The Carlyle Group Earnings Call Transcripts
Fiscal Year 2026
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Leadership transition has enabled a renewed focus on scaling and organic growth, with a $200 billion fundraising target and a $1.9+ billion FRE goal by 2028. Diversification across private equity, credit, and AlpInvest, along with innovation in capital solutions and AI integration, positions the firm for durable, long-term growth.
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Shareholders approved all four proposals, including director elections, auditor ratification, the amended equity incentive plan, and executive compensation. No questions were submitted, and the meeting concluded efficiently.
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A six-year strategic overhaul has driven record FRE growth and margin improvement, with a new three-year plan targeting $1.9B FRE and $200B fundraising. The firm is well-positioned in defense, industrials, and energy, leveraging innovation in fund structures and channel diversification to capture global capital demand.
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Record U.S. buyout realizations, strong inflows, and robust fee-related earnings marked Q1 2026, with significant capital returned to investors and a $5 billion cornerstone commitment for the next buyout fund. Management remains confident in achieving 2028 growth targets.
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Record financial results and diversified growth position the firm for a targeted 15% CAGR in FRE and $200B in inflows by 2028, driven by scalable strategies, AI integration, and a super cycle of flagship fundraisings. Capital-light discipline, robust balance sheet, and high-conviction market opportunities underpin confidence in meeting or exceeding ambitious organic growth targets.
Fiscal Year 2025
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Record earnings, AUM, and inflows were achieved, with strong performance across all segments and robust exit activity. Fee-related earnings and margins hit new highs, while capital returned to investors and shareholders also set records.
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Strong global growth and deal activity are expected into 2026, with robust fundraising and monetization trends. Wealth channel and product innovation are accelerating, while FRE margins and share repurchases reflect disciplined financial management.
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Q3 saw record AUM of $474B, strong FRE and distributable earnings growth, and robust inflows across credit, secondaries, and global wealth. Management expects to exceed full-year targets and sees strong momentum into 2026, with significant capital returned to investors and continued expansion in key segments.
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Record Q2 results with FRE up 18% YoY, AUM at $465B, and $15B returned to investors. Outlook for 2025 improved, with strong growth in AlpInvest, Global Credit, and capital markets, supported by robust fundraising and leadership transitions.
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Strategic growth initiatives and operational improvements have driven strong fundraising, margin expansion, and record capital markets revenue. Despite global policy uncertainty, sector expertise and a robust secondaries platform position the firm for continued growth, with private capital expected to play a major role in future global investment themes.
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Record Q1 results with 17% FRE growth, 48% margin, and $453B AUM. Strong performance in AlpInvest, credit, and insurance, with $50B inflows over the past year. Confident in 2025 targets despite macro uncertainty.
Fiscal Year 2024
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Record 2024 results included $1.1B in fee-related earnings, 46% FRE margin, and $40B+ inflows. Growth led by credit, solutions, and wealth, with 2025 guidance for 6% FRE growth and continued capital return via buybacks.
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The firm has achieved record earnings, AUM, and margins through strategic repositioning and strong fundraising. Favorable market conditions and leadership changes are driving growth across private equity, credit, and wealth channels, with continued momentum expected into 2025.
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Record fee-related earnings and AUM growth were driven by strategic actions, strong portfolio performance, and robust capital markets activity. The firm is on track to meet 2024 financial targets, with continued momentum in fundraising, wealth, and credit segments.
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Record AUM, FRE, and fundraising were achieved, with strong growth in credit, real estate, and wealth products. Management expects higher exit activity and capital raising in the second half, while maintaining disciplined capital allocation and navigating market volatility.
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A new management team has driven major organizational, compensation, and capital allocation changes, resulting in record margins and strong financial performance. Growth opportunities are robust across private equity, credit, and solutions, with a focus on scaling key businesses and leveraging technology.