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The Carlyle Group logo

The Carlyle Group Business Segments

Business, geographic, and product segment breakdowns

The Carlyle Group generates $4.1B in annual revenue across 3 key segments: Carlyle AlpInvest ($8.9M), Global Credit ($17.4M), and Global Private Equity ($30.9M). Based on the Q1 2026 filing.

Carlyle AlpInvest (TTM)$8.9MGlobal Credit (TTM)$17.4MGlobal Private Equity (TTM)$30.9M
Latest FilingQ1 2026
Report Date2026-05-08
Market Cap$16.0B
P/E Ratio29.34
ROE7.94%

Products & Services

Fund management fees and incentive fees

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Fund management fees$608.2M$594.4M$628M$600M$616.7M$596M
Portfolio advisory and transaction fees, net and other$161.2M$155.8M$95.8M$64.6M$134M$108.2M
Fee related performance revenues$68.4M$79M$77.4M$95M$97.6M$90.8M
Incentive fees$37.5M$43.3M$40.9M$53.8M$59.1M$51.7M

Adjustments Of Investment Advisory Fees

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Fund management fees—$56.8M———$60M
Portfolio advisory and transaction fees, net and other—$1.2M———$4.8M

Investment income (loss)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Unrealized$0-$110M$522.1M-$656.1M$633.4M-$731.5M
Realized$243.5M$332.9M$116.7M$49.4M$334.1M$50.4M

Performance allocations and incentive fee related compensation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Performance allocations$139.1M$171.4M$443.6M$367.2M$645.9M$409.2M

Performance revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Performance allocations$189M$223.4M$640M$668.4M$810.4M$742.9M
Principal investment income (loss)$49.9M$93.1M$66.2M$87.7M$39.4M$69.6M

(-) Realized net performance revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Performance allocations$49.9M$75.9M$195.2M$301.2M$16.6M$333.7M

Principal investment income from equity method investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Principal investment income (loss) from equity method investments (excluding performance allocations)$29.4M-$62.7M$55.4M$68M$61.8M$76.3M

Investment income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Principal investment income (loss) from investments in CLOs and other investments- unrealized$9.7M$1.6M-$1.8M$18.6M-$20M-$15.5M
Principal investment income (loss) from investments in CLOs and other investments - realized—-$2M$1.6M$1.1M-$2.4M$3.6M

Total

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Unrealized—-$33.3M-$122.9M$8.4M-$10.2M$53.6M
Realized$49M-$29.4M$178.3M$59.6M$72M$22.7M

Business Segments

Accrued performance allocations

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Private Equity$4.9B$4.7B$5.2B$4.4B$5B$4.3B
Carlyle AlpInvest$1.6B$1.7B$1.8B$1.9B$1.9B$1.8B
Global Credit$527.1M$589.8M$632.9M$721.1M$724.6M$740.2M

Cash-based compensation and benefits

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Credit$92.8M$89M$88.2M$83.8M$90.9M$93.3M
Global Private Equity$108.5M$100.7M$108.4M$97.4M$90.7M$91.3M
Carlyle AlpInvest$33.2M$34.3M$37.2M$39.3M$42.2M$33.9M

Contractual obligation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Carlyle AlpInvest————$50M$50M

Depreciation and amortization expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Private Equity$7.2M$6.9M$7M$7.6M$7.9M$8.4M
Global Credit$3.6M$3.9M$3.8M$4.3M$4.4M$4.9M
Carlyle AlpInvest$1.8M$1.9M$2M$2.1M$2.2M$2.6M

Distributable Earnings

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Private Equity$209.6M$265.6M$231.9M$146.8M$246.5M$149.9M
Global Credit$114.9M$110.5M$120.9M$126.4M$123.2M$98.2M
Carlyle AlpInvest$59.4M$79.3M$78.2M$95.2M$66.7M$78.9M

Expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Private Equity$1.7B$370.1M$340M$199.7M$1.5B$191.8M
Global Credit$726.7M$147.1M$142.8M$133.4M$783.8M$155.6M
Carlyle AlpInvest$1.9B$70.6M$70.2M$81M$1.8B$76.5M

Fee Related Earnings

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Private Equity$137.8M$141.2M$143.6M$140.3M$135.8M$139.6M
Global Credit$97.8M$103.9M$111.4M$84.1M$102.1M$92.9M
Carlyle AlpInvest$51.8M$65.5M$68.3M$87.5M$52.5M$67.5M

Fund management fees and incentive fees

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Private Equity$530.2M$635.7M$571.9M$346.5M$592.1M$341.7M
Global Credit$275.9M$257.6M$263.7M$259.8M$318M$253.8M
Carlyle AlpInvest$142.4M$149.9M$148.4M$176.2M$181.7M$155.4M

General, administrative and other expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Private Equity$57.9M$48.7M$50.3M$56.2M$72.9M$53.9M
Global Credit$44.3M$35M$36.2M$28.5M$40.6M$35.5M
Carlyle AlpInvest$18M$11.9M$19.8M$22.6M$27.7M$20.2M

Interest

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Private Equity$14.1M$13.4M$13.4M$14.3M$19.2M$18.4M
Global Credit$12.4M$11.3M$11.5M$12.1M$14.7M$15.2M
Carlyle AlpInvest$2.9M$3.1M$3.1M$3.3M$4.3M$5M

Interest and other income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Credit$8.4M$7M$7M$8.1M$9.5M$7.2M
Global Private Equity$6.3M$6M$5.5M$7.4M$9.8M$7M
Carlyle AlpInvest$1.8M$2.2M$2M$2.1M$3M$2.7M

Interest Income (Expense), Nonoperating

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Private Equity-$7.8M-$7.4M-$7.9M-$6.9M-$9.4M-$11.4M
Global Credit-$4M-$4.3M-$4.5M-$4M-$5.2M-$8M
Carlyle AlpInvest-$1.1M-$900K-$1.1M-$1.2M-$1.3M-$2.3M

Labor and Related Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Private Equity$241.4M$301.1M$269.3M$121.6M$245.6M$111.1M
Global Credit$100.7M$96.9M$91.3M$88.5M$135.1M$100M
Carlyle AlpInvest$60.3M$53.7M$45.3M$53M$80.8M$48.7M

(-) Realized principal investment income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Private Equity$14M$15.1M$12.4M-$400K$29.2M$11.8M
Global Credit$16M$5.5M$12M$42.8M$0$9.3M
Carlyle AlpInvest$1.6M$9.4M$9.1M$7.1M$10.5M$7.1M

Total

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Credit$1.2B$1.2B$1.2B$1.2B$1.2B$1.1B
Global Private Equity$1.8B$85M$476.9M-$781.4M$1.4B-$698.1M
Carlyle AlpInvest$317.3M$58.9M$111.1M$81.4M$343.2M-$19.7M

Accrued giveback obligations

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Private Equity$18.5M$19.1M$19.1M$19.1M$47.3M$76.5M
Global Credit$25.5M$25.5M$25.5M$25.5M$25.5M$25.5M

Guaranteed loans, aggregate program limit

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Credit—————$120M

Performance Allocation Investment Income Loss

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Credit$57.7M$79M$50.8M$93.3M$59.5M$36.7M

Net investment income (loss) of Consolidated Funds

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Segments$0$0$0$0$0$0