The Carlyle Group CG Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Total by Business | ||||||
| Carlyle AlpInvest | -$19.7M-106% | $343.2M+322% | $81.4M-26.7% | $111.1M+88.6% | $58.9M-81.4% | |
| Global Credit | $1.12B-2.7% | $1.15B0.0% | $1.15B-3.0% | $1.19B0.0% | $1.19B+2.7% | |
| Global Private Equity | -$698.1M-150% | $1.38B+277% | -$781.4M-264% | $476.9M+461% | $85M-95.3% | |
| Interest and other income by Business | ||||||
| Carlyle AlpInvest | $2.7M-10.0% | $3M+42.9% | $2.1M+5.0% | $2M-9.1% | $2.2M+22.2% | |
| Global Credit | $7.2M-24.2% | $9.5M+17.3% | $8.1M+15.7% | $7M0.0% | $7M-16.7% | |
| Global Private Equity | $7M-28.6% | $9.8M+32.4% | $7.4M+34.5% | $5.5M-8.3% | $6M-4.8% | |
| Interest Income (Expense), Nonoperating by Business | ||||||
| Carlyle AlpInvest | -$2.3M-76.9% | -$1.3M-8.3% | -$1.2M-9.1% | -$1.1M-22.2% | -$900K+18.2% | |
| Global Credit | -$8M-53.8% | -$5.2M-30.0% | -$4M+11.1% | -$4.5M-4.7% | -$4.3M-7.5% | |
| Global Private Equity | -$11.4M-21.3% | -$9.4M-36.2% | -$6.9M+12.7% | -$7.9M-6.8% | -$7.4M+5.1% | |
| (-) Realized principal investment income by Business | ||||||
| Carlyle AlpInvest | $7.1M-32.4% | $10.5M+47.9% | $7.1M-22.0% | $9.1M-3.2% | $9.4M+488% | |
| Global Credit | $9.3M— | $0-100% | $42.8M+257% | $12M+118% | $5.5M-65.6% | |
| Global Private Equity | $11.8M-59.6% | $29.2M+7,400% | -$400K-103% | $12.4M-17.9% | $15.1M+7.9% | |
| Distributable Earnings by Business | ||||||
| Carlyle AlpInvest | $78.9M+18.3% | $66.7M-29.9% | $95.2M+21.7% | $78.2M-1.4% | $79.3M+33.5% | |
| Global Credit | $98.2M-20.3% | $123.2M-2.5% | $126.4M+4.5% | $120.9M+9.4% | $110.5M-3.8% | |
| Global Private Equity | $149.9M-39.2% | $246.5M+67.9% | $146.8M-36.7% | $231.9M-12.7% | $265.6M+26.7% | |
| Fee Related Earnings by Business | ||||||
| Carlyle AlpInvest | $67.5M+28.6% | $52.5M-40.0% | $87.5M+28.1% | $68.3M+4.3% | $65.5M+26.4% | |
| Global Credit | $92.9M-9.0% | $102.1M+21.4% | $84.1M-24.5% | $111.4M+7.2% | $103.9M+6.2% | |
| Global Private Equity | $139.6M+2.8% | $135.8M-3.2% | $140.3M-2.3% | $143.6M+1.7% | $141.2M+2.5% | |
| Interest by Business | ||||||
| Carlyle AlpInvest | $5M+16.3% | $4.3M+30.3% | $3.3M+6.5% | $3.1M0.0% | $3.1M+6.9% | |
| Global Credit | $15.2M+3.4% | $14.7M+21.5% | $12.1M+5.2% | $11.5M+1.8% | $11.3M-8.9% | |
| Global Private Equity | $18.4M-4.2% | $19.2M+34.3% | $14.3M+6.7% | $13.4M0.0% | $13.4M-5.0% | |
| General, administrative and other expenses by Business | ||||||
| Carlyle AlpInvest | $20.2M-27.1% | $27.7M+22.6% | $22.6M+14.1% | $19.8M+66.4% | $11.9M-33.9% | |
| Global Credit | $35.5M-12.6% | $40.6M+42.5% | $28.5M-21.3% | $36.2M+3.4% | $35M-21.0% | |
| Global Private Equity | $53.9M-26.1% | $72.9M+29.7% | $56.2M+11.7% | $50.3M+3.3% | $48.7M-15.9% | |
| Expenses by Business | ||||||
| Carlyle AlpInvest | $76.5M-95.6% | $1.76B+2,069% | $81M+15.4% | $70.2M-0.6% | $70.6M-96.3% | |
| Global Credit | $155.6M-80.1% | $783.8M+488% | $133.4M-6.6% | $142.8M-2.9% | $147.1M-79.8% | |
| Global Private Equity | $191.8M-87.1% | $1.48B+642% | $199.7M-41.3% | $340M-8.1% | $370.1M-77.9% | |
| Labor and Related Expense by Business | ||||||
| Carlyle AlpInvest | $48.7M-39.7% | $80.8M+52.5% | $53M+17.0% | $45.3M-15.6% | $53.7M-10.9% | |
| Global Credit | $100M-26.0% | $135.1M+52.7% | $88.5M-3.1% | $91.3M-5.8% | $96.9M-3.8% | |
| Global Private Equity | $111.1M-54.8% | $245.6M+102% | $121.6M-54.8% | $269.3M-10.6% | $301.1M+24.7% | |
| Depreciation and amortization expense by Business | ||||||
| Carlyle AlpInvest | $2.6M+18.2% | $2.2M+4.8% | $2.1M+5.0% | $2M+5.3% | $1.9M+5.6% | |
| Global Credit | $4.9M+11.4% | $4.4M+2.3% | $4.3M+13.2% | $3.8M-2.6% | $3.9M+8.3% | |
| Global Private Equity | $8.4M+6.3% | $7.9M+3.9% | $7.6M+8.6% | $7M+1.4% | $6.9M-4.2% | |
| Accrued performance allocations by Business | ||||||
| Carlyle AlpInvest | $1.8B-3.9% | $1.87B-0.4% | $1.88B+3.9% | $1.81B+8.4% | $1.67B+3.5% | |
| Global Credit | $740.2M+2.2% | $724.6M+0.5% | $721.1M+13.9% | $632.9M+7.3% | $589.8M+11.9% | |
| Global Private Equity | $4.32B-13.9% | $5.02B+15.4% | $4.35B-15.5% | $5.15B+9.1% | $4.72B-3.8% | |
| Fund management fees and incentive fees by Business | ||||||
| Carlyle AlpInvest | $155.4M-14.5% | $181.7M+3.1% | $176.2M+18.7% | $148.4M-1.0% | $149.9M+5.3% | |
| Global Credit | $253.8M-20.2% | $318M+22.4% | $259.8M-1.5% | $263.7M+2.4% | $257.6M-6.6% | |
| Global Private Equity | $341.7M-42.3% | $592.1M+70.9% | $346.5M-39.4% | $571.9M-10.0% | $635.7M+19.9% | |
| Cash-based compensation and benefits by Business | ||||||
| Carlyle AlpInvest | $33.9M-19.7% | $42.2M+7.4% | $39.3M+5.6% | $37.2M+8.5% | $34.3M+3.3% | |
| Global Credit | $93.3M+2.6% | $90.9M+8.5% | $83.8M-5.0% | $88.2M-0.9% | $89M-4.1% | |
| Global Private Equity | $91.3M+0.7% | $90.7M-6.9% | $97.4M-10.1% | $108.4M+7.6% | $100.7M-7.2% | |
| Accrued giveback obligations by Business | ||||||
| Global Credit | $25.5M0.0% | $25.5M0.0% | $25.5M0.0% | $25.5M0.0% | $25.5M0.0% | |
| Global Private Equity | $76.5M+61.7% | $47.3M+148% | $19.1M0.0% | $19.1M0.0% | $19.1M+3.2% | |
| Total by Product | ||||||
| Realized | $22.7M-68.5% | $72M+20.8% | $59.6M-66.6% | $178.3M+706% | -$29.4M-160% | |
| Unrealized | $53.6M+625% | -$10.2M-221% | $8.4M+107% | -$122.9M-269% | -$33.3M— | |
| Investment income (loss) by Product | ||||||
| Realized | $50.4M-84.9% | $334.1M+576% | $49.4M-57.7% | $116.7M-64.9% | $332.9M+36.7% | |
| Unrealized | -$731.5M-215% | $633.4M+197% | -$656.1M-226% | $522.1M+575% | -$110M— | |
| Fund management fees and incentive fees by Product | ||||||
| Fee related performance revenues | $90.8M-7.0% | $97.6M+2.7% | $95M+22.7% | $77.4M-2.0% | $79M+15.5% | |
| Fund management fees | $596M-3.4% | $616.7M+2.8% | $600M-4.5% | $628M+5.7% | $594.4M-2.3% | |
| Incentive fees | $51.7M-12.5% | $59.1M+9.9% | $53.8M+31.5% | $40.9M-5.5% | $43.3M+15.5% | |
| Portfolio advisory and transaction fees, net and other | $108.2M-19.3% | $134M+107% | $64.6M-32.6% | $95.8M-38.5% | $155.8M-3.3% | |
| Performance revenues by Product | ||||||
| Performance allocations | $742.9M-8.3% | $810.4M+21.2% | $668.4M+4.4% | $640M+186% | $223.4M+18.2% | |
| Principal investment income (loss) | $69.6M+76.6% | $39.4M-55.1% | $87.7M+32.5% | $66.2M-28.9% | $93.1M+86.6% | |
| Investment income by Product | ||||||
| Principal investment income (loss) from investments in CLOs and other investments - realized | $3.6M+250% | -$2.4M-318% | $1.1M-31.3% | $1.6M+180% | -$2M— | |
| Principal investment income (loss) from investments in CLOs and other investments- unrealized | -$15.5M+22.5% | -$20M-208% | $18.6M+1,133% | -$1.8M-213% | $1.6M-83.5% | |
| Adjustments Of Investment Advisory Fees by Product | ||||||
| Fund management fees | $60M— | —— | —— | —— | $56.8M— | |
| Portfolio advisory and transaction fees, net and other | $4.8M— | —— | —— | —— | $1.2M— |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- How does The Carlyle Group break its business down?
- The Carlyle Group (CG) reports total by business across 3 parts — Carlyle AlpInvest, Global Credit and Global Private Equity. Each is extracted from the segment footnotes and tracked over time.
- Where does The Carlyle Group's segment data come from?
- Segment breakdowns are pulled from the segment footnotes in The Carlyle Group's SEC filings (the XBRL dimensional tags), so every line ties back to a reported figure. Switch between quarterly, annual, and TTM, or open any segment for its full history.
