Carlyle Takes In $10.4 Billion as It Chases Fundraising Target
(Bloomberg) -- Carlyle Group Inc. is collecting more money from investors as it posts gains across its business units.
The firm brought in more than $10 billion in the second quarter, a period in which its global private equity and investment solutions funds rose 12%, Washington-based Carlyle said Thursday in a statement. Solid performance and an increase in fundraising helped lift assets under management to $276 billion, higher than analysts’ estimates.
Carlyle is drawing from existing groups like global credit and private equity to hit a $130 billion fundraising target by 2024. The firm is seeking to raise as much as $27 billion for its latest flagship fund, in what would be the industry’s largest-ever private equity pool, Bloomberg reported earlier this month. Carlyle’s multiyear plan to supercharge growth includes bigger deals that focus on technology and health-care bets, such as the recent multibillion-dollar investment in Medline Industries Inc.
“The changes we’ve made are starting to show in the results,” Carlyle Chief Executive Officer Kewsong Lee said in an interview. “The momentum we’re building is really setting the stage for future growth.”
Among second-quarter results:
- Carlyle’s fundraising haul in the three months through June brought its year-to-date total to $18.2 billion.
- The firm’s fee-earning assets under management reached a record $175 billion.
- Distributable earnings of 88 cents a share beat the consensus estimate of 61 cents.
- Available capital rose $2 billion from the first quarter to $77 billion.
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