The Carlyle Group CG Business Segments
| TTM Q1 '26 | TTM Q4 '25 | TTM Q3 '25 | TTM Q2 '25 | TTM Q1 '25 | ||
|---|---|---|---|---|---|---|
| Total by Business | ||||||
| Carlyle AlpInvest | $516M-13.2% | $594.6M+4.6% | $568.7M-3.3% | $588.3M+32.4% | $444.2M-15.7% | |
| Global Credit | $4.61B-1.5% | $4.68B-0.1% | $4.69B-0.1% | $4.69B+2.0% | $4.6B+1.6% | |
| Global Private Equity | $381.8M-67.2% | $1.16B-27.1% | $1.6B-60.1% | $4.01B+7.9% | $3.71B+13.7% | |
| Interest and other income by Business | ||||||
| Carlyle AlpInvest | $9.8M+5.4% | $9.3M+14.8% | $8.1M-2.4% | $8.3M+3.8% | $8M+5.3% | |
| Global Credit | $31.8M+0.6% | $31.6M+3.6% | $30.5M-5.3% | $32.2M-8.8% | $35.3M-9.5% | |
| Global Private Equity | $29.7M+3.5% | $28.7M+13.9% | $25.2M-1.2% | $25.5M-3.8% | $26.5M-5.7% | |
| Interest Income (Expense), Nonoperating by Business | ||||||
| Carlyle AlpInvest | -$5.9M-31.1% | -$4.5M-4.7% | -$4.3M-16.2% | -$3.7M+2.6% | -$3.8M+5.0% | |
| Global Credit | -$21.7M-20.6% | -$18M-7.1% | -$16.8M-3.1% | -$16.3M-7.9% | -$15.1M-7.9% | |
| Global Private Equity | -$35.6M-12.7% | -$31.6M-5.3% | -$30M-1.7% | -$29.5M-1.0% | -$29.2M-3.5% | |
| (-) Realized principal investment income by Business | ||||||
| Carlyle AlpInvest | $33.8M-6.4% | $36.1M+32.7% | $27.2M+23.6% | $22M+63.0% | $13.5M+165% | |
| Global Credit | $64.1M+6.3% | $60.3M-21.0% | $76.3M+149% | $30.7M-19.0% | $37.9M-18.0% | |
| Global Private Equity | $53M-5.9% | $56.3M+37.0% | $41.1M-20.2% | $51.5M+12.2% | $45.9M-7.6% | |
| Distributable Earnings by Business | ||||||
| Carlyle AlpInvest | $319M-0.1% | $319.4M+2.3% | $312.1M+16.5% | $268M+14.5% | $234.1M+22.6% | |
| Global Credit | $468.7M-2.6% | $481M+1.8% | $472.7M+10.8% | $426.8M+5.2% | $405.7M+7.5% | |
| Global Private Equity | $775.1M-13.0% | $890.8M+4.3% | $853.9M-9.4% | $942.6M+3.6% | $909.8M-5.0% | |
| Fee Related Earnings by Business | ||||||
| Carlyle AlpInvest | $275.8M+0.7% | $273.8M+0.3% | $273.1M+17.2% | $233.1M+13.8% | $204.9M+18.2% | |
| Global Credit | $390.5M-2.7% | $401.5M+1.1% | $397.2M+0.5% | $395.3M+8.2% | $365.2M+9.8% | |
| Global Private Equity | $559.3M-0.3% | $560.9M-0.4% | $562.9M-1.4% | $570.8M-1.4% | $578.8M-3.3% | |
| Interest by Business | ||||||
| Carlyle AlpInvest | $15.7M+13.8% | $13.8M+11.3% | $12.4M+3.3% | $12M+1.7% | $11.8M+1.7% | |
| Global Credit | $53.5M+7.9% | $49.6M+4.9% | $47.3M-2.5% | $48.5M-3.8% | $50.4M-4.9% | |
| Global Private Equity | $65.3M+8.3% | $60.3M+9.2% | $55.2M+0.4% | $55M-1.3% | $55.7M-1.1% | |
| General, administrative and other expenses by Business | ||||||
| Carlyle AlpInvest | $90.3M+10.1% | $82M+13.4% | $72.3M+14.9% | $62.9M+13.3% | $55.5M+0.7% | |
| Global Credit | $140.8M+0.4% | $140.3M-2.6% | $144M-1.8% | $146.7M+0.6% | $145.8M+3.8% | |
| Global Private Equity | $233.3M+2.3% | $228.1M+7.0% | $213.1M+3.7% | $205.4M0.0% | $205.3M+5.2% | |
| Expenses by Business | ||||||
| Carlyle AlpInvest | $1.98B+0.3% | $1.98B-7.4% | $2.14B-0.2% | $2.14B+0.5% | $2.13B+0.2% | |
| Global Credit | $1.22B+0.7% | $1.21B+5.0% | $1.15B+0.2% | $1.15B+1.1% | $1.14B+2.1% | |
| Global Private Equity | $2.21B-7.5% | $2.39B-7.5% | $2.58B-4.2% | $2.7B+3.2% | $2.61B-1.2% | |
| Labor and Related Expense by Business | ||||||
| Carlyle AlpInvest | $227.8M-2.1% | $232.8M+9.7% | $212.3M-6.1% | $226.2M+1.3% | $223.4M+2.0% | |
| Global Credit | $414.9M+0.8% | $411.8M+9.1% | $377.4M+1.4% | $372.3M+3.6% | $359.3M+5.8% | |
| Global Private Equity | $747.6M-20.3% | $937.6M+0.4% | $933.4M-11.5% | $1.05B+8.7% | $970.4M-4.2% | |
| Depreciation and amortization expense by Business | ||||||
| Carlyle AlpInvest | $8.9M+8.5% | $8.2M+5.1% | $7.8M+4.0% | $7.5M+5.6% | $7.1M+4.4% | |
| Global Credit | $17.4M+6.1% | $16.4M+5.1% | $15.6M+6.8% | $14.6M+4.3% | $14M+6.1% | |
| Global Private Equity | $30.9M+5.1% | $29.4M+2.4% | $28.7M+3.2% | $27.8M+1.8% | $27.3M+1.9% | |
| Accrued performance allocations by Business | ||||||
| Carlyle AlpInvest | $7.37B+1.8% | $7.24B+3.7% | $6.98B— | —— | —— | |
| Global Credit | $2.82B+5.6% | $2.67B+8.0% | $2.47B+11.0% | $2.23B+10.1% | $2.02B+11.5% | |
| Global Private Equity | $18.85B-2.1% | $19.25B+0.6% | $19.14B-3.5% | $19.84B+8.1% | $18.34B+6.8% | |
| Fund management fees and incentive fees by Business | ||||||
| Carlyle AlpInvest | $661.7M+0.8% | $656.2M+6.4% | $616.9M+7.0% | $576.6M+8.4% | $531.9M+10.0% | |
| Global Credit | $1.1B-0.3% | $1.1B+4.0% | $1.06B+4.8% | $1.01B+3.5% | $975.2M+5.6% | |
| Global Private Equity | $1.85B-13.7% | $2.15B+3.0% | $2.08B-8.8% | $2.29B+5.4% | $2.17B-3.6% | |
| Cash-based compensation and benefits by Business | ||||||
| Carlyle AlpInvest | $152.6M-0.3% | $153M+6.3% | $144M+6.9% | $134.7M+7.8% | $124.9M+5.1% | |
| Global Credit | $356.2M+1.2% | $351.9M-0.5% | $353.8M+2.1% | $346.5M+4.3% | $332.3M+3.8% | |
| Global Private Equity | $387.8M-2.4% | $397.2M-4.3% | $415M-0.9% | $418.7M+1.1% | $414.2M-2.0% | |
| Accrued giveback obligations by Business | ||||||
| Global Credit | $102M0.0% | $102M0.0% | $102M0.0% | $102M0.0% | $102M-0.1% | |
| Global Private Equity | $162M+54.9% | $104.6M+38.0% | $75.8M+0.9% | $75.1M+0.9% | $74.4M+0.9% | |
| Total by Product | ||||||
| Realized | $332.6M+18.6% | $280.5M+8.9% | $257.5M+9.1% | $236M+133% | $101.4M-45.0% | |
| Unrealized | -$71.1M+55.0% | -$158M— | —— | —— | —— | |
| Investment income (loss) by Product | ||||||
| Realized | $550.6M-33.9% | $833.1M+12.2% | $742.5M-22.6% | $959.5M-3.1% | $990.7M-5.4% | |
| Unrealized | -$232.1M-160% | $389.4M+260% | -$244M-113% | $1.93B+32.3% | $1.46B+42.7% | |
| Fund management fees and incentive fees by Product | ||||||
| Fee related performance revenues | $360.8M+3.4% | $349M+9.1% | $319.8M+7.5% | $297.4M+3.9% | $286.2M+7.8% | |
| Fund management fees | $2.44B+0.1% | $2.44B+0.3% | $2.43B+2.6% | $2.37B+3.8% | $2.28B+2.9% | |
| Incentive fees | $205.5M+4.3% | $197.1M+12.3% | $175.5M+9.3% | $160.6M+6.1% | $151.3M+12.7% | |
| Portfolio advisory and transaction fees, net and other | $402.6M-10.6% | $450.2M-5.7% | $477.4M+2.1% | $467.6M+8.8% | $429.6M+31.3% | |
| Performance revenues by Product | ||||||
| Performance allocations | $2.86B+22.2% | $2.34B+36.1% | $1.72B-39.4% | $2.84B+18.4% | $2.4B-12.1% | |
| Principal investment income (loss) | $262.9M-8.2% | $286.4M-3.5% | $296.9M+15.7% | $256.6M-8.7% | $281.2M+5.0% | |
| Investment income by Product | ||||||
| Principal investment income (loss) from investments in CLOs and other investments - realized | $3.9M+329% | -$1.7M— | —— | —— | —— | |
| Principal investment income (loss) from investments in CLOs and other investments- unrealized | -$18.7M-1,069% | -$1.6M-106% | $28.1M+165% | -$43.3M-156% | -$16.9M-419% |
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.
