Carlyle Hits $54B Inflows in 2025, Sets $200B+ Goal for 2028
In 2025, Carlyle delivered record fee-related earnings of $1.236B, up from $859M in 2023, with FRE margin expanding to 47% and distributable EPS rising to $4.02, reflecting a 20% and 11% CAGR respectively. The firm beat its $40B inflows target by $14B and set 2028 goals of over $200B inflows, 50%+ FRE margin, $1.9B FRE and $6 distributable EPS.
1. Record 2025 Financial Performance
In 2025, Carlyle delivered fee-related earnings of $1.236 billion, up from $859 million in 2023 (20% CAGR), and expanded its FRE margin to 47% from 37%. Distributable earnings per share rose to $4.02, reflecting an 11% CAGR, while fee revenues climbed to $2.64 billion and transaction fees surged to $225 million.
2. Inflows Outperformance and Growth Drivers
The firm recorded $54 billion of inflows in 2025, surpassing its $40 billion target by $14 billion. This broad-based momentum across private equity, credit and Global Wealth reflects disciplined execution of a client-centric, multi-product strategy and an evolved operating model.
3. Ambitious 2028 Strategic Targets
Carlyle aims to generate over $200 billion of inflows from 2026 through 2028, up from $158 billion in 2023–2025, and targets an FRE margin above 50%. Management also forecasts fee-related earnings of at least $1.9 billion, management fees exceeding $2.8 billion and distributable EPS of $6 or more by 2028.
4. Business Transformation and Segment Outlook
The firm has raised $95 billion across 30 strategies since 2023 and tripled its evergreen AUM, with private credit AUM at $211 billion, including $100 billion of perpetual capital. Carlyle plans $90 billion of Global Credit inflows over the next three years to drive more durable, margin-rich earnings.