22.5 |
24.0 |
October 15, 2035 |
5.59% |
(5) |
|||||
November 5, 2021 |
— |
14.3 |
N/A |
N/A |
(3) |
|||||
January 6, 2022 |
19.4 |
20.7 |
February 15, 2035 |
5.40% |
(5) |
|||||
February 22, 2022 |
19.5 |
20.8 |
November 10, 2035 |
5.48% |
(5) |
|||||
July 13, 2022 |
— |
17.5 |
N/A |
N/A |
(3) |
|||||
October 25, 2022 |
— |
18.1 |
N/A |
N/A |
(3) |
|||||
September 5, 2023 |
5.1 |
14.3 |
August 28, 2031 |
4.73% |
(5) |
|||||
April 25, 2024 |
17.2 |
— |
April 25, 2037 |
5.96% |
(5) |
|||||
December 19, 2024 |
12.3 |
— |
January 15, 2039 |
5.39% |
(5) |
|||||
$289.4 |
$431.7 |
Aggregate
Principal
Amount
|
Fair Value(1)
As of December 31,
|
Interest Expense |
|||||||||
For The Years Ended December 31, |
|||||||||||
2024 |
2023 |
2024 |
2023 |
2022 |
|||||||
3.500% Senior Notes Due 9/19/2029(2) |
$425.0 |
$401.2 |
$401.9 |
$15.3 |
$15.3 |
$15.3 |
|||||
5.625% Senior Notes Due 3/30/2043(3) |
600.0 |
589.5 |
594.6 |
33.7 |
33.7 |
33.7 |
|||||
5.650% Senior Notes Due 9/15/2048(4) |
350.0 |
338.1 |
336.0 |
19.9 |
19.9 |
19.9 |
|||||
$68.9 |
$68.9 |
$68.9 |
As of December 31, 2024 |
|||||||
Borrowing
Outstanding
|
Fair Value |
Weighted
Average
Interest Rate
|
Weighted
Average
Remaining
Maturity in
Years
|
||||
Senior secured notes |
$6,732.8 |
$6,598.8 |
5.72% |
9.18 |
|||
Subordinated notes |
229.9 |
210.3 |
N/A |
(2) |
9.15 |
||
Revolving credit facilities(1) |
55.1 |
55.1 |
7.01% |
4.53 |
|||
Total |
$7,017.8 |
$6,864.2 |
As of December 31, 2023 |
|||||||
Borrowing
Outstanding
|
Fair Value |
Weighted
Average
Interest Rate
|
Weighted
Average
Remaining
Maturity in
Years
|
||||
Senior secured notes |
$6,171.9 |
$6,097.9 |
6.32% |
8.99 |
|||
Subordinated notes |
173.5 |
210.7 |
N/A |
(2) |
9.16 |
||
Revolving credit facilities(1) |
177.9 |
177.9 |
6.46% |
5.05 |
|||
Total |
$6,523.3 |
$6,486.5 |
As of December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Accrued performance allocations and incentive fee related compensation |
$4,819.7 |
$4,255.8 |
|
Accrued bonuses |
335.5 |
498.2 |
|
Accrued pension liability |
7.0 |
13.1 |
|
Other(1)(2) |
284.4 |
155.1 |
|
Total |
$5,446.6 |
$4,922.2 |
Year Ended December 31, |
|||||
2024 |
2023 |
2022 |
|||
(Dollars in millions) |
|||||
Realized |
$753.1 |
$473.8 |
$1,026.4 |
||
Unrealized(1) |
608.4 |
629.9 |
(306.5) |
||
Total |
$1,361.5 |
$1,103.7 |
$719.9 |
As of December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Benefit obligation |
$(65.1) |
$(71.9) |
|
Fair value of plan assets |
58.1 |
58.8 |
|
Accrued pension liability(1) |
$(7.0) |
$(13.1) |
Year Ended December 31, |
|||
2024 |
2023 |
||
Operating lease cost |
$61.3 |
$58.5 |
|
Sublease income |
(4.6) |
(5.9) |
|
Total operating lease cost |
$56.7 |
$52.6 |
|
Cash paid for amounts included in the measurement of operating lease liabilities |
$69.1 |
$68.3 |
|
Weighted-average remaining lease term |
9.8 |
10.4 |
|
Weighted-average discount rate |
4.4% |
4.3% |
Year ending December 31, |
|
2025 |
$70.7 |
2026 |
68.1 |
2027 |
68.4 |
2028 |
67.7 |
2029 |
67.6 |
Thereafter |
249.6 |
Total lease payments |
$592.1 |
Less imputed interest |
(103.5) |
Total lease liabilities |
$488.6 |
As of December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Accrued incentive fees |
$33.7 |
$22.9 |
|
Unbilled receivable for giveback obligations from current and former employees |
11.5 |
11.5 |
|
Notes receivable and accrued interest from affiliates |
46.2 |
44.2 |
|
Management fee receivable, net |
296.4 |
277.8 |
|
Reimbursable expenses and other receivables from unconsolidated funds and affiliates, net |
417.8 |
335.2 |
|
Total |
$805.6 |
$691.6 |
As of December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Due to affiliates of Consolidated Funds |
$5.3 |
$6.3 |
|
Due to non-consolidated affiliates |
134.1 |
97.0 |
|
Amounts owed under the tax receivable agreement |
77.2 |
79.3 |
|
Deferred consideration for Carlyle Holdings units |
— |
68.4 |
|
Other |
25.3 |
24.9 |
|
Total |
$241.9 |
$275.9 |
Year Ended December 31, |
|||||
2024 |
2023 |
2022 |
|||
(Dollars in millions) |
|||||
U.S. domestic income (loss) |
$1,163.5 |
$(857.6) |
$1,402.9 |
||
Foreign income |
230.2 |
256.7 |
169.6 |
||
Total income (loss) before provision for income taxes |
$1,393.7 |
$(600.9) |
$1,572.5 |
Year Ended December 31, |
|||||
2024 |
2023 |
2022 |
|||
(Dollars in millions) |
|||||
Current |
|||||
Federal income tax |
$132.2 |
$186.0 |
$263.6 |
||
State and local income tax |
27.0 |
29.1 |
30.4 |
||
Foreign income tax |
55.5 |
46.2 |
55.6 |
||
Total current |
214.7 |
261.3 |
349.6 |
||
Deferred |
|||||
Federal income tax |
102.5 |
(333.4) |
(25.1) |
||
State and local income tax |
(0.8) |
(26.0) |
(3.3) |
||
Foreign income tax |
(13.8) |
(6.1) |
(33.4) |
||
Total deferred |
87.9 |
(365.5) |
(61.8) |
||
Total provision (benefit) for income taxes |
$302.6 |
$(104.2) |
$287.8 |
Year Ended December 31, |
|||||
2024 |
2023 |
2022 |
|||
(Dollars in millions) |
|||||
Income (loss) before provision for income taxes |
$1,393.7 |
$(600.9) |
$1,572.5 |
||
Provision (benefit) for income taxes |
$302.6 |
$(104.2) |
$287.8 |
||
Effective income tax rate |
21.71% |
17.34% |
18.30% |
Year Ended December 31, |
|||||
2024 |
2023 |
2022 |
|||
Statutory U.S. federal income tax rate |
21.00% |
21.00% |
21.00% |
||
State and local income taxes |
1.80% |
1.55% |
0.83% |
||
Foreign income taxes(1) |
(0.42)% |
(1.19)% |
(1.75)% |
||
Income passed through to common unitholders and non-controlling interest
holders(2)
|
(0.84)% |
3.17% |
(0.67)% |
||
Equity-based compensation(3) |
0.20% |
(2.76)% |
(0.67)% |
||
Valuation allowance(4) |
—% |
(1.02)% |
0.30% |
||
Unrecognized tax benefits |
(0.13)% |
(1.13)% |
0.01% |
||
Other adjustments(4) |
0.10% |
(2.28)% |
(0.75)% |
||
Effective income tax rate |
21.71% |
17.34% |
18.30% |
As of December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Deferred tax assets |
|||
Federal foreign tax credit carryforward |
$47.9 |
$46.8 |
|
State net operating loss carryforwards |
5.1 |
5.7 |
|
Tax basis goodwill and intangibles |
218.3 |
240.3 |
|
Depreciation and amortization |
76.3 |
61.7 |
|
Deferred restricted common unit compensation |
83.1 |
36.5 |
|
Lease liabilities |
114.7 |
116.1 |
|
Accrued compensation |
1,045.8 |
926.2 |
|
Other |
106.6 |
109.8 |
|
Deferred tax assets before valuation allowance |
1,697.8 |
1,543.1 |
|
Valuation allowance |
(62.7) |
(62.8) |
|
Total deferred tax assets |
$1,635.1 |
$1,480.3 |
|
Deferred tax liabilities(1) |
|||
Unrealized appreciation on investments |
$1,517.3 |
$1,333.8 |
|
Lease right-of-use assets |
87.4 |
87.7 |
|
Basis difference in investments |
100.2 |
48.8 |
|
Other |
39.6 |
38.8 |
|
Total deferred tax liabilities |
$1,744.5 |
$1,509.1 |
|
Net deferred tax assets (liabilities) |
$(109.4) |
$(28.8) |
As of December 31, |
|||||
2024 |
2023 |
2022 |
|||
(Dollars in millions) |
|||||
Balance at January 1 |
$24.5 |
$26.2 |
$20.6 |
||
Additions based on tax positions related to current year |
1.3 |
1.5 |
2.4 |
||
Additions for tax positions of prior years |
— |
1.6 |
5.3 |
||
Reductions for tax position of prior years |
(1.2) |
(0.2) |
(1.6) |
||
Reductions due to lapse of statute of limitations |
(0.4) |
(4.6) |
(0.5) |
||
Reductions due to settlements |
(2.9) |
— |
— |
||
Balance at December 31 |
$21.3 |
$24.5 |
$26.2 |
As of December 31, |
|||
2024 |
2023 |
||
(Dollars in millions) |
|||
Non-Carlyle interests in Consolidated Funds |
$407.1 |
$415.3 |
|
Non-Carlyle interests in majority-owned subsidiaries |
334.2 |
184.5 |
|
Non-controlling interest in carried interest, giveback obligations and cash held for carried
interest distributions
|
(0.6) |
(6.7) |
|
Non-controlling interests in consolidated entities |
$740.7 |
$593.1 |
Year Ended December 31, |
|||||
2024 |
2023 |
2022 |
|||
(Dollars in millions) |
|||||
Non-Carlyle interests in Consolidated Funds |
$8.7 |
$82.6 |
$36.1 |
||
Non-Carlyle interests in majority-owned subsidiaries |
61.5 |
27.4 |
20.7 |
||
Non-controlling interest in carried interest, giveback obligations and cash
held for carried interest distributions
|
0.5 |
1.7 |
2.9 |
||
Non-controlling interests in income of consolidated entities |
$70.7 |
$111.7 |
$59.7 |
Year Ended December 31, 2024 |
Year Ended December 31, 2023 |
Year Ended December 31, 2022 |
|||||||||
Basic |
Diluted |
Basic |
Diluted |
Basic |
Diluted |
||||||
Net income (loss) attributable to
common shares
|
$1,020,400,000 |
$1,020,400,000 |
$(608,400,000) |
$(608,400,000) |
$1,225,000,000 |
$1,225,000,000 |
|||||
Weighted-average common shares
outstanding
|
358,584,203 |
368,024,612 |
361,395,823 |
361,395,823 |
361,278,064 |
365,707,722 |
|||||
Net income (loss) per common share |
$2.85 |
$2.77 |
$(1.68) |
$(1.68) |
$3.39 |
$3.35 |
Year Ended December 31, 2024 |
Year Ended December 31, 2023 |
Year Ended December 31, 2022 |
|||||||||
Basic |
Diluted |
Basic |
Diluted |
Basic |
Diluted |
||||||
The Carlyle Group Inc. weighted-average
common shares outstanding
|
358,584,203 |
358,584,203 |
361,395,823 |
361,395,823 |
361,278,064 |
361,278,064 |
|||||
Unvested restricted stock units |
— |
6,685,145 |
— |
— |
— |
2,394,372 |
|||||
Issuable common shares and performance-
vesting restricted stock units
|
— |
2,755,264 |
— |
— |
— |
2,035,286 |
|||||
Weighted-average common shares outstanding |
358,584,203 |
368,024,612 |
361,395,823 |
361,395,823 |
361,278,064 |
365,707,722 |
Year Ended December 31, |
|||||||
2024 |
2023 |
||||||
(Dollars in millions) |
Shares |
$ |
Shares |
$ |
|||
Shares repurchased |
8,984,957 |
$395.6 |
6,505,037 |
$203.5 |
|||
Shares retired in connection with the net share settlement of
equity-based awards
|
3,332,881 |
159.0 |
— |
— |
|||
Total |
12,317,838 |
$554.6 |
6,505,037 |
$203.5 |
Dividend Record Date |
Dividend Payment Date |
Dividend per Common
Share
|
Dividend to Common
Stockholders
|
|||
(Dollars in millions, except per share data) |
||||||
May 16, 2023 |
May 23, 2023 |
$0.35 |
$126.7 |
|||
August 15, 2023 |
August 23, 2023 |
0.35 |
126.3 |
|||
November 21, 2023 |
November 29, 2023 |
0.35 |
126.3 |
|||
February 23, 2024 |
March 1, 2024 |
0.35 |
126.7 |
|||
Total 2023 Dividend Year |
$1.40 |
$506.0 |
||||
May 14, 2024 |
May 21, 2024 |
$0.35 |
$125.6 |
|||
August 16, 2024 |
August 26, 2024 |
0.35 |
125.5 |
|||
November 18, 2024 |
November 25, 2024 |
0.35 |
125.2 |
|||
February 21, 2025 |
February 28, 2025 |
0.35 |
126.5 |
|||
Total 2024 Dividend Year |
$1.40 |
$502.8 |
Unvested Shares |
Performance-
Vesting
Restricted
Stock Units
|
Weighted-
Average
Grant Date
Fair Value
|
Restricted
Stock
Units
|
Weighted-
Average
Grant Date
Fair Value
|
Unvested
Common
Shares
|
Weighted-
Average
Grant Date
Fair Value
|
|||||
Balance, December 31, 2021 |
— |
$— |
14,775,651 |
$30.70 |
635,430 |
$29.27 |
|||||
Granted |
— |
$— |
4,216,827 |
$40.35 |
188,223 |
$49.06 |
|||||
Vested |
— |
$— |
5,805,437 |
$28.15 |
370,773 |
$26.54 |
|||||
Forfeited |
— |
$— |
2,321,793 |
$30.84 |
— |
$— |
|||||
Balance, December 31, 2022 |
— |
$— |
10,865,248 |
$35.78 |
452,880 |
$39.73 |
|||||
Granted(1) |
4,941,317 |
$23.19 |
13,332,230 |
$32.36 |
258,579 |
$39.73 |
|||||
Vested |
— |
$— |
5,280,029 |
$31.86 |
252,530 |
$34.85 |
|||||
Forfeited |
— |
$— |
1,685,119 |
$32.24 |
— |
$37.91 |
|||||
Balance, December 31, 2023 |
4,941,317 |
$23.19 |
17,232,330 |
$34.68 |
458,929 |
$37.87 |
|||||
Granted(1) |
13,286,934 |
$26.55 |
5,659,849 |
$40.92 |
247,293 |
$40.08 |
|||||
Vested(2) |
995,848 |
$29.86 |
6,932,134 |
$33.39 |
247,316 |
$34.52 |
|||||
Forfeited |
292,253 |
$24.55 |
1,993,557 |
$33.86 |
— |
$— |
|||||
Balance, December 31, 2024 |
16,940,150 |
$25.41 |
13,966,488 |
$37.97 |
458,906 |
$39.35 |
Year Ended December 31, 2024 |
|||||||
Global
Private
Equity
|
Global
Credit
|
Global
Investment
Solutions
|
Total |
||||
(Dollars in millions) |
|||||||
Segment Revenues |
|||||||
Fund level fee revenues |
|||||||
Fund management fees |
$1,212.0 |
$558.3 |
$337.2 |
$2,107.5 |
|||
Portfolio advisory and transaction fees, net and other |
24.6 |
138.8 |
0.2 |
163.6 |
|||
Fee related performance revenues |
6.9 |
109.1 |
16.7 |
132.7 |
|||
Total fund level fee revenues |
1,243.5 |
806.2 |
354.1 |
2,403.8 |
|||
Realized performance revenues |
927.2 |
32.0 |
116.7 |
1,075.9 |
|||
Realized principal investment income |
49.7 |
46.2 |
5.1 |
101.0 |
|||
Interest income |
28.1 |
39.0 |
7.6 |
74.7 |
|||
Total revenues |
2,248.5 |
923.4 |
483.5 |
3,655.4 |
|||
Segment Expenses |
|||||||
Compensation and benefits |
|||||||
Cash-based compensation and benefits |
422.8 |
320.1 |
118.8 |
861.7 |
|||
Realized performance revenues related compensation |
590.1 |
19.4 |
100.3 |
709.8 |
|||
Total compensation and benefits |
1,012.9 |
339.5 |
219.1 |
1,571.5 |
|||
General, administrative, and other indirect expenses(1) |
195.2 |
140.4 |
55.1 |
390.7 |
|||
Depreciation and amortization expense |
26.8 |
13.2 |
6.8 |
46.8 |
|||
Interest expense |
56.3 |
53.0 |
11.6 |
120.9 |
|||
Total expenses |
1,291.2 |
546.1 |
292.6 |
2,129.9 |
|||
(=) Distributable Earnings |
$957.3 |
$377.3 |
$190.9 |
$1,525.5 |
|||
(-) Realized Net Performance Revenues |
337.1 |
12.6 |
16.4 |
366.1 |
|||
(-) Realized Principal Investment Income |
49.7 |
46.2 |
5.1 |
101.0 |
|||
(+) Net Interest |
28.2 |
14.0 |
4.0 |
46.2 |
|||
(=) Fee Related Earnings |
$598.7 |
$332.5 |
$173.4 |
$1,104.6 |
Year Ended December 31, 2023 |
|||||||
Global
Private
Equity
|
Global
Credit
|
Global
Investment
Solutions
|
Total |
||||
(Dollars in millions) |
|||||||
Segment Revenues |
|||||||
Fund level fee revenues |
|||||||
Fund management fees |
$1,309.8 |
$512.2 |
$242.4 |
$2,064.4 |
|||
Portfolio advisory and transaction fees, net and other |
18.4 |
62.0 |
— |
80.4 |
|||
Fee related performance revenues |
68.3 |
89.1 |
3.6 |
161.0 |
|||
Total fund level fee revenues |
1,396.5 |
663.3 |
246.0 |
2,305.8 |
|||
Realized performance revenues |
805.1 |
43.5 |
89.7 |
938.3 |
|||
Realized principal investment income |
45.3 |
37.1 |
6.4 |
88.8 |
|||
Interest income |
31.6 |
34.7 |
5.9 |
72.2 |
|||
Total revenues |
2,278.5 |
778.6 |
348.0 |
3,405.1 |
|||
Segment Expenses |
|||||||
Compensation and benefits |
|||||||
Cash-based compensation and benefits |
583.8 |
324.5 |
123.6 |
1,031.9 |
|||
Realized performance revenues related compensation |
308.1 |
20.3 |
78.9 |
407.3 |
|||
Total compensation and benefits |
891.9 |
344.8 |
202.5 |
1,439.2 |
|||
General, administrative, and other indirect expenses(1) |
221.9 |
106.8 |
47.8 |
376.5 |
|||
Depreciation and amortization expense |
26.0 |
7.6 |
4.4 |
38.0 |
|||
Interest expense |
66.9 |
45.0 |
9.0 |
120.9 |
|||
Total expenses |
1,206.7 |
504.2 |
263.7 |
1,974.6 |
|||
(=) Distributable Earnings |
$1,071.8 |
$274.4 |
$84.3 |
$1,430.5 |
|||
(-) Realized Net Performance Revenues |
497.0 |
23.2 |
10.8 |
531.0 |
|||
(-) Realized Principal Investment Income |
45.3 |
37.1 |
6.4 |
88.8 |
|||
(+) Net Interest |
35.3 |
10.3 |
3.1 |
48.7 |
|||
(=) Fee Related Earnings |
$564.8 |
$224.4 |
$70.2 |
$859.4 |
Year Ended December 31, 2022 |
|||||||
Global
Private
Equity
|
Global
Credit
|
Global
Investment
Solutions
|
Total |
||||
(Dollars in millions) |
|||||||
Segment Revenues |
|||||||
Fund level fee revenues |
|||||||
Fund management fees |
$1,300.9 |
$473.1 |
$222.9 |
$1,996.9 |
|||
Portfolio advisory and transaction fees, net and other |
29.5 |
81.6 |
— |
111.1 |
|||
Fee related performance revenues |
69.4 |
59.9 |
— |
129.3 |
|||
Total fund level fee revenues |
1,399.8 |
614.6 |
222.9 |
2,237.3 |
|||
Realized performance revenues |
1,656.6 |
131.5 |
192.6 |
1,980.7 |
|||
Realized principal investment income |
108.7 |
38.1 |
3.8 |
150.6 |
|||
Interest income |
14.9 |
15.3 |
2.6 |
32.8 |
|||
Total revenues |
3,180.0 |
799.5 |
421.9 |
4,401.4 |
|||
Segment Expenses |
|||||||
Compensation and benefits |
|||||||
Cash-based compensation and benefits |
598.3 |
284.2 |
111.7 |
994.2 |
|||
Realized performance revenues related compensation |
751.5 |
61.3 |
169.4 |
982.2 |
|||
Total compensation and benefits |
1,349.8 |
345.5 |
281.1 |
1,976.4 |
|||
General, administrative, and other indirect expenses(1) |
235.3 |
97.7 |
36.8 |
369.8 |
|||
Depreciation and amortization expense |
25.6 |
8.2 |
5.1 |
38.9 |
|||
Interest expense |
63.7 |
32.6 |
11.0 |
107.3 |
|||
Total expenses |
1,674.4 |
484.0 |
334.0 |
2,492.4 |
|||
(=) Distributable Earnings |
$1,505.6 |
$315.5 |
$87.9 |
$1,909.0 |
|||
(-) Realized Net Performance Revenues |
905.1 |
70.2 |
23.2 |
998.5 |
|||
(-) Realized Principal Investment Income |
108.7 |
38.1 |
3.8 |
150.6 |
|||
(+) Net Interest |
48.8 |
17.3 |
8.4 |
74.5 |
|||
(=) Fee Related Earnings |
$540.6 |
$224.5 |
$69.3 |
$834.4 |
Year Ended December 31, 2024 |
|||||||||
Total Reportable
Segments
|
Consolidated
Funds
|
Reconciling
Items
|
Carlyle
Consolidated
|
||||||
(Dollars in millions) |
|||||||||
Revenues |
$3,655.4 |
$631.6 |
$1,138.8 |
(a)
|
$5,425.8 |
||||
Expenses |
$2,129.9 |
$610.3 |
$1,315.9 |
(b)
|
$4,056.1 |
||||
Other income (loss) |
$— |
$24.0 |
$— |
(c)
|
$24.0 |
||||
Distributable earnings |
$1,525.5 |
$45.3 |
$(177.1) |
(d)
|
$1,393.7 |
Year Ended December 31, 2023 |
|||||||||
Total Reportable
Segments
|
Consolidated
Funds
|
Reconciling
Items
|
Carlyle
Consolidated
|
||||||
(Dollars in millions) |
|||||||||
Revenues |
$3,405.1 |
$570.1 |
$(1,011.3) |
(a)
|
$2,963.9 |
||||
Expenses |
$1,974.6 |
$460.3 |
$1,136.8 |
(b)
|
$3,571.7 |
||||
Other income (loss) |
$— |
$6.9 |
$— |
(c)
|
$6.9 |
||||
Distributable earnings |
$1,430.5 |
$116.7 |
$(2,148.1) |
(d)
|
$(600.9) |
Year Ended December 31, 2022 |
|||||||||
Total Reportable
Segments
|
Consolidated
Funds
|
Reconciling
Items
|
Carlyle
Consolidated
|
||||||
(Dollars in millions) |
|||||||||
Revenues |
$4,401.4 |
$311.0 |
$(273.7) |
(a)
|
$4,438.7 |
||||
Expenses |
$2,492.4 |
$255.3 |
$77.0 |
(b)
|
$2,824.7 |
||||
Other income (loss) |
$— |
$(41.5) |
$— |
(c)
|
$(41.5) |
||||
Distributable earnings |
$1,909.0 |
$14.2 |
$(350.7) |
(d)
|
$1,572.5 |
Year Ended December 31, |
|||||
2024 |
2023 |
2022 |
|||
(Dollars in millions) |
|||||
Unrealized performance and fee related performance revenues |
$1,031.9 |
$(1,046.6) |
$(142.5) |
||
Unrealized principal investment income (loss) |
34.1 |
36.1 |
(38.3) |
||
Principal investment loss from dilution of indirect investment in Fortitude |
— |
(104.0) |
(176.9) |
||
Adjustments related to expenses associated with investments in NGP
Management and its affiliates
|
(13.1) |
(13.8) |
(12.9) |
||
Tax expense associated with certain foreign performance revenues |
— |
— |
0.1 |
||
Non-controlling interests and other adjustments to present certain costs on a net
basis
|
167.9 |
191.6 |
119.0 |
||
Elimination of revenues of Consolidated Funds |
(82.0) |
(74.6) |
(22.2) |
||
$1,138.8 |
$(1,011.3) |
$(273.7) |
Year Ended December 31, |
|||||
2024 |
2023 |
2022 |
|||
(Dollars in millions) |
|||||
Total Reportable Segments - Fund level fee revenues |
$2,403.8 |
$2,305.8 |
$2,237.3 |
||
Adjustments(1) |
(215.7) |
(262.6) |
(207.2) |
||
Carlyle Consolidated - Fund management fees |
$2,188.1 |
$2,043.2 |
$2,030.1 |
Year Ended December 31, |
|||||
2024 |
2023 |
2022 |
|||
(Dollars in millions) |
|||||
Unrealized performance and fee related performance revenue compensation expense |
$635.2 |
$612.6 |
$(326.2) |
||
Equity-based compensation |
476.5 |
260.1 |
161.9 |
||
Acquisition or disposition-related charges and amortization of intangibles and
impairment
|
136.6 |
145.3 |
187.4 |
||
Tax (expense) benefit associated with certain foreign performance revenues related
compensation
|
(1.0) |
(1.0) |
2.9 |
||
Non-controlling interests and other adjustments to present certain costs on a net basis |
92.8 |
148.7 |
82.7 |
||
Other adjustments |
21.2 |
11.6 |
12.4 |
||
Elimination of expenses of Consolidated Funds |
(45.4) |
(40.5) |
(44.1) |
||
$1,315.9 |
$1,136.8 |
$77.0 |
Year Ended December 31, |
|||||
2024 |
2023 |
2022 |
|||
(Dollars in millions) |
|||||
Income (loss) before provision for income taxes |
$1,393.7 |
$(600.9) |
$1,572.5 |
||
Adjustments: |
|||||
Net unrealized performance and fee related performance revenues |
(396.7) |
1,659.2 |
(183.7) |
||
Unrealized principal investment (income) loss |
(34.1) |
(36.1) |
38.3 |
||
Principal investment loss from dilution of indirect investment in Fortitude |
— |
104.0 |
176.9 |
||
Equity-based compensation(1) |
476.5 |
260.1 |
161.9 |
||
Acquisition or disposition-related charges, including amortization of intangibles
and impairment
|
136.6 |
145.3 |
187.4 |
||
Net income attributable to non-controlling interests in consolidated entities |
(70.7) |
(111.7) |
(59.7) |
||
Tax (expense) benefit associated with certain foreign performance revenues |
(1.0) |
(1.0) |
3.0 |
||
Other adjustments(2) |
21.2 |
11.6 |
12.4 |
||
Distributable Earnings |
$1,525.5 |
$1,430.5 |
$1,909.0 |
||
Realized performance revenues, net of related compensation(3) |
366.1 |
531.0 |
998.5 |
||
Realized principal investment income(3) |
101.0 |
88.8 |
150.6 |
||
Net interest |
46.2 |
48.7 |
74.5 |
||
Fee Related Earnings |
$1,104.6 |
$859.4 |
$834.4 |
Year Ended December 31, 2024 |
|||||
Carlyle
Consolidated
|
Adjustments(4) |
Total
Reportable
Segments
|
|||
(Dollars in millions) |
|||||
Performance revenues |
$2,015.7 |
$(939.8) |
$1,075.9 |
||
Performance revenues related compensation expense |
1,361.5 |
(651.7) |
709.8 |
||
Net performance revenues |
$654.2 |
$(288.1) |
$366.1 |
||
Principal investment income (loss) |
$238.7 |
$(137.7) |
$101.0 |
Year Ended December 31, 2023 |
|||||
Carlyle
Consolidated
|
Adjustments(4) |
Total
Reportable
Segments
|
|||
(Dollars in millions) |
|||||
Performance revenues |
$(88.6) |
$1,026.9 |
$938.3 |
||
Performance revenues related compensation expense |
1,103.7 |
(696.4) |
407.3 |
||
Net performance revenues |
$(1,192.3) |
$1,723.3 |
$531.0 |
||
Principal investment income (loss) |
$133.4 |
$(44.6) |
$88.8 |
Year Ended December 31, 2022 |
|||||
Carlyle
Consolidated
|
Adjustments(4) |
Total
Reportable
Segments
|
|||
(Dollars in millions) |
|||||
Performance revenues |
$1,327.5 |
$653.2 |
$1,980.7 |
||
Performance revenues related compensation expense |
719.9 |
262.3 |
982.2 |
||
Net performance revenues |
$607.6 |
$390.9 |
$998.5 |
||
Principal investment income (loss) |
$570.5 |
$(419.9) |
$150.6 |
Total Revenues |
Total Assets |
||||||
Share |
% |
Share |
% |
||||
(Dollars in millions) |
|||||||
Year Ended December 31, 2024 |
|||||||
Americas(1) |
$4,096.4 |
76% |
$14,351.8 |
62% |
|||
EMEA(2) |
1,047.6 |
19% |
7,820.7 |
34% |
|||
Asia-Pacific(3) |
281.8 |
5% |
931.0 |
4% |
|||
Total |
$5,425.8 |
100% |
$23,103.5 |
100% |
Total Revenues |
Total Assets |
||||||
Share |
% |
Share |
% |
||||
(Dollars in millions) |
|||||||
Year Ended December 31, 2023 |
|||||||
Americas(1) |
$1,289.0 |
44% |
$11,129.2 |
52% |
|||
EMEA(2) |
1,318.9 |
44% |
8,797.2 |
42% |
|||
Asia-Pacific(3) |
356.0 |
12% |
1,249.6 |
6% |
|||
Total |
$2,963.9 |
100% |
$21,176.0 |
100% |
Total Revenues |
Total Assets |
||||||
Share |
% |
Share |
% |
||||
(Dollars in millions) |
|||||||
Year Ended December 31, 2022 |
|||||||
Americas(1) |
$2,560.0 |
58% |
$11,662.8 |
55% |
|||
EMEA(2) |
1,603.8 |
36% |
8,632.9 |
40% |
|||
Asia-Pacific(3) |
274.9 |
6% |
1,107.3 |
5% |
|||
Total |
$4,438.7 |
100% |
$21,403.0 |
100% |
As of December 31, 2024 |
|||||||
Consolidated
Operating
Entities
|
Consolidated
Funds
|
Eliminations |
Consolidated |
||||
(Dollars in millions) |
|||||||
Assets |
|||||||
Cash and cash equivalents |
$1,266.0 |
$— |
$— |
$1,266.0 |
|||
Cash and cash equivalents held at Consolidated Funds |
— |
830.4 |
— |
830.4 |
|||
Restricted cash |
0.5 |
— |
— |
0.5 |
|||
Investments, including accrued performance allocations of $7,053.5 |
11,324.1 |
— |
(387.4) |
10,936.7 |
|||
Investments of Consolidated Funds |
— |
7,782.4 |
— |
7,782.4 |
|||
Due from affiliates and other receivables, net |
1,111.0 |
— |
(305.4) |
805.6 |
|||
Due from affiliates and other receivables of Consolidated Funds, net |
— |
237.1 |
— |
237.1 |
|||
Fixed assets, net |
185.3 |
— |
— |
185.3 |
|||
Lease right-of-use assets, net |
341.4 |
— |
— |
341.4 |
|||
Deposits and other |
54.6 |
1.8 |
— |
56.4 |
|||
Intangible assets, net |
634.1 |
— |
— |
634.1 |
|||
Deferred tax assets |
27.6 |
— |
— |
27.6 |
|||
Total assets |
$14,944.6 |
$8,851.7 |
$(692.8) |
$23,103.5 |
|||
Liabilities and equity |
|||||||
Debt obligations |
$2,143.5 |
$— |
$— |
$2,143.5 |
|||
Loans payable of Consolidated Funds |
— |
7,161.6 |
(297.4) |
6,864.2 |
|||
Accounts payable, accrued expenses and other liabilities |
389.8 |
— |
— |
389.8 |
|||
Accrued compensation and benefits |
5,446.6 |
— |
— |
5,446.6 |
|||
Due to affiliates |
236.6 |
5.3 |
— |
241.9 |
|||
Deferred revenue |
138.7 |
— |
— |
138.7 |
|||
Deferred tax liabilities |
137.0 |
— |
— |
137.0 |
|||
Other liabilities of Consolidated Funds |
— |
861.7 |
(0.1) |
861.6 |
|||
Lease liabilities |
488.6 |
— |
— |
488.6 |
|||
Accrued giveback obligations |
44.0 |
— |
— |
44.0 |
|||
Total liabilities |
9,024.8 |
8,028.6 |
(297.5) |
16,755.9 |
|||
Common stock |
3.6 |
— |
— |
3.6 |
|||
Additional paid-in capital |
3,892.3 |
423.5 |
(423.5) |
3,892.3 |
|||
Retained earnings |
2,040.8 |
— |
— |
2,040.8 |
|||
Accumulated other comprehensive loss |
(350.5) |
(7.5) |
28.2 |
(329.8) |
|||
Non-controlling interests in consolidated entities |
333.6 |
407.1 |
— |
740.7 |
|||
Total equity |
5,919.8 |
823.1 |
(395.3) |
6,347.6 |
|||
Total liabilities and equity |
$14,944.6 |
$8,851.7 |
$(692.8) |
$23,103.5 |
As of December 31, 2023 |
|||||||
Consolidated
Operating
Entities
|
Consolidated
Funds
|
Eliminations |
Consolidated |
||||
(Dollars in millions) |
|||||||
Assets |
|||||||
Cash and cash equivalents |
$1,440.3 |
$— |
$— |
$1,440.3 |
|||
Cash and cash equivalents held at Consolidated Funds |
— |
346.0 |
— |
346.0 |
|||
Restricted cash |
1.8 |
— |
— |
1.8 |
|||
Investments, including accrued performance allocations of $6,169.9 |
10,104.5 |
— |
(149.2) |
9,955.3 |
|||
Investments of Consolidated Funds |
— |
7,313.9 |
(60.8) |
7,253.1 |
|||
Due from affiliates and other receivables, net |
1,009.2 |
— |
(317.6) |
691.6 |
|||
Due from affiliates and other receivables of Consolidated Funds, net |
— |
141.0 |
— |
141.0 |
|||
Fixed assets, net |
161.5 |
— |
— |
161.5 |
|||
Lease right-of-use assets, net |
332.2 |
— |
— |
332.2 |
|||
Deposits and other |
66.0 |
4.6 |
— |
70.6 |
|||
Intangible assets, net |
766.1 |
— |
— |
766.1 |
|||
Deferred tax assets |
16.5 |
— |
— |
16.5 |
|||
Total assets |
$13,898.1 |
$7,805.5 |
$(527.6) |
$21,176.0 |
|||
Liabilities and equity |
|||||||
Debt obligations |
$2,281.0 |
$— |
$— |
$2,281.0 |
|||
Loans payable of Consolidated Funds |
— |
6,796.4 |
(309.9) |
6,486.5 |
|||
Accounts payable, accrued expenses and other liabilities |
333.8 |
— |
— |
333.8 |
|||
Accrued compensation and benefits |
4,922.2 |
— |
— |
4,922.2 |
|||
Due to affiliates |
269.6 |
6.3 |
— |
275.9 |
|||
Deferred revenue |
140.3 |
— |
— |
140.3 |
|||
Deferred tax liabilities |
45.3 |
— |
— |
45.3 |
|||
Other liabilities of Consolidated Funds |
— |
374.4 |
— |
374.4 |
|||
Lease liabilities |
488.1 |
— |
— |
488.1 |
|||
Accrued giveback obligations |
44.0 |
— |
— |
44.0 |
|||
Total liabilities |
8,524.3 |
7,177.1 |
(309.9) |
15,391.5 |
|||
Common stock |
3.6 |
— |
— |
3.6 |
|||
Additional paid-in capital |
3,403.0 |
223.8 |
(223.8) |
3,403.0 |
|||
Retained earnings |
2,082.1 |
— |
— |
2,082.1 |
|||
Accumulated other comprehensive loss |
(292.7) |
(10.7) |
6.1 |
(297.3) |
|||
Non-controlling interests in consolidated entities |
177.8 |
415.3 |
— |
593.1 |
|||
Total equity |
5,373.8 |
628.4 |
(217.7) |
5,784.5 |
|||
Total liabilities and equity |
$13,898.1 |
$7,805.5 |
$(527.6) |
$21,176.0 |
Year Ended December 31, 2024 |
|||||||
Consolidated
Operating
Entities
|
Consolidated
Funds
|
Eliminations |
Consolidated |
||||
(Dollars in millions) |
|||||||
Revenues |
|||||||
Fund management fees |
$2,218.3 |
$— |
$(30.2) |
$2,188.1 |
|||
Incentive fees |
134.2 |
— |
(0.7) |
133.5 |
|||
Investment income |
|||||||
Performance allocations |
2,016.8 |
— |
(1.1) |
2,015.7 |
|||
Principal investment income |
267.7 |
— |
(29.0) |
238.7 |
|||
Total investment income |
2,284.5 |
— |
(30.1) |
2,254.4 |
|||
Interest and other income |
239.2 |
— |
(21.0) |
218.2 |
|||
Interest and other income of Consolidated Funds |
— |
631.6 |
— |
631.6 |
|||
Total revenues |
4,876.2 |
631.6 |
(82.0) |
5,425.8 |
|||
Expenses |
|||||||
Compensation and benefits |
|||||||
Cash-based compensation and benefits |
875.5 |
— |
— |
875.5 |
|||
Equity-based compensation |
467.9 |
— |
— |
467.9 |
|||
Performance allocations and incentive fee related compensation |
1,361.5 |
— |
— |
1,361.5 |
|||
Total compensation and benefits |
2,704.9 |
— |
— |
2,704.9 |
|||
General, administrative and other expenses |
665.6 |
— |
— |
665.6 |
|||
Interest |
121.0 |
— |
— |
121.0 |
|||
Interest and other expenses of Consolidated Funds |
— |
610.3 |
(45.4) |
564.9 |
|||
Other non-operating (income) expenses |
(0.3) |
— |
— |
(0.3) |
|||
Total expenses |
3,491.2 |
610.3 |
(45.4) |
4,056.1 |
|||
Other income |
|||||||
Net investment income of Consolidated Funds |
— |
24.0 |
— |
24.0 |
|||
Income before provision for income taxes |
1,385.0 |
45.3 |
(36.6) |
1,393.7 |
|||
Provision for income taxes |
302.6 |
— |
— |
302.6 |
|||
Net income |
1,082.4 |
45.3 |
(36.6) |
1,091.1 |
|||
Net income attributable to non-controlling interests in consolidated entities |
62.0 |
— |
8.7 |
70.7 |
|||
Net income attributable to The Carlyle Group Inc. |
$1,020.4 |
$45.3 |
$(45.3) |
$1,020.4 |
Year Ended December 31, 2023 |
|||||||
Consolidated
Operating
Entities
|
Consolidated
Funds
|
Eliminations |
Consolidated |
||||
(Dollars in millions) |
|||||||
Revenues |
|||||||
Fund management fees |
$2,074.3 |
$— |
$(31.1) |
$2,043.2 |
|||
Incentive fees |
96.2 |
— |
(2.5) |
93.7 |
|||
Investment income |
|||||||
Performance allocations |
(85.0) |
— |
(3.6) |
(88.6) |
|||
Principal investment income |
160.2 |
— |
(26.8) |
133.4 |
|||
Total investment income |
75.2 |
— |
(30.4) |
44.8 |
|||
Interest and other income |
222.7 |
— |
(10.6) |
212.1 |
|||
Interest and other income of Consolidated Funds |
— |
570.1 |
— |
570.1 |
|||
Total revenues |
2,468.4 |
570.1 |
(74.6) |
2,963.9 |
|||
Expenses |
|||||||
Compensation and benefits |
|||||||
Cash-based compensation and benefits |
1,023.7 |
— |
— |
1,023.7 |
|||
Equity-based compensation |
249.1 |
— |
— |
249.1 |
|||
Performance allocations and incentive fee related compensation |
1,103.7 |
— |
— |
1,103.7 |
|||
Total compensation and benefits |
2,376.5 |
— |
— |
2,376.5 |
|||
General, administrative and other expenses |
651.4 |
— |
0.7 |
652.1 |
|||
Interest |
123.8 |
— |
— |
123.8 |
|||
Interest and other expenses of Consolidated Funds |
— |
460.3 |
(41.2) |
419.1 |
|||
Other non-operating expenses |
0.2 |
— |
— |
0.2 |
|||
Total expenses |
3,151.9 |
460.3 |
(40.5) |
3,571.7 |
|||
Other income |
|||||||
Net investment income of Consolidated Funds |
— |
6.9 |
— |
6.9 |
|||
Income (loss) before provision for income taxes |
(683.5) |
116.7 |
(34.1) |
(600.9) |
|||
Benefit for income taxes |
(104.2) |
— |
— |
(104.2) |
|||
Net income (loss) |
(579.3) |
116.7 |
(34.1) |
(496.7) |
|||
Net income attributable to non-controlling interests in consolidated entities |
29.1 |
— |
82.6 |
111.7 |
|||
Net income (loss) attributable to The Carlyle Group Inc. |
$(608.4) |
$116.7 |
$(116.7) |
$(608.4) |
Year Ended December 31, 2022 |
|||||||
Consolidated
Operating
Entities
|
Consolidated
Funds
|
Eliminations |
Consolidated |
||||
(Dollars in millions) |
|||||||
Revenues |
|||||||
Fund management fees |
$2,056.7 |
$— |
$(26.6) |
$2,030.1 |
|||
Incentive fees |
63.8 |
— |
(0.1) |
63.7 |
|||
Investment income |
|||||||
Performance allocations |
1,332.8 |
— |
(5.3) |
1,327.5 |
|||
Principal investment income |
542.5 |
— |
28.0 |
570.5 |
|||
Total investment income |
1,875.3 |
— |
22.7 |
1,898.0 |
|||
Interest and other income |
154.1 |
— |
(18.2) |
135.9 |
|||
Interest and other income of Consolidated Funds |
— |
311.0 |
— |
311.0 |
|||
Total revenues |
4,149.9 |
311.0 |
(22.2) |
4,438.7 |
|||
Expenses |
|||||||
Compensation and benefits |
|||||||
Cash-based compensation and benefits |
1,052.0 |
— |
— |
1,052.0 |
|||
Equity-based compensation |
154.0 |
— |
— |
154.0 |
|||
Performance allocations and incentive fee related compensation |
719.9 |
— |
— |
719.9 |
|||
Total compensation and benefits |
1,925.9 |
— |
— |
1,925.9 |
|||
General, administrative and other expenses |
576.2 |
— |
(0.4) |
575.8 |
|||
Interest |
110.4 |
— |
— |
110.4 |
|||
Interest and other expenses of Consolidated Funds |
— |
255.3 |
(43.7) |
211.6 |
|||
Other non-operating expenses |
1.0 |
— |
— |
1.0 |
|||
Total expenses |
2,613.5 |
255.3 |
(44.1) |
2,824.7 |
|||
Other loss |
|||||||
Net investment loss of Consolidated Funds |
— |
(41.5) |
— |
(41.5) |
|||
Income before provision for income taxes |
1,536.4 |
14.2 |
21.9 |
1,572.5 |
|||
Provision for income taxes |
287.8 |
— |
— |
287.8 |
|||
Net income |
1,248.6 |
14.2 |
21.9 |
1,284.7 |
|||
Net income attributable to non-controlling interests in consolidated entities |
23.6 |
— |
36.1 |
59.7 |
|||
Net income attributable to The Carlyle Group Inc. |
$1,225.0 |
$14.2 |
$(14.2) |
$1,225.0 |
Year Ended December 31, |
|||||
2024 |
2023 |
2022 |
|||
(Dollars in millions) |
|||||
Cash flows from operating activities |
|||||
Net income (loss) |
$1,082.4 |
$(579.3) |
$1,248.6 |
||
Adjustments to reconcile net income (loss) to net cash flows from operating activities: |
|||||
Depreciation and amortization |
184.1 |
180.6 |
147.4 |
||
Equity-based compensation |
467.9 |
249.1 |
154.0 |
||
Non-cash performance allocations and incentive fees |
(360.6) |
1,569.2 |
387.5 |
||
Non-cash principal investment income |
(207.0) |
(130.7) |
(501.5) |
||
Other non-cash amounts |
1.8 |
23.8 |
(10.3) |
||
Purchases of investments |
(886.7) |
(345.8) |
(737.7) |
||
Proceeds from the sale of investments |
737.5 |
485.9 |
498.0 |
||
Payments of contingent consideration |
(4.1) |
(68.6) |
(5.7) |
||
Change in deferred taxes, net |
91.2 |
(368.7) |
(73.2) |
||
Change in due from affiliates and other receivables |
(27.8) |
(33.5) |
(82.3) |
||
Change in deposits and other |
8.5 |
6.3 |
(11.8) |
||
Change in accounts payable, accrued expenses and other liabilities |
58.8 |
(33.2) |
(14.3) |
||
Change in accrued compensation and benefits |
(37.1) |
10.6 |
(135.4) |
||
Change in due to affiliates |
(11.7) |
(14.5) |
1.7 |
||
Change in lease right-of-use asset and lease liability |
(8.1) |
(10.8) |
(8.8) |
||
Change in deferred revenue |
(0.2) |
15.3 |
4.5 |
||
Net cash provided by operating activities |
1,088.9 |
955.7 |
860.7 |
||
Cash flows from investing activities |
|||||
Purchases of corporate treasury investments |
(5.0) |
(187.3) |
(69.6) |
||
Proceeds from corporate treasury investments |
5.1 |
210.3 |
50.0 |
||
Purchases of fixed assets, net |
(77.7) |
(66.6) |
(40.6) |
||
Purchase of Abingworth, net of cash acquired |
— |
— |
(150.2) |
||
Purchase of CBAM intangibles and investments |
— |
— |
(618.4) |
||
Net cash used in investing activities |
(77.6) |
(43.6) |
(828.8) |
||
Cash flows from financing activities |
|||||
Borrowings under credit facilities |
10.4 |
— |
— |
||
Repayments under credit facilities |
(10.4) |
— |
— |
||
Proceeds from CLO borrowings, net of financing costs |
0.7 |
12.0 |
73.2 |
||
Payments on CLO borrowings |
(120.5) |
(17.2) |
(16.7) |
||
Dividends to common stockholders |
(503.0) |
(497.7) |
(443.6) |
||
Payment of deferred consideration for Carlyle Holdings units |
(68.8) |
(68.8) |
(68.8) |
||
Contributions from non-controlling interest holders |
229.5 |
11.8 |
9.2 |
||
Distributions to non-controlling interest holders |
(131.0) |
(64.0) |
(78.7) |
||
Common shares issued for performance allocations |
— |
— |
38.9 |
||
Common shares repurchased and net share settlement of equity awards |
(554.6) |
(203.5) |
(185.6) |
||
Change in due to/from affiliates financing activities |
(24.4) |
(16.2) |
(456.2) |
||
Net cash used in financing activities |
(1,172.1) |
(843.6) |
(1,128.3) |
||
Effect of foreign exchange rate changes |
(14.8) |
12.1 |
(17.2) |
||
Increase (decrease) in cash, cash equivalents and restricted cash |
(175.6) |
80.6 |
(1,113.6) |
||
Cash, cash equivalents and restricted cash, beginning of period |
1,442.1 |
1,361.5 |
2,475.1 |
||
Cash, cash equivalents and restricted cash, end of period |
$1,266.5 |
$1,442.1 |
$1,361.5 |
||
Supplemental non-cash disclosures |
|||||
Issuance of common shares related to the acquisition of CBAM and Abingworth |
$— |
$— |
$219.5 |
||
Reconciliation of cash, cash equivalents and restricted cash, end of period: |
|||||
Cash and cash equivalents |
$1,266.0 |
$1,440.3 |
$1,360.7 |
||
Restricted cash |
0.5 |
1.8 |
0.8 |
||
Total cash, cash equivalents and restricted cash, end of period |
$1,266.5 |
$1,442.1 |
$1,361.5 |
||
Cash and cash equivalents held at Consolidated Funds |
$830.4 |
$346.0 |
$209.0 |
Report of Independent Registered Public Accounting Firm (PCAOB ID: 42) |
|
Consolidated Balance Sheets as of December 31, 2024 and 2023 |
|
Consolidated Statements of Operations for the Years Ended December 31, 2024, 2023 and 2022 |
|
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2024, 2023 and 2022 |
|
Consolidated Statements of Changes in Equity for the Years Ended December 31, 2024, 2023 and 2022 |
|
Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022 |
|
Notes to Consolidated Financial Statements |
Exhibit Index | ||
Exhibit
Number
|
Description |
|
3.1 |
||
3.2 |
||
4.1 |
||
4.2 |
||
4.3 |
||
4.4 |
||
4.5 |
||
4.6 |
||
4.7 |
||
4.8 |
||
4.9 |
||
4.10 |
||
4.11 |
||
4.12 |
||
4.13 |
||
4.14 |
||
4.15 |
||
4.16 |
||
4.17 |
||
4.18 |
10.1 |
||
10.2 |
||
10.3 |
||
10.4 |
||
10.5+ |
||
10.6+ |
||
10.7+ |
||
10.8+ |
||
10.9+ |
||
10.10+ |
||
10.11+ |
||
10.12 |
||
10.13 |
10.14 |
||
10.15 |
||
10.16 |
||
10.17 |
||
10.18 |
||
10.19+ |
||
10.20+ |
||
10.21*+ |
||
10.22+ |
||
10.23+ |
||
10.24+ |
||
10.25+ |
||
10.26+ |
||
10.27+ |
||
10.28+ |
||
10.29+ |
||
10.30+ |
||
10.31+ |
||
10.32+ |
||
10.33+ |
||
10.34*+ |
||
10.35+ |
||
19.1* |
||
21.1* |
||
22* |
||
23.1* |
||
31.1* |
||
31.2* |
||
32.1** |
||
32.2** |
||
97 |
||
101.INS |
Inline XBRL Instance Document - the Instance Document does not appear in the Interactive Data File because its
XBRL tags are embedded within the Inline XBRL document.
|
|
101.SCH |
Inline XBRL Taxonomy Extension Schema Document. |
|
101.CAL |
Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
|
101.DEF |
Inline XBRL Taxonomy Extension Definition Linkbase Document. |
|
101.LAB |
Inline XBRL Taxonomy Extension Labels Linkbase Document. |
|
101.PRE |
Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
|
104 |
The cover page from The Carlyle Group Inc.’s Annual Report on Form 10-K for the fiscal year ended December
31, 2024, formatted in Inline XBRL (included within the Exhibit 101 attachments).
|
The Carlyle Group Inc. | ||
By: |
/s/ John C. Redett |
|
Name: John C. Redett |
||
Title: Chief Financial Officer |
Signature |
Title |
|
/s/ Harvey M. Schwartz
Harvey M. Schwartz
|
Chief Executive Officer and Director
(principal executive officer)
|
|
/s/ John C. Redett
John C. Redett
|
Chief Financial Officer
(principal financial officer)
|
|
/s/ William E. Conway, Jr
William E. Conway, Jr.
|
Co-Founder, Co-Chairman, and Director |
|
/s/ David M. Rubenstein
David M. Rubenstein
|
Co-Founder, Co-Chairman, and Director |
|
/s/ Daniel A. D’Aniello
Daniel A. D’Aniello
|
Co-Founder, Chairman Emeritus, and Director |
|
/s/ Afsaneh M. Beschloss
Afsaneh M. Beschloss
|
Director |
|
/s/ Sharda Cherwoo
Sharda Cherwoo
|
Director |
|
/s/ Linda H. Filler
Linda H. Filler
|
Director |
|
/s/ Lawton W. Fitt
Lawton W. Fitt
|
Director |
|
/s/ James H. Hance, Jr.
James H. Hance, Jr.
|
Director |
|
/s/ Mark S. Ordan
Mark S. Ordan
|
Director |
|
/s/ Derica W. Rice
Derica W. Rice
|
Director |
|
/s/ William J. Shaw
William J. Shaw
|
Director |
|
/s/ Anthony Welters
Anthony Welters
|
Director |
|
/s/ Charles E. Andrews, Jr.
Charles E. Andrews, Jr.
|
Chief Accounting Officer
(principal accounting officer)
|
|
EMPLOYER: |
THE CARLYLE GROUP EMPLOYEE CO., L.L.C. |
By: /s/ Bruce Larson |
|
Name: Bruce M. Larson |
|
Title: Chief Human Resources Officer |
|
EMPLOYEE: |
/s/ Lindsay LoBue |
Lindsay LoBue |
|
A.Director Name: ________________________________________________ |
B.Election for [__] Annual RSU Grant
The portion of your annual retainer that is paid in the form of an annual RSU grant awarded to you
under the Plan normally provides for vesting and delivery of the underlying Shares of the
Company’s common stock upon the earliest to occur of (i) the first anniversary of the grant date,
(ii) the date of your death or Disability or (iii) the date of your involuntary separation without
Cause within 12 months following a Change in Control. Complete the following election if you
wish to irrevocably elect to defer distribution of the Shares of common stock that are deliverable
upon the vesting of the RSUs granted to you in [__] as part of your annual retainer for your service
on the Board that would otherwise be delivered to you on the scheduled vesting date to a
subsequent calendar year.
**If you do not elect to defer your RSU Shares, the distribution of Shares will occur on the
normal vesting date determined pursuant to the RSU award agreement.
|
C.Election to Receive Deferred RSUs or Fully Vested Shares of Common Stock in Lieu of
[__] Cash Compensation
The portion of your annual retainer (including any additional cash retainer for service as the
Board’s lead independent director or as the chairperson for a committee of the Board) that is paid
in Cash Compensation is paid in monthly installments (i.e., the Cash Compensation for [__] will be
paid in twelve substantially equal monthly installments from January [__] to December [__]).
Complete the following election if you wish to irrevocably elect to receive either (i) fully vested
deferred RSUs or (ii) fully vested non-deferred Shares in lieu of the portion of your Cash
Compensation that would otherwise be earned and payable to you during [__] in respect of your
services to be rendered as a director during [__]. The number of fully vested deferred RSUs or
fully vested non-deferred Shares that you receive pursuant to this election will be calculated and
granted to you on [__] based on the Fair Market Value of the Company’s Shares as of such date.
**If you do not elect to receive fully vested deferred RSUs or fully vested non-deferred Shares in
lieu of your [__] Cash Compensation, then your Cash Compensation for [__] will continue to be
paid in cash on the regularly scheduled payment dates.
|
D.Acknowledgements Regarding Elections
If you are making elections with respect to your [__] RSUs and/or [__] Cash Compensation,
you hereby acknowledge the following additional terms and conditions applicable to any
deferred RSUs or non-deferred Shares:
|
E.E. Signature |
Exhibit 21.1 |
LIST OF SUBSIDIARIES |
Company Name |
Jurisdiction of
Incorporation or
Organization
|
Abingworth Bioventures 8 GP LP |
Scotland |
Abingworth Bioventures GP Limited |
England & Wales |
Abingworth Bioventures V GP limited |
Scotland |
Abingworth CCD 2 General Partner LLP |
Scotland |
Abingworth CCD General Partner LLP |
Scotland |
Abingworth CCD GP Limited |
England & Wales |
Abingworth Clinical Co-Development Fund 2 GP LP |
Scotland |
Abingworth General Partner 8 LLP |
Scotland |
Abingworth General Partner V LLP |
Scotland |
Abingworth General Partner VI LLP |
Scotland |
Abingworth General Partner VII LLP |
Scotland |
Abingworth German Designated LP Corp. |
Delaware |
Abingworth LLP |
England & Wales |
Abingworth Management Inc |
Maryland |
Abingworth Second Partner Limited |
England & Wales |
ABV 9 GP Cayman, L.P. |
Cayman Islands |
ABV 9 GP LP |
Delaware |
ABV 9 Holdings, L.L.C. |
Delaware |
ABV 9 Lux GP S.à r.l. |
Luxembourg |
ACCD 3 GP LP |
Delaware |
ACCD 3 Holdings, L.L.C. |
Delaware |
ACCD 3 Lux GP S.à r.l |
Luxembourg |
ACP 2021 Agg. GP, LLC |
Delaware |
ACP 2022 Agg. GP, LLC |
Delaware |
ACP 2023 Agg. GP B.V. |
Netherlands |
ACP 2023 Agg. GP, LLC |
Delaware |
ACP 2024 Agg. GP, LLC |
Delaware |
ACP Quest GP B.V. |
Netherlands |
A-F Torano (JPY) Fund, L.P. |
Cayman Islands |
A-F Torano (JPY) GP, L.P. |
Delaware |
Alp CFO 2024 (Feeder) GP, LLC |
Delaware |
Alp CFO 2024 GP, LLC |
Delaware |
Alp Holdings Coöperatief U.A. |
Netherlands |
ALP L Global GP B.V. |
Netherlands |
ALP L Global GP, L.P. |
Delaware |
AlpInvest Access GP LLC |
Delaware |
AlpInvest Access II GP B.V. |
Netherlands |
AlpInvest Access II GP, L.P. |
Delaware |
AlpInvest Access III GP, L.P. |
Delaware |
Company Name |
Jurisdiction of
Incorporation or
Organization
|
AlpInvest AF B.V. |
Netherlands |
AlpInvest AF II B.V. |
Netherlands |
AlpInvest ASF VII G Sidecar GP, LLC |
Delaware |
AlpInvest ASF VII Sidecar GP, LLC |
Delaware |
AlpInvest ASF VII Top Castle Sidecar GP, LLC |
Delaware |
AlpInvest ASR GP, LLC |
Delaware |
AlpInvest Atom GP L.P. |
Delaware |
AlpInvest Atom II GP, L.P. |
Delaware |
AlpInvest Atom II Lux GP S.à r.l. |
Luxembourg |
AlpInvest Atom II Ultimate GP, LLC |
Delaware |
AlpInvest Atom Lux GP S.à r.l |
Luxembourg |
AlpInvest C GP, LLC |
Delaware |
AlpInvest C II GP, L.P. |
Delaware |
AlpInvest Cendana I GP B.V. |
Netherlands |
AlpInvest Cendana I GP, L.P. |
Delaware |
AlpInvest Chesapeake SCF I GP B.V. |
Netherlands |
AlpInvest Chesapeake SCF I GP, LP |
Delaware |
AlpInvest CI IX B.V. |
Netherlands |
AlpInvest CI VII B.V. |
Netherlands |
AlpInvest CI VIII B.V. |
Netherlands |
AlpInvest Co-Investment IX GP, L.P. |
Delaware |
AlpInvest Co-Investment IX Lux GP S.à r.l. |
Luxembourg |
AlpInvest Co-Investment IX Ultimate GP, LLC |
Delaware |
AlpInvest Co-Investment Ultimate GP I, LLC |
Delaware |
AlpInvest Co-Investment VII GP LLC |
Delaware |
AlpInvest Co-Investment VII Lux GP S.à r.l. |
Luxembourg |
AlpInvest Co-Investment VIII GP, L.P. |
Delaware |
AlpInvest Co-Investment VIII Lux GP S.à r.l. |
Luxembourg |
AlpInvest Condor GP B.V. |
Netherlands |
AlpInvest Condor GP, L.P. |
Delaware |
AlpInvest Condor Lux GP, S.à r.l. |
Luxembourg |
AlpInvest Corient GP, LLC |
Delaware |
AlpInvest CWS GP B.V. |
Netherlands |
AlpInvest CWS GP II B.V. |
Netherlands |
AlpInvest CWS GP III B.V. |
Netherlands |
AlpInvest CWS GP, S.à r.l. |
Luxembourg |
AlpInvest Edison GP B.V. |
Netherlands |
AlpInvest Edison GP, LLC |
Delaware |
AlpInvest Falcon SCF I C.V. |
Netherlands |
AlpInvest Falcon SCF I GP B.V. |
Netherlands |
AlpInvest Falcon SCF I GP, L.P. |
Delaware |
AlpInvest Falcon SCF I, L.P. |
Delaware |
AlpInvest FC Credit GP, LLC |
Delaware |
Company Name |
Jurisdiction of
Incorporation or
Organization
|
AlpInvest FCR Secondaries GP, LLC |
Delaware |
AlpInvest FCR Secondaries II GP, LLC |
Delaware |
AlpInvest Finance Street GP, LLC |
Delaware |
AlpInvest Finance Street II GP, L.P. |
Delaware |
AlpInvest Fondo B.V. |
Netherlands |
AlpInvest FS GP B.V. |
Netherlands |
AlpInvest FS II GP B.V. |
Netherlands |
AlpInvest G Co-Investment GP, LLC |
Delaware |
AlpInvest G GP B.V. |
Netherlands |
AlpInvest G GP S.à r.l. |
Luxembourg |
AlpInvest G II GP B.V. |
Netherlands |
AlpInvest G II GP S.à r.l. |
Luxembourg |
AlpInvest G Secondary GP, LLC |
Delaware |
AlpInvest G Secondary II GP, L.P. |
Delaware |
AlpInvest GA B.V. |
Netherlands |
AlpInvest GGG B.V. |
Netherlands |
AlpInvest GGG II B.V. |
Netherlands |
AlpInvest GGG II GP, LLC |
Delaware |
AlpInvest GGG III B.V. |
Netherlands |
AlpInvest GGG III GP, L.P. |
Delaware |
AlpInvest Global Advantage GP, LLC |
Delaware |
AlpInvest Global Private Equity Program III, LLC |
Delaware |
AlpInvest GRIO GP B.V. |
Netherlands |
AlpInvest GRIO GP II B.V. |
Netherlands |
AlpInvest GRIO GP II, L.P. |
Delaware |
Alpinvest GRIO GP, LLC |
Delaware |
AlpInvest Harvest GP, L.P. |
Delaware |
AlpInvest HLI GP B.V. |
Netherlands |
AlpInvest HLI GP, L.P. |
Delaware |
AlpInvest HLI II GP, L.P. |
Delaware |
AlpInvest IIF GP LLC |
Delaware |
AlpInvest Indiana GP, LLC |
Delaware |
AlpInvest Indiana Venture GP, LLC |
Delaware |
AlpInvest Indiana-A GP, LLC |
Delaware |
Alpinvest Indigo Co-Invest GP, LLC |
Delaware |
AlpInvest Indigo SCF I GP, L.P. |
Delaware |
AlpInvest INext GP, LLC |
Delaware |
AlpInvest Investments B.V. |
Netherlands |
AlpInvest J GP B.V. |
Netherlands |
AlpInvest J GP, LLC |
Delaware |
AlpInvest J II GP B.V. |
Netherlands |
AlpInvest J II GP, L.P. |
Delaware |
AlpInvest KP GP B.V. |
Netherlands |
Company Name |
Jurisdiction of
Incorporation or
Organization
|
AlpInvest KP GP S.à r.l. |
Luxembourg |
AlpInvest KP II GP B.V. |
Netherlands |
AlpInvest KP II GP, L.P. |
Delaware |
AlpInvest KP II GP, S.à r.l. |
Luxembourg |
AlpInvest LIVE GP B.V. |
Netherlands |
AlpInvest Live GP LLC |
Delaware |
AlpInvest M Capital Fund GP, LLC |
Delaware |
AlpInvest M Co II GP B.V. |
Netherlands |
AlpInvest M Co II GP, L.P. |
Delaware |
AlpInvest M GP B.V. |
Netherlands |
AlpInvest M Secondaries GP B.V. |
Netherlands |
AlpInvest M Secondaries GP, L.P. |
Delaware |
AlpInvest MC Managing Member LLC |
Delaware |
AlpInvest Mex B.V. |
Netherlands |
AlpInvest Mex I LLC |
Delaware |
AlpInvest Mex II LLC |
Delaware |
AlpInvest Mich B.V. |
Netherlands |
AlpInvest Mich SPV B.V. |
Netherlands |
AlpInvest MMBO Holdings GP, LLC |
Delaware |
AlpInvest Multi-Strategy Ultimate GP I, LLC |
Delaware |
AlpInvest N GP B.V. |
Netherlands |
AlpInvest N GP LP |
Delaware |
AlpInvest North Rush GP, LLC |
Delaware |
AlpInvest North Rush II GP, LLC |
Delaware |
AlpInvest North Rush III GP, L.P. |
Delaware |
AlpInvest NPE GP B.V. |
Netherlands |
AlpInvest NPE GP LLC |
Delaware |
AlpInvest NPE GP S.à.r.l. |
Luxembourg |
AlpInvest NPE II GP, LLC |
Delaware |
AlpInvest P GP B.V. |
Netherlands |
AlpInvest P II GP B.V. |
Netherlands |
AlpInvest Partners 2003 BV |
Netherlands |
AlpInvest Partners 2006 BV |
Netherlands |
AlpInvest Partners 2008 B.V. |
Netherlands |
AlpInvest Partners 2009 B.V. |
Netherlands |
AlpInvest Partners 2011 B.V. |
Netherlands |
AlpInvest Partners 2011 LLC |
Delaware |
AlpInvest Partners 2012 I BV |
Netherlands |
AlpInvest Partners 2012 II B.V. |
Netherlands |
AlpInvest Partners 2012 LLC |
Delaware |
AlpInvest Partners 2014 I B.V. |
Netherlands |
AlpInvest Partners 2014 II B.V. |
Netherlands |
AlpInvest Partners 2014 LLC |
Delaware |
Company Name |
Jurisdiction of
Incorporation or
Organization
|
AlpInvest Partners 2016 II B.V. |
Netherlands |
AlpInvest Partners 2017 II B.V. |
Netherlands |
AlpInvest Partners 2018 II B.V. |
Netherlands |
AlpInvest Partners 2019 II B.V. |
Netherlands |
AlpInvest Partners 2020 II B.V. |
Netherlands |
AlpInvest Partners 2020/2021 GP I LLC |
Delaware |
AlpInvest Partners B.V. |
Netherlands |
AlpInvest Partners Beheer 2006 BV |
Netherlands |
AlpInvest Partners Clean Technology Investments 2007-2009 BV |
Netherlands |
AlpInvest Partners Clean Technology Investments 2010-2011 BV |
Netherlands |
AlpInvest Partners Co-Investments 2015 I B.V. |
Netherlands |
AlpInvest Partners Co-Investments 2015 I SPV B.V. |
Netherlands |
AlpInvest Partners Co-Investments 2015 II B.V. |
Netherlands |
AlpInvest Partners Co-Investments 2015 II SPV B.V. |
Netherlands |
AlpInvest Partners Co-Investments 2016 I B.V. |
Netherlands |
AlpInvest Partners Co-Investments BV |
Netherlands |
AlpInvest Partners Direct Investments 2003 BV |
Netherlands |
AlpInvest Partners Direct Investments BV |
Netherlands |
AlpInvest Partners Direct Secondary Investments BV |
Netherlands |
AlpInvest Partners European Mezzanine Investments BV |
Netherlands |
AlpInvest Partners Fund Investments 2003 BV |
Netherlands |
AlpInvest Partners Fund Investments 2006 BV |
Netherlands |
AlpInvest Partners Fund Investments 2009 BV |
Netherlands |
AlpInvest Partners Fund Investments 2011 B.V. |
Netherlands |
AlpInvest Partners Fund Investments 2012 I B.V. |
Netherlands |
AlpInvest Partners Fund Investments 2012 II B.V. |
Netherlands |
AlpInvest Partners Fund Investments 2013 I B.V. |
Netherlands |
AlpInvest Partners Fund Investments 2013 II B.V. |
Netherlands |
AlpInvest Partners Fund Investments 2014 I B.V. |
Netherlands |
AlpInvest Partners Fund Investments 2014 II B.V. |
Netherlands |
AlpInvest Partners Fund Investments 2015 I B.V. |
Netherlands |
AlpInvest Partners Fund Investments 2015 II B.V. |
Netherlands |
AlpInvest Partners Fund Investments BV |
Netherlands |
AlpInvest Partners Fund of Funds Custodian IIA BV |
Netherlands |
AlpInvest Partners Fund of Funds Management IIA BV |
Netherlands |
AlpInvest Partners Later Stage Co-Investments Custodian II BV |
Netherlands |
AlpInvest Partners Later Stage Co-Investments Custodian IIA BV |
Netherlands |
AlpInvest Partners Later Stage Co-Investments Management II BV |
Netherlands |
AlpInvest Partners Later Stage Co-Investments Management IIA BV |
Netherlands |
AlpInvest Partners Limited |
Hong Kong |
AlpInvest Partners LLP |
England & Wales |
AlpInvest Partners Mezzanine 2012-2014 B.V. |
Netherlands |
AlpInvest Partners Mezzanine Investments 2005/2006 BV |
Netherlands |
Company Name |
Jurisdiction of
Incorporation or
Organization
|
AlpInvest Partners Mezzanine Investments 2007/2009 BV |
Netherlands |
AlpInvest Partners Pte. Ltd. |
Singapore |
AlpInvest Partners S.r.l. |
Italy |
AlpInvest Partners Secondary Investments 2015 I B.V. |
Netherlands |
AlpInvest Partners Secondary Investments 2015 II B.V. |
Netherlands |
AlpInvest Partners Secondary Investments 2016 I B.V. |
Netherlands |
AlpInvest Partners Secondary Investments 2018/2019 I B.V. |
Netherlands |
AlpInvest Partners US Mezzanine Investments BV |
Netherlands |
Alpinvest Partnership Fund GP S.à r.l. |
Luxembourg |
AlpInvest Partnership Strategic Account GP, LLC |
Delaware |
AlpInvest PEP GP B.V. |
Netherlands |
AlpInvest PG 2022 GP B.V. |
Netherlands |
AlpInvest Phoenix SCF I GP, L.P. |
Delaware |
Alpinvest PM GP B.V. |
Netherlands |
AlpInvest PM GP, L.P. |
Delaware |
AlpInvest Primary Co-Invest LLC |
Delaware |
AlpInvest Primary Non-US Co-Invest, L.P. |
Cayman Islands |
AlpInvest Primary Ultimate GP I, LLC |
Delaware |
AlpInvest Primary US Co-Invest, L.P. |
Cayman Islands |
AlpInvest Private Equity Investment Management, LLC |
Delaware |
AlpInvest Private Equity Program 2017 GP, LLC |
Delaware |
AlpInvest Private Equity Program 2018 GP, LLC |
Delaware |
AlpInvest Private Equity Program 2020 GP, L.P. |
Delaware |
AlpInvest Private Equity Program 2021 GP, L.P. |
Delaware |
AlpInvest Private Equity Program 2022 GP, L.P. |
Delaware |
AlpInvest Private Equity Program GP LLC |
Delaware |
Alpinvest PSS GP B.V. |
Netherlands |
AlpInvest PSS GP, LLC |
Delaware |
AlpInvest PSS II GP, L.P. |
Delaware |
AlpInvest RedC GP B.V. |
Netherlands |
AlpInvest RedC GP, L.P. |
Delaware |
AlpInvest Roman GP B.V. |
Netherlands |
AlpInvest RV, LLC |
Cayman Islands |
AlpInvest Secondaries Merlion GP B.V. |
Netherlands |
AlpInvest Secondaries Merlion GP, L.P. |
Delaware |
AlpInvest Secondaries V GP, LLC |
Delaware |
AlpInvest Secondaries VI GP LLC |
Delaware |
AlpInvest Secondaries VI Lux GP S.à r.l. |
Luxembourg |
AlpInvest Secondaries VII GP, L.P. |
Delaware |
AlpInvest Secondaries VII Lux GP S.à r.l. |
Luxembourg |
AlpInvest Secondaries VIII GP, L.P. |
Delaware |
AlpInvest Secondaries VIII Lux GP S.à r.l. |
Luxembourg |
AlpInvest Secondaries VIII Ultimate GP, LLC |
Delaware |
Company Name |
Jurisdiction of
Incorporation or
Organization
|
AlpInvest Secondary Ultimate GP I, LLC |
Delaware |
AlpInvest Seed GP, L.P. |
Delaware |
AlpInvest SF V B.V. |
Netherlands |
AlpInvest SF VI B.V. |
Netherlands |
AlpInvest SF VII B.V. |
Netherlands |
AlpInvest SF VIII B.V. |
Netherlands |
AlpInvest SIG Fund GP, LLC |
Delaware |
AlpInvest SIG GP B.V. |
Netherlands |
AlpInvest SIG GP II B.V. |
Netherlands |
AlpInvest SIG II GP, LLC |
Delaware |
AlpInvest SPF II B.V. |
Netherlands |
AlpInvest Spire GP, L.P. |
Delaware |
AlpInvest Strategic Portfolio Finance II GP, LP |
Delaware |
AlpInvest Strategic Portfolio Finance II Lux GP S.à r.l. |
Luxembourg |
AlpInvest Strategic Portfolio Finance II Ultimate GP, LLC |
Delaware |
AlpInvest Strategic Portfolio Finance Ultimate GP I, LLC |
Delaware |
AlpInvest UK Holdings, LLC |
Delaware |
AlpInvest United B.V. |
Netherlands |
AlpInvest US Co-Investment Access GP LLC |
Delaware |
AlpInvest US Holdings, LLC |
Delaware |
AlpInvest VG GP B.V. |
Netherlands |
AlpInvest Victoria Growth Portfolio GP, L.P. |
Delaware |
AlpInvest WB GP, L.P. |
Delaware |
Alplnvest Partners Secondary Investments 2020/2021 I B.V. |
Netherlands |
AMC 2012 Holdings Ltd. |
Cayman Islands |
AMC 2012 Ltd. |
Cayman Islands |
AMC 2013 Holdings Ltd. |
Cayman Islands |
AMC 2013 Ltd. |
Cayman Islands |
AMC 2014 Holdings Ltd. |
Cayman Islands |
AMC 2014 Ltd. |
Cayman Islands |
AMC 2015 Holdings Ltd. |
Cayman Islands |
AMC 2015 Ltd. |
Cayman Islands |
AP 2011-2014 SLP Ltd |
Cayman Islands |
AP 2014-2016 SLP Ltd. |
Cayman Islands |
AP Account Management B.V. |
Netherlands |
AP B.V. |
Netherlands |
AP Co-Invest 2016-2020 SLP Ltd. |
Cayman Islands |
AP H Secondaries B.V. |
Netherlands |
AP Harvest GP B.V. |
Netherlands |
AP INPRS SLP Ltd. |
Cayman Islands |
AP M GP, LLC |
Delaware |
AP P GP, LLC |
Delaware |
AP P II GP, L.P. |
Delaware |
Company Name |
Jurisdiction of
Incorporation or
Organization
|
AP Primary 2017-2021 SLP Ltd. |
Cayman Islands |
AP Private Equity Investments I B.V. |
Netherlands |
AP Private Equity Investments III B.V. |
Netherlands |
AP World Fund B.V. |
Netherlands |
Apollo Aviation Acquisitions, LLC |
Florida |
Apollo Aviation Lease Management, LLC |
Delaware |
ASCP Hyperion GP, LLC |
Delaware |
ASCP Hyperion SPV GP, LLC |
Delaware |
ASCP Hyperion SPV, L.P. |
Delaware |
ASCP Hyperion, L.P. |
Delaware |
ASCP Member GP II, LLC |
Delaware |
ASCP Member GP, LLC |
Delaware |
ASCP Oakland GP, L.P. |
Delaware |
ASCP Orchard GP, LLC |
Delaware |
ASCP Orchard SPV GP, LLC |
Delaware |
ASCP Orchard SPV, L.P. |
Delaware |
ASCP Orchard, LP |
Delaware |
ASF V Co-Invest Holding Ltd. |
Cayman Islands |
ASF V Co-Invest Ltd. |
Cayman Islands |
ASF VII Access Sidecar GP, LLC |
Cayman Islands |
ASF VIII Sidecar GP B.V. |
Netherlands |
ASF VIII Sidecar GP, LLC |
Delaware |
ASP 2021 Agg. GP, LLC |
Delaware |
ASP 2022 Agg. GP, LLC |
Delaware |
ASP 2023 Agg. GP, LLC |
Delaware |
ASP 2024 Agg. GP, LLC |
Delaware |
ASP Catalyst GP, L.P. |
Delaware |
ASP Ross GP, L.P. |
Delaware |
ASP Sunrise GP LLC |
Delaware |
ASP Thunderball B.V. |
Netherlands |
ASP VI 2016-2020 SLP Ltd. |
Cayman Islands |
ASP VII GP Co, LLC |
Delaware |
ASPF I Co GP, LLC |
Delaware |
ASPF II 2022 - I GP, LLC |
Delaware |
ASPF II Sidecar GP, LLC |
Delaware |
ASPF N GP, LLC |
Delaware |
ASPF Skyfall, B.V. |
Netherlands |
Atom Investment GP, L.L.C. |
Delaware |
Betacom Beheer 2004 BV |
Netherlands |
Betacom XLII B.V. |
Netherlands |
Betacom XLV BV |
Netherlands |
Brazil Internationalization II (Delaware), L.L.C. |
Delaware |
Brazil Internationalization, L.L.C. |
Delaware |
Company Name |
Jurisdiction of
Incorporation or
Organization
|
BRL Funding Partners, L.L.C. |
Delaware |
C/R ENERGY ILP GENERAL PARTNER LTD. |
Cayman Islands |
CAF General Partner, L.P. |
Delaware |
CAF L.L.C. |
Delaware |
CAF Lux General Partner, S.à r.l. |
Luxembourg |
CAGP General Partner, L.P. |
Cayman Islands |
CAGP IV AIV GP, L.P. |
Cayman Islands |
CAGP IV General Partner, L.P. |
Cayman Islands |
CAGP IV, L.L.C. |
Delaware |
CAGP, Ltd. |
Cayman Islands |
CALF Holdings, Ltd. |
Cayman Islands |
CALF I General Partner, L.P. |
Cayman Islands |
CALF Investment Limited |
Cayman Islands |
CAP Advisors (Hong Kong) Limited |
Hong Kong |
CAP Growth I General Partner, L.P. |
Cayman Islands |
CAP Growth I, L.L.C. |
Delaware |
CAP Growth II General Partner, L.P. |
Cayman Islands |
CAP Growth II Lux GP, S.à r.l. |
Luxembourg |
CAP Growth II, L.L.C. |
Delaware |
CAP II, L.L.C. |
Delaware |
CAP III GENERAL PARTNER (SCOT) L.P. |
Scotland |
CAP III General Partner S3, L.P. |
Cayman Islands |
CAP III General Partner, L.P. |
Cayman Islands |
CAP III S3 Ltd. |
Cayman Islands |
CAP III, L.L.C. |
Delaware |
CAP INVESTMENT HOLDINGS LIMITED |
Hong Kong |
CAP IV General Partner, L.P. |
Cayman Islands |
CAP IV Ltd. |
Cayman Islands |
CAP IV Lux GP, S.à r.l. |
Luxembourg |
CAP IV, L.L.C. |
Delaware |
CAP MANAGEMENT HOLDINGS LIMITED |
Hong Kong |
CAP V General Partner, L.P. |
Cayman Islands |
CAP V Lux Feeder GP, S.à r.l. |
Luxembourg |
CAP V Luxembourg GP, S.à r.l. |
Luxembourg |
CAP V, L.L.C. |
Delaware |
CAP VI General Partner, L.P. |
Cayman Islands |
CAP VI Lux GP, S.à r.l. |
Luxembourg |
CAP VI, L.L.C. |
Delaware |
CAPM (EU) GP B.V. |
Netherlands |
CARAV GP, L.L.C. |
Delaware |
CARE Engagement, Ltd. |
Cayman Islands |
Carlyle (Beijing) Investment Consulting Center, L.P. |
China |
Carlyle (Beijing) Investment Management Co., Ltd. |
China |
Company Name |
Jurisdiction of
Incorporation or
Organization
|
Carlyle Access GP 2014, L.L.C. |
Delaware |
Carlyle Access GP 2014, Ltd. |
Cayman Islands |
Carlyle Access GP 2015, L.L.C. |
Delaware |
Carlyle Access GP 2015, Ltd. |
Cayman Islands |
Carlyle Access GP III, L.L.C. |
Delaware |
Carlyle Access GP III, Ltd. |
Cayman Islands |
Carlyle Access GP IV, L.L.C. |
Delaware |
Carlyle Access GP IV, Ltd. |
Cayman Islands |
Carlyle Alternative Opportunities GP S1 II, L.P. |
Delaware |
Carlyle Alternative Opportunities GP S1, L.P. |
Delaware |
Carlyle Alternative Opportunities GP S2 Care, L.P. |
Delaware |
Carlyle Alternative Opportunities GP S2 II, L.P. |
Delaware |
Carlyle Alternative Opportunities GP S2, L.P. |
Delaware |
Carlyle Alternative Opportunities GP-GP S1, L.L.C. |
Delaware |
Carlyle Alternative Opportunities GP-GP, L.L.C. |
Delaware |
Carlyle Asia Investment Advisors Limited |
Hong Kong |
Carlyle Asia Limited |
Hong Kong |
Carlyle Asia PE Alternative Opportunities GP S2 II, L.P. |
Delaware |
Carlyle Asia PE Alternative Opportunities GP S2, L.P. |
Delaware |
Carlyle Asia Real Estate II GP, L.P. |
Cayman Islands |
Carlyle Asia Real Estate II GP, Ltd. |
Cayman Islands |
Carlyle Aurora Revolving Loan Fund GP, L.L.C. |
Delaware |
Carlyle Aurora Revolving Loan Fund GP, L.P. |
Cayman Islands |
Carlyle Australia Advisors Pty Ltd. |
Australia |
Carlyle Australia Equity Management Pty Limited |
Australia |
Carlyle Australia Investment Advisors Limited |
Hong Kong |
Carlyle Australia Real Estate Advisors Pty Ltd |
Australia |
Carlyle Aviation Fund Management II LLC |
Delaware |
Carlyle Aviation Fund Management, LLC |
Delaware |
Carlyle Aviation Group, LLC |
Florida |
Carlyle Aviation Holdings U.S., L.L.C. |
Florida |
Carlyle Aviation Leasing Services LP |
Cayman Islands |
Carlyle Aviation Leasing Services UGP Ltd. |
Cayman Islands |
Carlyle Aviation Luxembourg S.à r.l. |
Luxembourg |
Carlyle Aviation Management Irish Holding Company Limited |
Ireland |
Carlyle Aviation Management Limited |
Bermuda |
Carlyle Aviation Management Singapore Pte. Ltd. |
Singapore |
Carlyle Aviation Partners LLC |
Florida |
Carlyle Aviation Partners Ltd. |
Bermuda |
Carlyle Aviation PDP Management LLC |
Delaware |
Carlyle Aviation Runway PDP GP LLC |
Delaware |
Carlyle Aviation Securities Partners, LLC |
Delaware |
Carlyle Aviation Services II UGP Ltd. |
Cayman Islands |
Company Name |
Jurisdiction of
Incorporation or
Organization
|
Carlyle Aviation Services III LP |
Cayman Islands |
Carlyle Aviation Services III UGP Ltd. |
Cayman Islands |
Carlyle Aviation Services IV LP |
Cayman Islands |
Carlyle Aviation Services IV UGP Ltd. |
Cayman Islands |
Carlyle Aviation Services Limited |
Cayman Islands |
Carlyle Aviation Services V LP |
Cayman Islands |
Carlyle Aviation Services V UGP Ltd. |
Cayman Islands |
CARLYLE AVIATION SERVICES VI LP |
Cayman Islands |
Carlyle Aviation Services VI UGP Ltd. |
Cayman Islands |
Carlyle Aviation Services, II L.P. |
Cayman Islands |
Carlyle Banyan L.L.C. |
Delaware |
Carlyle Beratungs GmbH |
Germany |
Carlyle Bonus Holdings L.L.C. |
Delaware |
Carlyle Brasil Consultoria em Investimentos Ltda. |
Brazil |
Carlyle Bravo Credit SLP L.L.C. |
Delaware |
Carlyle Bravo Credit Special Limited Partner L.P. |
Cayman Islands |
Carlyle Capital Coinvestment Partners, L.P. |
Delaware |
Carlyle Cavalier GP, L.L.C. |
Delaware |
Carlyle Cavalier GP, L.P. |
Delaware |
Carlyle China Realty GP, L.P. |
Cayman Islands |
Carlyle China Realty Ltd. |
Cayman Islands |
Carlyle CIM Agent, L.L.C. |
Delaware |
Carlyle CLO GP, L.L.C. |
Delaware |
Carlyle CLO ILP GP, L.L.C. |
Delaware |
Carlyle CLO Investment Holdings, L.P. |
Delaware |
Carlyle CLO Management Europe LLC |
Delaware |
Carlyle CLO Management L.L.C. |
Delaware |
Carlyle CLO Partners GP, L.L.C. |
Cayman Islands |
Carlyle CLO Partners Manager, L.L.C |
Delaware |
Carlyle CLOP GP, L.L.C. |
Delaware |
Carlyle Commodity Management, L.L.C. |
Delaware |
Carlyle Credit K Fund GP, L.L.C. |
Delaware |
Carlyle Credit Opportunities TX Co-Invest Manager, L.L.C. |
Delaware |
Carlyle Direct Alternative Opportunities Care GP, L.L.C. |
Delaware |
Carlyle Direct Alternative Opportunities GP S1, L.L.C. |
Delaware |
Carlyle Direct Alternative Opportunities GP, L.L.C. |
Delaware |
Carlyle Direct Alternative Opportunities II GP, L.L.C. |
Delaware |
Carlyle Direct Alternative Opportunities II GP, L.P. |
Cayman Islands |
Carlyle Direct Alternative Opportunities II S1 GP, L.P. |
Delaware |
Carlyle Direct Lending Drawdown CLO 2022-1 GP, L.L.C. |
Delaware |
Carlyle Direct Lending Drawdown CLO 2023-2, LLC |
Delaware |
Carlyle Direct Lending Fund GP, L.L.C. |
Delaware |
Carlyle Direct Lending W Fund GP, L.L.C. |
Cayman Islands |
Company Name |
Jurisdiction of
Incorporation or
Organization
|
Carlyle Diversified Infrastructure GP S1, L.L.C. |
Delaware |
Carlyle Diversified Infrastructure GP, L.L.C. |
Delaware |
Carlyle Diversified Infrastructure Lux GP, S.à r.l. |
Luxembourg |
Carlyle Diversified Infrastructure Managing GP, L.P. |
Ontario |
Carlyle Diversified Infrastructure Master Fund III, S.C.Sp. |
Luxembourg |
Carlyle EPE Alternative Opportunities GP S2 II, L.P. |
Delaware |
Carlyle Equity Opportunity GP AIV Cayman, L.P. |
Cayman Islands |
Carlyle Equity Opportunity GP AIV, L.L.C. |
Delaware |
Carlyle Equity Opportunity GP AIV, L.P. |
Delaware |
Carlyle Equity Opportunity GP, L.L.C. |
Delaware |
Carlyle Equity Opportunity GP, L.P. |
Delaware |
Carlyle Equity Opportunity GP-S1, L.P. |
Delaware |
Carlyle ETPE Alternative Opportunities GP S2, L.P. |
Delaware |
Carlyle Euro CLO 2013-1 Designated Activity Company |
Ireland |
Carlyle Euro CLO 2017-1 Designated Activity Company |
Ireland |
Carlyle Euro CLO 2017-3 Designated Activity Company |
Ireland |
Carlyle Euro CLO 2018-1 Designated Activity Company |
Ireland |
Carlyle Euro CLO 2022-1 Designated Activity Company |
Ireland |
Carlyle Euro CLO 2022-2 Designated Activity Company |
Ireland |
Carlyle Euro CLO 2024-1 Designated Activity Company |
Ireland |
Carlyle Euro CLO 2024-2 Designated Activity Company |
Ireland |
Carlyle Euro DL Aggregator GP, L.L.C. |
Delaware |
Carlyle Europe Real Estate St. Lazare GP, L.L.C. |
Delaware |
Carlyle Falcon Structured Solutions Manager, L.L.C. |
Delaware |
Carlyle Falcon Structured Solutions, L.L.C. |
Delaware |
Carlyle FCA Re GP-GP, L.P. |
Bermuda |
Carlyle Finance L.L.C. |
Delaware |
Carlyle Finance Subsidiary L.L.C. |
Delaware |
Carlyle Financial Services II, Ltd. |
Cayman Islands |
Carlyle Financial Services III AIV, L.L.C. |
Delaware |
Carlyle Financial Services III, LLC |
Delaware |
Carlyle Financial Services, Ltd. |
Cayman Islands |
Carlyle Financial Services-A, Ltd. |
Cayman Islands |
Carlyle Flexible Credit Opportunities Fund GP, L.L.C. |
Delaware |
Carlyle Flexible Credit Opportunities Fund GP, L.P. |
Delaware |
Carlyle Flight Services LLC |
Delaware |
Carlyle FRL GP, L.L.C. |
Delaware |
Carlyle Genesis UK LLC |
Delaware |
Carlyle Genesis US LLC |
Delaware |
Carlyle Global Credit (HK) Limited |
Hong Kong |
Carlyle Global Credit Administration L.L.C. |
Delaware |
Carlyle Global Credit Asia HT GP, L.L.C. |
Delaware |
Carlyle Global Credit Asia HT GP, L.P. |
Cayman Islands |
Company Name |
Jurisdiction of
Incorporation or
Organization
|
Carlyle Global Credit Asia HT, L.P. |
Cayman Islands |
Carlyle Global Credit Investment Management L.L.C. |
Delaware |
Carlyle Global Market Strategies CLO 2012-4, Ltd. |
Cayman Islands |
Carlyle Global Market Strategies CLO 2015-5, Ltd. |
Cayman Islands |
Carlyle Global Market Strategies CLO 2016-1, LLC |
Delaware |
Carlyle Global Market Strategies Commodities Funding 2014-1, Ltd |
Cayman Islands |
Carlyle Global Market Strategies Commodities Funding 2015-1, Ltd. |
Cayman Islands |
Carlyle Global Market Strategies Euro CLO 2015-1 Designated Activity Company |
Ireland |
Carlyle Global Market Strategies Euro CLO 2015-3 Designated Activity Company |
Ireland |
Carlyle Global Market Strategies Euro CLO 2016-1 Designated Activity Company |
Ireland |
Carlyle Global Market Strategies Euro CLO 2016-2 Designated Activity Company |
Ireland |
Carlyle Hodge Holdings LLC |
Delaware |
Carlyle Holdings I Finance L.L.C. |
Delaware |
Carlyle Holdings I GP Inc. |
Delaware |
Carlyle Holdings I GP Sub L.L.C. |
Delaware |
Carlyle Holdings I L.P. |
Delaware |
Carlyle Holdings II Finance L.L.C. |
Delaware |
Carlyle Holdings II Finance Ltd. |
Cayman Islands |
Carlyle Holdings II GP L.L.C. |
Delaware |
Carlyle Holdings II L.L.C. |
Delaware |
Carlyle Holdings II L.P. |
Quebec |
Carlyle Holdings II Sub L.L.C. |
Delaware |
Carlyle Holdings III GP L.P. |
Quebec |
Carlyle Holdings III GP Sub L.L.C. |
Delaware |
Carlyle Holdings III L.P. |
Quebec |
CARLYLE HONG KONG EQUITY MANAGEMENT LIMITED 凱雷香港股權管理有
限公司
|
Hong Kong |
Carlyle Huatai Limited |
Cayman Islands |
Carlyle IDF Management L.L.C. |
Delaware |
Carlyle India Advisors Private Limited |
India |
Carlyle Infrastructure General Partner, L.P. |
Delaware |
Carlyle Infrastructure GP, Ltd. |
Cayman Islands |
Carlyle Insurance Solutions Management Inc. |
Delaware |
Carlyle Insurance Solutions Management L.L.C. |
Delaware |
Carlyle Investment Consulting (Shanghai) Co Ltd |
China |
Carlyle Investment Management L.L.C. |
Delaware |
Carlyle Investments (Canada) Corporation |
Nova Scotia |
Carlyle Ireland GP, L.P. |
Cayman Islands |
Carlyle Irving GP, L.L.C. |
Delaware |
Carlyle Irving GP, L.P. |
Delaware |
Carlyle Irving SLP REIT Holdings, L.P. |
Delaware |
Carlyle Irving SLP REIT, L.L.C. |
Delaware |
Carlyle Irving SLP, L.P. |
Delaware |
Company Name |
Jurisdiction of
Incorporation or
Organization
|
Carlyle Japan Equity Management LLC |
Delaware |
Carlyle Japan II Ltd. |
Cayman Islands |
Carlyle Japan III Ltd. |
Cayman Islands |
Carlyle Japan IV, L.L.C. |
Delaware |
Carlyle Japan Ltd. |
Cayman Islands |
Carlyle Japan V, L.L.C. |
Delaware |
Carlyle Japan, LLC |
Delaware |
Carlyle KIPE CIP Holdings, L.P. |
Delaware |
Carlyle KIPE Co-Invest Partners GP, L.L.C. |
Cayman Islands |
CARLYLE KNOX HOLDINGS, L.L.C. |
Delaware |
Carlyle Korea Ltd. |
Korea, Republic of |
Carlyle Latin America Real Estate Partners, L.P. |
Ontario |
Carlyle Lion River Coinvestment General Partner, L.P. |
Cayman Islands |
Carlyle Malta Advisors Limited |
Malta |
Carlyle Management Hong Kong Limited |
Hong Kong |
CARLYLE MAPLE LEAF FINANCE CO., U.L.C. |
Nova Scotia |
Carlyle Maple Leaf Holdings (Cayman), L.P. |
Cayman Islands |
Carlyle Maple Leaf Holdings (Cayman), Ltd. |
Cayman Islands |
Carlyle Maple Leaf Holdings, U.L.C. |
Nova Scotia |
Carlyle Mauritius CIS Investment Management Limited |
Mauritius |
Carlyle Mauritius Investment Advisors, Ltd |
Mauritius |
Carlyle MC GP, Ltd. |
Cayman Islands |
Carlyle MENA (GCC) General Partner Limited |
United Arab Emirates |
Carlyle MENA Advisors Limited |
United Arab Emirates |
Carlyle MENA General Partner, L.P. |
Cayman Islands |
Carlyle MENA Investment Advisors Limited |
United Arab Emirates |
Carlyle MENA Limited |
Cayman Islands |
Carlyle Mexico Advisors, S. de R.L. de C.V. |
Mexico |
Carlyle Mexico General Partner, L.P. |
Ontario |
Carlyle Mexico Holdings, S.C. |
Mexico |
Carlyle Mexico L.L.C. |
Delaware |
Carlyle Middle East, Ltd. |
Cayman Islands |
Carlyle Net Lease Income General Partner, LLC |
Delaware |
CARLYLE NGP AGRIBUSINESS HOLDINGS, L.L.C. |
Delaware |
Carlyle NGP ETP IV Holdings, L.L.C. |
Delaware |
Carlyle NGP Royalties I Holdings, L.L.C. |
Delaware |
Carlyle NGP Royalties II Holdings, L.L.C. |
Delaware |
Carlyle NGP X Holdings, L.L.C. |
Delaware |
CARLYLE NGP XI HOLDINGS, L.L.C. |
Delaware |
Carlyle NGP XII Holdings, L.L.C. |
Delaware |
Carlyle NGP XIII Holdings, L.L.C. |
Delaware |
Carlyle Nigeria Investment Advisors Limited |
Nigeria |
Carlyle Ontario Credit SLP L.L.C. |
Delaware |
Company Name |
Jurisdiction of
Incorporation or
Organization
|
Carlyle Ontario Credit Special Limited Partner, L.P. |
Cayman Islands |
Carlyle Pacific GP, L.P. |
Cayman Islands |
Carlyle Pacific Limited |
Cayman Islands |
Carlyle Pacific Red Oak GP, L.L.C. |
Delaware |
Carlyle Perú Consultoría de Inversiones S.R.L. |
Peru |
Carlyle Peru GP, L.P. |
Cayman Islands |
Carlyle Power General Partner, L.P. |
Delaware |
Carlyle PQ Opportunity GP, L.P. |
Cayman Islands |
Carlyle Principal Alternative Opportunities GP, L.L.C. |
Delaware |
Carlyle Principal Alternative Opportunities GP, L.P. |
Cayman Islands |
Carlyle Private Credit GP S.a r.l. |
Luxembourg |
Carlyle Property Investors GP, L.L.C. |
Delaware |
Carlyle Real Estate Advisors France Sarl |
France |
CARLYLE REAL ESTATE ADVISORS LLP |
England & Wales |
Carlyle Real Estate Società di Gestione del Risparmio S.p.A. |
Italy |
Carlyle Realty Distressed RMBS GP, L.L.C. |
Delaware |
Carlyle Realty Halley Coinvestment GP, L.L.C. |
Delaware |
Carlyle Realty II, L.P. |
Delaware |
Carlyle Realty III GP, L.L.C. |
Delaware |
Carlyle Realty III, L.L.C. |
Delaware |
Carlyle Realty III, L.P. |
Delaware |
Carlyle Realty Investment Holdings, L.P. |
Delaware |
Carlyle Realty IV GP, L.L.C. |
Delaware |
Carlyle Realty IV, L.L.C. |
Delaware |
Carlyle Realty IV, L.P. |
Delaware |
Carlyle Realty IX Lux GP, S.à r.l. |
Luxembourg |
Carlyle Realty IX, L.L.C. |
Delaware |
Carlyle Realty V GP, L.L.C. |
Delaware |
Carlyle Realty V, L.L.C. |
Delaware |
Carlyle Realty V, L.P. |
Delaware |
Carlyle Realty VI, L.L.C. |
Delaware |
Carlyle Realty VII, L.L.C. |
Delaware |
Carlyle Realty VIII, L.L.C. |
Delaware |
Carlyle Realty X Lux GP, S.à r.l. |
Luxembourg |
Carlyle Realty X, L.L.C. |
Delaware |
Carlyle Realty, L.P. |
Delaware |
Carlyle Revolving Loan GP, L.L.C. |
Delaware |
Carlyle Revolving Loan GP, L.P. |
Cayman Islands |
Carlyle Revolving Loan II GP, L.L.C. |
Delaware |
Carlyle Revolving Loan II GP, L.P. |
Cayman Islands |
Carlyle Scopel Holdings Cayman, L.P. |
Cayman Islands |
Carlyle Scopel Mezzanine Loan GP, L.L.C. |
Delaware |
Carlyle Scopel Real Estate GP, L.L.C. |
Delaware |
Company Name |
Jurisdiction of
Incorporation or
Organization
|
Carlyle Scopel Senior Loan Partners GP, L.L.C. |
Delaware |
CARLYLE SCOTLAND GP LIMITED |
Scotland |
CARLYLE SINGAPORE INVESTMENT ADVISORS PTE LTD |
Singapore |
Carlyle Skyline Credit Fund GP, L.L.C. |
Delaware |
Carlyle Skyline Credit Fund GP, L.P. |
Delaware |
Carlyle South Africa Advisors |
South Africa |
Carlyle Spinnaker Partners 1 GP, L.L.C. |
Delaware |
Carlyle Spinnaker Partners 2 GP, L.L.C. |
Delaware |
Carlyle Star Co-Investment GP, L.L.C. |
Delaware |
Carlyle Structured Credit GP, L.L.C. |
Delaware |
Carlyle Structured Solutions G Co-Invest GP, L.L.C. |
Delaware |
Carlyle Structured Solutions G Co-Invest GP, L.P. |
Delaware |
Carlyle Tango RE Credit GP, L.P. |
Delaware |
Carlyle Tango, L.L.C. |
Delaware |
Carlyle UK GP Ltd. |
England |
Carlyle US CLO 2019-4, Ltd. |
Cayman Islands |
Carlyle US CLO 2023-E, Ltd. |
Cayman Islands |
Carlyle US CLO 2024-2, Ltd. |
Cayman Islands |
Carlyle US CLO 2024-4, Ltd. |
Cayman Islands |
Carlyle US CLO 2024-7, Ltd. |
Cayman Islands |
Carlyle US CLO 2024-8, Ltd. |
Cayman Islands |
Carlyle US CLO 2025-A, Ltd. |
Cayman Islands |
Carlyle US CLO Master, Ltd. |
Cayman Islands |
Carlyle Westwood Coinvestment, S.C.Sp. |
Luxembourg |
CASCOF, L.L.C. |
Delaware |
CBAM CLO Management LLC |
Delaware |
CCD-CIF General Partner, L.P. |
Delaware |
CCD-CIF, L.L.C. |
Delaware |
CCEE Advisors (Delaware), L.L.C. |
Delaware |
CCIF Dollar Feeder GP, L.P. |
Cayman Islands |
CCIF GP Ltd. |
Cayman Islands |
CCIF GP, L.P. |
Cayman Islands |
CCOF General Partner, L.P. |
Delaware |
CCOF II General Partner, L.P. |
Delaware |
CCOF II L.L.C. |
Delaware |
CCOF II Lux General Partner, S.à r.l. |
Luxembourg |
CCOF II Note Issuer General Partner, L.L.C. |
Delaware |
CCOF II SPV GP, LLC |
Delaware |
CCOF III General Partner, L.P. |
Delaware |
CCOF III L.L.C. |
Delaware |
CCOF III Lux General Partner, S.à r.l. |
Luxembourg |
CCOF III Note Issuer Lux General Partner, S.à r.l. |
Luxembourg |
CCOF III Plus General Partner, L.P. |
Delaware |
Company Name |
Jurisdiction of
Incorporation or
Organization
|
CCOF III Plus L.L.C. |
Delaware |
CCOF III Plus Lux General Partner, S.à r.l. |
Luxembourg |
CCOF III Plus SPV GP, LLC |
Delaware |
CCOF III PSV General Partner, L.P. |
Delaware |
CCOF III PSV L.L.C. |
Delaware |
CCOF III Purple Co-Invest GP, LLC |
Delaware |
CCOF III SPV GP, LLC |
Delaware |
CCOF L.L.C. |
Delaware |
CCOF SPV GP, L.L.C. |
Delaware |
CDI Lux General Partner S1, S.C.Sp. |
Luxembourg |
CDI Master Fund III, L.L.C. |
Delaware |
CDL 2018-1 GP, L.L.C. |
Delaware |
CDL 2018-1 Manager, L.L.C. |
Delaware |
CDL 2018-2 GP, Ltd. |
Cayman Islands |
CDL 2020-3 Manager, L.L.C. |
Delaware |
CDL 2020-3, L.L.C. |
Delaware |
CDL Offshore GP, L.L.C. |
Cayman Islands |
CDL Tender Fund 2022-1 GP, L.L.C. |
Delaware |
CDPI General Partner, L.P. |
Cayman Islands |
CDPI L.L.C. |
Delaware |
CECP Advisors Ireland Limited |
Ireland |
CECP Advisors LLP |
England & Wales |
CECP Investment Advisors France S.A.R.L. |
France |
CECP, L.L.C. |
Delaware |
Celadon Partners, LLC |
Delaware |
CELF ADVISORS LLP |
England |
CELF, L.L.C. |
Delaware |
CEMOF General Partner Cayman, L.P. |
Cayman Islands |
CEMOF General Partner, L.P. |
Delaware |
CEMOF GP Cayman, Ltd. |
Cayman Islands |
CEMOF II General Partner, L.P. |
Cayman Islands |
CEOF AIV GP Cayman, L.P. |
Cayman Islands |
CEOF AIV GP Cayman, Ltd. |
Cayman Islands |
CEOF GP Cayman, Ltd. |
Cayman Islands |
CEOF II DE AIV GP, L.P. |
Delaware |
CEOF II DE GP AIV, L.L.C. |
Delaware |
CEOF II GP, L.L.C. |
Delaware |
CEOF II GP, L.P. |
Cayman Islands |
CEP Advisors S.r.l. |
Italy |
CEP II ARC 1S GP, L.P. |
Delaware |
CEP II ARC 2S GP, L.P. |
Delaware |
CEP II GP, L.P. |
Alberta |
CEP II Limited |
Cayman Islands |
Company Name |
Jurisdiction of
Incorporation or
Organization
|
CEP II Managing GP Holdings, Ltd. |
Cayman Islands |
CEP II Managing GP, L.P. |
Scotland |
CEP III ARC 1P GP, L.P. |
Delaware |
CEP III ARC 1Q GP, L.P. |
Delaware |
CEP III ARC 2P GP, L.P. |
Delaware |
CEP III ARC 2Q GP, L.P. |
Delaware |
CEP III GP, L.P. |
Scotland |
CEP III Limited |
Cayman Islands |
CEP III Managing GP Holdings, Ltd. |
Cayman Islands |
CEP III Managing GP, L.P. |
Scotland |
CEP Investment Administration II Limited |
Guernsey |
CEP Investment Administration Limited |
Guernsey |
CEP IV ARC 1A GP, L.P. |
Delaware |
CEP IV ARC 2A GP, L.P. |
Delaware |
CEP IV Dollar Feeder GP, L.P. |
Scotland |
CEP IV Managing GP Holdings, Ltd. |
Cayman Islands |
CEP IV MANAGING GP, L.P. |
Scotland |
CEP IV-C Limited Partner, L.P. |
Scotland |
CEP V Holdings, L.L.C. |
Delaware |
CEP V Lux GP S.à r.l. |
Luxembourg |
CEP V Managing GP, L.P. |
Ontario |
CEP V-C Limited Partner L.P. |
Scotland |
CEP VI Holdings, L.L.C. |
Delaware |
CEP VI Lux GP S.à r.l. |
Luxembourg |
CEP VI Managing GP, L.P. |
Ontario |
CER Berlin RP Co-Investment GP, Ltd. |
Cayman Islands |
CER Berlin RP GP, L.P. |
Cayman Islands |
CER Berlin RP, Ltd. |
Cayman Islands |
CER Coinvest GP, L.P. |
Cayman Islands |
CER Coinvest, L.L.C. |
Delaware |
CER Coinvest, Ltd. |
Cayman Islands |
CER Italian Logistics GP LLP |
England & Wales |
CER Italian Logistics GP, L.P. |
Scotland |
CER Italian Logistics Holdings, Ltd. |
Cayman Islands |
CER Italian Logistics Managing GP, L.P. |
Scotland |
CER Net.Works GP, L.P. |
Cayman Islands |
CER Net.Works, Ltd. |
Cayman Islands |
CEREP GP, L.L.C. |
Delaware |
CEREP II Master Holdings, L.L.C. |
Delaware |
CEREP II Mezzanine GP B, L.L.C. |
Delaware |
CEREP II Mezzanine GP B-2, L.L.C. |
Delaware |
CEREP II Mezzanine GP, L.L.C. |
Delaware |
CEREP II Mezzanine Loan Partners B-2, L.P. |
Delaware |
Company Name |
Jurisdiction of
Incorporation or
Organization
|
CEREP III ARC 1O GP, L.P. |
Delaware |
CEREP III ARC 2O GP, L.P. |
Delaware |
CEREP III GP, L.L.C. |
Delaware |
CEREP III-X, L.L.C. |
Delaware |
CEREP Investment Holdings II, LLC |
Delaware |
CEREP Investment Holdings III, L.L.C. |
Delaware |
CEREP Investment Holdings, L.L.C. |
Delaware |
CEREP Master Holdings, L.L.C. |
Delaware |
CERF ARC LLP |
England & Wales |
CERF GP S.à r.l. |
Luxembourg |
CERF II Lux GP, S.à r.l. |
Luxembourg |
CERF II Managing GP Holdings, L.L.C. |
Delaware |
CERF II Managing GP, L.P. |
Ontario |
CERF Managing GP Holdings, L.L.C. |
Delaware |
CERF Managing GP, L.P. |
Scotland |
CETP ARC 1I GP, L.P. |
Delaware |
CETP ARC 1J GP, L.P. |
Delaware |
CETP ARC 2I GP, L.P. |
Delaware |
CETP ARC 2J GP, L.P. |
Delaware |
CETP GP (Cayman) Limited |
Cayman Islands |
CETP GP, L.P. |
Scotland |
CETP II ARC 1L GP, L.P. |
Delaware |
CETP II ARC 1M GP, L.P. |
Delaware |
CETP II ARC 2L GP, L.P. |
Delaware |
CETP II ARC 2M GP, L.P. |
Delaware |
CETP II GP (Cayman) Limited |
Cayman Islands |
CETP II GP, L.P. |
Scotland |
CETP II Managing GP Holdings, Ltd. |
Cayman Islands |
CETP II Managing GP, L.P. |
Scotland |
CETP III ARC 1F GP, L.P. |
Delaware |
CETP III ARC 1G GP, L.P. |
Delaware |
CETP III ARC 2F GP, L.P. |
Delaware |
CETP III ARC 2G GP, L.P. |
Delaware |
CETP III GP, L.P. |
Scotland |
CETP III Holdings, L.L.C. |
Delaware |
CETP III Managing GP Holdings, L.L.C. |
Delaware |
CETP III Managing GP, L.P. |
Scotland |
CETP IV Holdings, L.L.C. |
Delaware |
CETP IV Lux GP S.à r.l. |
Luxembourg |
CETP IV Managing GP, L.P. |
Ontario |
CETP Managing GP Holdings, Ltd. |
Cayman Islands |
CETP Managing GP, L.P. |
Scotland |
CETP V Holdings, L.L.C. |
Delaware |
Company Name |
Jurisdiction of
Incorporation or
Organization
|
CETP V Lux GP S.à r.l |
Luxembourg |
CETP V Managing GP, L.P. |
Ontario |
CG AlpInvest Holdings B.V. |
Netherlands |
CG Subsidiary Holdings L.L.C. |
Delaware |
CGCIM (Southern), L.L.C. |
Delaware |
CGEP General Partner Lux S1, S.C.Sp. |
Luxembourg |
CGEP GP S1, L.L.C. |
Delaware |
CGEP GP, L.L.C. |
Delaware |
CGEP Lux GP, S.à r.l. |
Luxembourg |
CGEP Managing GP, L.P. |
Ontario |
CGFSP II Limited |
Cayman Islands |
CGH, L.L.C. |
Delaware |
CGH-1, L.L.C. |
Delaware |
CGIOF Feeder (Scotland) GP, LLP |
Scotland |
CGIOF General Partner S1, L.P. |
Cayman Islands |
CGIOF General Partner, L.P. |
Cayman Islands |
CGIOF GP S1, L.L.C. |
Delaware |
CGIOF GP, L.L.C. |
Delaware |
CGIOF II GP, L.L.C. |
Delaware |
CGIOF II Lux GP S.à r.l. |
Luxembourg |
CGIOF II Managing GP, L.P. |
Ontario |
CGP Care GP, L.L.C. |
Cayman Islands |
CGP General Partner (CY-1), L.P. |
Cayman Islands |
CGP General Partner (DE-1), L.P. |
Delaware |
CGP General Partner II S1, L.P. |
Delaware |
CGP General Partner II, L.P. |
Cayman Islands |
CGP General Partner S3, L.L.C. |
Delaware |
CGP General Partner S3, L.P. |
Cayman Islands |
CGP General Partner, L.P. |
Cayman Islands |
CGP II General Partner S3, L.L.C. |
Delaware |
CGP II General Partner S3, L.P. |
Cayman Islands |
CGP II Lux GP, S.à r.l. |
Luxembourg |
CGP II S1 Holdings, L.L.C. |
Delaware |
CGP II S1, L.L.C. |
Delaware |
CGP II, L.L.C. |
Delaware |
CHACP I General Partner, L.P. |
Cayman Islands |
CHACP I SLP, L.P. |
Cayman Islands |
China CMA GP, L.P. |
Cayman Islands |
China CMA GP, Ltd. |
Cayman Islands |
CIC Advisors LLP |
England & Wales |
CIC UK, L.L.C. |
Delaware |
CICF General Partner (Parallel), S.à r.l. |
Luxembourg |
CICF General Partner, L.P. |
Delaware |
Company Name |
Jurisdiction of
Incorporation or
Organization
|
CICF II General Partner, L.P. |
Delaware |
CICF II Lux General Partner, S.à r.l. |
Luxembourg |
CICF II Note Issuer General Partner, L.L.C. |
Delaware |
CICF II SPV GP, L.L.C. |
Delaware |
CICF II, L.L.C. |
Delaware |
CICF L.L.C. |
Delaware |
CICF Note Issuer General Partner, L.L.C. |
Delaware |
CIEP General Partner, L.P. |
Cayman Islands |
CIEP GP, L.L.C. |
Delaware |
CIEP II GP, L.L.C. |
Delaware |
CIEP II Lux GP S.à r.l. |
Luxembourg |
CIEP II Managing GP, L.P. |
Ontario |
CIM (Delaware), Inc. |
Delaware |
CIM Advisors France SAS |
France |
CIM Europe S.à r.l. |
Luxembourg |
CIM Global Asia, L.L.C. |
Delaware |
CIM Global Cayman Limited |
Cayman Islands |
CIM Global, L.L.C. |
Delaware |
CIP ARC 1H GP, L.P. |
Delaware |
CIP ARC 2H GP, L.P. |
Delaware |
CIP Cayman GP Ltd. |
Cayman Islands |
CIP Direct GP (Cayman), L.P. |
Cayman Islands |
CIP Direct GP LLC |
Delaware |
CIP U.S. Direct GP, L.P. |
Delaware |
CJIP Co-Investment III GP, L.P. |
Cayman Islands |
CJIP III General Partner, L.P. |
Cayman Islands |
CJIP IV Co-Investment GP, L.P. |
Cayman Islands |
CJIP IV General Partner, L.P. |
Cayman Islands |
CJIP IV Lux GP, S.à r.l. |
Luxembourg |
CJIP V Co-Investment GP, L.P. |
Cayman Islands |
CJIP V General Partner, L.P. |
Cayman Islands |
CJIP V Lux GP, S.à r.l |
Luxembourg |
CJP Co-Investment II GP A, L.P. |
Cayman Islands |
CJP Co-Investment II GP B, L.P. |
Cayman Islands |
CJP Co-Investment III GP, L.P. |
Cayman Islands |
CJP II General Partner, L.P. |
Cayman Islands |
CJP II International GP, L.P. |
Cayman Islands |
CJP III General Partner, L.P. |
Cayman Islands |
CJP III Japan ILP GP, Ltd. |
Cayman Islands |
CJP IV Co-Investment GP, L.P. |
Cayman Islands |
CJP IV General Partner, L.P. |
Cayman Islands |
CJP IV Japan ILP GP, Ltd. |
Cayman Islands |
CJP SE IX Holdings GP, L.L.C. |
Delaware |
Company Name |
Jurisdiction of
Incorporation or
Organization
|
CJP SE X Holdings GP, L.L.C. |
Delaware |
CJP SE XIX Holdings GP, L.L.C. |
Delaware |
CJP V Co-Investment GP, L.P. |
Cayman Islands |
CJP V General Partner, L.P |
Cayman Islands |
CJP V HC Holdings I GP, L.L.C. |
Delaware |
CJP V HC Holdings II GP, L.L.C. |
Delaware |
CJP V HC Holdings III GP, L.L.C. |
Delaware |
CJP V HC Holdings IV GP, L.L.C |
Delaware |
CJP V HC Holdings V GP, L.L.C |
Delaware |
CJP V Japan ILP GP, Ltd |
Cayman Islands |
CLABF General Partner, L.P. |
Cayman Islands |
CLABF, L.L.C. |
Delaware |
CLARE Partners D, L.P. |
Ontario |
CLAREP Co-Investment, L.P. |
Ontario |
CLAREP GP, L.L.C. |
Delaware |
CLAREP Mexico, L.P. |
Ontario |
CLOE III General Partner, L.L.C. |
Delaware |
CMP General Partner, L.P. |
Delaware |
Corra Holdings GP, Ltd. |
Cayman Islands |
Corra Investments GP, Ltd. |
Cayman Islands |
CP Circle Holdco GP, LLC |
Delaware |
CP Deluxe Holdco GP, LLC |
Delaware |
CP Granite Holdco GP, LLC |
Delaware |
CP Growth GP Cayman, L.L.C. |
Delaware |
CP Growth GP Cayman, L.P. |
Cayman Islands |
CP Growth GP, L.L.C. |
Delaware |
CP Growth GP, L.P. |
Delaware |
CP Growth Holdings, L.L.C. |
Delaware |
CP Growth Lux GP, S.à r.l. |
Luxembourg |
CP Medalist Holdco GP, LLC |
Delaware |
CP Mercury Holdco GP, LLC |
Delaware |
CP Moose Holdco GP, LLC |
Delaware |
CP Prime Holdings GP, L.L.C. |
Delaware |
CP Riser Holdco GP, LLC |
Delaware |
CP V General Partner, L.L.C. |
Delaware |
CP V Landmark GP LLC |
Delaware |
CP V S3 GP, Ltd. |
Cayman Islands |
CP Warrior Holdco GP, LLC |
Delaware |
CP Yield Holdco GP, LLC |
Delaware |
CPC V GP, LLC |
Delaware |
CPCV General Partner, L.L.C. |
Delaware |
CPE Buyout GP, S.à r.l. |
Luxembourg |
CPEP Seed Investments GP, LLC |
Delaware |
Company Name |
Jurisdiction of
Incorporation or
Organization
|
CPEP Seed Investments, L.P. |
Delaware |
CPEX Aggregator GP, LLC |
Delaware |
CPP II General Partner, L.P. |
Delaware |
CREA Germany GmbH |
Germany |
CREA UK, L.L.C. |
Delaware |
Credit Acquisitions-2 General Partner, L.P. |
Cayman Islands |
Credit Acquisitions-2, L.L.C. |
Delaware |
Credit Acquisitions-3 General Partner, L.P. |
Cayman Islands |
Credit Acquisitions-3, L.L.C. |
Delaware |
CREV General Partner, L.L.C. |
Delaware |
CREV General Partner, L.P. |
Cayman Islands |
CRFI IV AIV GP, L.L.C. |
Delaware |
Crispy Holdings GP, L.L.C. |
Delaware |
CRP III AIV GP, L.L.C. |
Delaware |
CRP III AIV GP, L.P. |
Delaware |
CRP IV AIV GP, L.L.C. |
Delaware |
CRP IV AIV GP, L.P. |
Delaware |
CRP V AIV GP, L.L.C. |
Delaware |
CRP V AIV GP, L.P. |
Delaware |
CRP V-A AIV GP, L.L.C. |
Delaware |
CRQP III AIV GP, L.L.C. |
Delaware |
CRQP IV AIV GP, L.L.C. |
Delaware |
CRQP IV-A AIV GP, L.L.C. |
Delaware |
CRSEF General Partner Lux S1, S.C.Sp. |
Luxembourg |
CRSEF GP S1, L.L.C. |
Delaware |
CRSEF GP, L.L.C. |
Delaware |
CRSEF II General Partner Lux S1, S.C.Sp. |
Luxembourg |
CRSEF II GP S1, L.L.C. |
Delaware |
CRSEF II GP, L.L.C. |
Delaware |
CRSEF II Lux GP S.à r.l. |
Luxembourg |
CRSEF II Managing GP, L.P. |
Ontario |
CRSEF Lux GP S.à r.l. |
Luxembourg |
CRSEF Managing GP, L.P. |
Ontario |
CSABF AIV GP, L.L.C. |
Delaware |
CSABF General Partner Limited |
Cayman Islands |
CSABF General Partner, L.P. |
Cayman Islands |
CSG IIF SM Member GP, LLC |
Delaware |
CSG IIF SM Member, L.P. |
Delaware |
CSG Manager, LLC |
Delaware |
CSG Special Member, LLC |
Delaware |
CSL III Advisor, LLC |
Delaware |
CSP II (CAYMAN) GENERAL PARTNER, L.P. |
Cayman Islands |
CSP II (Cayman) GP, Ltd. |
Cayman Islands |
Company Name |
Jurisdiction of
Incorporation or
Organization
|
CSP II General Partner, L.P. |
Delaware |
CSP III (Cayman) General Partner, L.P. |
Cayman Islands |
CSP III AIV General Partner (Cayman), L.P. |
Cayman Islands |
CSP III AIV GP (Cayman), Ltd. |
Cayman Islands |
CSP III Cayman International AIV GP, L.P. |
Cayman Islands |
CSP III General Partner, L.P. |
Delaware |
CSP Investment Advisors (HK) Limited |
Hong Kong |
CSP IV (Cayman 1) General Partner, L.P. |
Cayman Islands |
CSP IV (Cayman 2) General Partner, L.P. |
Cayman Islands |
CSP IV (Cayman 2) GP, Ltd. |
Cayman Islands |
CSP IV (Cayman 3) General Partner, L.P. |
Cayman Islands |
CSP IV (Cayman 3) GP, Ltd. |
Cayman Islands |
CSP IV ARF Delaware 3, L.L.C. |
Delaware |
CSP IV ARF General Partner, L.P. |
Delaware |
CSP IV General Partner, L.P. |
Delaware |
CSS ESHL 2024-1 Topco LLC |
Delaware |
CSS ESHL 2024-1 Topco Manager LLC |
Delaware |
CSS MH 2023-1 Topco Manager L.L.C. |
Delaware |
CSS MH 2024-1 Topco L.L.C. |
Delaware |
CSS NB Topco LLC |
Delaware |
CSS NB Topco Manager LLC |
Delaware |
CSS PSL 2023-1 AcquisitionCo L.L.C. |
Delaware |
CSS PSL 2023-1 AcquisitionCo Manager L.L.C. |
Delaware |
CSS SL 2024-1 Topco LLC |
Delaware |
CSS SL 2024-1 Topco Manager LLC |
Delaware |
CSS Solar 2024-1 TopCo L.L.C. |
Delaware |
CSS Solar 2024-1 TopCo Manager L.L.C. |
Delaware |
CSS Swift Topco Manager 2024-1 L.L.C. |
Delaware |
CSS Swift Topco Manager L.L.C. |
Delaware |
CSSAF General Partner (SA) Partnership |
South Africa |
CSSAF GP Ltd. |
Cayman Islands |
CSSAF Managing Partnership, L.P. |
Cayman Islands |
CVP II DHS Holdings GP, L.L.C. |
Delaware |
DBD Investors III, L.L.C. |
Delaware |
DGAM Management Services, Inc. |
Cayman Islands |
Direct Portfolio Management B.V. |
Netherlands |
Dynasty General Partner, LLC |
Delaware |
EF Holdings, Ltd. |
Cayman Islands |
Emu Holdings GP, Ltd. |
Cayman Islands |
Everlast Holdings Partnership GP, LLC |
Delaware |
Five Overseas CG Investment L.L.C. |
Delaware |
Flex Credit Acquisition Company LLC |
Delaware |
Fountain Holdings GP, L.L.C. |
Delaware |
Company Name |
Jurisdiction of
Incorporation or
Organization
|
Geo Holdings GP, L.L.C. |
Delaware |
Green Holdings GP, L.L.C. |
Delaware |
Greenleaf Co-Invest Partners GP, L.L.C. |
Delaware |
Guaymas GP, L.L.C. |
Delaware |
HSP ARC 1D GP, L.P. |
Delaware |
HSP ARC 1E GP, L.P. |
Delaware |
HSP ARC 2D GP, L.P. |
Delaware |
HSP ARC 2E GP, L.P. |
Delaware |
Invisible Holdings GP, L.L.C. |
Delaware |
Java Parent GP, LLC |
Delaware |
Kilometer Holdings GP, Ltd. |
Cayman Islands |
LA Real Estate Partners C, L.P. |
Ontario |
LAREP B, L.P. |
Ontario |
Latin America RE Partners E, L.P. |
Ontario |
Lux General Partner, L.L.C. |
Delaware |
MAIN STREET 1045 (PTY) LTD. |
South Africa |
NW Alp GP, LLC |
Delaware |
Oeral Investments BV |
Netherlands |
PrimeFlight Aviation Services, GP, L.L.C. |
Delaware |
Prism Parent Holdings GP, LLC |
Delaware |
Project Titan General Partner, L.L.C. |
Delaware |
PT. Carlyle Indonesia Advisors |
Indonesia |
Rio Branco 2 GP, L.L.C. |
Delaware |
Riser General Partner, LLC |
Delaware |
Ruby Holdings GP, L.L.C. |
Delaware |
SCPI General Partner, L.L.C. |
Delaware |
Siren Holdings GP, Ltd. |
Cayman Islands |
Strategic Ag Ventures Topco Manager L.L.C. |
Delaware |
Studio Cruise GP, L.L.C. |
Delaware |
TC Group Cayman Investment Holdings Sub L.P. |
Cayman Islands |
TC Group Cayman Investment Holdings, L.P. |
Cayman Islands |
TC Group Cayman Sub L.P. |
Cayman Islands |
TC Group Cayman, L.P. |
Cayman Islands |
TC Group CEMOF II, L.L.C. |
Delaware |
TC Group CEMOF, L.L.C. |
Delaware |
TC Group CMP, L.L.C. |
Delaware |
TC Group CPP II, L.L.C. |
Delaware |
TC Group CSP II, L.L.C. |
Delaware |
TC Group CSP III Cayman, L.L.C. |
Delaware |
TC Group CSP III Cayman-S3, L.L.C. |
Delaware |
TC Group CSP III, L.L.C. |
Delaware |
TC Group CSP IV, L.L.C. |
Delaware |
TC Group Infrastructure Direct GP, L.L.C. |
Delaware |
Company Name |
Jurisdiction of
Incorporation or
Organization
|
TC Group Infrastructure, L.L.C. |
Delaware |
TC Group Investment Holdings Limited Partner L.L.C. |
Delaware |
TC Group Investment Holdings Sub L.P. |
Delaware |
TC Group Investment Holdings, L.L.C. |
Delaware |
TC Group Investment Holdings, L.P. |
Delaware |
TC Group Management, L.L.C. |
Delaware |
TC Group Sub L.P. |
Delaware |
TC Group V Cayman S3, L.P. |
Cayman Islands |
TC Group V Cayman, L.P. |
Cayman Islands |
TC Group V Managing GP, L.L.C. |
Delaware |
TC Group V S1, L.L.C. |
Delaware |
TC Group V S1, L.P. |
Delaware |
TC Group V US, L.L.C. |
Delaware |
TC Group V US, L.P. |
Delaware |
TC Group V, L.L.C. |
Delaware |
TC Group V, L.P. |
Delaware |
TC Group VI - F, L.L.C. |
Delaware |
TC GROUP VI CAYMAN, L.L.C. |
Delaware |
TC Group VI Cayman, L.P. |
Cayman Islands |
TC Group VI S1, L.L.C. |
Delaware |
TC Group VI S1, L.P. |
Delaware |
TC Group VI S1-F, L.L.C. |
Delaware |
TC Group VI, L.L.C. |
Delaware |
TC Group VI, L.P. |
Delaware |
TC Group VII Care, L.P. |
Delaware |
TC Group VII Cayman Care, L.P. |
Cayman Islands |
TC Group VII Cayman, L.L.C. |
Delaware |
TC Group VII Cayman, L.P. |
Cayman Islands |
TC Group VII Lux Care GP, S.à r.l. |
Luxembourg |
TC Group VII Lux GP, S.à r.l. |
Luxembourg |
TC Group VII S1, L.L.C. |
Delaware |
TC Group VII S1, L.P. |
Delaware |
TC Group VII, L.L.C. |
Delaware |
TC Group VII, L.P. |
Delaware |
TC Group VIII Cayman Holdings, L.L.C. |
Cayman Islands |
TC Group VIII Cayman, L.L.C. |
Delaware |
TC Group VIII Cayman, L.P. |
Cayman Islands |
TC Group VIII Holdings, L.L.C. |
Delaware |
TC Group VIII Lux GP, S.à r.l. |
Luxembourg |
TC Group VIII, L.L.C. |
Delaware |
TC Group VIII, L.P. |
Delaware |
TC Group, L.L.C. |
Delaware |
TC Group-Energy LLC |
Delaware |
Company Name |
Jurisdiction of
Incorporation or
Organization
|
TC Group-Energy-S2 LLC |
Delaware |
TCG 2014 Coinvestment Acquisitions, L.P. |
Cayman Islands |
TCG 2014 GP Ltd. |
Cayman Islands |
TCG AP Investment Holdings Ltd. |
Cayman Islands |
TCG Capital Markets L.L.C. |
Delaware |
TCG Credit KFA Co-Invest Manager, LLC |
Delaware |
TCG Energy Investment Holdings (Cayman), L.P. |
Cayman Islands |
TCG Energy Investment Holdings III Cayman, L.P. |
Cayman Islands |
TCG Energy Investment Holdings III Cayman-S1, L.P. |
Cayman Islands |
TCG Energy Investment Holdings III Cayman-S3, L.P. |
Cayman Islands |
TCG Energy Investment Holdings, L.P. |
Delaware |
TCG FBIE Holdings Ltd. |
Cayman Islands |
TCG FBIE Holdings, L.P. |
Cayman Islands |
TCG FBIE Manager (Delaware), L.L.C. |
Delaware |
TCG Financial Services (Scot), L.P. |
Scotland |
TCG Financial Services II A, L.L.C. |
Delaware |
TCG Financial Services II A1, L.P. |
Delaware |
TCG Financial Services II, L.P. |
Cayman Islands |
TCG Financial Services III AIV, L.P. |
Delaware |
TCG Financial Services III, L.P. |
Cayman Islands |
TCG Financial Services L.P. |
Cayman Islands |
TCG Financial Services-A, L.P. |
Cayman Islands |
TCG Holdings Finance Co. L.L.C. |
Delaware |
TCG Horizon Strategic GP, LLC |
Delaware |
TCG Pattern Investment Holdings, L.P. |
Cayman Islands |
TCG Power Opportunities, L.L.C. |
Delaware |
TCG R/C RW GP Corp |
Delaware |
TCG Realty Investment Holdings, L.L.C. |
Delaware |
TCG RW ILP Corp |
Delaware |
TCG Senior Funding L.L.C. |
Delaware |
TCG V (SCOT), L.P. |
Scotland |
TCG Ventures II, L.L.C. |
Delaware |
TCG Ventures II, L.P. |
Delaware |
TCG Ventures III, L.L.C. |
Delaware |
TCG Ventures III, L.P. |
Delaware |
The Carlyle Group (Luxembourg) S.à r.l. |
Luxembourg |
The Carlyle Group Employee Co., L.L.C. |
Delaware |
The Carlyle Group Espana, SL |
Spain |
The Carlyle Group Inc. |
Delaware |
The Shaper Holdings GP, L.L.C. |
Delaware |
Trinity Holdings GP, Ltd. |
Cayman Islands |
TTC Holdings GP, L.L.C. |
Delaware |
Ultimate General Partner, LLC |
Delaware |
Company Name |
Jurisdiction of
Incorporation or
Organization
|
Violet Holdings GP, L.L.C. |
Delaware |
Wheels Aggregator GP, L.L.C. |
Delaware |
Wisdom Holdings GP, L.L.C. |
Delaware |
Notes Issued Under |
Issuer |
Jurisdiction of
Formation, Organization,
or Incorporation
|
5.625% Senior Notes due 2043 |
Carlyle Holdings II Finance L.L.C. |
Delaware |
5.65% Senior Notes due 2048 |
Carlyle Finance L.L.C. |
Delaware |
3.500% Senior Notes due 2029 |
Carlyle Finance Subsidiary L.L.C. |
Delaware |
4.625% Subordinated Notes due
2061
|
Carlyle Finance L.L.C. |
Delaware |
Guarantor |
Jurisdiction of Formation, Organization, or
Incorporation
|
Carlyle Holdings I L.P. |
Delaware |
Carlyle Holdings II L.P.* |
Quebec |
Carlyle Holdings III L.P. |
Quebec |
CG Subsidiary Holdings L.L.C. |
Delaware |
Carlyle Holdings II L.L.C. |
Delaware |
Date: |
February 27, 2025 |
/s/ Harvey M. Schwartz | |
Harvey M. Schwartz | |
Chief Executive Officer | |
The Carlyle Group Inc. | |
(Principal Executive Officer) |
Date: |
February 27, 2025 |
/s/ John C. Redett | |
John C. Redett | |
Chief Financial Officer | |
The Carlyle Group Inc. | |
(Principal Financial Officer) |
/s/ Harvey M. Schwartz | ||
Harvey M. Schwartz | ||
Chief Executive Officer | ||
The Carlyle Group Inc. | ||
Date: |
February 27, 2025 |
* |
The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of
the Report or as a separate disclosure document.
|
/s/ John C. Redett | ||
John C. Redett | ||
Chief Financial Officer | ||
The Carlyle Group Inc. | ||
Date: |
February 27, 2025 |
* |
The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of
the Report or as a separate disclosure document.
|