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+16.2% | $594.6M+12.9% | $568.7M+100% | $588.3M+128% | $444.2M+21.4% | |
| Global Credit | $4.61B+0.3% | $4.68B+3.4% | $4.69B+7.6% | $4.69B+12.3% | $4.6B+13.7% | |
| Global Private Equity | $381.8M-89.7% | $1.16B-64.3% | $1.6B-50.7% | $4.01B+180% | $3.71B+304% | |
| Interest and other income by Business | ||||||
| Carlyle AlpInvest | $9.8M+22.5% | $9.3M+22.4% | $8.1M+11.3% | $8.3M+28.7% | $8M+28.5% | |
| Global Credit | $31.8M-9.9% | $31.6M-19.0% | $30.5M-25.1% | $32.2M-20.7% | $35.3M-7.6% | |
| Global Private Equity | $29.7M+12.1% | $28.7M+2.1% | $25.2M-25.2% | $25.5M-26.7% | $26.5M-21.6% | |
| Interest Income (Expense), Nonoperating by Business | ||||||
| Carlyle AlpInvest | -$5.9M-55.3% | -$4.5M-12.5% | -$4.3M-17.0% | -$3.7M+3.9% | -$3.8M-10.9% | |
| Global Credit | -$21.7M-43.7% | -$18M-28.6% | -$16.8M-40.0% | -$16.3M-53.8% | -$15.1M-43.8% | |
| Global Private Equity | -$35.6M-21.9% | -$31.6M-12.1% | -$30M-19.0% | -$29.5M-10.1% | -$29.2M+4.3% | |
| (-) Realized principal investment income by Business | ||||||
| Carlyle AlpInvest | $33.8M+150% | $36.1M+608% | $27.2M+433% | $22M+358% | $13.5M+133% | |
| Global Credit | $64.1M+69.1% | $60.3M+30.5% | $76.3M+81.2% | $30.7M-42.0% | $37.9M-9.5% | |
| Global Private Equity | $53M+15.5% | $56.3M+13.3% | $41.1M-1.0% | $51.5M+12.2% | $45.9M-12.2% | |
| Distributable Earnings by Business | ||||||
| Carlyle AlpInvest | $319M+36.3% | $319.4M+67.3% | $312.1M+105% | $268M+119% | $234.1M+136% | |
| Global Credit | $468.7M+15.5% | $481M+27.5% | $472.7M+32.1% | $426.8M+28.6% | $405.7M+41.1% | |
| Global Private Equity | $775.1M-14.8% | $890.8M-6.9% | $853.9M-16.6% | $942.6M-12.8% | $909.8M-24.3% | |
| Fee Related Earnings by Business | ||||||
| Carlyle AlpInvest | $275.8M+34.6% | $273.8M+57.9% | $273.1M+96.3% | $233.1M+113% | $204.9M+136% | |
| Global Credit | $390.5M+6.9% | $401.5M+20.8% | $397.2M+25.7% | $395.3M+40.4% | $365.2M+47.4% | |
| Global Private Equity | $559.3M-3.4% | $560.9M-6.3% | $562.9M-7.3% | $570.8M-4.6% | $578.8M-3.0% | |
| Interest by Business | ||||||
| Carlyle AlpInvest | $15.7M+33.1% | $13.8M+19.0% | $12.4M+13.2% | $12M+16.5% | $11.8M+22.3% | |
| Global Credit | $53.5M+6.2% | $49.6M-6.4% | $47.3M-10.2% | $48.5M-5.3% | $50.4M+3.5% | |
| Global Private Equity | $65.3M+17.2% | $60.3M+7.1% | $55.2M-6.3% | $55M-10.7% | $55.7M-13.4% | |
| General, administrative and other expenses by Business | ||||||
| Carlyle AlpInvest | $90.3M+62.7% | $82M+48.8% | $72.3M+47.4% | $62.9M+31.6% | $55.5M+17.2% | |
| Global Credit | $140.8M-3.4% | $140.3M-0.1% | $144M+11.3% | $146.7M+17.9% | $145.8M+27.1% | |
| Global Private Equity | $233.3M+13.6% | $228.1M+16.9% | $213.1M+8.2% | $205.4M+5.6% | $205.3M+0.9% | |
| Expenses by Business | ||||||
| Carlyle AlpInvest | $1.98B-6.8% | $1.98B-6.9% | $2.14B+311% | $2.14B+188% | $2.13B+114% | |
| Global Credit | $1.22B+7.1% | $1.21B+8.6% | $1.15B+11.7% | $1.15B+12.4% | $1.14B+11.7% | |
| Global Private Equity | $2.21B-15.3% | $2.39B-9.6% | $2.58B+8.3% | $2.7B+17.0% | $2.61B+6.7% | |
| Labor and Related Expense by Business | ||||||
| Carlyle AlpInvest | $227.8M+2.0% | $232.8M+6.3% | $212.3M+1.4% | $226.2M+17.1% | $223.4M+11.0% | |
| Global Credit | $414.9M+15.5% | $411.8M+21.3% | $377.4M+17.8% | $372.3M+16.4% | $359.3M+9.3% | |
| Global Private Equity | $747.6M-23.0% | $937.6M-7.4% | $933.4M-5.7% | $1.05B+16.2% | $970.4M-6.7% | |
| Depreciation and amortization expense by Business | ||||||
| Carlyle AlpInvest | $8.9M+25.4% | $8.2M+20.6% | $7.8M+27.9% | $7.5M+38.9% | $7.1M+44.9% | |
| Global Credit | $17.4M+24.3% | $16.4M+24.2% | $15.6M+36.8% | $14.6M+43.1% | $14M+60.9% | |
| Global Private Equity | $30.9M+13.2% | $29.4M+9.7% | $28.7M+10.8% | $27.8M+5.7% | $27.3M+6.2% | |
| Accrued performance allocations by Business | ||||||
| Carlyle AlpInvest | $7.37B— | $7.24B— | $6.98B— | —— | —— | |
| Global Credit | $2.82B+39.5% | $2.67B+47.2% | $2.47B+53.5% | $2.23B+57.4% | $2.02B+65.1% | |
| Global Private Equity | $18.85B+2.8% | $19.25B+12.1% | $19.14B+15.5% | $19.84B+23.7% | $18.34B+6.5% | |
| Fund management fees and incentive fees by Business | ||||||
| Carlyle AlpInvest | $661.7M+24.4% | $656.2M+35.7% | $616.9M+44.1% | $576.6M+52.1% | $531.9M+46.7% | |
| Global Credit | $1.1B+12.3% | $1.1B+19.0% | $1.06B+21.3% | $1.01B+20.5% | $975.2M+23.7% | |
| Global Private Equity | $1.85B-14.6% | $2.15B-4.5% | $2.08B-9.2% | $2.29B+0.6% | $2.17B-14.5% | |
| Cash-based compensation and benefits by Business | ||||||
| Carlyle AlpInvest | $152.6M+22.2% | $153M+28.8% | $144M+23.6% | $134.7M+14.7% | $124.9M+3.3% | |
| Global Credit | $356.2M+7.2% | $351.9M+9.9% | $353.8M+15.8% | $346.5M+11.7% | $332.3M+3.6% | |
| Global Private Equity | $387.8M-6.4% | $397.2M-6.1% | $415M-4.3% | $418.7M-11.8% | $414.2M-23.9% | |
| Accrued giveback obligations by Business | ||||||
| Global Credit | $102M0.0% | $102M-0.1% | $102M-0.2% | $102M-0.3% | $102M+2.7% | |
| Global Private Equity | $162M+118% | $104.6M+41.9% | $75.8M+3.0% | $75.1M+2.0% | $74.4M+1.1% | |
| Total by Product | ||||||
| Realized | $332.6M+228% | $280.5M+52.0% | $257.5M+39.0% | $236M-27.4% | $101.4M-58.9% | |
| Unrealized | -$71.1M— | -$158M— | —— | —— | —— | |
| Investment income (loss) by Product | ||||||
| Realized | $550.6M-44.4% | $833.1M-20.5% | $742.5M-29.7% | $959.5M+14.4% | $990.7M-8.0% | |
| Unrealized | -$232.1M-116% | $389.4M-61.9% | -$244M-128% | $1.93B+341% | $1.46B+198% | |
| Fund management fees and incentive fees by Product | ||||||
| Fee related performance revenues | $360.8M+26.1% | $349M+31.5% | $319.8M+19.2% | $297.4M+22.7% | $286.2M-11.3% | |
| Fund management fees | $2.44B+6.9% | $2.44B+10.0% | $2.43B+13.1% | $2.37B+11.7% | $2.28B+8.9% | |
| Incentive fees | $205.5M+35.8% | $197.1M+46.9% | $175.5M+36.6% | $160.6M+41.9% | $151.3M+47.5% | |
| Portfolio advisory and transaction fees, net and other | $402.6M-6.3% | $450.2M+37.6% | $477.4M+103% | $467.6M+131% | $429.6M+137% | |
| Performance revenues by Product | ||||||
| Performance allocations | $2.86B+19.4% | $2.34B-14.2% | $1.72B-35.8% | $2.84B+138% | $2.4B+52.0% | |
| Principal investment income (loss) | $262.9M-6.5% | $286.4M+7.0% | $296.9M+16.4% | $256.6M-18.9% | $281.2M+10.3% | |
| Investment income by Product | ||||||
| Principal investment income (loss) from investments in CLOs and other investments - realized | $3.9M— | -$1.7M— | —— | —— | —— | |
| Principal investment income (loss) from investments in CLOs and other investments- unrealized | -$18.7M-10.7% | -$1.6M-130% | $28.1M+769% | -$43.3M-177% | -$16.9M-145% |
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.
