Carlyle Racks Up Gains Across Its Funds as Markets Rally

Carlyle Group Inc. posted gains across its fund segments last quarter, as the alternative-asset manager kept finding investment opportunities in a pandemic weighing on the economy.

The firm’s private equity funds rose 11% while credit and investment-solutions funds were up 7%, Washington-based Carlyle said Thursday in a statement. Higher fundraising helped boost assets under management to $246 billion at the end of December.

“Our investment portfolios continue to be in great shape, and even as challenges continue into 2021, we are well positioned to build on our momentum as we look to accelerate growth in the coming years,” Chief Executive Officer Kewsong Lee said in the statement.

Investment firms benefited last quarter as U.S. stocks soared despite the deepening Covid-19 crisis. Carlyle took in $9.7 billion of new capital during the fourth quarter, bringing its full-year total to $27.5 billion. Much of its dealmaking later in the year was focused on the health-care industry, including investments in TriNetX, Pharmapacks and Piramal Pharma.

Among other fourth-quarter highlights:

  • Distributable earnings of 64 cents a share beat Wall Street estimates.
  • Fee-related earnings rose to $145 million, up 34% from a year earlier.
  • Available capital rose to $76 billion, up about 10% from a year earlier.

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