Company: CGABL
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001527166-25-000104
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Company: Carlyle Group Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 2
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 Unless context suggests otherwise, references in this Quarterly Report on Form 10-Q to “Carlyle,” the “Company,” 

“we,” “us,” and “our” refer to The Carlyle Group Inc. and its consolidated subsidiaries. The following discussion and 

analysis should be read in conjunction with the consolidated financial statements and the related notes included in this 

Quarterly Report on Form 10-Q and the Annual Report on Form 10-K for the year ended December 31, 2024.

Overview

We are one of the world’s largest global investment firms and deploy private capital across our business. We conduct our 

operations through three reportable segments: Global Private Equity, Global Credit, and Carlyle AlpInvest (formerly, Global 

Investment Solutions).

•Global Private Equity — Our Global Private Equity segment advises our buyout, growth, real estate, and infrastructure & 

natural resources funds. The segment also includes the NGP Carry Funds advised by NGP. As of June 30, 2025, our 

Global Private Equity segment had $165 billion in AUM and $102 billion in Fee-earning AUM.

•Global Credit — Our Global Credit segment advises funds and vehicles that pursue investment strategies including 

insurance solutions, liquid credit, opportunistic credit, direct lending, asset-backed finance, aviation finance, infrastructure 

credit, cross-platform credit products, and global capital markets. As of June 30, 2025, our Global Credit segment had 

$203 billion in AUM and $163 billion in Fee-earning AUM.

•Carlyle AlpInvest — Our Carlyle AlpInvest segment advises global private equity programs that pursue secondary 

purchases and financing of existing portfolios, managed co-investment programs, and primary fund investments. As of 

June 30, 2025, our Carlyle AlpInvest segment had $97 billion in AUM and $60 billion in Fee-earning AUM.

We earn management fees pursuant to contractual arrangements with the investment funds that we manage and fees for 

transaction advisory and oversight services provided to portfolio companies of these funds. We also typically receive a 

performance fee from an investment fund, which may be either an incentive fee or a special residual allocation of income, 

which we refer to as a performance allocation, or carried interest, in the event that specified investment returns are achieved by 

the fund. Under U.S. generally accepted accounting principles (“U.S