Company Reports

The Carlyle Group has built a solid position in the alternative-asset management industry. It relies on its reputation, broad product portfolio, investment performance history, and cadre of dedicated professionals to not only raise capital but maintain its standing as a go-to firm for institutional and high-net-worth investors looking for exposure to alternative assets. With $485.5 billion in total assets under management, or AUM, including $334.4 billion in fee-earning AUM, at the end of June 2026, Carlyle is one of the world's largest alternative-asset managers.

Carlyle Group exited June with $334.4 billion in fee-earning assets, up 0.3% sequentially and 3.0% year over year. Revenue increased 13.0% year over year to $1.1 billion in the second quarter, and fee-related earnings rose 10.6% to $358 million. Distributable earnings came in above expectations.

The alternative asset managers were down 25% on average on a total return basis during the first half of 2026 as more volatile markets and uncertainties tied to US fiscal, tariff, and monetary policies, and concerns over the private credit market weighed on the group.

The Carlyle Group has built a solid position in the alternative-asset management industry. It relies on its reputation, broad product portfolio, investment performance history, and cadre of dedicated professionals to not only raise capital but maintain its standing as a go-to firm for institutional and high-net-worth investors looking for exposure to alternative assets. With $475.4 billion in total assets under management, or AUM, including $333.4 billion in fee-earning AUM, at the end of March 2026, Carlyle is one of the world's largest alternative-asset managers.

Carlyle Group ended March 2026 with $333.4 billion in fee-earning assets, down 1.0% sequentially but up 6.2% year over year. Revenue decreased 28.0% year over year to $751 million, with fee-related earnings declining 3.4% to $300 million. Distributable earnings came in slightly below expectations.

The Carlyle Group has built a solid position in the alternative-asset management industry. It relies on its reputation, broad product portfolio, investment performance history, and cadre of dedicated professionals to not only raise capital but maintain its standing as a go-to firm for institutional and high-net-worth investors looking for exposure to alternative assets. With $476.9 billion in total assets under management, or AUM, including $336.8 billion in fee-earning AUM, at the end of 2025, Carlyle is one of the world's largest alternative-asset managers.

Shares of the alternative asset managers we cover were down close to 5% to 10% Feb. 19 but did recover to low- to mid-single-digit declines, after Blue Owl announced it was permanently halting redemptions at a private credit fund aimed at retail investors.

Shares of the alternative asset managers we cover have declined in the past several weeks, with the group as a whole down 10% since the start of 2025 and also down more than 15% over the past year.

Carlyle Group ended December 2025 with $336.8 billion in fee-earning assets, up 1.5% sequentially and 10.7% year over year. Revenue increased 15.1% year over year to $1.1 billion, with fee-related earnings increasing 1.0% to $290 million. Distributable earnings were in line with expectations.

The Carlyle Group has built a solid position in the alternative-asset management industry. It relies on its reputation, broad product portfolio, investment performance history, and cadre of dedicated professionals to not only raise capital but maintain its standing as a go-to firm for institutional and high-net-worth investors looking for exposure to alternative assets. With $474.1 billion in total assets under management, or AUM, including $332.0 billion in fee-earning AUM, at the end of September 2025, Carlyle is one of the world's largest alternative-asset managers.

Carlyle continues to generate positive flows, with its mix of alternative assets—private equity, real estate/real assets, global credit, and global investment solutions offerings—benefiting from ongoing demand for nontraditional investment products.

The Carlyle Group has built a solid position in the alternative-asset management industry. It relies on its reputation, broad product portfolio, investment performance history, and cadre of dedicated professionals to not only raise capital but maintain its standing as a go-to firm for institutional and high-net-worth investors looking for exposure to alternative assets. With $474.1 billion in total assets under management, or AUM, including $332.0 billion in fee-earning AUM, at the end of September 2025, Carlyle is one of the world's largest alternative-asset managers.

Carlyle Group ended September 2025 with $332 billion in fee-earning managed assets, up 5.6% year over year. Revenue declined 12.6% year over year, to $783 million, due to weaker base management fee levels and realized performance revenue, with distributable earnings falling short of expectations.

We consider Carlyle Group to be a go-to firm for institutional and high-net-worth investors looking for exposure to alternative assets, with $465 billion in total assets under management, including $325 billion in fee-earning assets under management, at the end of June 2025.

The Carlyle Group has built a solid position in the alternative-asset management industry. It relies on its reputation, broad product portfolio, investment performance history, and cadre of dedicated professionals to not only raise capital but maintain its standing as a go-to firm for institutional and high-net-worth investors looking for exposure to alternative assets. With $465 billion in total assets under management, or AUM, including $325 billion in fee-earning AUM, at the end of June 2025, Carlyle is one of the world's largest alternative-asset managers.

Carlyle ended June with $325 billion in fee-earning assets under management, up 3.5% sequentially and 6.6% year over year. Total revenue increased 24.7% year over year to $984 million in the second quarter, with fee-related earnings increasing 18.4% to $323 million.

The Carlyle Group has built a solid position in the alternative-asset management industry. It relies on its reputation, broad product portfolio, investment performance history, and cadre of dedicated professionals to not only raise capital but maintain its standing as a go-to firm for institutional and high-net-worth investors looking for exposure to alternative assets. With $453 billion in total assets under management, or AUM, including $314 billion in fee-earning AUM, at the end of March 2025, Carlyle is one of the world's largest alternative-asset managers.

Carlyle Group ended March with $314 billion in fee-earning assets under management, up 3.1% sequentially and 3.2% year over year. Total revenue increased 2.0% year over year to $1.0 billion during the first quarter, with fee-related earnings increasing 16.6% to $311 million.

The share prices of US-based alternative asset managers—like Blackstone and KKR—are down more than 10% on average April 3 as the markets react negatively to the Donald Trump administration's global tariffs. While this has made some of the names we cover more approachable, we remain cautious.

There was little in narrow-moat Carlyle Group's fourth-quarter results that would alter our long-term view of the firm. We expect to leave our $53 per share fair value estimate in place and view the shares as being fairly valued right now.