The Carlyle Group CG Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Total by Business | ||||||
| Carlyle AlpInvest | -$19.7M-133% | $343.2M+8.2% | $81.4M-19.4% | $111.1M+437% | $58.9M-58.3% | |
| Global Credit | $1.12B-5.7% | $1.15B-0.4% | $1.15B-0.4% | $1.19B+8.3% | $1.19B+6.6% | |
| Global Private Equity | -$698.1M-921% | $1.38B-23.9% | -$781.4M-148% | $476.9M+158% | $85M+123% | |
| Interest and other income by Business | ||||||
| Carlyle AlpInvest | $2.7M+22.7% | $3M+66.7% | $2.1M-8.7% | $2M+17.6% | $2.2M+22.2% | |
| Global Credit | $7.2M+2.9% | $9.5M+13.1% | $8.1M-17.3% | $7M-30.7% | $7M-34.6% | |
| Global Private Equity | $7M+16.7% | $9.8M+55.6% | $7.4M-3.9% | $5.5M-15.4% | $6M-21.1% | |
| Interest Income (Expense), Nonoperating by Business | ||||||
| Carlyle AlpInvest | -$2.3M-156% | -$1.3M-18.2% | -$1.2M-100% | -$1.1M+8.3% | -$900K+18.2% | |
| Global Credit | -$8M-86.0% | -$5.2M-30.0% | -$4M-14.3% | -$4.5M-36.4% | -$4.3M-34.4% | |
| Global Private Equity | -$11.4M-54.1% | -$9.4M-20.5% | -$6.9M-7.8% | -$7.9M-3.9% | -$7.4M-15.6% | |
| (-) Realized principal investment income by Business | ||||||
| Carlyle AlpInvest | $7.1M-24.5% | $10.5M+556% | $7.1M+274% | $9.1M+1,417% | $9.4M+840% | |
| Global Credit | $9.3M+69.1% | $0-100% | $42.8M+1,629% | $12M-37.5% | $5.5M-60.1% | |
| Global Private Equity | $11.8M-21.9% | $29.2M+109% | -$400K-104% | $12.4M+82.4% | $15.1M-20.1% | |
| Distributable Earnings by Business | ||||||
| Carlyle AlpInvest | $78.9M-0.5% | $66.7M+12.3% | $95.2M+86.3% | $78.2M+76.5% | $79.3M+120% | |
| Global Credit | $98.2M-11.1% | $123.2M+7.2% | $126.4M+57.0% | $120.9M+21.1% | $110.5M+34.6% | |
| Global Private Equity | $149.9M-43.6% | $246.5M+17.6% | $146.8M-37.7% | $231.9M+16.5% | $265.6M-15.2% | |
| Fee Related Earnings by Business | ||||||
| Carlyle AlpInvest | $67.5M+3.1% | $52.5M+1.4% | $87.5M+84.2% | $68.3M+70.3% | $65.5M+92.6% | |
| Global Credit | $92.9M-10.6% | $102.1M+4.4% | $84.1M+2.3% | $111.4M+37.0% | $103.9M+45.9% | |
| Global Private Equity | $139.6M-1.1% | $135.8M-1.5% | $140.3M-5.3% | $143.6M-5.3% | $141.2M-12.4% | |
| Interest by Business | ||||||
| Carlyle AlpInvest | $5M+61.3% | $4.3M+48.3% | $3.3M+13.8% | $3.1M+6.9% | $3.1M+6.9% | |
| Global Credit | $15.2M+34.5% | $14.7M+18.5% | $12.1M-9.0% | $11.5M-14.2% | $11.3M-18.7% | |
| Global Private Equity | $18.4M+37.3% | $19.2M+36.2% | $14.3M+1.4% | $13.4M-5.0% | $13.4M-4.3% | |
| General, administrative and other expenses by Business | ||||||
| Carlyle AlpInvest | $20.2M+69.7% | $27.7M+53.9% | $22.6M+71.2% | $19.8M+59.7% | $11.9M+3.5% | |
| Global Credit | $35.5M+1.4% | $40.6M-8.4% | $28.5M-8.7% | $36.2M+2.5% | $35M+18.2% | |
| Global Private Equity | $53.9M+10.7% | $72.9M+25.9% | $56.2M+15.9% | $50.3M+0.2% | $48.7M+26.2% | |
| Expenses by Business | ||||||
| Carlyle AlpInvest | $76.5M+8.4% | $1.76B-8.2% | $81M-4.5% | $70.2M+18.2% | $70.6M+8.0% | |
| Global Credit | $155.6M+5.8% | $783.8M+7.9% | $133.4M+1.7% | $142.8M+9.7% | $147.1M+18.9% | |
| Global Private Equity | $191.8M-48.2% | $1.48B-11.5% | $199.7M-36.0% | $340M+32.8% | $370.1M-8.1% | |
| Labor and Related Expense by Business | ||||||
| Carlyle AlpInvest | $48.7M-9.3% | $80.8M+34.0% | $53M-20.8% | $45.3M+6.6% | $53.7M+8.7% | |
| Global Credit | $100M+3.2% | $135.1M+34.2% | $88.5M+6.1% | $91.3M+16.6% | $96.9M+25.7% | |
| Global Private Equity | $111.1M-63.1% | $245.6M+1.7% | $121.6M-49.9% | $269.3M+45.3% | $301.1M-12.4% | |
| Depreciation and amortization expense by Business | ||||||
| Carlyle AlpInvest | $2.6M+36.8% | $2.2M+22.2% | $2.1M+16.7% | $2M+25.0% | $1.9M+18.8% | |
| Global Credit | $4.9M+25.6% | $4.4M+22.2% | $4.3M+30.3% | $3.8M+18.8% | $3.9M+25.8% | |
| Global Private Equity | $8.4M+21.7% | $7.9M+9.7% | $7.6M+13.4% | $7M+7.7% | $6.9M+7.8% | |
| Accrued performance allocations by Business | ||||||
| Carlyle AlpInvest | $1.8B+7.7% | $1.87B+16.0% | $1.88B— | $1.81B— | $1.67B— | |
| Global Credit | $740.2M+25.5% | $724.6M+37.5% | $721.1M+51.3% | $632.9M+47.9% | $589.8M+54.6% | |
| Global Private Equity | $4.32B-8.5% | $5.02B+2.3% | $4.35B-13.8% | $5.15B+40.7% | $4.72B+33.1% | |
| Fund management fees and incentive fees by Business | ||||||
| Carlyle AlpInvest | $155.4M+3.7% | $181.7M+27.6% | $176.2M+29.7% | $148.4M+43.1% | $149.9M+47.7% | |
| Global Credit | $253.8M-1.5% | $318M+15.3% | $259.8M+22.7% | $263.7M+14.7% | $257.6M+25.2% | |
| Global Private Equity | $341.7M-46.2% | $592.1M+11.7% | $346.5M-36.7% | $571.9M+25.6% | $635.7M-11.2% | |
| Cash-based compensation and benefits by Business | ||||||
| Carlyle AlpInvest | $33.9M-1.2% | $42.2M+27.1% | $39.3M+31.0% | $37.2M+35.8% | $34.3M+21.6% | |
| Global Credit | $93.3M+4.8% | $90.9M-2.0% | $83.8M+9.5% | $88.2M+19.2% | $89M+15.9% | |
| Global Private Equity | $91.3M-9.3% | $90.7M-16.4% | $97.4M-3.7% | $108.4M+4.3% | $100.7M-7.9% | |
| Accrued giveback obligations by Business | ||||||
| Global Credit | $25.5M0.0% | $25.5M0.0% | $25.5M0.0% | $25.5M0.0% | $25.5M-0.4% | |
| Global Private Equity | $76.5M+301% | $47.3M+156% | $19.1M+3.8% | $19.1M+3.8% | $19.1M+3.8% | |
| Total by Product | ||||||
| Realized | $22.7M+177% | $72M+46.9% | $59.6M+56.4% | $178.3M+308% | -$29.4M-155% | |
| Unrealized | $53.6M+261% | -$10.2M— | $8.4M-87.2% | -$122.9M-1,060% | -$33.3M-405% | |
| Investment income (loss) by Product | ||||||
| Realized | $50.4M-84.9% | $334.1M+37.2% | $49.4M-81.5% | $116.7M-21.1% | $332.9M-14.6% | |
| Unrealized | -$731.5M-565% | $633.4M— | -$656.1M-143% | $522.1M+938% | -$110M+79.9% | |
| Fund management fees and incentive fees by Product | ||||||
| Fee related performance revenues | $90.8M+14.9% | $97.6M+42.7% | $95M+30.9% | $77.4M+16.9% | $79M+35.7% | |
| Fund management fees | $596M+0.3% | $616.7M+1.4% | $600M+11.3% | $628M+16.1% | $594.4M+12.1% | |
| Incentive fees | $51.7M+19.4% | $59.1M+57.6% | $53.8M+38.3% | $40.9M+29.4% | $43.3M+65.3% | |
| Portfolio advisory and transaction fees, net and other | $108.2M-30.6% | $134M-16.9% | $64.6M+17.9% | $95.8M+65.7% | $155.8M+192% | |
| Performance revenues by Product | ||||||
| Performance allocations | $742.9M+233% | $810.4M+329% | $668.4M-62.6% | $640M+223% | $223.4M-59.7% | |
| Principal investment income (loss) | $69.6M-25.2% | $39.4M-21.0% | $87.7M+85.0% | $66.2M-27.1% | $93.1M+17.0% | |
| Investment income by Product | ||||||
| Principal investment income (loss) from investments in CLOs and other investments - realized | $3.6M+280% | -$2.4M— | $1.1M+123% | $1.6M-77.1% | -$2M-191% | |
| Principal investment income (loss) from investments in CLOs and other investments- unrealized | -$15.5M-1,069% | -$20M-306% | $18.6M+135% | -$1.8M-107% | $1.6M-93.3% | |
| Adjustments Of Investment Advisory Fees by Product | ||||||
| Fund management fees | $60M+5.6% | —— | —— | —— | $56.8M— | |
| Portfolio advisory and transaction fees, net and other | $4.8M+300% | —— | —— | —— | $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.
