Annual Report2023

At Carlyle, ourmission is toinvestinvestwisely
wiselyandcreatecreate
value. value
AS A GLOBAL INVESTMENT FIRM, we work together tocreate long-term value for our investors, companies,
shareholders, people, and communities.

04

Letter to Shareholders

06

Our Global Reach

07

Financials: Building Momentum

09

Global Private Equity

17

Global Credit

21

Global Investment Solutions

25

Technology Transformation

31

Sustainability

37

Diversity, Equity, and Inclusion

43

Our People and Culture

45

Board of Directors and Executive Officers

46

Shareholder Information and DisclosuresLetter toShareholders
Dear Fellow Shareholders,
Our firm finished 2023 delivering record results, including record
fee related earnings (FRE) and assets under management (AUM),
alongside our third best year of fundraising in the firm’s history.
We thank our investing clients for the trust they put in us as theirfiduciary, and the entire Carlyle team for their hard work.
In 2023, we made significant progress on our strategic initiatives,and have substantial operational leverage as we continue todrive growth heading into 2024. Alongside our year-end results,
we announced a shift in our compensation strategy explicitly
designed to enhance alignment across all our stakeholders—ourinvesting clients, our employees, and you, our shareholders.

We finished 2023
with significant
momentum, setting us
up to drive continued
growth in 2024.

Entering 2024, we continue to diversify our platform across
Global Private Equity, Global Credit and Insurance, and Global
Investment Solutions, and expand our Global Wealth channel.
Our deep pipeline of forward opportunities alongside continued
disciplined management of expenses are strategic focus areas.
Growth remains our key priority, while executing our strategy in a
disciplined manner will allow us to expand margins at the same time.
We achieved significant run rate savings in 2023, and will continue
to optimize the operational and capital efficiency of our business.
We also recently announced changes to our capital allocation
framework and increased our share repurchase capacity to $1.4
billion. Given our strong balance sheet and positive outlook, thisadditional capacity provides us flexibility to continue returning
excess capital to shareholders, while still investing in thebusiness for growth.
In 2023, our investment teams around the globe demonstrated
the strength of our diversified platform, performing well amid
significant macroeconomic and geopolitical volatility to deliver
long-term value for all our stakeholders. We believe our level

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4

of care and focus on execution excellence are adifferentiating characteristic in our industry. These
attributes have been a hallmark of Carlyle since webegan investing more than 35 years ago and willcontinue to guide us forward.
We finished 2023 with significant momentum, setting
us up to drive continued growth in 2024. It is worth
repeating that 2023 was a record year on many fronts.
We generated record FRE of $859 million, record AUM
of $426 billion, a 14% increase from the prior year, andour third best year of fundraising in history, raising $37
billion, 20% higher than the prior year.
By focusing on our clients, executing with excellence,and continuing the teamwork that made us successful
in 2023, we are well-positioned to deliver on our
financial targets in the coming year.

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Reflecting on my first year here, I am incredibly
proud to be a part of this firm, and to work
alongside our global leadership team andcolleagues around the world. Carlyle’s founders
have built an iconic brand and enduring global
franchise, and I feel extremely confident in ourcontinued success as we enter 2024.
In closing, on behalf of the entire Carlyle team,I thank you, our shareholders, for your trustand support.

HARVEY M. SCHWARTZ
Chief Executive Officer and Director

5Global Reach
28 4
OFF IC ES

CON T I N E N T S

586

INVE STM E NT VE H ICLE S

2,200
P RO F E SSIO NA LS WOR LDWIDENO RT H A M ERIC A

E U RO P E

Atlanta

Amsterdam

BostonBarcelona

Los Angeles

DublinMumbai

Menlo Park

London

Seoul

Miami

Luxembourg

Shanghai

New York City

Milan

Singapore

San Francisco

MunichSydneyWashington DC

Paris

Tokyo

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MIDDLE E A STNO RT H A F RICA
Abu Dhabi

A SI A-PACIFIC
BeijingHong Kong

6

Financials:
Building
MomentumCARLYLE FINISHED 2023 with significant

operating momentum, setting several financial
records despite a mixed economic andgeopolitical backdrop.

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$859MN

We generated $1.4 billion in distributable earnings (DE), or $3.24
per share, our third best year on record. We also returned $500
million to shareholders through common dividends and more than$200 million through an active share repurchase strategy.

43%

We produced a record $859 million in Fee Related Earnings in 2023.
We also delivered an FRE margin of 37% consistent with the record we
set in 2022. Over the past five years, FRE has grown at a 20% compound
annual growth rate. As we enter 2024, the strong progress we havemade in our business and our significant operating momentum should
support a meaningful shift higher for both FRE and FRE margin.

record Fee Related Earnings in 2023

record quarterly FRE margin Q4 2023

$426BN
record Assets Under Management$37BN
total fundraising (3rd best year)

We finished 2023 with a record $426 billion in Assets Under
Management, which has nearly doubled over the past five years.
Finally, we had a strong finish to the year in terms of fundraising,
attracting $37 billion in new investor capital in 2023, more than 20%
higher than the prior year.
Overall, Carlyle delivered solid results in 2023. Our three global
businesses continued to perform, and we enter 2024 wellpositioned to deliver value for all of our stakeholders.

2023 MILESTONES 1
Global Private Equity$161 billion of AUM$565 million of Fee Related Earnings
Portfolio Appreciation (+5% in Corporate Private Equity,-1% in Real Estate, +8% in Infrastructure & Natural Resources)$1.8 billion net in accrued carry$13.5 billion in realized proceeds
Global Credit$188 billion of AUM (+28% YOY)
$224 million of Fee Related Earnings$15.7 billion in Fundraising$26 billion of inflows from closed reinsurance transactions at
Fortitude, including the Q4 transaction with Lincoln Financial
5 new CLOs issued for $2.2 billion
Global Investment Solutions$77 billion of AUM (+21% YOY)
$70 million of Fee Related Earnings$12.8 billion in Fundraising+10% Portfolio Appreciation$483 million in net accrued carry, +29% YOY

1. As of and for the year ended December 31, 2023.

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GlobalPrivate Equity
OUR GLOBAL PRIVATE EQUITY (GPE) segment has

consistently created value across market cycles
by investing in resilient businesses, building
well-diversified portfolios, and seeking
secular growth.

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9$161BNin Assets Under Management$37BN

in dry powder available across the GPE platform$13.5BNin realized proceeds in 2023

Our deep vertical specialization and approach to operational
improvement enables us to drive efficiencies, accelerate revenue
growth, and enhance competitive positioning. With this focus onresilient businesses, we are well-suited for the environment weare in today. Across our global platform, we are positioned todeliver attractive results for our fund investors across periods ofmarket volatility.
We have grown our GPE business segment to more than $161
billion in assets under management (AUM) with a focus on
three strategies: Corporate Private Equity, Real Estate, andInfrastructure & Natural Resources.
The scale of our platform allows us to continue to invest in
deeper capabilities, share insights, and pivot quickly to executeon attractive opportunities around the globe.
In our Corporate Private Equity business, we are driving
value creation for more than 200 active portfolio companies
across global sectors, including aerospace and government
services; financial services; healthcare; industrial; andtechnology. Our portfolio companies benefit from our value
creation infrastructure, Global Portfolio Solutions (GPS), which
partnered with portfolio management teams to achieve morethan $1 billion in value creation2 in 2023.
In Real Estate, our differentiated approach to portfolio
construction has driven attractive historical performance andallowed us to adapt to market conditions in 2023. Our Real
Estate team remains focused on sectors with secular growth
expected to outperform gross domestic product (GDP) growth,such as residential housing, logistics, medical and life sciences,senior living, and student housing. As a result, we have limited
exposure to volatile property sectors such as office, retail, andhotel. While other investors have recently begun to avoid andexit the office, retail, and hotel sectors, we have been out of
those sectors since 2017.
Within Infrastructure & Natural Resources, we pursue
opportunities relating to the world’s energy transition, such as
renewable energy, as well as global investments in the areas oftransportation, energy, digital, water, and power. These assets
support economic growth and productivity and are a key partof everyday life. In addition, as part of the acceleration of digital
infrastructure development, we have invested in areas such as
5G and fiber optic cables.
2. Value creation is defined as a combination of revenue growth, cost savings, cost avoidance,and cash improvement.

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102023 MILESTONES
We navigated 2023’s challenging investment
environment by adhering to our diversified portfolio
construction models; focusing on resilient businesses;
driving diversity in decision-making at our portfolio
companies; enhancing our GPS value creation
framework; and strengthening our partnerships with
our management teams. We continued our carefulapproach to deploying capital and have $37 billionof dry powder available across the GPE platform.

Realizations
We generated $13.5 billion of realized proceeds
in 2023 through both public equity and private
market transactions, and our deal teams developed
innovative ways to return capital to limited partners(LPs). 2023 realizations included Saverglass, Kokusai
Kogyo Co. Ltd (Kokusai Kogyo), and PrimeFlight
Aviation Services. Partial realizations during theC A R LY L E

A N N UA L R E P O RT 202 3

year included NSM Insurance Group, which spun
off its pet insurance business to help streamline thecompany’s operations.

Fundraising
Investors demonstrated continued appetite for our
private equity strategies amid a challenging market
backdrop, and we held final closes on several flagshipfunds. Carlyle Europe Technology Partners V held its
final close in June 2023 raising €3.2 billion, which waswell above the target fund size. Carlyle Partners VIII (CPVIII) and Carlyle Partners Growth held their final closes
in August 2023, raising $16.1 billion across the two funds.
Deal Highlights
North America

In September 2023, we invested in CAPTRUST, aleading provider of financial advisory services toaffluent individuals, retirement plan fiduciaries,
endowments, and foundations. Carlyle funds, lead by

11

CP VIII, contributed over $500 million to CAPTRUST,
which operates in a large, fragmented, and growing
U.S. retirement advisory and wealth management
market. The company’s extensive track record ofproviding high-quality advice to clients and its broad
service offering support its leading market position.
Carlyle sees multiple levers for further value
creation including increased organic growththrough an enhanced digital and marketing plan,tailored talent management strategies, andaccretive acquisition opportunities.
Asia

In November 2023, we announced the sale of our
28% stake in Grand Foods Holdings to McDonald’s
Corporation, which closed in January 2024. As themaster franchisee for McDonald’s restaurants inmainland China, Hong Kong, and Macau, Grand
Foods Holdings operates and manages a quickservice restaurant chain of more than 5,500 storesin mainland China and approximately 300 stores inHong Kong and Macau as of September 30, 2023.
Over the past six years, Carlyle worked closelywith the McDonald’s mainland China and Hong Kong
management teams to help deliver on transformativevalue-creation efforts to disrupt the industry andcapture greater market share. Key initiatives included:
Facilitating crucial business discussions with
McDonald’s Corporation
Strengthening the bench of senior talent
Driving continued menu innovation to expand
market share
Expanding the network of stores across mainland
China
Revolutionizing digital marketing and online
delivery to drive sales
Fully digitalizing operational capabilities to enable
a world-class digital-led business
EuropeIn July 2023, Carlyle acquired a majority stake in
Anthesis, a leading global pure-play sustainability
advisory and solutions firm. Headquartered in

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the United Kingdom, Anthesis has establisheditself as one of the largest groups of dedicatedsustainability professionals globally, having
experienced rapid growth across its global
customer base and network in recent years. Overthe last decade, Anthesis has built deep and broad
expertise in analyzing, designing, and implementing
impact-led sustainability, environmental, socialand governance (ESG), and net zero programs forover 4,000 clients across corporates, financial,and governmental institutions. These services havebeen delivered by a high-quality team of over 1,250
specialists across 39 offices in 22 countries.
We believe Anthesis is well-positioned to further scale
and take advantage of this environment, given theopportunity to drive its existing acquisition strategy tobuild out end-to-end offerings.
Japan

In December 2023, we completed the sale of
Kokusai Kogyo to MIRAIT ONE Corporation. Kokusai
Kogyo provides technical consulting and solutions
through data collection, analysis, and utilization
based on proprietary geospatial information
technology to a wide range of markets including
national land conservation, disaster prevention andrisk reduction, social infrastructure development,
environment, and energy.
Carlyle acquired a 100% stake in Kokusai Kogyo
from parent company Japan Asia Group Limited
in September 2021 and worked closely with thecompany’s management team to increase businessvalue through improving profit margins, promoting
culture transformation, strengthening management
and governance, increasing productivity with theintroduction of AI and other measures, and focusing
on its technical consulting business by portfolio
selection and concentration.

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EnergyEni International's
acquisition of Neptune
Energy represented
the largest cash deal
in the European oil andgas sector in almosta decade and was
driven by Neptune’s
unique positioning withrespect to both energy
security and energy
transition, given its lower
than industry average
emissions intensity.

In June 2023, Carlyle portfolio company Neptune Energy announced
that Eni International agreed to acquire the company excluding
its Germany business. In tandem, Eni subsidiary Vår Energi agreed
to acquire Neptune Energy’s Norwegian subsidiary. The interconditional transaction was for an aggregate enterprise valueof $4.9 billion. Through its partnership with Carlyle, Neptune
developed an intentional strategy and improved methodologies
to reduce carbon and methane emissions, achieving their net
zero methane missions target. In addition to the significant
environmental benefits, Carlyle believes methane emission
reduction programs can have positive effects on a company’s
operational excellence, including better process optimization,
reduced maintenance costs, increased process safety, andreduced loss of product. The transaction represented the largest
cash deal in the European oil and gas sector in almost a decadeand was driven by Neptune’s unique positioning with respect toboth energy security and energy transition, given its lower thanindustry average emissions intensity.
Real Estate

Carlyle’s New York multifamily strategy is focused on creating
new, high-quality housing in an undersupplied market. Carlyle
U.S. Real Estate recapitalized two multifamily development
projects in New York City in 2023. In April, Carlyle closed on
the recapitalization of The Italic, a 290,000 net square feet,
363-unit multifamily development located in Long Island City,
Queens. In May, Carlyle closed on the recapitalization of Bayside
Gowanus, a 455,000 Net Square Feet, 517-unit multifamily
development located in Gowanus, Brooklyn.

GLOBAL PORTFOLIO SOLUTIONS (GPS)Identifying Opportunities, Strengthening Operations,
Accelerating Growth, and Driving Impact

Guided by our GPS framework, our dedicated team of
specialists­—value-creation experts in fields such as digitaltransformation, procurement, and sustainability—works closelywith deal and management teams to create value throughout
the entire investment lifecycle. This approach brings together
four key elements that allow Carlyle to identify and help
execute detailed and comprehensive programs to facilitate
growth and cost value creation.

Innovative Functional Expertise
We operate across nine primary functional areas to accelerate
growth and drive operational excellence: procurement, revenue

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growth, digital, technology, talent and organizational
performance, ESG, and government affairs.

advisors, assist in tailoring strategies for specificindustries and regions.

Collaborative Planning Methodology
We lead company management teams througha proven and integrated methodology based oncollaboration and innovative thinking to drive value. We
customize growth, cost, and cash acceleration plans
and use a consistent knowledge-based methodology.

Recent Performance and Impact
In 2023, the GPS team worked with Carlyle
portfolio companies to design and execute on $1
billion in multi-year value creation3 opportunities
across our functional areas of expertise. By
adopting a new prioritization and deployment
approach, we were able to increase time andattention on significant opportunities within our
portfolio while embedding digital applications
across all our offerings. We also introduced morethan 12 preferred partnerships, 15 playbooks for
portfolio companies, and several collaboration
events to expand our ecosystem.

World-Class Partner Ecosystem
We leverage our vast partner network and facilitatecross-collaboration among portfolio companies.
Doing so enables us to use Carlyle’s global scale inorder to cultivate growth and value.
Deep Sector Expertise
Our sector experts and teams, including a networkof more than 40 operating executives andC A R LY L E

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3. Value creation is defined as a combination of revenue growth, cost savings,
cost avoidance, and cash improvement.

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LOOKING AHEAD
In 2024, there continues to be an opportunity to invest in resilient,market-leading businesses; companies in need of operational
improvement; and disruptive, emerging businesses. Some areas we
intend to focus on include healthcare, government technology, theenergy transition, and digital transformation and artificial intelligence.

Specific examples
where GPS had apositive impact include:
Nouryon: Helped with Company’s

digital strategy development as wellas in designing a new procurement
and operational cost saving program

NSM: Supported the improvementof a digital marketing strategy andits execution, leading to growth inpremium revenue

Accentra Health: Helped refresh

enterprise strategy to identify
more than $300 million in multiyear revenue growth opportunities
and a full potential analysis that is
expected to enable continued margin
improvement in the future

Guitar Center: Implemented an
auction process to drive a meaningfulamount of freight savings

Flender: Carried out over €145 million
in procurement savings to date after
identifying more than €190 million in
total savings

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Healthcare and its delivery, for example, have been transformedby the COVID-19 pandemic, and we expect to see evengreater changes ahead, many of them enabled by technology.
Demographic trends such as longer lifespans across the globe
will drive some of those changes. Other catalysts will include
rapid advancements in testing and treating diseases, which will
be supported by technological advancements including AI.
In addition, we continue to pursue opportunities connected tothe energy transition, supported by our belief that investment,
not divestment, will help decarbonize the global economy, while
delivering long-term value for our investors. Across the energy
landscape, we see investment opportunities in renewable power
generation, battery storage solutions, transportation anddistribution, carbon capture and storage solutions, and supply
chain decarbonization, as well as in decarbonizing traditionalsources of energy and more carbon-intensive businesses.
Carlyle is among the first major global private equity firms to join
the call to accelerate the transition to a net-zero economy withthe establishment of both short- and long-term climate goals.
Importantly, these aspirations are not driven solely by portfolio
allocation decisions; rather, our approach is grounded in driving
real emissions reductions within our portfolio companies, which we
believe makes them better positioned competitively.
We are leveraging technological innovations and artificial
intelligence (AI) tools which offer operational efficiency potential
throughout the deal life cycle from sourcing and diligence, all
the way to exit. These tools allow our deal teams to operate
more efficiently by democratizing access to data analysis andautomating more routine tasks, allowing teams more time tofocus on the key issues and drive greater investment insights.
Within Real Estate, we continue to seek and identify predictable, deep,
and growing sources of tenant demand while limiting systemic risk
through fund construction via diversification and sector selection. We
are continuing to see strong demand in non-GDP driven residential
sectors including multifamily apartments, single-family home rentals,
manufactured housing, and active adult, with demand driven by
a record premium in the cost of home ownership versus renting.

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GlobalCreditCARLYLE’S GLOBAL CREDIT business is a diversified

and integrated credit platform that provides
borrowers with flexible capital solutions andinvestors with broad access to credit markets.

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$188BNin Assets Under Management

8%

increase in Fund Management Fees
year-over-year$16BN
in new capital raised in 2023

With capital markets activity down significantly in 2023
and limited liquidity in the public financing markets,companies turned to private markets for their capitalneeds. The breadth and depth of our solutions allowed
us to meet the specific needs of borrowers across types
and sizes and offer persistent, consistent returns to
our investors.
Our business meets a diverse range of needs through multiple
investment strategies, regions, and functional teams thatprovide expertise across the spectrum of private credit.
We offer several scaled products in structured credit,
opportunistic credit, direct lending, and aviation, as wellas various developing strategies focused on infrastructure,
insurance, and other areas of credit that are all wellpositioned for growth.
We tailor solutions to fit investors’ specific requirements,
which can include investments into our commingled funds
and customized strategy-specific mandates or multi-strategy
cross-platform vehicles.
Our platform is structured to lend to private, resilientbusinesses and assets in industries in which we demonstratesector expertise. In addition, as a global investment firm, weleverage advantages in both information and relationships
to deliver positive investment outcomes across the credit
products and strategies we offer. With $188 billion in Assets
Under Management (AUM), our scale offers a competitive
advantage in sourcing and participating in unique
opportunities.

2023 MILESTONES
2023 presented significant opportunities in the credit markets
for our stakeholders, and our diverse and integrated credit
business was well-positioned to capitalize.

Financial Resilience Amid a Complex Macroeconomic
Backdrop
Global Credit has built a broad set of strategies to serve an
increasing number of institutional and wealth investors. We
manage more than $188 billion in AUM, more than three times
the amount in 2020. Fund Management Fees increased to $512
million in 2023 from $473 million in 2022, an 8% increase yearover-year. Fee Revenues also increased 8%, to $663 million in
2023 from $615 million in 2022.

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↑57%
2023
2022

Notably for CTAC,
gross subscriptions
exceeded $1.3 billion
in 2023, compared
to approximately$850 million in 2022,
representing a morethan 57% increaseyear-over-year.

Fundraising Momentum
Our Global Credit business saw strong fundraising momentum
in 2023, attracting almost $16 billion in new capital across adiverse set of strategies that included opportunistic credit,
liquid credit, asset-backed finance, and Carlyle Tactical Private
Credit Fund (CTAC), our private credit interval fund. Notably
for CTAC, gross subscriptions exceeded $1.3 billion in 2023,
compared to approximately $850 million in 2022, representing
a more than 57% increase year-over-year. In December, Carlyle
held the final closings for its inaugural captive collateralized
loan obligation (CLO) equity fund, Carlyle CLO Partners (CLOP),
and Carlyle Revolving Loan Fund II (CREV II) with more than$600 million and $800 million in aggregate fund commitments,
respectively. We continue to see increased demand for our
various credit products from both institutional and wealthinvestors as the asset class benefits from higher interest rates
and bank retrenchment.
Continued Strength of CLO Business
Carlyle maintained its position as one of the world’s largest CLO
managers4, with more than $51 billion in AUM as of December 31,
2023. Our seasoned team of investment professionals has
extensive experience investing in, managing, and structuring
CLOs. Throughout 2023, Carlyle successfully raised $2.2 billion in
new AUM by issuing five CLOs.
In July 2023, Carlyle became the investment adviser to NYSE-listed
Carlyle Credit Income Fund (CCIF), a publicly traded closed-end
fund that focuses on investing primarily in equity and junior debt
tranches of CLOs. Since becoming the investment adviser, Carlyle
has successfully deployed the available initial cash proceeds intoa diverse portfolio of CLO equity, generating a GAAP yield of
more than 20% on a cost basis. CCIF has exposure to over 1,500
different underlying borrowers across a range of industries andhas declared a monthly dividend equating to a 15% annualized
dividend yield based on net asset value.

4. According to Creditflux data as of December, 31 2023.

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Growing Asset-Backed Finance
Credit Strategic Solutions (CSS) is an asset-backed, private fixedincome investment strategy that seeks to generate a premium
return profile compared to traditional fixed-income by acquiringand lending against highly diversified pools of assets with
contractual cash flows. The strategy combines Carlyle’s 24-year
history in structured credit, private asset underwriting expertise,and capital markets capabilities to deliver tailored asset-focusedfinancing solutions to businesses, specialty finance companies,
banks, asset managers, and other originators and owners ofdiversified pools of assets.

19

In 2023, the CSS team had an active year, deploying
approximately $1.6 billion across a variety of sectors
including, but not limited to, corporates, consumer,
and real assets. Deployment activity demonstrated
CSS’ ability to successfully meet the evolving needsof asset originators and owners seeking alternative
financing solutions amid changing dynamics in the
traditional financing markets.
We believe there is a growing demand foralternative sources of capital to address fundingneeds across the market as traditional lenders
scale back their lending activities. Leveraging our
extensive network of proprietary relationships,
broad investment platform, and in-housestructuring and underwriting expertise, CSS is wellpositioned to deliver holistic financing solutions
to borrowers across the entire debt and equity
capital structure.

Strategic Transaction: Fortitude Re andLincoln National
Fortitude Re, an integral part of our insurance
solutions strategy, closed a $28 billion reinsurance
agreement with The Lincoln National Life Insurance
Company, a subsidiary of Lincoln National
Corporation. As part of the agreement, Lincoln
will reinsure a significant portion of its universal life
insurance and fixed annuity business with Fortitude Re.
As a result of the transaction, Carlyle gained
approximately $24 billion in new AUM from the increasein Fortitude Re’s general account assets under our
strategic advisory services agreement, as well as
additional capital that rotates into Carlyle funds.
On a longer-term run rate basis, we anticipate thatthe transaction will add approximately $40 million ofincremental Fee Related Earnings (FRE).
Carlyle continues to develop new investment anddistribution strategies that target the needs of
insurance investors. We see substantial growth
opportunities across the insurance vertical.

LOOKING AHEAD
As we look ahead to 2024, we believe there will beample opportunities to drive growth in our Global
Credit business. We continue to see demand for
private credit to step in and lend to borrowers
who historically addressed their capital solutions
needs through more traditional financing markets.
Our insurance strategy has very strong underlying
momentum and we anticipate substantial growthacross this vertical. We will also seek to continue
expanding in new geographies, particularly with
Private Credit in Europe and Asia, where we see
opportunity to grow.
Additionally, through both insurance and wealthchannels, we plan to further scale our perpetual
capital offerings. CTAC delivered meaningful
growth and performance in 2023, and we expectthat momentum to continue in the upcoming year.
Overall, we believe that Global Credit will play anincreasingly important role in Carlyle’s growth as
we continue to deliver for our investors.

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GlobalInvestment
SolutionsCARLYLE’S GLOBAL INVESTMENT SOLUTIONS (GIS)

business helps investors meet their objectives
through tailored portfolio construction andrigorous investment selection.

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1,000 +general partners in our network$9BN

in commitments across our strategies during 2023

$90BN+
in commitments since inception

Within this segment, our private equity asset manager,
AlpInvest, seeks to provide investors with access to theglobal private markets through primary, secondary andportfolio finance, and co-investment opportunities across a
range of strategies.
AlpInvest is one of the world’s largest investors in private
equity. We have built a reputation of trust with our generalpartner (GP) relationships, defined by our consistentprofessionalism as a deal partner. We have over 1,000
GPs in our network, with a core network of around 350 GP
relationships, which has led to consistently getting access toa large volume of high-quality investment opportunities. The
integrated nature of our business across primary investments,
secondary and portfolio finance investments, and coinvestments makes us a strategic partner that can support
private equity funds throughout their entire lifecycle.
Further, we benefit from information advantages arisingout of managing one of the largest global private equity
portfolios, with $9 billion in commitments across our strategies
during 2023 and over $90 billion since inception. These
insights and dedicated underwriting capabilities havecontributed to our resilient performance over time.
Our GIS segment has a well-informed, highly selective, anddisciplined investment process. We have a local presence
across three continents­­­—Europe, North America, and Asia—
which gives us a distinct and comprehensive perspective on
the global private equity market. Coupled with our industryleading platform, we continue to build on our history of success.

2023 MILESTONES
Fundraising Momentum
During 2023, our GIS segment saw strong fundraising
momentum across all strategies, raising approximately $12.8
billion across our strategies during the year. Our platform now
has more than 450 investors, including over 50 Separately
Managed Account (SMA) clients.

5. Includes capital committed to commingled products by
SMA investors.

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Much of our fundraising in 2023 focused on our commingled
product offerings, raising over $11 billion in aggregate
commitments across 199 investors, including adding 96
new client investors to our platform. Moreover, we havecontinued to observe a strong appetite for our custom
account programs with around $3 billion5 raised during the22

Our sustainability teamis focused on integrating
material environmental,social, and governance(ESG) factors acrossinvestment processes
on behalf of our limited
partners (LPs).

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year across 22 SMA investors, including five new client wins.
Finally, during January 2023, we launched our evergreen
wealth product, Carlyle AlpInvest Private Market Fund(CAPM). CAPM leverages our global secondary, co-investment,
and primary programs, and seeks to allocate across a global
portfolio of private markets investments. CAPM’s Net Asset
Value has now reached over $300 million and is expected tocontinue growing.

Sustainability and Environmental, Social,and Governance Leadership
Our sustainability team is focused on integrating material
environmental, social, and governance (ESG) factors acrossinvestment processes on behalf of our limited partners (LPs). GIS
also now provides Sustainable Finance Disclosure Regulation(SFDR) Article 8 solutions for both commingled and managed

23

Program during 2023, closing on approximately$6 billion of transactions.
Meanwhile, amid an elevated interest rateenvironment, GPs maintained record-high equity
contributions, resulting in a rich pool of coinvestment opportunities. The AlpInvest teamsourced nearly $17 billion in co-investment deal
volume and committed over $2 billion in 2023.
Furthermore, we maintained a stable deployment
pace across our primaries program, with favorable
market dynamics enabling us to employ a highly
selective approach. During the year, our primaryteam maintained an active pipeline of over 1,000
funds globally, including nearly 400 emerging
manager funds and over 150 impact-focused funds.
This resulted in over $1.3 billion in aggregate primarycommitments on behalf of our SMA investors.

account LPs, a significant stride in our commitment.
We also continue to make substantial progress inthe ESG Data Convergence Initiative (EDCI), and weare now able to report on greenhouse gas emissions
and renewable energy use. We have received EDCI
reporting from 600 portfolio companies—almost
double last year’s figure. This increase enhances
our reporting capabilities for our own investors,
which now feature ESG ratings for all of the GPs wehave invested with and an overview of Sustainable
Development Index (SDI)-aligned investments in theirportfolios.

Investment Excellence
In 2023, our integrated platform drove strong
deployment activity across all strategies. We
committed over $9 billion across our businesslines and continued with our selective investment
approach, closing on approximately 6% ofinvestment opportunities sourced during the year.
With many LPs and GPs seeking to rebalance theirportfolios through alternative exit routes, ourteam benefited from a strong inflow of attractive
investment opportunities. To capitalize on thismarket tailwind, we sourced $115 billion of deal
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Integrating Data into the Investment Process
Embracing and investing in technology are crucial
for our success. Chronograph, our in-house
technology system, is fully integrated into ourinvestment process, allowing our teams to accessmore than 17 million data points of information
on over 20,000 underlying portfolio companies.
AlpInvest has made considerable efforts toestablish itself as a leader in developing andapplying technology solutions to enhance its
diligence and selection process, bolster efficiency
for its investment teams, and increase transparency
to its investors. We believe that our technology
platform allows us to harness information
advantages, helping our investment teams to makemore informed and better investment decisions.

LOOKING AHEAD
Our resilient private equity solutions business—anchored in deep relationships, robust portfolio
construction, and advanced data capabilities—
continues to be a dynamic and market-leading
player today. During 2024, we will continue our efforts
to broaden access for wealth investors, scale ourcommingled product offerings, and to take leadershiproles in various sustainability and ESG initiatives.

24

Technology
Transformation
OVER THE COURSE OF 2023, we continued to build

out a world-class team of senior technologists
specialized in using cutting-edge solutions
to drive business transformation across ourportfolio of investments and within the firm.

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25

$1BN+

in enterprise value impact from digitaltransformation initiatives 6$100MN+in value creation for Carlyle’s portfolio companies 7

Five

technology conferences hosted

Our technologists share their expertise internally and externally,shaping technology transformation, artificial intelligence (AI)and data science strategies, enterprise technology systems, andcybersecurity resiliency for two purposes:
Maximize the value of investments within our portfolio, andTransform and optimize our investment operations

MAXIMIZING THE VALUE OF OUR INVESTMENTS
In 2023, Carlyle reached important technology-related
milestones, particularly in the realm of generative artificial
intelligence (GenAI). Our initiatives in this domain underscore
our commitment to enhancing the value of our portfolio
companies through technological innovation. By deploying
scalable technology solutions and bolstering cybersecurity, we
have driven efficiency, innovation, and value creation globally.
Leveraging various technologies, we streamlined operations
across our portfolio companies, achieving noteworthy cost
reductions while enhancing efficiency and innovation. Our Digital
and Technology teams have driven over $1 billion in enterprisevalue impact from digital transformation initiatives through active
collaboration with Carlyle portfolio companies6. Notably, ourassistance with implementing an algorithmic pricing strategy
for a European chemicals company in our portfolio generated
millions of dollars of earnings before interest, tax, depreciation,
and amortization (EBITDA) improvement. Similarly, our digitalmarketing efforts enabled the spin-off of NSM’s pet insurance
business unit within 18 months.
Our teams also executed on various interventions across theportfolio, including filling key technology, cybersecurity, anddigital leadership roles, advising on critical technology initiatives,and guiding technology transformation strategies, including ERP(Enterprise Resource Planning) and CRM (Customer RelationshipManagement) transformations. We supported the development
and rollout of significant enterprise systems, playing an instrumentalrole in advancing the operational and technological capabilitiesof our portfolio companies and fortifying their competitive edge.

6. Enterprise value impact from digital transformation initiatives
is defined as revenue growth multiplied by increased valuation
multiples at impacted portfolio companies.
7. Value creation is defined as a combination of revenue
growth or EBITDA improvement and the associated valuation
multiple. This value creation is part of GPS's overall $1 billion invalue creation.

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Furthermore, our curated ecosystem of technology suppliers
helped our portfolio companies unlock more than $100 million
in value creation7. These initiatives spanned a spectrum ofactivities, including technology advisory services, strategic
supplier offerings, and the execution of comprehensive
technology transformation strategies.

26

Case Study: GenAI Integration in Claims Management
In 2023, we collaborated with a portfolio company specializing
in claims management, highlighting how the effective use of
GenAI can create tangible value.
Working with the executive management team, we advised
the company on technology strategy to accelerate and scale
the smooth transfer of decades of institutional knowledge andintelligence from veteran claims handlers to new employees.
With our help, and access to our advisory and supplierecosystem, the company developed a GenAI model thatmaterially improved its claims management process, cutting
processing times without the need for additional staff.

We hosted fivetechnology conferences,attended by more than
200 portfolio company
chief information
officers, chief technology
officers, and chief
information security
officers across the globe.

Community Building to Advance Adoption
In 2023, we undertook several initiatives to further advancethought leadership in the spaces of AI, data and analytics,
and cybersecurity in our portfolio companies. We hosted
five technology conferences, attended by more than 200
portfolio company chief information officers, chief technology
officers, and chief information security officers across theglobe. Industry leaders from top technology companies
discussed emerging trends and how to apply them,conducted hands-on workshops, and shared best practices
and use cases on leveraging technology to drive results. We
focused on topics with immediate applicability for portfolio
technology value creation.
We established a GenAI Community of Interest to provide
continuous guidance to the portfolio and advance innovationin this ever-maturing area, hosted several webinars, andheld a GenAI Summit to showcase advancements in practicalapplications for business. We also assembled a world-classgroup of strategic advisors to offer our portfolio companies aplaybook of best practices to accelerate data and analytics
maturity and capture financial and operational benefits.
Through our curated network of vendors, we have the capacity
to help portfolio companies across the spectrum, including inhighly regulated industries. To date, we have established morethan 10 strategic technology partner agreements with GenAI
offerings, affording our portfolio companies preferential accessto these new and innovative technologies. Carlyle put several
programs in place to help portfolio companies establish a solid
baseline for scaling the value of GenAI.

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27

TRANSFORMING AND OPTIMIZINGOPERATIONS AT CARLYLE
This past year marked a renewed focus on using technology
to deliver efficiencies and growth for the firm. In 2023, Carlyle
made significant advancements in the realms of AI, data andanalytics, and automation. These efforts have been instrumental
in enhancing our operational efficiency and decision-making
capabilities, driving substantial value within our organization.

The firm’s transition
to an enterprise clouddata warehousesignificantly boosted
agility and scalability,
resulting in accelerated
time-to-market for
AI tools, advanced
analytics, and datadriven insights.

We made significant progress in areas such as automation of
back-office processes, data modernization, and reporting andanalytics to enable business scale. We continue automating deal
processes to drive collaboration and more optimized operations
across our global segments.

Advancing Carlyle’s Capabilities in AI and GenAI
We introduced GenAI tools to improve the firm’s internal
operations across functions and continued to invest in
improving internal efficiencies. We also invested significantly
in research and development to further AI technology. This
involved collaborating with academic institutions, research
centers, and others in the private sector to explore newfrontiers in this space. In particular, we focused our efforts on
pushing the limits of how and where GenAI can be deployed
while ensuring compliance with ethical and regulatory
standards.
Our focus on integrating GenAI into firm operations yielded
meaningful results. We piloted GenAI to streamline complex
processes, with a target of enabling faster and more accurate
decision-making. This integration has affected various
aspects of our business, from optimizing internal workflows to
supplementing investment analysis. Additionally, we deployed
GenAI features released in several enterprise tools andlaunched AI literacy training for all Carlyle employees in oureffort to embed GenAI throughout the firm.

Data & Analytics Transformation
We also made great strides in modernizing our infrastructureand data analytics tools in 2023. These enhancements allowed
us to harness the power of big data to provide insights thatdrive strategic business decisions and improve operational
outcomes. The firm’s transition to an enterprise cloud data
warehouse significantly boosted agility and scalability, resulting
in accelerated time-to-market for AI tools, advanced analytics,
and data-driven insights­­­—crucial advancements in making AI
deployments practical and valuable.

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29

Our investment in advanced analytics continues
to foster a data-driven culture within Carlyle,empowering teams with the tools and insights
needed to navigate the complexities of the financial
market and anticipate future trends.

LOOKING AHEAD
The achievements of 2023 laid a solid
foundation for a future defined by technologicaltransformation. Our commitment to innovation,
particularly in data and GenAI, will continue

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to grow as we harness its potential across ourportfolio and firm.
We anticipate that our technologists’ expertise,combined with strategic portfolio engagements, willcontinue to deliver efficiencies, growth, and value,
as well as shape the future of how we operate as a
firm. We will deepen our focus on AI integration, which
will drive automation, and explore new frontiers indata analytics. Through these efforts, Carlyle is wellpositioned to redefine technological innovation andbusiness transformation in the investment sector.

30

Sustainability
AS THE WORLD continues to navigate a shifting

economic landscape, we at Carlyle continue tostrengthen our approach to sustainability andenvironmental, social, and governance (ESG)
integration as a driver to accelerate value
creation within our firm and investment portfolio.

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31

25

Carlyle portfolio companies have set
Paris-aligned climate targets since 2022

375+

GPs & LPs have signed on to participate
in the ESG Data Convergence Initiative

Integrating ESG factors throughout our investment processesdelivers an additive lens that we believe can potentiallyprovide opportunities for our portfolio companies to drive
revenues, reduce costs, secure more efficient financing,and strengthen their competitive positioning. We believe
ESG integration can hone an investment edge in a rapidlychanging world, as well as make us better stewards of capital.
As a responsible global organization committed to serving ourlimited partners, shareholders, and other stakeholders, Carlyle
has made it a priority to understand, monitor, and manage
sustainability and ESG-related risks and opportunities across
our portfolio.
In 2023, we continued to integrate ESG factors, where
potentially material, across our work. We prioritized pillars
such as diversity, equity, and inclusion; employee engagement;sustainable growth; climate resilience, inclusive of projects
focused on renewable energy as well as decarbonizing
traditional oil and gas; and strong stakeholder ties.
The challenges of the energy transition remain a pressing
concern as governments and institutions strive to secure alower-carbon future and provide reliable, affordable energy
at scale. Over the past year, we deepened our partnershipwith portfolio companies to set and implement commercial
climate goals and build climate resilience, which we believe
will drive value and position them for growth as they navigate
these challenges. We also continued to invest in emerging
energy opportunities such as renewable power generation,battery storage solutions, the electrification of transportation
fleets, and decarbonization.
Carlyle has been focused on sustainability for many years,
and while we are pleased with our progress, there is still
meaningful work ahead. We believe our impact as a firmis rooted in building better businesses, and we regard
sustainability as a core lever in this effort. As such, our teamremains committed to improving our approach, data, andtools to deliver better results for investors.

2023 MILESTONESESG Data Convergence Initiative
In 2021, Carlyle and the California Public Employees’
Retirement System (CalPERS) led the formation of the ESG Data
Convergence Initiative (EDCI), the private equity industry’s
first-ever collaboration to standardize ESG metrics andC A R LY L E

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32

Net
Zero

provide a mechanism for comparative reporting. Partnering
alongside a founding group of general partners (GPs) andlimited partners (LPs), the project aims to generate meaningful,performance-based, and comparable ESG data, as well as
introduce an ESG benchmark for private markets.

In 2022, we were
one of the first major
global private equity
firms to announce ouraim of reaching net
zero greenhouse gas
emissions by 2050 orsooner across our direct
investments, alongsidenear-term goals.

Since the initiative’s launch in September 2021, more than 375 GPs
and LPs have signed on, representing over $28 trillion in Assets
Under Management (AUM) and about 4,300 underlying portfolio
companies. The Boston Consulting Group published a detailed
piece, “Sustainability in Private Equity, 2023” summarizing thefindings from the second year’s data collection and benchmark.
In 2023, the EDCI agreed to expand reporting metrics to includealignment with Net Zero pathways, in addition to carbon emissions
and renewable energy procurement data, amongst others.
Our Leadership in Decarbonization
In 2022, we were one of the first major global private equity firms
to announce our aim of reaching net zero greenhouse gas emissions
by 2050 or sooner across our direct investments, alongside nearterm goals. Since setting these goals, we have worked with 25
Carlyle portfolio companies as of December 31, 2023, to set Paris-

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33aligned climate targets. In helping our companies
improve their climate resiliency, our Sustainability
team partnered with a subset of portfolio companies
in 2023 to calculate carbon footprints, establish andimplement decarbonization and energy transitionrelated goals, and develop pathways to reducegreenhouse gas emissions. Throughout 2023, we
worked with applicable management teams to craft
tailored climate strategies and develop solutions,such as integrated energy and carbon management
programs and decarbonization initiatives, that we
believe will contribute to more resiliency and better
performance for these companies.
As part of this work, we also held inaugural
Decarbonization Expositions for our portfolio
companies virtually and in person to provide themwith access to key resources. These events drew
on internal and external expertise to discuss topics
such as how to develop a carbon strategy, build arenewables procurement strategy, identify demandside reduction levers, and assess potential physicalclimate risks.
In addition, our Global Credit platform has continued
to build momentum since launching a decarbonization
financing program in 2022, incentivizing borrowers toachieve material climate goals.

Two portfolio companies that exemplify ourcollaborative approach to advance the energy
transition and implement decarbonization initiatives
in 2023 include:
Altadia

A global manufacturer of intermediate products forthe production of ceramic tiles, Altadia conducted adetailed decarbonization analysis as one of the corevalue creation levers during the investment phase.
The results of this analysis helped the company seek
to double its carbon reduction trajectory by 2025.
Activities contributing to this reduction are projected
to yield annual net cost savings of about €4.5 million
with a two-year payback. Furthermore, the carbon
reduction target has been linked to the financingof the transaction and will generate a reduction ininterest rates if the target is reached.
Forgital

Forgital is a leading forging company with a deep
history in metal work in Northern Italy. With thesupport of the Carlyle team and our consulting
partners, the company developed a digital twin for
one of its most energy intensive locations to help
inform a decarbonization strategy and determine acarbon reduction target. The digital twin identified
a focused set of energy and carbon reduction
opportunities that are projected to result in a 30%
absolute carbon reduction by 2030, with projected€4 million in annual energy cost savings against
a business-as-usual scenario of an 81% increase incarbon emissions dioxide equivalent.

LOOKING AHEAD
We continue to improve and accelerate our core
ESG integration through better measurement andtracking of ESG performance across our investments,
which can help us better understand correlations
between ESG factors and financial outcomes.
In line with our publicly stated climate goals, we will
also continue to partner with portfolio companies
to help them set and achieve Paris-aligned climate
targets, where relevant.

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35

THE IMPACT OF
BETTER BUSINESSIn 2023, we continued to focus on key
aspects of ESG that we believe could
help improve business outcomes.
There may be opportunities forbusinesses to improve operational
efficiency, unlock value, and havea competitive edge by focusing onmaterial ESG issues including:

1. Diverse and Inclusive Teams
We believe diverse and inclusive
teams may make better decisions andpotentially outperform.
2. Engaged Employees
Business success is, in large part,
dependent on hiring the right people
and building strong teams—seeking toensure employees are healthy, engaged,
and productive with the right skills fortheir jobs.
3. Sustainable Growth
While sustainable growth looks different
for each company, management teams
that address material ESG factors withrigor and nuance may build businesses thatcreate more sustainable long-term value.
4. Climate Leadership
We believe companies that navigate
emerging risks and opportunities related
to the climate transition—as well as
proactively invest in decarbonization—
may emerge as leaders in a changing
world and better withstand a wide rangeof exogenous shocks related to climatechange and the energy transition.
5. Strong Stakeholder Ties
We believe businesses that create
positive, symbiotic relationships with awide array of stakeholders may havestronger licenses to operate and more
resilient long-term trajectories.

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Diversity,
Equity, andInclusion
IN 2023, WE FOCUSED on creating synergies acrossour firm, portfolio, and communities to capture
the performance benefits of Diversity, Equity,and Inclusion (DEI). Included are highlights thatspan our spheres of influence and illustrate ourcommitment to progress.

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37

30%

increase in the number of submitted
DEI Incentive Award nominations in 2023

our goal is to have diverse executives occupy

40%

of all board seats in controlled, corporate, andprivate equity portfolio companies around theworld (an increased target from 30%)800

undergraduate students exposed to careers
in alternative asset management through ourinaugural Carlyle Collegiate Series (CCS)OUR FIRM
At Carlyle, ensuring all of our people have the right insights
and tools to make DEI an active and credible pursuit is essential
to our firm’s strength. Chaired by our Chief Executive Officer,
Harvey Schwartz, our global DEI Council demonstrates
leadership and our commitment to DEI at the most senior levelsof the firm. Additional leaders such as our Chief Financial
Officer and Head of Corporate Strategy, John Redett, and Chief
Information Officer and Head of Technology Transformation,
Lúcia Soares, joined the council in 2023 and have further driven
our progress. One example of this progress is the selectionof our third annual group of DEI Incentive awardees, which
recognizes colleagues who have made a substantial impact
in their DEI efforts across the firm. Our DEI Council saw a 30%
increase in the number of submitted award nominations in 2023.
Inclusive leadership permeates the Carlyle ecosystem, supporting
skill-building and performance. In this respect, we launched a newlearning experience that helps leaders understand the power
they have to maximize the performance of their teams. Thus far,over 200 managers have completed a Power Session to upskill
in this space and apply practical tools and guidance that allow
teams across divisions to thrive.
The globalization of our DEI efforts has been especially notable.
Our Asia DEI Task Force comprises leaders across the Asia region
and launched a DEI training for select managers containing
culturally relevant insights and tools. Our Employee Resource
Groups (ERGs) had considerable momentum, including engaging
members and allies across six offices for Lunar New Year,volunteering with the Warrior K-9 Connection, and learning aboutcolleagues’ experiences navigating fertility and family planning.
Our ERGs also created forums to engage with and gain insightsfrom leaders across the industry. More than a third of all Carlyle
employees are members and allies of an ERG.­OUR INVESTMENTS
Carlyle’s belief that diversity of perspectives and experiences
is essential to driving performance extends to our network of
portfolio companies around the globe. This past year, we met
with more than 20 different portfolio companies to support theirindividual DEI strategies and made strides toward amplifying
our impact through network effects. Our Carlyle DEI Leadership
Network—a coalition of the firm’s portfolio company CEOs aroundthe globe focused on sharing resources, insights, and learnings

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38

Below are just a few
of our DEI Incentive
Awardees, recognized
for making a substantial
impact in their DEI efforts
across the firm.

Gairy
Hall

Managing Director
Investor Relations

As a member of the IR DEI Committee, Gairy
regularly taps into various networks to ensure
we are identifying and recruiting diverse talent.
Gairy co-founded the Black and Latinx men
sub-group within the Multicultural ERG and hosts
events to bring the growing number of Black
professionals together at Carlyle.

Rieko
Fuji
ManagerJapan Buyout

Rieko helped originate DEI initiatives at Carlyle
Japan by communicating with external DEI
experts and attending seminars to educate
herself. She assumed a pivotal role in an
education session about establishing a more
open and inclusive working environment for
our LGBTQ+ employees.

David
ParejaPrincipal
AlpInvest

David engages prospective candidates fromthe Out 4 Undergrad Business Conferences
and serves as co-chair of the LGBTQ+ ERG.
David’s impact includes representing the ERG at
recruiting events, orientation for new joiners, andbeing a proponent of active allyship at the firm.
His efforts have helped Carlyle score 100% on the
Human Rights Campaign’s Corporate Equity Index
which we’ve maintained five years in a row.

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to advance diversity, equity and inclusion within their respective
companies—offered sessions on the performance impact ofdiverse teams, sponsorship, working across cultures, and inclusive
leadership to a broad audience that included colleagues,
portfolio leadership teams, and select LPs from all regions.
This effort has delivered tangible progress. In the third quarter of2023, we surpassed our goal to have diverse executives occupy
30% of all board seats in controlled, corporate, and private equity
portfolio companies around the world by the end of 2023. In
fact, since 2020, Carlyle portfolio companies have filled over 390
portfolio board seats with underrepresented professionals. Uponreaching our target, we established a new goal that continues ourambitious pace for future progress, increasing that target to 40%.
We also measure what matters. Our Global Investment Solutions
segment continued its focus on improving visibility of DEI acrossthe AlpInvest portfolio, resulting in a greater than 200% increasein underlying companies reporting on one or more ESG Data
Convergence Initiative (EDCI) DEI metrics year-over-year. These
metrics allow us to capture valuable data related to the diversityof our portfolio company boards and senior management.
AlpInvest’s investment teams continue to identify opportunities
for partnership with diverse GPs and maintain a pipeline of morethan 100 actionable investment opportunities. Within our existing
portfolio of sponsors, 41% currently rate as “advanced” for theirimplementation of DEI-focused policies.

OUR COMMUNITIESIn 2023, we expanded our work to build the pipeline of future
leaders in asset management—both for Carlyle’s future successand the benefit of the larger industry. In the United States, we
hosted the inaugural Carlyle Collegiate Series, which introduced
800 undergraduate students to careers in alternative asset
management and provided them the opportunity to interact
with Carlyle's investment professionals. Participants represented
over 20 schools, including HBCUs, Hispanic-Serving Institutes,
and state universities. Carlyle professionals also worked
closely with a broad range of organizations to expand accessto careers in financial services. These included BLK CapitalManagement, Toigo, Sponsors for Educational Opportunity, Out
for Undergrad, IntoUniversity, Level 20, and Access Distributed.
In the United Kingdom, we marked the third summer of our workwith the 10,000 Black Interns Programme hosting internships within
the Europe Buyout and Fund Management teams. In 2024, theprogram will expand to include the 10,000 Able Interns Programme.

39

We also leveraged our relationships to build
connections and elevate discussions about how
to advance DEI to benefit our investors and thebroader business community. We continued to build
upon our existing role as the inaugural underwriterof The Milken Institute DEI in Asset Management
Program Advisory Board. The board, whichfeatures 19 senior leaders from limited partners(LPs), peer firms, and academia collaborated on asecond report released in December 2023; Inclusive
Capitalism: Seven Strategies for Specific Action in
Asset Management. This report built on the first,
published in December 2022 titled The Path toInclusive Capitalism: An Asset Owner Guide forInvestment Portfolios.

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LOOKING AHEAD
Leaders today are navigating complex challenges:
disruptive automation; uncertain economic
environment; geopolitical challenges amid further
globalization of markets; and heighted stakeholder
expectations. Data, including from our own
portfolio, shows that having access to a diversityof perspectives and backgrounds is mandatory for
responding to these challenges effectively and atpace. We will continue to create synergies across ourspheres of influence to further empower our people,
our portfolio companies, and the broader community
to deliver the performance benefits that diverse andinclusive teams can produce.

40

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41

71%

52%

48%

of U.S. hires are womenor ethnically diverse 8, 9

of Asia hires are women 8of Europe hires are women 8

17%

64%

45%

of U.S. senior hires are Black,
Hispanic, or Latinx 8of U.S. employees are womenor ethnically diverse 8, 9of U.S. senior employees are
women or ethnically diverse 8, 9

80%

35%

35%

of Carlyle boards globally havegender diversity, compared to
57% private benchmark 10

of Carlyle employees are
unique ERG members as ofDecember 15, 2023

of Carlyle Employees arePower Participants as ofDecember 15, 2023

390+
seats have been filled withdiverse directors since
January 1, 2020 11

8. Representation data as of January 1, 2024. Hiring data from January 1 through December 31, 2023.
9. Ethnically diverse definition: Asian, Black, Hispanic or Latinx, Native Hawaiian / Pacific Islander, American Indian / Alaskan Native, or Two or More Races.
10. Carlyle-controlled companies acquired since 2016 and as of September 30, 2023 compared to the ESG Data Convergence Initiative data report released in October 2023.
11. Between January 1, 2020 and September 30, 2023, 390 seats in controlled and minority-owned CPE companies have been filled with a diverse director. Funds
include: USBO, CEOF, FIG, CGP, CP Growth, CEP, CETP, CAP (incl CAGP), CJP, CSABF (incl CPF), CSSAF. Diverse board director: female (global) or Asian, Black or
African American, Hispanic or Latin, American Indian or Alaska Native, Native Hawaiian or Other Pacific Islander, Two or More Races (where available; someboards do not report on race or ethnicity. Asians excluded from Asia Region and Hispanic or Latin excluded from South America, Portugal, and Spain).

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Our People
and Culture
AT CARLYLE, we know that our people are ourcompetitive advantage. We conduct a global
employee engagement survey annually to gather
valuable feedback at every level of the firm. The
insights gathered from this survey direct ourhuman capital agenda, which aims to attract,develop, and retain the best talent for Carlyle.

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The 2023 employee engagement
survey participation rate was 89%,
the highest to date. In addition, 88%of participating employees reported
they were proud to work at Carlyle
and 81% would recommend thefirm as a great place to work. The
collected data highlighted employees’appreciation for process changes
that resulted in greater transparency
about how success is measured.

LEADERSHIP DEVELOPMENT
The firm’s tailored leadership development programs focus on
strengthening the communication, decision-making, and strategic
thinking skills of our senior leaders to drive positive change within theorganization and maintain our competitive advantage in the market.
Our programs are assessed annually to measure success, identify
curriculum gaps, and track participants’ progress.
In 2023, we launched the Admiral’s Leadership Program for Carlyle’s
Managing Directors and Partners. The program is led by Admiral
James Stavridis, a retired four-star U.S. naval officer, currently
serving as the Vice Chair of Global Affairs and Partner at Carlyle.
This unique development opportunity allows the Admiral to sharehis diverse experiences and leadership advice to inform theparticipants’ approach to effective leadership, build and expand
their network, and increase collaboration to generate new crossplatform and -geography investment opportunities.

CAREER FRAMEWORK LAUNCHIn March 2023, we launched our refreshed career competencies,
which outlined the expected results and behaviors for employees
at all levels to provide transparency into how career progression
decisions are made. The competencies, now referred to as the“Career Framework,” addressed employee feedback by ensuringpromotion decisions are driven by business needs and performancetrack record to strengthen our meritocratic culture and create
career paths that support both horizontal and vertical mobility.

88%

of participating employees reported
they were proud to work at Carlyle

81%of participating employees would recommend
Carlyle as a great place to work

C A R LY L E

A N N UA L R E P O RT 202 3

Throughout 2023, we embedded the Career Framework into all
our human capital practices to support recruiting, onboarding,promotion decisions, succession planning, and development. We
conducted global workshops to help managers and their direct
reports leverage the career framework to assess performance,
provide actionable feedback, determine promotion and succession
readiness, set goals, and optimize performance in the future.

LOOKING AHEAD
In 2024, our efforts will focus on identifying opportunities toensure employees at all levels receive ongoing feedback tooptimize performance. This change starts by implementing
innovative technology that makes it easy to capture, digest, andshare high-quality human capital data for our leaders to derive
meaningful insights to develop their employees.

44

Board of Directors& Executive Officers
Board Member

William E.
Conway, Jr.

Co-Founder and
Co-Chairman

Lawton W. FittLead Independent
Director

Former Investment
Banker and Partner
at Goldman Sachs

Anthony
Welters

David M.
Rubenstein

Co-Founder and
Co-Chairman

James H.
Hance, Jr.
Director

Carlyle Operating
Executive andformer Vice
Chairman of Bankof America

John C. RedettDirector

Founder, Chairman,
and Chief Executive
Officer of CINQ Care
Inc. and Executive
Chairman ofBlackIvy Group, LLC

C A R LY L E

Executive Officer

Chief Financial
Officer and Headof Corporate
Strategy

A N N UA L R E P O RT 202 3

Daniel A.
D’Aniello

Co-Founder andChairman Emeritus

Harvey M.
Schwartz

Chief Executive
Officer and Director

Mark S. Ordan

Derica W. Rice

Board Chair ofPediatrix Medical
Group

Former Executive
Vice President of
CVS Health andformer President of
CVS Caremark

Jeffrey W.
Ferguson

Christopher
Finn

Director

General Counsel

Director

ShardaCherwoo

Linda H. Filler
Director

Former SeniorPartner at Ernst &Young LLP

Former Executiveof Walgreen Co,
Walmart, Kraft
Foods, and Hanes
brandsDr. Thomas S.
Robertson

William J.
Shaw

Joshua J. Harris
Professor ofMarketing at the
Wharton School of
the University ofPennsylvania

Former Vice
Chairmanof MarriottInternational

Director

Director

Director

Chief Operating
Officer

The composition of the Board of Directors and the Executive Officers is as of March 7, 2024.

45

Shareholder Inquiries

Transfer Agent

Stock Exchange

Trade Association

Information about Carlyle, including quarterly earnings releases and filings
with the U.S. Securities and Exchange Commission, can be accessed via Carlyle’s
website at www.carlyle.com. Shareholder inquiries can also be directed by e-mailto public.investor@carlyle.com.

The common stock of The Carlyle Group Inc. trades on the Nasdaq Global SelectMarket with CG as its ticker symbol.

Equiniti Trust Company
6201 15th Avenue
Brooklyn, NY 11219+1 800 937 5449

American Investment Council
799 9th Street, NW, Suite 200
Washington, DC 20001+1 202 583 5263

Disclosures

This Annual Report has been prepared by The Carlyle Group Inc. (together with its affiliates, “Carlyle”) and may only be used for informational
purposes. All information contained herein is presented as of December 31, 2023, unless otherwise specifically noted.
There can be no assurances that Carlyle’s investment objectives will be achieved or that our investment programs will be successful. PASTPERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. Investors should read this Annual Report in conjunction with investment fund quarterly
reports, financial statements and other disclosures regarding the valuations and performance of the specific investments listed herein.
This Annual Report includes forward-looking statements. Forward-looking statements are inherently uncertain, and changing factors, suchas those affecting the markets generally, or those affecting particular industries or issuers, may cause events or results to differ from those
discussed. Therefore, undue reliance should not be placed on such statements, or the conclusions drawn therefrom, which in no event shall be
construed as a guarantee of future performance, results, or courses of action. Carlyle believes these factors include, but are not limited to,those described under “Risk Factors” in Carlyle’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC, as suchfactors may be updated from time to time in its periodic filings, which are accessible on the SEC’s website at www.sec.gov. These factors should
not be construed as exhaustive and should be read in conjunction with Carlyle’s other disclosures. Carlyle expressly disclaims any obligation orundertaking to update or revise any such forward-looking statements.
References to portfolio companies are intended to illustrate the application of Carlyle’s investment process only and should not be viewed as arecommendation of any particular security or portfolio company. The information provided about these portfolio companies is intended to beillustrative and is not intended to be used as an indication of the current or future performance of Carlyle’s portfolio companies. The investments
described in the selected case studies were not made by any single fund or other product and do not represent all of the investmentspurchased or sold by any fund or other product. The information provided herein is for informational purposes only and is not and may not be
relied on in any manner as advice or as an offer to sell or a solicitation of an offer to buy interests in any fund or other product sponsored or
managed by Carlyle or any of its affiliates.
Any such offer or solicitation shall only be made pursuant to a final confidential private placement memorandum (as amended and/or restatedfrom time to time) and the applicable fund’s subscription documents, which will be furnished to qualified investors on a confidential basis at theirrequest for their consideration in connection with such offering.
Any person receiving this Annual Report is permitted to copy and print individual pages for informational, non-commercial use. These copies must
not alter the original report’s content, including all legal notices and legends. All content included in this Annual Report, such as graphics, logos,
articles, and other materials, is the property of Carlyle or others noted herein and is protected by copyright and other laws. All trademarks andlogos displayed in this Annual Report are the property of their respective owners, who may or may not be affiliated with our organization.
This Annual Report contains financial measures that are calculated and presented on the basis of methodologies other than in accordance withgenerally accepted accounting principles in the United States of America. These non-GAAP financial measures should be considered in addition
to and not as a substitute for, or superior to, financial measures presented in accordance with U.S. GAAP. The reasons management believes thatthese non-GAAP financial measures provide useful information, as well as reconciliations of these measures to their most comparable U.S. GAAP
measures, are set forth in our most recent Annual Report on Form 10-K filed with the SEC. FRE Margin is calculated as Fee Related Earnings,
divided by Total Segment Fee Revenues. FRE Margin is most comparable to the Income before provision for taxes margin, which is calculated as
Income before provision for taxes, divided by Total revenues. DE per common share is equal to DE less estimated current corporate, foreign, stateand local taxes, divided by the number of common shares outstanding at each quarter end. For purposes of this calculation, common sharesthat were issued in the following quarter in connection with the vesting of restricted stock units were added to the common shares outstanding,as they participated in the dividend paid on common shares in the following quarter. Estimated current corporate, foreign, state and local
taxes represents the total U.S. GAAP Provision (benefit) for income taxes adjusted to include only the current tax provision (benefit) applied to
Net income (loss) attributable to The Carlyle Group Inc. This adjustment, used to calculate Distributable Earnings, Net attributable to common
stockholders, reflects the benefit of deductions available to the Company on certain expense items that are excluded from the underlying
calculation of Distributable Earnings, such as equity-based compensation expense and charges (credits) related to corporate actions and nonrecurring items. Management believes that using the estimated current tax provision (benefit) in this manner more accurately reflects earnings
that are available to be distributed to common stockholders.

C A R LY L E

A N N UA L R E P O RT 202 3

46

Reconciliation of Non-GAAP Measures
Distributable Earnings and Fee Related Earnings
Distributable Earnings, or “DE,” is a key performance benchmark used in our industry and is evaluated regularly by management in making
resource deployment and compensation decisions, and in assessing performance of our three reportable segments. We also use DE inbudgeting, forecasting, and the overall management of our segments. We believe that reporting DE is helpful to understanding our businessand that investors should review the same supplemental financial measure that management uses to analyze our segment performance. DE isintended to show the amount of net realized earnings without the effects of consolidation of the Consolidated Funds. DE is derived from oursegment reported results. Fee Related Earnings, or “FRE,” is a component of DE and is used to assess the ability of the business to cover basecompensation and operating expenses from total fee revenues.
The following tables reconcile the Total Segments to our Income (Loss) Before Provision for Income Taxes for the years ended December 31,
2023 and 2022:

FOR THE YEAR ENDED DECEMBER 31, 2023

(in millions)

Total Reportable
Segments

Consolidated
Funds

Reconciling
Items

CarlyleConsolidated

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

$

—

$

6.9

$

— (c)

$

6.9

Distributable earnings$

1,430.5

$

116.7

$

(2,148.1) (d)$ (600.9)

Reconciling
Items

CarlyleConsolidated

FOR THE YEAR ENDED DECEMBER 31, 2022

(in millions)

Total Reportable
Segments

Consolidated
Funds

Revenues$

4,401.4

$

311.0

$

(273.7)$ 4,438.7

Expenses$

2,492.4

$

255.3

$

77.0

$ 2,824.7

Other loss

$

—

$

(41.5)$—$(41.5)

Distributable earnings$

1,909.0

$

14.2

$

(350.7)$

1,572.5

C A R LY L E

A N N UA L R E P O RT 202 3

47

(a) The Revenues adjustment principally represents unrealized performance revenues, unrealized principal investment income (loss) (including
Fortitude), the principal investment loss from dilution of the indirect investment in Fortitude, revenues earned from the Consolidated Funds
which were eliminated in consolidation to arrive at the Company’s total revenues, adjustments for amounts attributable to non-controllinginterests in consolidated entities, adjustments related to expenses associated with the investments in NGP Management and its affiliatesthat are included in operating captions or are excluded from the segment results, adjustments to reflect the reimbursement of certain costs
incurred on behalf of Carlyle funds on a net basis, and the inclusion of tax expenses associated with certain foreign performance revenues, asdetailed below:

YEAR ENDED DECEMBER 31,
2023(in millions)
Unrealized performance and fee related performance revenues$(1,046.6)

2022$(142.5)36.1(38.3)(104.0)(176.9)(13.8)(12.9)—

0.1

Non-controlling interests and other adjustments to present certain costs on a net basis

191.6

119.0

Elimination of revenues of Consolidated Funds(74.6)(22.2)

Unrealized principal investment income
Principal investment loss from dilution of indirect investment in Fortitude
Adjustments related to expenses associated with investments in NGP Management andits affiliates
Tax expense associated with certain foreign performance revenues$(1,011.3)$(273.7)

The following table reconciles the total segments fund level fee revenue to the most directly comparable U.S. GAAP measure, the Company’s
consolidated fund management fees, for the years ended December 31, 2023 and 2022:

YEAR ENDED DECEMBER 31,
2023(in millions)
Total Reportable Segments - Fund level fee revenues$$(262.6)

Adjustments1
Carlyle Consolidated - Fund management fees

2,305.82022$

2,043.2

2,237.3(207.2)$2,030.1

1. Adjustments represent the reclassification of NGP management fees from principal investment income, the reclassification of fee related performance revenues
from business development companies and other products, management fees earned from Consolidated Funds which were eliminated in consolidation to arriveat the Company’s fund management fees, and the reclassification of certain amounts included in portfolio advisory and transaction fees, net and other in thesegment results that are included in interest and other income in the U.S. GAAP results.

C A R LY L E

A N N UA L R E P O RT 202 3

48

(b) The Expenses adjustment represents the elimination of intercompany expenses of the Consolidated Funds payable to the Company, theinclusion of equity-based compensation, certain tax expenses associated with realized performance revenues related compensation, andunrealized performance revenues related compensation, adjustments related to expenses associated with the investment in NGP Managementthat are included in operating captions, adjustments to reflect the reimbursement of certain costs incurred on behalf of Carlyle funds on a net
basis, changes in the tax receivable agreement liability, and charges and credits associated with Carlyle corporate actions and non-recurring
items, as detailed below:

YEAR ENDED DECEMBER 31,
2023(in millions)
Unrealized performance and fee related performance revenue compensation expense

$

612.6

2022

$

(326.2)Equity-based compensation

260.1

161.9

Acquisition or disposition-related charges and amortization of intangibles and impairment

145.3

187.4

Tax (expense) benefit associated with certain foreign performance revenues relatedcompensation

(1.0)

2.9

Non-controlling interests and other adjustments to present certain costs on a net basis

148.7

82.7

11.6

12.4

(40.5)(44.1)

Other adjustments
Elimination of expenses of Consolidated Funds$

1,136.8$

77.0(c) The Other Income (Loss) adjustment results from the Consolidated Funds which were eliminated in consolidation to arrive at the Company’s
total Other Income (Loss).

C A R LY L E

A N N UA L R E P O RT 202 3

49

(d) The following table is a reconciliation of Income (Loss) Before Provision for Income Taxes to Distributable Earnings and to Fee Related Earnings:

YEAR ENDED DECEMBER 31,
2023(in millions, except per share amounts)
Income before provision for income taxes$(600.9)2022$

1,572.5

1,659.2(183.7)

Unrealized principal investment (income) loss

(36.1)

38.3

Principal investment loss from dilution of indirect investment in Fortitude

104.0

176.9

Equity-based compensation1

260.1

161.9

Acquisition or disposition-related, including amortization of intangibles and impairment

145.3

187.4

Tax (expense) benefit associated with certain foreign performance revenues(111.7)(59.7)Net income attributable to non-controlling interests in consolidated entities

(1.0)

3.0

Other adjustments

11.6

12.4

Net unrealized performance revenues

Distributable Earnings$

1,430.5$

1,909.0

Realized performance revenues, net of related compensation2

531.0

998.5

Realized principal investment income2

88.8

150.6

Net interest

48.7

74.5

Fee Related Earnings

$

859.4

$

834.4

Distributable Earnings$

1,430.5$

1,909.0

255.4

Less: Estimated current corporate, foreign, state and local taxes3

332.8

Distributable Earnings, net$

1,175.1$

1,576.2

Distributable Earnings, net per common share outstanding4

$

3.24

$

4.34

FRE margin5

37%

37%

Cash-based compensation and benefits ratio6

35%

24%

Income before provision for income taxes margin7

(20)%

35%

1. Equity-based compensation includes amounts that are presented in principal investment income and general, administrative and other expenses in our U.S. GAAP consolidated
statements of operations.
2. Refer to “Realized Net Performance Revenues and Realized Principal Investment Income” below for the reconciliations to the most directly comparable U.S. GAAP measures.
3. Estimated current corporate, foreign, state and local taxes represents the total U.S. GAAP Provision (benefit) for income taxes adjusted to include only the current tax provision(benefit) applied to Net income (loss) attributable to The Carlyle Group Inc. This adjustment, used to calculate Distributable Earnings, Net attributable to common stockholders,reflects the benefit of deductions available to the Company on certain expense items that are excluded from the underlying calculation of Distributable Earnings, such as equitybased compensation expense, amortization of acquired intangible assets, and charges (credits) related to corporate actions and non-recurring items. Management believes thatusing the estimated current tax provision (benefit) in this manner more accurately reflects earnings that are available to be distributed to common stockholders.
4. Distributable Earnings, net per common share outstanding is calculated by dividing Distributable Earnings, net for each quarter by the number of common shares outstandingat each quarter end. For the purposes of this calculation, common shares that were issued in the following quarter in connection with the vesting of restricted stock units as well
as shares issued pursuant to a program under which, at our discretion, up to 20% of realized performance allocation related compensation over a threshold amount may be
distributed in fully vested, newly issued shares, were added to the common shares outstanding, as they participate in the divided paid on common shares in the following quarter.
5. FRE margin is calculated as Fee Related Earnings divided by Total Segment Fee Revenues.
6. Cash-based compensation and benefits ratio is equal to Cash-based compensation and benefits, divided by Total revenues.
7. Income (loss) before provision for taxes margin is the most directly comparable U.S. GAAP measure to FRE margin, and is equal to Income (loss) before provision for taxes divided by
Total revenues.

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A N N UA L R E P O RT 202 3

50

Realized Net Performance Revenues and Realized Principal Investment Income
Below is a reconciliation to the most directly comparable U.S. GAAP measures:

FOR THE YEAR ENDED DECEMBER 31, 2023

(in millions)
Performance revenues

CarlyleConsolidated$(88.6)

Adjustments$

1,103.7

Performance revenues related compensation expense

1,026.9

Total Reportable
Segments$(696.4)

938.3
407.3

Net performance revenues$(1,192.3)$

1,723.3$

531.0

Principal investment income (loss)

$

133.4

$

(44.6)$

88.8

FOR THE YEAR ENDED DECEMBER 31, 2022

(in millions)
Performance revenues

CarlyleConsolidated$

1,327.5

Adjustments

$

719.9

Performance revenues related compensation expense

653.2

Total Reportable
Segments$

262.3

1,980.7
982.2

Net performance revenues

$

607.6

$

390.9

$

998.5

Principal investment income (loss)

$

570.5

$

(419.9)$150.6

Adjustments to performance revenues and principal investment income (loss) relate to (i) unrealized performance allocations net of relatedcompensation expense and unrealized principal investment income, which are excluded from the segment results, (ii) amounts earned from theConsolidated Funds, which were eliminated in the U.S. GAAP consolidation but were included in the segment results, (iii) amounts attributable
to non-controlling interests in consolidated entities, which were excluded from the segment results, (iv) the reclassification of NGP performancerevenues, which are included in principal investment income in the U.S. GAAP financial statements, (v) the reclassification of fee related performance revenues, which are included in fund level fee revenues in the segment results, and (vi) the reclassification of tax expenses associatedwith certain foreign performance revenues. Adjustments to principal investment income (loss) also include the reclassification of earnings forthe investments in NGP Management and its affiliates to the appropriate operating captions for the segment results, and the exclusion of
charges associated with the investment in NGP Management and its affiliates that are excluded from the segment results and the exclusion of
the principal investment loss from dilution of the indirect investment in Fortitude.

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51

Net Accrued Performance Revenues
Accrued performance allocations, net of accrued giveback obligations is the U.S. GAAP measure most comparable to Net accrued
performance revenues. The following is a reconciliation:

AS OF DECEMBER 31,
2023(in millions)
Accrued performance allocations, net of accrued giveback obligations$

6,125.92022$

7,076.8

Plus: Accrued performance allocations from NGP Carry Funds

484.4

564.6

Less: Net accrued performance allocations presented as fee related
performance revenues(5.2)(53.2)(4,255.8)(3,625.3)

Plus: Receivable for giveback obligations from current and former employees

11.5

10.1

Less: Deferred taxes on certain foreign accrued performance allocations(27.1)(31.6)

Plus/Less: Net accrued performance allocations/giveback obligations attributable
to non-controlling interests in consolidated entities

7.4

1.1

Plus: Net accrued performance allocations attributable to Consolidated Funds,
eliminated in consolidation

9.1

5.4

2,350.2

3,947.9

28.6

16.7

Less: Accrued performance allocation-related compensation

Net accrued performance revenues before timing differences
Plus/Less: Timing differences between the period when accrued performance allocations/giveback obligations are realized and the period they are collected/distributed
Net accrued performance revenues attributable to The Carlyle Group Inc.

C A R LY L E

A N N UA L R E P O RT 202 3$

2,378.8$

3,964.652

Total Investments Attributable to The Carlyle Group Inc.
Investments, excluding performance allocations, is the U.S. GAAP measure most comparable to Total investments attributable to The Carlyle
Group Inc., net of CLO loans and other borrowings. The following is a reconciliation:

AS OF DECEMBER 31,
2023(in millions)
Investments, excluding performance allocations$

3,785.42022$

3,644.8(173.9)(167.8)

140.1

222.0

Less: Strategic equity method investments in NGP Management1(370.3)(369.7)

Less: Investment in NGP general partners-accrued performance allocations(484.4)(564.5)

Total investments attribution to The Carlyle Group Inc.

2,896.9

2,764.8

Less: CLO loans and other borrowings collateralized by investments attributable to
The Carlyle Group Inc.2(408.8)(401.0)Less: Amounts attributable to non-controlling interests in consolidated entities
Plus: Investments in Consolidated Funds, eliminated in consolidation

Total investments attributable to The Carlyle Group Inc., net of CLO loans
and other borrowings$

2,488.1$

2,363.8

1. We have equity interests in NGP Management Company, L.L.C. (“NGP Management”), the general partners of certain carry funds advised by NGP, and principal
investments in certain NGP funds. These equity interests are accounted for as investments under equity method accounting. Total investments attributable to
The Carlyle Group Inc. excludes the strategic equity method investments in NGP Management and investments in the general partners of certain NGP carry funds.
2. Of the total CLO and other borrowings, $408.8 million and $401.0 million are collateralized by investments attributable to The Carlyle Group Inc. as ofDecember 31, 2023 and 2022, respectively.

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