Carlyle's third-quarter profit tops estimates on pickup in deals
CG•Carlyle reported distributable earnings of $1.12 per share for the third quarter, above estimates of $1. Realized net performance revenue rose to $99.8 million from $19.1 million a year earlier.
1. Earnings and exits
Carlyle's distributable earnings reached $1.12 per share in the three months ended September 30, topping expectations of $1. Realized net performance revenue, reflecting the firm's share of profits from investment exits, climbed to $99.8 million from $19.1 million a year earlier.
2. Fundraising and deployment
Carlyle said it sold a 27% stake in Japanese X-ray testing tool maker Rigaku and sold electron microscopes manufacturer Tescan Group during the quarter. The firm deployed $11 billion of capital, including investments in Korean home and healthcare appliance rental platform Chung Ho Group and hardware encryption firm Secturion Systems.
3. Assets and inflows
Assets under management rose 1% to $479 billion, while uninvested capital increased 5% to $94 billion. Inflows totaled $10.8 billion, driven by its credit business, including the first close of its latest opportunistic credit fund and capital raised in its aviation business. CEO Harvey Schwartz said Carlyle was well positioned to accelerate growth, citing the early stages of a strong fundraising cycle and near-record levels of assets yet to start paying fees. Schwartz said Carlyle has returned nearly $100 billion in capital to investors since the start of 2024.
