Company: CGABL
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001527166-25-000006
Chunk: 22

Company: Carlyle Group Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 22
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ITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS  

OF OPERATIONS

Unless context suggests otherwise, references in this report 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 Annual Report on Form 10-K.

The following discussion includes a comparison of our results for the years ended December 31, 2024 and 2023. For a 

discussion of our results for the year ended December 31, 2022 and a comparison of results for the years ended December 31, 

2023 and 2022, see Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” 

of our Annual Report on Form 10-K for the year ended December 31, 2023, which specific discussion is incorporated herein by 

reference.

Overview

We are one of the world’s largest global investment firms that deploys private capital across its business, and we 

conduct our operations through three reportable segments: Global Private Equity, Global Credit, and Global Investment 

Solutions.

•Global Private Equity—Our Global Private Equity segment advises our buyout, middle market, and growth 

capital funds, our U.S. and internationally focused real estate funds, and our infrastructure and natural 

resources funds. The segment also includes the NGP Carry Funds advised by NGP. As of December 31, 

2024, our Global Private Equity segment had $163.5 billion in AUM and $98.0 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 December 31, 

2024, our Global Credit segment had $192.4 billion in AUM and $154.2 billion in Fee-earning AUM.

•Global Investment Solutions—Our Global Investment Solutions segment advises global private equity 

programs and related co-investment and secondary activities. As of December 31, 2024, our Global 

Investment Solutions segment had $85.1 billion in AUM and $52.1 billion in Fee-earning AUM.