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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 1, 2019

The Carlyle Group L.P.

(Exact name of registrant as specified in its charter)




Delaware	001-35538	45-2832612
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1001 Pennsylvania Avenue, NW Washington, D.C.		20004-2505
(Address of Principal Executive Offices)		(Zip Code)

(202) 729-5626

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):



¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common units representing limited partner interests	CG	The Nasdaq Global Select Market
5.875% Series A Preferred Units	TCGP	The Nasdaq Global Select Market



Item 2.02	Results of Operations and Financial Condition.

On May 1, 2019, The Carlyle Group L.P. issued a summary press release and a detailed earnings presentation announcing financial results for its first quarter ended March 31, 2019. The summary press release and the earnings presentation are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Report.

As provided in General Instruction B.2 of Form 8-K, the information in this Item 2.02 and Exhibits 99.1 and 99.2 incorporated in this Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall such information or Exhibits 99.1 and 99.2 be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.



Item 9.01	Financial Statements and Exhibits.


(d)	Exhibits.




Exhibit No.		Description

99.1		Summary earnings press release of The Carlyle Group L.P., dated May 1, 2019.

99.2		Earnings presentation of The Carlyle Group L.P., dated May 1, 2019.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.




	THE CARLYLE GROUP L.P.

		By:	Carlyle Group Management L.L.C.,
			its general partner

Date: May 1, 2019		By:	/s/ Curtis L. Buser
		Name:	Curtis L. Buser
		Title:	Chief Financial Officer

Exhibit

Exhibit 99.1

The Carlyle Group Announces First Quarter 2019 Financial Results

Washington, DC, May 1, 2019 – Global investment firm The Carlyle Group L.P. (NASDAQ: CG) today reported its unaudited results for the first quarter ended March 31, 2019.

U.S. GAAP results for Q1 2019 included income before provision for income taxes of $470 million, an increase of 275% from Q1 2018, and net income attributable to The Carlyle Group L.P. common unitholders of $137 million, or net income per common unit of $1.18, on a diluted basis. U.S. GAAP results for the twelve months ended March 31, 2019 included income before provision for income taxes of $705 million and net income attributable to The Carlyle Group L.P. common unitholders of $196 million. Total balance sheet assets were $12 billion as of March 31, 2019.

Carlyle Co-CEOs Kewsong Lee and Glenn Youngkin said, “Carlyle’s strong momentum continues with first quarter Fee Related Earnings up more than 250% from a year ago and solid investment performance driving Net Accrued Performance Revenues above $1.8 billion. In addition, we are pleased with the progress of our growth initiatives as Fee-earning AUM increased by 27% to a record $160 billion over the last twelve months.”

In addition to this release, Carlyle issued a full detailed presentation of its first quarter 2019 results, which can be viewed on the investor relations section of our website at ir.carlyle.com.

Distributions

The Board of Directors has declared a quarterly distribution of $0.19 per common unit to holders of record at the close of business on May 13, 2019, payable on May 21, 2019.

The Board of Directors has declared a quarterly distribution of $0.367188 per preferred unit to preferred unitholders of record at the close of business on June 1, 2019, payable on June 17, 2019.

Conference Call

Carlyle will host a conference call at 8:30 a.m. EDT on Wednesday, May 1, 2019, to announce its first quarter 2019 financial results. The call may be accessed by dialing +1 (800) 850-2903 (U.S.) or +1 (253) 237-1169 (international) and referencing “The Carlyle Group Financial Results Call.” The conference call will be webcast simultaneously via a link on Carlyle’s investor relations website at ir.carlyle.com and an archived replay of the webcast also will be available on the website soon after the live call.

About The Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $222 billion of assets under management as of March 31, 2019, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,725 people in 33 offices across six continents.

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Forward Looking Statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, contingencies, our distribution policy, and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks, uncertainties and assumptions. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements including, but not limited to, those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on February 13, 2019, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

This release does not constitute an offer for any Carlyle fund.

Contacts:



Public Market Investor Relations		Media
Daniel Harris		Elizabeth Gill
Phone: +1 (212) 813-4527		Phone: +1 (202) 729-5385
daniel.harris@carlyle.com		elizabeth.gill@carlyle.com

Web: www.carlyle.com
Videos: www.youtube.com/onecarlyle
Tweets: www.twitter.com/onecarlyle
Podcasts: www.carlyle.com/illuminate-commentary/podcasts

Page | 2

Exhibit

Exhibit 99.2

For Immediate Release

May 1, 2019

The Carlyle Group Announces First Quarter 2019 Financial Results


•	U.S. GAAP results included net income attributable to The Carlyle Group L.P. common unitholders of $137 million, or $1.18 per common unit on a diluted basis, for Q1 2019


•	Distributable Earnings of $101 million on a pre-tax basis for Q1 2019 and $0.25 per common unit on a post-tax basis in Q1 2019


•	Declared a quarterly distribution of $0.19 per common unit for Q1 2019


•	Assets Under Management of $221.5 billion as of Q1 2019, up 10% over the last twelve months


•	Net accrued performance revenues of $1.8 billion as of Q1 2019, up 2% over the last twelve months


•	$4.7 billion in realized proceeds in Q1 2019 and $23.1 billion realized over the last twelve months


•	$3.4 billion of invested capital in Q1 2019 and $21.8 billion invested over the last twelve months


•	$6.9 billion in capital raised in Q1 2019 and $32.3 billion raised over the last twelve months

Washington, DC – Global investment firm The Carlyle Group L.P. (NASDAQ: CG) today reported its unaudited results for the first quarter ended March 31, 2019.

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Carlyle Consolidated GAAP Results

The Carlyle Group L.P.

Summary U.S. GAAP Condensed Consolidated Statements of Operations (Unaudited)



	Three Months Ended													LTM
	Mar 31, 2018		Jun 30, 2018		Sep 30, 2018			Dec 31, 2018			Mar 31, 2019			Mar 31, 2019
	(Dollars in millions, except per unit data)
Revenues
Fund management fees	$	264.5	$	301.3	$	328.8		$	377.4		$	353.4		$	1,360.9
Incentive fees	6.3		7.4		6.8			9.7			8.1			32.0
Investment income, including performance allocations	362.2		503.3		258.6			(314.9		)	650.9			1,097.9
Revenue from consolidated entities	47.3		53.6		60.5			53.1			52.4			219.6
All other revenues	22.5		28.0		24.4			26.4			22.2			101.0
Total revenues	702.8		893.6		679.1			151.7			1,087.0			2,811.4

Expenses
Cash-based compensation and benefits	187.3		176.0		186.6			196.8			210.5			769.9
Equity-based compensation	84.9		64.9		49.7			40.4			36.0			191.0
Performance allocations and incentive fee related compensation	158.0		222.0		146.0			(149.7		)	185.4			403.7
General, administrative and other expenses	95.0		126.8		166.2			72.7			112.5			478.2
Expenses from consolidated funds	35.9		45.3		40.5			42.9			38.1			166.8
Interest and other non-operating expenses (income)	18.2		18.7		26.6			19.8			20.0			85.1
Total expenses	579.3		653.7		615.6			222.9			602.5			2,094.7

Net investment gains (losses) of consolidated funds	2.0		12.9		(2.9		)	(7.5		)	(14.2		)	(11.7		)
Income (loss) before provision for income taxes	125.5		252.8		60.6			(78.7		)	470.3			705.0
Provision (benefit) for income taxes	7.8		11.6		17.4			(5.5		)	24.0			47.5
Net income	117.7		241.2		43.2			(73.2		)	446.3			657.5
Net income attributable to non-controlling interests in consolidated entities	11.0		16.7		14.5			(8.3		)	(4.5		)	18.4
Net income attributable to Carlyle Holdings	106.7		224.5		28.7			(64.9		)	450.8			639.1
Net income attributable to non-controlling interests in Carlyle Holdings	67.0		155.1		11.2			(54.8		)	307.9			419.4
Net income attributable to The Carlyle Group L.P.	39.7		69.4		17.5			(10.1		)	142.9			219.7
Net income attributable to Series A Preferred Unitholders	5.9		5.9		5.9			5.9			5.9			23.6
Net income attributable to The Carlyle Group L.P. Common Unitholders	$	33.8	$	63.5	$	11.6		$	(16.0	)	$	137.0		$	196.1

Net income attributable to The Carlyle Group L.P. per common unit
Basic	$	0.34	$	0.62	$	0.11		$	(0.15	)	$	1.25		$	1.59
Diluted	$	0.30	$	0.56	$	0.10		$	(0.15	)	$	1.18		$	1.45

Income before provision for income taxes⁽¹⁾ was $470 million for Q1 2019, compared to $126 million for Q1 2018. The increase in income before provision for income taxes in Q1 2019 compared to Q1 2018 was primarily due to $261 million increase in investment income, including performance allocations, net of related compensation; an $89 million increase in fund management fees primarily due to the commencement of the investment period for certain newly raised funds; and a $49 million decrease in equity-based compensation due to the final vesting of the IPO awards in May 2018. The increase was partially offset by a $23 million increase in cash-based compensation and benefits and an $18 million increase in general, administrative and other expenses.

The income before provision for income taxes for Q1 2019 includes $256 million in investment income from our equity method investment in Fortitude Re, which closed in Q4 2018. This amount includes $229 million in gains from changes in fair value of embedded derivatives as a result of accounting principles related to derivatives and hedging (DIG B36 ⁽²⁾).

Net income attributable to The Carlyle Group L.P. Common Unitholders was $137 million, or $1.18 per common unit on a diluted basis for Q1 2019, compared to $34 million, or $0.30 per common unit on a diluted basis for Q1 2018.

See Notes at end of document.

Page | 2

Non-GAAP Operating Results



Carlyle Group Summary

											LTM		% Change
$ in millions, except per unit data and where noted
$ in millions, except per unit data and where noted	Q1 2018		Q2 2018		Q3 2018		Q4 2018		Q1 2019		Q2 18 - Q1 19		QoQ	YoY	LTM

Fee Related Earnings	28.2		57.8		89.0		175.4		103.3		425.5		(41)%	266%	132%

Distributable Earnings	138.9		114.5		210.0		210.5		100.8		635.8		(52)%	(27)%	(16)%

Distributable Earnings, Tax and Per Unit Information

Distributable Earnings	$	138.9	$	114.5	$	210.0	$	210.5	$	100.8	$	635.8

Less: Estimated foreign, state, and local taxes⁽¹⁾	7.7		6.9		9.4		5.7		7.1		29.1
Less: Preferred unit distributions	5.9		5.9		5.9		5.9		5.9		23.6

Distributable Earnings (after taxes and preferred unit distributions)	$	125.3	$	101.7	$	194.7	$	198.9	$	87.8	$	583.1

Allocating Distributable Earnings for only public unitholders of The Carlyle Group L.P.

Distributable Earnings to The Carlyle Group L.P.	$	38.5	$	31.8	$	62.0	$	64.4	$	28.4	$	186.6

Less: Estimated current corporate income taxes⁽²⁾	1.1		1.1		1.2		1.2		1.2		4.7

Distributable Earnings Attributable to Common Unitholders	$	37.4	$	30.7	$	60.8	$	63.2	$	27.2	$	181.9

Distributable Earnings, net, per The Carlyle Group L.P. common unit outstanding	$	0.36	$	0.29	$	0.56	$	0.57	$	0.25	$	1.67

Distribution per common unit	$	0.27	$	0.22	$	0.42	$	0.43	$	0.19	$	1.26

Outstanding Units (in millions):
The Carlyle Group L.P. common units outstanding	101.4		102.1		107.8		107.7		110.1
Carlyle Holdings partnership units not held by The Carlyle Group L.P.	233.9		233.2		231.5		231.0		230.8
Total Outstanding units	335.3		335.3		339.3		338.7		340.9

Units eligible for distribution (in millions) **	103.7		106.2		108.3		110.5		110.5
** Includes approximately 0.4 million common units that will be issued in May 2019 in connection with the vesting of deferred restricted common units. For purposes of this calculation, these common units have been added to the common units outstanding as of March 31, 2019 because they will participate in the unitholder distribution that will be paid on the common units in May 2019.

Totals may not sum due to rounding. See Notes at end of document.

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Carry Fund Appreciation and Net Accrued Performance Revenues

Carlyle's carry fund portfolio appreciated 3% during Q1 2019 and 9% over the past twelve months. Carlyle's private carry fund portfolio appreciated 2% and the public carry fund portfolio appreciated 16% during Q1 2019, in both cases excluding Investment Solutions. As of March 31, 2019, public positions accounted for 8% of remaining fair value across our Corporate Private Equity, Real Assets and Global Credit carry funds. Carry fund valuations for Q1 2019 were most positively impacted by our sixth U.S. Buyout fund (CP VI), our first international energy fund (CIEP I) and our fifth U.S. Realty fund (CRP V), partially offset by depreciation in our third European Buyout fund (CEP III).

Net Accrued Performance Revenues were $1.8 billion as of March 31, 2019, up 9% from the prior quarter and up 2% from a year ago, as net performance revenue accrual outpaced realizations over the LTM.



	Carry Fund Appreciation/(Depreciation)⁽¹⁾					LTM	Net Accrued Performance Revenues⁽²⁾ ($ in millions)
	Q1 2018	Q2 2018	Q3 2018	Q4 2018	Q1 2019	Q2 2018 - Q1 2019	Q1 2019
Overall Carry Fund Appreciation/(Depreciation)	3%	5%	3%	(2)%	3%	9%

Corporate Private Equity	4%	3%	1%	(2)%	3%	5%	$1,125

Real Assets	2%	7%	3%	(7)%	3%	6%	$548
Real Estate	1%	5%	3%	(1)%	5%	12%	$305
Natural Resources ⁽³⁾	2%	9%	3%	(7)%	3%	6%	$241
Legacy Energy	2%	4%	4%	(16)%	0%	(7)%	$1

Global Credit Carry Funds	2%	3%	1%	(2)%	5%	9%	$72

Investment Solutions Carry Funds	4%	8%	5%	2%	3%	18%	$84

Net Accrued Performance Revenues							$1,828

https://cdn.kscope.io/286b74ef6483d0c8c5d47ad67d5be674-imgp04no1a07.jpg

The sum of quarters may not equal LTM due to rounding. Totals may not sum due to rounding. See Notes at end of document.

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Carlyle All Segment Results


•	Distributable Earnings were $101 million in Q1 2019 and $636 million over the LTM. Q1 2019 Distributable Earnings included $103 million in Fee Related Earnings and $7 million in Realized Net Performance Revenues. DE per common unit was $0.25 for Q1 2019 and $1.67 over the LTM.

•

Fee Related Earnings were $103 million in Q1 2019 nearly quadrupling the $28 million in Q1 2018, and were $426 million over the LTM, which includes the positive benefit of $32 million in net insurance recoveries in Q4 2018. Management Fees of $382 million for Q1 2019 increased 33% compared to Q1 2018, slightly higher than the 27% increase in Fee-earning AUM over the same period. Catch-up management fees were $5 million in Q1 2019 in line with Q1 2018.

•

Realized Net Performance Revenues were $7 million in Q1 2019 and $224 million over the LTM, down from $620 million over the prior LTM period. Realized Net Performance Revenue in Q1 2019 includes the realization of $20 million in previously accrued giveback in our fourth Legacy Energy fund. Realized Proceeds were $4.7 billion in Q1 2019 and $23.1 billion over the LTM, down from $28.0 billion over the prior LTM period, with a higher percentage of recent realization activity from funds accruing, but not yet realizing performance revenues. We now expect Realized Net Performance Revenues to continue at lower levels through 2019.


•	Total Assets Under Management (“AUM”) of $221.5 billion as of Q1 2019 increased 10% compared to Q1 2018 driven by the combination of $32.3 billion in fundraising and $10.8 billion in market appreciation, partially offset by $23.1 billion in realized proceeds to fund investors.


•	Fee-earning AUM of $160.0 billion increased 27% from Q1 2018. As of Q1 2019, there was $8.8 billion in pending Fee-earning AUM that will turn on fees either through activation of the underlying fund or additional capital deployment.



Business Drivers

$ in billions, unless noted		Q1 2018	Q1 2019	LTM Q1 2018	LTM Q1 2019

Fundraising		$7.7	$6.9	$48.0	$32.3

Invested Capital (carry funds)		4.0	3.4	21.6	21.8

Realized Proceeds (carry funds)		5.6	4.7	28.0	23.1

Carry Fund Appreciation		3%	3%	17%	9%

Financial Metrics

$ in millions		Q1 2018	Q1 2019	LTM Q1 2018	LTM Q1 2019

Fee Related Earnings (FRE)		$28	$103	$183	$426

+	Realized Net Performance Revenues	103	7	620	224

+	Realized Principal Investment Income	19	4	(2)	34

+	Net Interest	(11)	(14)	(48)	(47)

=	Distributable Earnings (DE)	$139	$101	$754	$636

https://cdn.kscope.io/286b74ef6483d0c8c5d47ad67d5be674-imgp05no1a10.jpg

LTM, or last twelve months, refers to the period Q2 2018 through Q1 2019. Prior LTM, or the prior rolling 12-month period, refers to the period Q2 2017 through Q1 2018. Totals may not sum due to rounding. See Notes at end of document.

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Corporate Private Equity (CPE)


•	Distributable Earnings were $62 million in Q1 2019, and $326 million over the LTM. Q1 2019 includes $58 million in Fee Related Earnings and $13 million in Realized Net Performance Revenues, offset by a $(2) million Realized Investment Loss.


•	Fee Related Earnings were $58 million in Q1 2019, compared to a loss of $(13) million in Q1 2018. Fee activations for our U.S., Europe and Asia buyout funds over the past year was the major driver of the significant FRE increase, while cash compensation expense remained relatively flat. Management Fees increased to $190 million in Q1 2019, an increase of 67% over Q1 2018.

•

Realized Net Performance Revenues were $13 million in Q1 2019, and $136 million over the LTM, down from $531 million over the prior LTM period. Realized Proceeds were $0.9 billion in Q1 2019 and $7.1 billion over the LTM, down from $12.7 billion over the prior LTM period. Realized Net Performance Revenues declined at a faster pace than Realized Proceeds as exit activity has largely occurred in funds accruing, but not yet realizing performance revenues.

•

Invested $1.1 billion in Q1 2019 into new and follow-on investments, including SBI Life Insurance (CAP V), Grupo Madero (CP VII), and Weiman Products (CEOF II). As of the end of Q1 2019, CPE had also signed or announced transactions with nearly $5 billion of additional equity commitments, including Standard Aero and CEPSA, which are expected to close in future periods or have already closed post the end of the first quarter.


•	Assets Under Management reached a record $84.3 billion in Q1 2019, an increase of 12% compared to Q1 2018, positively impacted by $16.6 billion in fundraising and $1.8 billion in market appreciation, partially offset by $7.1 billion in realized proceeds.



Business Drivers

$ in billions, unless noted		Q1 2018	Q1 2019	LTM Q1 2018	LTM Q1 2019

Fundraising		$3.9	$3.6	$24.3	$16.6

Invested Capital (carry funds)		0.7	1.1	9.3	11.7

Realized Proceeds (carry funds)		2.7	0.9	12.7	7.1

Carry Fund Appreciation		4%	3%	25%	5%

Financial Metrics

	$ in millions	Q1 2018	Q1 2019	LTM Q1 2018	LTM Q1 2019

Fee Related Earnings (FRE)		$(13)	$58	$(3)	$195

+	Realized Net Performance Revenues	97	13	531	136

+	Realized Principal Investment Income	8	(2)	33	16

+	Net Interest	(5)	(7)	(22)	(22)

=	Distributable Earnings (DE)	$87	$62	$539	$326

https://cdn.kscope.io/286b74ef6483d0c8c5d47ad67d5be674-imgp06no1a07.jpg

Totals may not sum due to rounding.

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Real Assets


•	Distributable Earnings were $18 million in Q1 2019 and $192 million over the LTM, nearly four times higher than $54 million in the prior LTM which included a realized investment loss related to Urbplan Desenvolvimento Urbano. Q1 2019 includes $26 million in Fee Related Earnings and $(7) million of Realized Net Performance Revenues.


•	Fee Related Earnings were $26 million in Q1 2019, similar to $24 million in Q1 2018. Over the LTM, Fee Related Earnings of $123 million were up 82% compared to $67 million in the prior LTM, driven by higher management fees and lower G&A expenses.

•

Realized Net Performance Revenues were $(7) million in Q1 2019, with the loss driven by the realization of $20 million in previously accrued giveback in the fourth Legacy Energy fund. Over the LTM, Realized Net Performance Revenues were $73 million, or $93 million excluding the giveback realization, compared to $48 million in the prior LTM. Realized Proceeds of $5.6 billion over the LTM up from $5.0 billion in the prior LTM period, and realized performance revenues increased with contributions from our seventh U.S. Real Estate fund and the first incentive fee realization in our Core Plus fund in Q1 2019.


•	Invested $0.8 billion in the quarter and $4.1 billion over the LTM.

•

Assets Under Management of $46.2 billion increased 5% compared to Q1 2018, largely driven by $5.0 billion in fundraising and $1.8 billion in market appreciation, partially offset by $5.6 billion in realized proceeds. Fundraising of $0.6 billion in Q1 2019 included additional closings in our second international energy fund, our global infrastructure fund, as well as the final closing in the latest vintage NGP energy fund.



Business Drivers

$ in billions, unless noted		Q1 2018	Q1 2019	LTM Q1 2018	LTM Q1 2019

Fundraising		$1.3	$0.6	$10.5	$5.0

Invested Capital (carry funds)		1.9	0.8	5.6	4.1

Realized Proceeds (carry funds)		1.1	1.6	5.0	5.6

Carry Fund Appreciation		2%	3%	14%	6%

Financial Metrics

	$ in millions	Q1 2018	Q1 2019	LTM Q1 2018	LTM Q1 2019

Fee Related Earnings (FRE)		$24	$26	$67	$123

+	Realized Net Performance Revenues	4	(7)	48	73

+	Realized Principal Investment Income	8	2	(47)	7

+	Net Interest	(3)	(3)	(14)	(11)

=	Distributable Earnings (DE)	$33	$18	$54	$192

https://cdn.kscope.io/286b74ef6483d0c8c5d47ad67d5be674-imgp07no1a09.jpg

Totals may not sum due to rounding.

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Global Credit


•	Distributable Earnings were $14 million in Q1 2019 and $82 million over the LTM, compared to $129 million over the prior LTM, which benefited from $68 million of insurance recoveries.


•	Fee Related Earnings were $13 million in Q1 2019 compared to $9 million in Q1 2018. Management Fees of $75 million increased 27% year over year, and were partially offset by a 37% increase in compensation expense driven by the ongoing organic build-out of our Global Credit platform and addition of Carlyle Aviation Partners.


•	Invested $0.4 billion in Global Credit carry funds in the quarter and $1.1 billion for the LTM. Direct Lending originated gross new loans of approximately $600 million in the quarter and approximately $2.4 billion for the LTM. We raised $1.2 billion of CLO par value in the quarter and $5.1 billion for the LTM.

•

Assets Under Management of $45.6 billion increased 35% compared to Q1 2018, driven by $7.0 billion of fundraising and the addition of Carlyle Aviation Partners, partially offset by $0.9 billion in Realized Proceeds. Fundraising of $1.5 billion for Q1 2019 included two new CLOs, as well as additional capital raised for our opportunistic credit fund. Fee-earning AUM of $36.5 billion increased 31% compared to Q1 2018.



Business Drivers

$ in billions, unless noted		Q1 2018	Q1 2019	LTM Q1 2018	LTM Q1 2019

Fundraising		$0.8	$1.5	$7.1	$7.0

Invested Capital (carry funds)		0.4	0.4	2.2	1.1

Realized Proceeds (carry funds)		0.2	0.4	0.7	0.9

Carry Fund Appreciation		2%	5%	5%	9%

Financial Metrics

	$ in millions	Q1 2018	Q1 2019	LTM Q1 2018	LTM Q1 2019

Fee Related Earnings (FRE)		$9	$13	$88	$75

+	Realized Net Performance Revenues	1	—	38	5

+	Realized Principal Investment Income	3	5	12	10

+	Net Interest	(2)	(3)	(8)	(9)

=	Distributable Earnings (DE)	$10	$14	$129	$82

https://cdn.kscope.io/286b74ef6483d0c8c5d47ad67d5be674-imgp08no1a07.jpg

Totals may not sum due to rounding.

Page | 8

Investment Solutions


•	Distributable Earnings were $6 million in Q1 2019 and $37 million for the LTM, an increase of 20% over the prior LTM, attributable to an increase in both Fee Related Earnings and Realized Net Performance Revenues.


•	Fee Related Earnings were $7 million in Q1 2019 and $32 million over the LTM, an increase of 4% over the prior LTM.


•	Realized Net Performance Revenues of $10 million over the LTM were up from $4 million over the prior LTM period, as we continue to accrue and realize a higher percentage of performance revenues from AlpInvest funds over time.


•	Invested $1.1 billion in Investment Solutions carry funds during Q1 2019, and $4.9 billion over the LTM, slightly above the $4.5 billion invested over the prior LTM period.


•	Assets Under Management of $45.4 billion decreased (7)% compared to Q1 2018, attributable to $9.5 billion in realized proceeds and $3.2 billion of negative foreign exchange impact, partially offset by $3.7 billion in fundraising and $6.8 billion in market appreciation. Fee-earning AUM of $28.7 billion declined (6)% compared to Q1 2018.



Business Drivers

$ in billions, unless noted		Q1 2018	Q1 2019	LTM Q1 2018	LTM Q1 2019

Fundraising		$1.7	$1.2	$6.1	$3.7

Invested Capital (carry funds)		1.0	1.1	4.5	4.9

Realized Proceeds (carry funds)		1.7	1.8	9.5	9.5

Carry Fund Appreciation		4%	3%	10%	18%

Financial Metrics

$ in millions		Q1 2018	Q1 2019	LTM Q1 2018	LTM Q1 2019

Fee Related Earnings (FRE)		$8	$7	$31	$32

+	Realized Net Performance Revenues	2	1	4	10

+	Realized Principal Investment Income	—	—	—	—

+	Net Interest	(1)	(1)	(5)	(6)

=	Distributable Earnings (DE)	$9	$6	$31	$37

https://cdn.kscope.io/286b74ef6483d0c8c5d47ad67d5be674-imgp09no1a02.jpg

Totals may not sum due to rounding. See Notes at end of document.

Page | 9

Fund Activity Metrics ($ billions)



By Quarter		By Sub-segment

Fundraising

https://cdn.kscope.io/286b74ef6483d0c8c5d47ad67d5be674-imgp10no1a11.jpg

Invested Capital(Carry Funds only)

https://cdn.kscope.io/286b74ef6483d0c8c5d47ad67d5be674-imgp10no2a11.jpg

Realized Proceeds (Carry Funds only)

https://cdn.kscope.io/286b74ef6483d0c8c5d47ad67d5be674-imgp10no3a10.jpg

Totals may not sum due to rounding.

Page | 10

Total Assets Under Management

Assets Under Management of $221.5 billion in Q1 2019 increased 10% compared to $201.5 billion in Q1 2018. Remaining fair value was $80.3 billion as of Q1 2019 in our Corporate Private Equity, Real Assets and Global Credit carry funds, an increase of 10% compared to Q1 2018.



		vs. Last Quarter		vs. One Year Ago
$ in billions, unless noted	Q1 2019	Q4 2018	% Change	Q1 2018	% Change

Corporate Private Equity	84.3	80.8	4%	75.0	12%
Real Assets	46.2	45.6	1%	44.0	5%
Global Credit	45.6	44.4	3%	33.8	35%
Investment Solutions	45.4	45.7	(1)%	48.7	(7)%
Total	221.5	216.5	2%	201.5	10%

https://cdn.kscope.io/286b74ef6483d0c8c5d47ad67d5be674-imgp11no1a11.jpg

https://cdn.kscope.io/286b74ef6483d0c8c5d47ad67d5be674-imgp11no2a13.jpg

Data as of March 31, 2019. Totals may not sum due to rounding. See Notes and definitions of AUM roll forward components at end of document.

Page | 11

Fee-earning Assets Under Management

Fee-earning Assets Under Management of $160.0 billion increased 27% from Q1 2018, primarily driven by the activation of management fees in our latest generation U.S., Europe and Asia Buyout funds, as well as the addition of Carlyle Aviation Partners. Pending Fee-earning AUM was $8.8 billion as of Q1 2019, up from $6.5 billion as of Q4 2018.



		vs. Last Quarter		vs. One Year Ago
$ in billions, unless noted	Q1 2019	Q4 2018	% Change	Q1 2018	% Change

Corporate Private Equity	61.9	62.4	(1)%	35.3	75%
Real Assets	32.9	33.0	0%	32.1	2%
Global Credit	36.5	35.2	4%	27.8	31%
Investment Solutions	28.7	29.1	(1)%	30.5	(6)%
Total	160.0	159.6	0%	125.8	27%

https://cdn.kscope.io/286b74ef6483d0c8c5d47ad67d5be674-imgp12no1a12.jpg

Note: As of March 31, 2019. Totals may not sum due to rounding.

Balance Sheet Highlights



Key Balance Sheet Items ⁽¹⁾ ($ in millions)	March 31, 2019
Cash, cash equivalents and corporate treasury investments ⁽²⁾	$751.4
Net accrued performance revenues ⁽³⁾	$1,828.2
Investments attributable to Carlyle unitholders ⁽⁴⁾	$1,276.6
Debt obligations ⁽⁵⁾	$1,209.0
Amounts drawn on revolving credit line ($775 million capacity)	$—
5.875% Series A preferred units	$387.5

During Q1 2019, Carlyle repurchased and retired approximately 0.6 million units for an aggregate purchase price of $10.4 million as part of its unit repurchase program. As of March 31, 2019, we had approximately $190 million remaining in our current $200 million repurchase authorization.

(1) The amounts presented exclude the effect of U.S. GAAP consolidation eliminations on investments and accrued performance revenues, as well as cash and debt associated with Carlyle’s consolidated funds.

(2) Corporate treasury investments represent investments in U.S. Treasury and government agency obligations, commercial paper, certificates of deposit, other investment grade securities and other investments with maturities of greater than three months when purchased.

(3) Net accrued performance revenues as of March 31, 2019 are net of $63.2 million in accrued giveback obligations and $1,947.0 million in accrued performance allocations and incentive fee compensation related to non-controlling interests.

(4) Investments include the $446.4 million investment in Fortitude Re, excluding the impact of unrealized gains on embedded derivatives included in Fortitude Re's U.S. GAAP financial statements, and exclude the equity investments by Carlyle in NGP Energy Capital Management and the portion of CLO investments attributable to Carlyle unitholders that were financed with debt.

(5) Excludes the impact of approximately $328.2 million of loans used to finance investments in CLOs and also excludes the lease liabilities of $320.5 million.

Page | 12

Distributions

The Board of Directors has declared a quarterly distribution of $0.19 per common unit to holders of record at the close of business on May 13, 2019, payable on May 21, 2019.

The Board of Directors has declared a quarterly distribution of $0.367188 per preferred unit to preferred unitholders of record at the close of business on June 1, 2019, payable on June 17, 2019.

Conference Call

About The Carlyle Group

Web: www.carlyle.com

Videos: www.youtube.com/onecarlyle

Tweets: www.twitter.com/onecarlyle

Podcasts: www.carlyle.com/illuminate-commentary/podcasts

Contacts:

Public Market Investor Relations Media

Daniel Harris Elizabeth Gill

Phone: +1 (212) 813-4527 Phone: +1 (202) 729-5385

daniel.harris@carlyle.com elizabeth.gill@carlyle.com

Forward Looking Statements

This release does not constitute an offer for any Carlyle fund.

Page | 13

APPENDIX

The Carlyle Group L.P.

GAAP Statement of Operations (Unaudited)



	Three Months Ended
	Mar 31, 2018		Mar 31, 2019
	Mar 31, 2018		Mar 31, 2019
	(Dollars in millions, except unit and per unit data)
Revenues
Fund management fees	$	264.5	$	353.4
Incentive fees	6.3		8.1
Investment income
Performance allocations	308.1		349.1
Principal investment income (loss)	54.1		301.8
Total investment income	362.2		650.9
Interest and other income	22.5		22.2
Interest and other income of Consolidated Funds	47.3		52.4
Total revenues	702.8		1,087.0

Expenses
Compensation and benefits
Cash-based compensation and benefits	187.3		210.5
Equity-based compensation	84.9		36.0
Performance allocations and incentive fee related compensation	158.0		185.4
Total compensation and benefits	430.2		431.9
General, administrative and other expenses	95.0		112.5
Interest	17.9		19.7
Interest and other expenses of Consolidated Funds	35.9		38.1
Other non-operating expense	0.3		0.3
Total expenses	579.3		602.5

Other income
Net investment gains (losses) of Consolidated Funds	2.0		(14.2		)
Income before provision for income taxes	125.5		470.3
Provision for income taxes	7.8		24.0
Net income	117.7		446.3
Net income attributable to non-controlling interests in consolidated entities	11.0		(4.5		)
Net income attributable to Carlyle Holdings	106.7		450.8
Net income attributable to non-controlling interests in Carlyle Holdings	67.0		307.9
Net income attributable to The Carlyle Group L.P.	39.7		142.9
Net income attributable to Series A Preferred Unitholders	5.9		5.9
Net income attributable to The Carlyle Group L.P. Common Unitholders	$	33.8	$	137.0

Net income attributable to The Carlyle Group L.P. per common unit
Basic	$	0.34	$	1.25
Diluted	$	0.30	$	1.18

Weighted-average common units
Basic	100,732,493		109,210,460
Diluted	111,303,988		115,818,538

Page | 14

Total Segment Information (Unaudited)

The following table sets forth information in the format used by management when making resource deployment decisions and in assessing the performance of our segments. The information below is the aggregate results of our four segments.



	Three Months Ended						Twelve Months Ended
Total Segment Revenues	Mar 31, 2018		Dec 31, 2018		Mar 31, 2019		Mar 31, 2018			Mar 31, 2019
	(Dollars in millions)
Segment fee revenues
Fund management fees	$	287.5	$	391.0	$	381.6	$	1,112.9		$	1,455.9
Portfolio advisory fees, net and other	9.7		6.0		5.5		32.6			26.9
Transaction fees, net	3.0		25.3		4.5		22.2			33.6
Total segment fee revenues	300.2		422.3		391.6		1,167.7			1,516.4
Realized performance revenues	211.0		111.7		49.2		1,213.3			520.6
Realized principal investment income (loss)	18.7		4.7		4.1		(1.7		)	33.5
Interest income	6.7		6.7		6.0		20.0			29.7
Total Segment Revenues	$	536.6	$	545.4	$	450.9	$	2,399.3		$	2,100.2

	Three Months Ended						Twelve Months Ended
Total Segment Expenses	Mar 31, 2018		Dec 31, 2018		Mar 31, 2019		Mar 31, 2018			Mar 31, 2019
	(Dollars in millions)
Compensation and benefits
Cash-based compensation and benefits	$	189.1	$	192.9	$	202.3	$	699.8		$	753.9
Realized performance revenues related compensation	107.9		68.6		42.2		592.9			297.0
Total compensation and benefits	297.0		261.5		244.5		1,292.7			1,050.9
General, administrative and other indirect expenses	74.8		44.2		75.7		253.1			299.7
Depreciation and amortization expense	8.1		9.8		10.3		31.7			37.3
Interest expense	17.8		19.4		19.6		68.3			76.5
Total Segment Expenses	$	397.7	$	334.9	$	350.1	$	1,645.8		$	1,464.4

	Three Months Ended						Twelve Months Ended
Total Segments	Mar 31, 2018		Dec 31, 2018		Mar 31, 2019		Mar 31, 2018			Mar 31, 2019
	(Dollars in millions)
Total Segment Revenues	$	536.6	$	545.4	$	450.9	$	2,399.3		$	2,100.2
Total Segment Expenses	397.7		334.9		350.1		1,645.8			1,464.4
(=) Distributable Earnings	$	138.9	$	210.5	$	100.8	$	753.5		$	635.8
(-) Realized Net Performance Revenues	103.1		43.1		7.0		620.4			223.6
(-) Realized Principal Investment Income	18.7		4.7		4.1		(1.7		)	33.5
(+) Net interest	11.1		12.7		13.6		48.3			46.8
(=) Fee Related Earnings	$	28.2	$	175.4	$	103.3	$	183.1		$	425.5

Page | 15

Total Segment Information (Unaudited), cont.



	Three Months Ended

Total Segment Revenues	Mar 31, 2018		Jun 30, 2018		Sep 30, 2018		Dec 31, 2018		Mar 31, 2019
	(Dollars in millions)
Segment fee revenues
Fund management fees	$	287.5	$	328.1	$	355.2	$	391.0	$	381.6
Portfolio advisory fees, net and other	9.7		5.6		9.8		6.0		5.5
Transaction fees, net	3.0		3.8		—		25.3		4.5
Total segment fee revenues	300.2		337.5		365.0		422.3		391.6
Realized performance revenues	211.0		99.5		260.2		111.7		49.2
Realized principal investment income (loss)	18.7		17.7		7.0		4.7		4.1
Interest income	6.7		7.9		9.1		6.7		6.0
Total Segment Revenues	$	536.6	$	462.6	$	641.3	$	545.4	$	450.9

	Three Months Ended
Total Segment Expenses	Mar 31, 2018		Jun 30, 2018		Sep 30, 2018		Dec 31, 2018		Mar 31, 2019
	(Dollars in millions)
Compensation and benefits
Cash-based compensation and benefits	$	189.1	$	172.3	$	186.4	$	192.9	$	202.3
Realized performance revenues related compensation	107.9		49.9		136.3		68.6		42.2
Total compensation and benefits	297.0		222.2		322.7		261.5		244.5
General, administrative and other indirect expenses	74.8		98.9		80.9		44.2		75.7
Depreciation and amortization expense	8.1		8.5		8.7		9.8		10.3
Interest expense	17.8		18.5		19.0		19.4		19.6
Total Segment Expenses	$	397.7	$	348.1	$	431.3	$	334.9	$	350.1

	Three Months Ended

Total Segments	Mar 31, 2018		Jun 30, 2018		Sep 30, 2018		Dec 31, 2018		Mar 31, 2019
	(Dollars in millions)
Total Segment Revenues	$	536.6	$	462.6	$	641.3	$	545.4	$	450.9
Total Segment Expenses	397.7		348.1		431.3		334.9		350.1
(=) Distributable Earnings	$	138.9	$	114.5	$	210.0	$	210.5	$	100.8
(-) Realized Net Performance Revenues	103.1		49.6		123.9		43.1		7.0
(-) Realized Principal Investment Income/(Loss)	18.7		17.7		7.0		4.7		4.1
(+) Net interest	11.1		10.6		9.9		12.7		13.6
(=) Fee Related Earnings	$	28.2	$	57.8	$	89.0	$	175.4	$	103.3

Page | 16

Corporate Private Equity Segment Results (Unaudited)



	Three Months Ended												Twelve Months Ended

Corporate Private Equity	Mar 31, 2018			Jun 30, 2018		Sep 30, 2018		Dec 31, 2018		Mar 31, 2019			Mar 31, 2018			Mar 31, 2019
	(Dollars in millions)

Revenues
Segment fee revenues
Fund management fees	$	114.1		$	148.0	$	175.8	$	196.2	$	190.0		$	469.4		$	710.0
Portfolio advisory fees, net and other	6.3			3.4		7.6		3.8		3.5			22.4			18.3
Transaction fees, net	0.3			3.6		—		22.8		0.3			15.0			26.7
Total segment fee revenues	120.7			155.0		183.4		222.8		193.8			506.8			755.0
Realized performance revenues	188.0			52.0		143.6		32.3		23.4			968.2			251.3
Realized principal investment income (loss)	7.9			12.3		4.2		2.2		(2.3		)	33.1			16.4
Interest income	2.0			2.5		3.0		1.8		1.2			6.4			8.5
Total revenues	318.6			221.8		334.2		259.1		216.1			1,514.5			1,031.2

Expenses
Compensation and benefits
Cash-based compensation and benefits	97.2			90.5		93.9		91.6		96.7			363.8			372.7
Realized performance revenues related compensation	90.7			24.0		66.1		14.5		10.4			437.5			115.0
Total compensation and benefits	187.9			114.5		160.0		106.1		107.1			801.3			487.7
General, administrative and other indirect expenses	32.9			56.5		41.1		37.1		34.1			130.2			168.8
Depreciation and amortization expense	4.0			4.2		4.3		4.8		4.9			15.6			18.2
Interest expense	7.0			7.1		7.5		8.3		7.9			28.1			30.8
Total expenses	231.8			182.3		212.9		156.3		154.0			975.2			705.5

(=) Distributable Earnings	$	86.8		$	39.5	$	121.3	$	102.8	$	62.1		$	539.3		$	325.7
(-) Realized Net Performance Revenues	97.3			28.0		77.5		17.8		13.0			530.7			136.3
(-) Realized Principal Investment Income	7.9			12.3		4.2		2.2		(2.3		)	33.1			16.4
(+) Net interest	5.0			4.6		4.5		6.5		6.7			21.7			22.3
(=) Fee Related Earnings	$	(13.4	)	$	3.8	$	44.1	$	89.3	$	58.1		$	(2.8	)	$	195.3

Page | 17

Real Assets Segment Results (Unaudited)



	Three Months Ended											Twelve Months Ended

Real Assets	Mar 31, 2018		Jun 30, 2018		Sep 30, 2018		Dec 31, 2018		Mar 31, 2019			Mar 31, 2018			Mar 31, 2019
	(Dollars in millions)

Revenues
Segment fee revenues
Fund management fees	$	74.4	$	78.7	$	76.3	$	88.5	$	77.4		$	282.0		$	320.9
Portfolio advisory fees, net and other	1.5		1.1		0.9		1.0		0.9			4.0			3.9
Transaction fees, net	2.7		0.1		—		1.6		2.4			7.2			4.1
Total segment fee revenues	78.6		79.9		77.2		91.1		80.7			293.2			328.9
Realized performance revenues	7.8		33.6		73.7		35.2		4.9			86.3			147.4
Realized principal investment income (loss)	8.2		3.1		0.6		1.6		1.6			(46.9		)	6.9
Interest income	0.9		1.2		1.5		0.8		0.5			3.3			4.0
Total revenues	95.5		117.8		153.0		128.7		87.7			335.9			487.2

Expenses
Compensation and benefits
Cash-based compensation and benefits	34.7		29.3		33.7		37.4		35.8			132.2			136.2
Realized performance revenues related compensation	4.0		15.0		31.8		15.8		12.0			38.8			74.6
Total compensation and benefits	38.7		44.3		65.5		53.2		47.8			171.0			210.8
General, administrative and other indirect expenses	18.1		15.9		15.5		14.6		16.8			86.8			62.8
Depreciation and amortization expense	1.6		1.6		1.7		1.9		1.9			6.9			7.1
Interest expense	3.9		4.1		4.1		3.2		3.1			16.8			14.5
Total expenses	62.3		65.9		86.8		72.9		69.6			281.5			295.2

(=) Distributable Earnings	$	33.2	$	51.9	$	66.2	$	55.8	$	18.1		$	54.4		$	192.0
(-) Realized Net Performance Revenues	3.8		18.6		41.9		19.4		(7.1		)	47.5			72.8
(-) Realized Principal Investment Income/(Loss)	8.2		3.1		0.6		1.6		1.6			(46.9		)	6.9
(+) Net interest	3.0		2.9		2.6		2.4		2.6			13.5			10.5
(=) Fee Related Earnings	$	24.2	$	33.1	$	26.3	$	37.2	$	26.2		$	67.3		$	122.8

Page | 18

Global Credit Segment Results (Unaudited)



	Three Months Ended											Twelve Months Ended

Global Credit	Mar 31, 2018		Jun 30, 2018		Sep 30, 2018		Dec 31, 2018			Mar 31, 2019		Mar 31, 2018		Mar 31, 2019
	(Dollars in millions)

Revenues
Segment fee revenues
Fund management fees	$	58.7	$	59.8	$	60.4	$	64.1		$	74.8	$	202.1	$	259.1
Portfolio advisory fees, net and other	1.7		1.0		1.2		1.2			1.1		5.7		4.5
Transaction fees, net	—		0.1		—		0.9			1.8		—		2.8
Total segment fee revenues	60.4		60.9		61.6		66.2			77.7		207.8		266.4
Realized performance revenues	1.1		4.7		0.1		3.9			—		70.9		8.7
Realized principal investment income (loss)	2.5		2.4		2.2		0.8			4.6		12.0		10.0
Interest income	3.3		3.9		4.2		3.9			3.8		8.8		15.8
Total revenues	67.3		71.9		68.1		74.8			86.1		299.5		300.9

Expenses
Compensation and benefits
Cash-based compensation and benefits	34.0		30.5		36.6		39.3			46.6		114.8		153.0
Realized performance revenues related compensation	0.6		2.1		—		1.8			—		32.9		3.9
Total compensation and benefits	34.6		32.6		36.6		41.1			46.6		147.7		156.9
General, administrative and other indirect expenses	15.8		17.3		14.2		(16.8		)	16.5		—		31.2
Depreciation and amortization expense	1.4		1.6		1.5		1.8			2.1		5.3		7.0
Interest expense	5.3		5.8		5.8		6.0			6.7		17.2		24.3
Total expenses	57.1		57.3		58.1		32.1			71.9		170.2		219.4

(=) Distributable Earnings	$	10.2	$	14.6	$	10.0	$	42.7		$	14.2	$	129.3	$	81.5
(-) Realized Net Performance Revenues	0.5		2.6		0.1		2.1			—		38.0		4.8
(-) Realized Principal Investment Income	2.5		2.4		2.2		0.8			4.6		12.0		10.0
(+) Net interest	2.0		1.9		1.6		2.1			2.9		8.4		8.5
(=) Fee Related Earnings	$	9.2	$	11.5	$	9.3	$	41.9		$	12.5	$	87.7	$	75.2

Page | 19

Investment Solutions Segment Results (Unaudited)



	Three Months Ended											Twelve Months Ended

Investment Solutions	Mar 31, 2018		Jun 30, 2018			Sep 30, 2018		Dec 31, 2018		Mar 31, 2019		Mar 31, 2018		Mar 31, 2019
	(Dollars in millions)

Revenues
Segment fee revenues
Fund management fees	$	40.3	$	41.6		$	42.7	$	42.2	$	39.4	$	159.4	$	165.9
Portfolio advisory fees, net and other	0.2		0.1			0.1		—		—		0.5		0.2
Transaction fees, net	—		—			—		—		—		—		—
Total segment fee revenues	40.5		41.7			42.8		42.2		39.4		159.9		166.1
Realized performance revenues	14.1		9.2			42.8		40.3		20.9		87.9		113.2
Realized principal investment income (loss)	0.1		(0.1		)	—		0.1		0.2		0.1		0.2
Interest income	0.5		0.3			0.4		0.2		0.5		1.5		1.4
Total revenues	55.2		51.1			86.0		82.8		61.0		249.4		280.9

Expenses
Compensation and benefits
Cash-based compensation and benefits	23.2		22.0			22.2		24.6		23.2		89.0		92.0
Realized performance revenues related compensation	12.6		8.8			38.4		36.5		19.8		83.7		103.5
Total compensation and benefits	35.8		30.8			60.6		61.1		43.0		172.7		195.5
General, administrative and other indirect expenses	8.0		9.2			10.1		9.3		8.3		36.1		36.9
Depreciation and amortization expense	1.1		1.1			1.2		1.3		1.4		3.9		5.0
Interest expense	1.6		1.5			1.6		1.9		1.9		6.2		6.9
Total expenses	46.5		42.6			73.5		73.6		54.6		218.9		244.3

(=) Distributable Earnings	$	8.7	$	8.5		$	12.5	$	9.2	$	6.4	$	30.5	$	36.6
(-) Realized Net Performance Revenues	1.5		0.4			4.4		3.8		1.1		4.2		9.7
(-) Realized Principal Investment Income/(Loss)	0.1		(0.1		)	—		0.1		0.2		0.1		0.2
(+) Net interest	1.1		1.2			1.2		1.7		1.4		4.7		5.5
(=) Fee Related Earnings	$	8.2	$	9.4		$	9.3	$	7.0	$	6.5	$	30.9	$	32.2

Page | 20

Total AUM Roll Forward (Unaudited)



	Three Months Ended March 31, 2019
(USD in millions)	Corporate Private Equity			Real Assets*			Global Credit			Investment Solutions (7)			Total
Total AUM
Balance, Beginning of Period	$	80,759		$	45,640		$	44,417		$	45,654		$	216,470
Acquisitions (1)	—			—			—			—			—
New Commitments (2)	3,618			552			1,550			1,193			6,913
Outflows (3)	(789		)	(540		)	(536		)	(1,987		)	(3,852		)
Market Appreciation/(Depreciation) (4)	1,199			618			243			1,301			3,361
Foreign Exchange Gain/(Loss) (5)	(329		)	(15		)	(147		)	(650		)	(1,141		)
Other (6)	(198		)	(80		)	117			(90		)	(251		)
Balance, End of Period	$	84,260		$	46,175		$	45,644		$	45,421		$	221,500

	For the Twelve Months Ended March 31, 2019
(USD in millions)	Corporate Private Equity			Real Assets*			Global Credit			Investment Solutions (7)			Total
Total AUM
Balance, Beginning of Period	$	74,978		$	44,028		$	33,783		$	48,707		$	201,496
Acquisitions (1)	—			—			5,791			—			5,791
New Commitments (2)	16,563			4,998			6,972			3,590			32,123
Outflows (3)	(6,274		)	(3,682		)	(1,057		)	(9,902		)	(20,915		)
Market Appreciation/(Depreciation) (4)	1,820			1,847			338			6,843			10,848
Foreign Exchange Gain/(Loss) (5)	(1,346		)	(161		)	(650		)	(3,232		)	(5,389		)
Other (6)	(1,481		)	(855		)	467			(585		)	(2,454		)
Balance, End of Period	$	84,260		$	46,175		$	45,644		$	45,421		$	221,500

Fee-earning AUM Roll Forward (Unaudited)



	Three Months Ended March 31, 2019
(USD in millions)	Corporate Private Equity			Real Assets (13)*			Global Credit			Investment Solutions			Total
Fee-earning AUM
Balance, Beginning of Period	$	62,358		$	32,977		$	35,152		$	29,065		$	159,552
Acquisitions (8)	—			—			—			—			—
Inflows, including Fee-paying Commitments (9)	328			390			1,324			1,189			3,231
Outflows, including Distributions (10)	(525		)	(553		)	(70		)	(1,120		)	(2,268		)
Market Appreciation/(Depreciation) (11)	(19		)	28			(5		)	(70		)	(66		)
Foreign Exchange and other (12)	(241		)	66			143			(394		)	(426		)
Balance, End of Period	$	61,901		$	32,908		$	36,544		$	28,670		$	160,023

	For the Twelve Months Ended March 31, 2019
(USD in millions)	Corporate Private Equity			Real Assets (13)*			Global Credit			Investment Solutions			Total
Fee-earning AUM
Balance, Beginning of Period	$	35,293		$	32,134		$	27,830		$	30,514		$	125,771
Acquisitions (8)	—			—			4,093			—			4,093
Inflows, including Fee-paying Commitments (9)	31,596			3,790			5,558			5,155			46,099
Outflows, including Distributions (10)	(4,160		)	(2,937		)	(890		)	(4,925		)	(12,912		)
Market Appreciation/(Depreciation) (11)	(38		)	58			31			(52		)	(1		)
Foreign Exchange and other (12)	(790		)	(137		)	(78		)	(2,022		)	(3,027		)
Balance, End of Period	$	61,901		$	32,908		$	36,544		$	28,670		$	160,023

*As of March 31, 2019, the Legacy Energy Funds had, in the aggregate, approximately $4.0 billion in AUM and $3.1 billion in Fee-earning AUM. NGP IX, or in the case of NGP M&R and NGP ETP II, certain affiliated entities (collectively, the “NGP Predecessor Funds”) and NGP X, NGP GAP, NGP XI, and NGP XII (referred to herein as, "carry funds"), are managed by NGP Energy Capital Management. As of March 31, 2019, the NGP Predecessor Funds and carry funds had, in the aggregate, approximately $13.9 billion in AUM and $12.5 billion in Fee-earning AUM.

See Notes at end of document.

Page | 21

Corporate Private Equity Fund Performance (Unaudited)

The fund return information reflected in this discussion and analysis is not indicative of the performance of The Carlyle Group L.P. and is also not necessarily indicative of the future performance of any particular fund. An investment in The Carlyle Group L.P. is not an investment in any of our funds. There can be no assurance that any of our existing or future funds will achieve similar returns.



				TOTAL INVESTMENTS									REALIZED/PARTIALLY REALIZED INVESTMENTS (5)
				As of March 31, 2019									As of March 31, 2019
Corporate Private Equity	Fund Vintage (1)	Committed Capital		Cumulative Invested Capital (2)		Total Fair Value (3)		MOIC(4)	Gross IRR (7)(12)		Net IRR (8)(12)		Cumulative Invested Capital (2)		Total Fair Value (3)		MOIC(4)	Gross IRR (7)
	(Reported in Local Currency, in Millions)												(Reported in Local Currency, in Millions)
Fully Invested/Committed Funds (6)
CP II	1995	$	1,331.1	$	1,362.4	$	4,072.2	3.0x	34	%	25	%	$	1,362.4	$	4,072.2	3.0x	34	%
CP III	2000	$	3,912.7	$	4,031.6	$	10,146.9	2.5x	27	%	21	%	$	4,031.6	$	10,146.9	2.5x	27	%
CP IV	2005	$	7,850.0	$	7,612.6	$	17,974.5	2.4x	16	%	13	%	$	7,612.6	$	17,974.5	2.4x	16	%
CP V	2007	$	13,719.7	$	13,190.9	$	27,763.8	2.1x	18	%	14	%	$	9,836.1	$	25,319.4	2.6x	25	%
CP VI	2014	$	13,000.0	$	12,776.2	$	18,711.3	1.5x	16	%	11	%	$	1,972.9	$	4,908.1	2.5x	36	%
CEP I	1998	€	1,003.6	€	981.6	€	2,126.5	2.2x	18	%	11	%	€	981.6	€	2,126.5	2.2x	18	%
CEP II	2003	€	1,805.4	€	2,048.4	€	4,127.7	2.0x	36	%	20	%	€	1,883.8	€	4,106.8	2.2x	43	%
CEP III	2007	€	5,294.9	€	5,155.5	€	11,649.1	2.3x	19	%	14	%	€	4,389.9	€	11,252.6	2.6x	21	%
CEP IV	2014	€	3,669.5	€	3,693.2	€	4,892.8	1.3x	17	%	9	%	€	570.2	€	645.0	1.1x	7	%
CAP I	1998	$	750.0	$	627.7	$	2,521.8	4.0x	25	%	18	%	$	627.7	$	2,521.8	4.0x	25	%
CAP II	2006	$	1,810.0	$	1,628.2	$	3,081.4	1.9x	11	%	8	%	$	1,628.2	$	3,081.4	1.9x	11	%
CAP III	2008	$	2,551.6	$	2,543.2	$	4,713.4	1.9x	17	%	11	%	$	2,071.8	$	4,344.3	2.1x	20	%
CAP IV	2014	$	3,880.4	$	3,900.1	$	5,189.0	1.3x	13	%	8	%	$	469.1	$	896.0	1.9x	23	%
CJP I	2001	¥	50,000.0	¥	47,291.4	¥	138,902.1	2.9x	61	%	37	%	¥	47,291.4	¥	138,902.1	2.9x	61	%
CJP II	2006	¥	165,600.0	¥	141,866.7	¥	208,901.1	1.5x	7	%	4	%	¥	134,666.7	¥	203,831.2	1.5x	7	%
CGFSP I	2008	$	1,100.2	$	1,080.7	$	2,479.7	2.3x	20	%	14	%	$	1,080.7	$	2,479.7	2.3x	20	%
CGFSP II	2013	$	1,000.0	$	942.7	$	1,486.1	1.6x	21	%	14	%	$	283.1	$	580.6	2.1x	33	%
CEOF I	2011	$	1,119.1	$	1,173.1	$	1,755.2	1.5x	13	%	9	%	$	346.9	$	848.0	2.4x	38	%
CETP II	2008	€	521.6	€	437.4	€	1,266.0	2.9x	27	%	19	%	€	393.0	€	1,221.4	3.1x	29	%
CAGP IV	2008	$	1,041.4	$	954.1	$	1,328.6	1.4x	9	%	4	%	$	567.9	$	1,006.5	1.8x	14	%
All Other Funds (9)	Various			$	5,014.1	$	7,925.0	1.6x	16	%	7	%	$	3,999.0	$	6,381.2	1.6x	17	%
Coinvestment and SMA's (10)	Various			$	10,753.0	$	24,293.1	2.3x	36	%	33	%	$	7,290.2	$	20,974.4	2.9x	36	%
Total Fully Invested Funds				$	83,119.4	$	163,584.5	2.0x	26	%	18	%	$	54,045.7	$	130,346.5	2.4x	27	%
Funds in the Investment Period (6)
CP VII	2018	$	18,510.0	$	4,008.2	$	3,943.2	1.0x	NM		NM
CEP V	2018	€	6,173.6	€	875.1	€	881.2	1.0x	NM		NM
CAP V	2018	$	6,554.2	$	1,037.7	$	1,092.2	1.1x	NM		NM
CGP I	2015	$	3,588.0	$	2,651.5	$	3,067.7	1.2x	7	%	5%
CJP III	2013	¥	119,505.1	¥	77,627.5	¥	168,499.1	2.2x	30	%	20%
CEOF II	2015	$	2,400.0	$	1,630.8	$	1,801.8	1.1x	NM		NM
CGFSP III	2018	$	1,004.6	$	250.0	$	274.8	1.1x	NM		NM
CETP III	2014	€	656.6	€	511.9	€	951.7	1.9x	38	%	23	%
All Other Funds (11)	Various			$	780.1	$	886.6	1.1x	NM		NM
Coinvestment and SMA's (10)	Various			$	2,628.7	$	2,932.1	1.1x	NM		NM
Total Funds in the Investment Period				$	15,244.3	$	17,576.6	1.2x	13	%	5	%	$	524.3	$	1,428.2	2.7x	40	%
TOTAL CORPORATE PRIVATE EQUITY (13)				$	98,363.8	$	181,161.1	1.8x	26	%	18	%	$	54,570.1	$	131,774.7	2.4x	27	%

Page | 22

Real Assets Carry Funds Fund Performance (Unaudited)



				TOTAL INVESTMENTS									REALIZED/PARTIALLY REALIZED INVESTMENTS (5)
				As of March 31, 2019									As of March 31, 2019
Real Assets	Fund Vintage (1)	Committed Capital		Cumulative Invested Capital (2)		Total Fair Value (3)		MOIC(4)	Gross IRR (7)(12)		Net IRR (8)(12)		Cumulative Invested Capital (2)		Total Fair Value (3)		MOIC(4)	Gross IRR (7)(12)
				(Reported in Local Currency, in Millions)									(Reported in Local Currency, in Millions)
Fully Invested/Committed Funds (6)
CRP III	2000	$	564.1	$	522.5	$	1,845.5	3.5x	44	%	30	%	$	522.5	$	1,845.5	3.5x	44	%
CRP IV	2004	$	950.0	$	1,259.5	$	1,983.1	1.6x	7	%	4	%	$	1,203.0	$	1,950.4	1.6x	7	%
CRP V	2006	$	3,000.0	$	3,368.8	$	5,660.2	1.7x	12	%	9	%	$	3,075.7	$	5,110.1	1.7x	12	%
CRP VI	2010	$	2,340.0	$	2,192.7	$	4,000.3	1.8x	28	%	19	%	$	1,671.5	$	3,379.1	2.0x	33	%
CRP VII	2014	$	4,161.6	$	3,621.3	$	5,446.0	1.5x	21	%	13	%	$	1,009.4	$	1,899.6	1.9x	30	%
CEREP I	2002	€	426.6	€	517.0	€	698.6	1.4x	14	%	7	%	€	517.0	€	698.6	1.4x	14	%
CEREP II	2005	€	762.7	€	833.8	€	128.1	0.2x	Neg		Neg		€	826.7	€	132.3	0.2x	Neg
CEREP III	2007	€	2,229.5	€	2,052.5	€	2,476.2	1.2x	4	%	1	%	€	1,911.6	€	2,379.3	1.2x	5	%
CIP	2006	$	1,143.7	$	1,069.8	$	1,426.6	1.3x	6	%	3	%	$	1,013.4	$	1,387.6	1.4x	6	%
NGP X	2012	$	3,586.0	$	3,280.2	$	4,059.1	1.2x	7	%	4	%	$	1,512.3	$	2,604.2	1.7x	23	%
NGP XI	2014	$	5,325.0	$	4,573.4	$	6,472.3	1.4x	19	%	13	%	$	385.3	$	575.6	1.5x	41	%
Energy II	2002	$	1,100.0	$	1,334.8	$	3,130.0	2.3x	81	%	55	%	$	1,334.8	$	3,130.0	2.3x	81	%
Energy III	2005	$	3,800.0	$	3,569.7	$	5,554.0	1.6x	10	%	6	%	$	3,096.4	$	5,044.8	1.6x	12	%
Energy IV	2007	$	5,979.1	$	6,366.7	$	8,023.3	1.3x	7	%	4	%	$	5,353.3	$	7,151.5	1.3x	9	%
Renew II	2008	$	3,417.5	$	2,833.5	$	4,233.7	1.5x	8	%	5	%	$	2,137.9	$	2,985.1	1.4x	8	%
All Other Funds (14)	Various			$	3,311.7	$	3,574.0	1.1x	3	%	Neg		$	2,662.1	$	3,024.3	1.1x	5	%
Coinvestment and SMA's (10)	Various			$	5,235.7	$	9,055.5	1.7x	16	%	13	%	$	4,352.7	$	7,542.6	1.7x	20	%
Total Fully Invested Funds				$	46,359.6	$	68,170.4	1.5x	12	%	7	%	$	32,983.3	$	51,233.1	1.6x	14	%
Funds in the Investment Period (6)
CRP VIII	2017	$	5,505.1	$	1,165.5	$	1,211.3	1.0x	NM		NM
CIEP I	2013	$	2,500.0	$	1,835.7	$	2,962.6	1.6x	30	%	16	%
NGP XII	2017	$	4,073.5	$	1,150.5	$	1,240.3	1.1x	NM		NM
CPP II	2014	$	1,526.7	$	956.0	$	1,172.7	1.2x	13%		5%
CPI	2016	$	2,159.5	$	1,667.6	$	1,931.0	1.2x	12%		9%
CGI	2018	$	1,402.1	$	90.8	$	90.8	1.0x	NM		NM
All Other Funds (15)	Various			$	232.5	$	233.2	1.0x	NM		NM
Coinvestment and SMA's (10)	Various			$	1,224.5	$	1,921.6	1.6x	NM		NM
Total Funds in the Investment Period				$	8,323.0	$	10,763.6	1.3x	22	%	12	%	$	746.8	$	1,357.6	1.8x	n/a
TOTAL Real Assets (13)				$	54,682.6	$	78,934.0	1.4x	12	%	7	%	$	33,730.1	$	52,590.7	1.6x	14	%

Page | 23

Global Credit Carry Funds Fund Performance (Unaudited)



				TOTAL INVESTMENTS
				As of March 31, 2019
Global Credit (Carry Funds Only)	Fund Vintage (1)	Committed Capital		Cumulative Invested Capital (17)		Total Fair Value (3)		MOIC (4)	Gross IRR (7)(12)		Net IRR (8)(12)
	(Reported in Local Currency, in Millions)
Fully Invested/Committed Funds (6)
CSP II	2007	$	1,352.3	$	1,352.3	$	2,486.0	1.8x	17	%	11	%
CSP III	2011	$	702.8	$	702.8	$	1,167.8	1.7x	28	%	18	%
CEMOF I	2011	$	1,382.5	$	1,600.9	$	1,354.2	0.8x	Neg		Neg
All Other Funds (16)	Various			$	2,321.3	$	3,415.4	1.5x	14	%	9	%
Coinvestment and SMA's (10)	Various			$	493.2	$	375.2	0.8x	NM		NM
Total Fully Invested Funds				$	6,470.4	$	8,798.6	1.4x	12	%	6	%
Funds in the Investment Period (6)
CSP IV	2016	$	2,500.0	$	942.4	$	1,229.9	1.3x	NM		NM
CEMOF II	2015	$	2,819.2	$	1,103.1	$	1,255.0	1.1x	NM		NM
CCOF	2017	$	1,418.3	$	627.9	$	665.1	1.1x	NM		NM
All Other Funds	Various			$	920.0	$	1,042.5	1.1x	NM		NM
Coinvestment and SMA's (10)	Various			$	572.5	$	673.9	1.2x	NM		NM
Total Funds in the Investment Period				$	4,165.9	$	4,866.5	1.2x	NM		NM
TOTAL Global Credit				$	10,636.3	$	13,665.1	1.3x	13	%	6	%

Page | 24

Investment Solutions Fund Performance (Unaudited)



				TOTAL INVESTMENTS
				As of March 31, 2019
Investment Solutions (19)	Vintage Year	Fund Size		Cumulative Invested Capital (2)(20)		Total Fair Value (3)(20)		MOIC (4)	Gross IRR (12) (21)		Net IRR (8) (12)
	(Reported in Local Currency, in Millions)
AlpInvest
Fully Committed Funds (18)
Main Fund I - Fund Investments	2000	€	5,174.6	€	4,348.6	€	7,147.6	1.6x	12	%	11	%
Main Fund II - Fund Investments	2003	€	4,545.0	€	4,932.9	€	7,973.5	1.6x	10	%	10	%
Main Fund III - Fund Investments	2005	€	11,500.0	€	13,150.2	€	21,609.1	1.6x	10	%	10	%
Main Fund IV - Fund Investments	2009	€	4,877.3	€	5,373.5	€	9,341.2	1.7x	17	%	16	%
Main Fund V - Fund Investments	2012	€	5,080.0	€	4,851.1	€	6,948.5	1.4x	15	%	14	%
Main Fund VI - Fund Investments	2015	€	1,106.4	€	736.3	€	915.1	1.2x	17	%	16	%
Main Fund I - Secondary Investments	2002	€	519.4	€	487.1	€	921.8	1.9x	58	%	54	%
Main Fund II - Secondary Investments	2003	€	998.4	€	1,030.1	€	1,881.4	1.8x	27	%	26	%
Main Fund III - Secondary Investments	2006	€	2,250.0	€	2,411.0	€	3,706.6	1.5x	11	%	10	%
Main Fund IV - Secondary Investments	2010	€	1,859.1	€	1,975.9	€	3,365.6	1.7x	19	%	18	%
Main Fund V - Secondary Investments	2011	€	4,272.8	€	4,120.0	€	6,762.0	1.6x	21	%	20	%
Main Fund II - Co-Investments	2003	€	1,090.0	€	921.2	€	2,552.2	2.8x	44	%	42	%
Main Fund III - Co-Investments	2006	€	2,760.0	€	2,855.6	€	4,036.1	1.4x	5	%	5	%
Main Fund IV - Co-Investments	2010	€	1,475.0	€	1,378.7	€	3,699.1	2.7x	24	%	22	%
Main Fund V - Co-Investments	2012	€	1,122.2	€	1,048.8	€	2,481.4	2.4x	29	%	27	%
Main Fund VI - Co-Investments	2014	€	1,114.6	€	955.2	€	1,938.2	2.0x	29	%	26	%
Main Fund II - Mezzanine Investments	2004	€	700.0	€	773.7	€	1,069.0	1.4x	8	%	7	%
Main Fund III - Mezzanine Investments	2006	€	2,000.0	€	2,016.1	€	2,720.7	1.3x	10	%	9	%
All Other Funds (22)	Various			€	2,910.0	€	3,975.8	1.4x	14	%	11	%
Total Fully Committed Funds				€	56,276.0	€	93,044.7	1.7x	13	%	12	%
Funds in the Commitment Period (18)
Main Fund VI - Secondary Investments	2017	€	5,200.0	€	2,158.3	€	2,357.0	1.1x	NM		NM
Main Fund VII - Co-Investments	2017	€	2,500.2	€	928.2	€	1,041.4	1.1x	NM		NM
All Other Funds (22)	Various			€	936.6	€	1,036.9	1.1x	13	%	11	%
Total Funds in the Commitment Period				€	4,023.0	€	4,435.3	1.1x	12	%	7	%
TOTAL ALPINVEST				€	60,299.1	€	97,480.0	1.6x	13	%	12	%
TOTAL ALPINVEST (USD) (23)				$	67,668.1	$	109,392.9	1.6x


Metropolitan Real Estate
Fully Committed Funds (18)	Various			$	3,050.0	$	3,989.8	1.3x	7	%	4	%

MRE Secondaries Fund II	2017	$	1,163.0	$	162.6	$	185.4	1.1x	NM		NM
All Other Funds in the Commitment Period	Various			$	116.2	$	125.2	1.1x	NM		NM
Funds in the Commitment Period (18)				$	278.8	$	310.5	1.1x	13	%	2	%

TOTAL METROPOLITAN REAL ESTATE				$	3,328.8	$	4,300.3	1.3x	7	%	4	%

See Notes at end of document.

Page | 25

Remaining Fair Value Analysis (Unaudited)



	Remaining Fair Value (1)		Unrealized MOIC (2)	Total MOIC (3)	% Invested (4)	In Accrued Carry/ (Clawback) (5)	LTM Realized Carry/ (Clawback) (6)	Catch-up Rate	Fee Initiation Date (7)	Quarters Since Fee Initiation	Original Investment Period End Date
	As of March 31, 2019
Corporate Private Equity	(Reported in Local Currency, in Millions)
CP VI	$	13,205.2	1.3x	1.5x	98%	X		100%	Jun-13	24	May-18
CEP IV	€	4,111.4	1.4x	1.3x	101%	X		100%	Sep-14	19	Aug-19
CP VII	$	3,947.9	1.0x	1.0x	22%			100%	May-18	4	May-24
CAP IV	$	3,790.1	1.2x	1.3x	101%	X		100%	Jul-13	23	Nov-18
CGP I	$	3,011.1	1.1x	1.2x	74%	X		100%	Jan-15	17	Dec-20
CP V	$	2,486.5	0.8x	2.1x	96%	X	X	100%	Jun-07	48	May-13
CEOF II	$	1,664.4	1.1x	1.1x	68%			80%	Nov-15	14	Mar-21
CAP V	$	1,107.4	1.1x	1.1x	16%			100%	Jun-18	4	Jun-24
CJP III	¥	112,685.5	1.9x	2.2x	65%	X		100%	Sep-13	23	Feb-20
CEP V	€	881.2	1.0x	1.0x	14%			100%	Oct-18	2	Oct-24
CEOF I	$	853.0	1.1x	1.5x	105%	X		80%	Sep-11	31	May-17
CGFSP II	$	798.6	1.3x	1.6x	94%	X		100%	Jun-13	24	Dec-17
CEP III	€	666.9	0.9x	2.3x	97%	X	X	100%	Jul-07	47	Dec-12
CETP III	€	617.9	1.4x	1.9x	78%	X	X	100%	Jul-14	19	May-20
CAP III	$	308.7	0.8x	1.9x	100%	X	X	100%	Jun-08	44	May-14
CGFSP III	$	274.6	1.1x	1.1x	25%			100%	May-18	4	Dec-23
CAGP IV	$	257.5	0.7x	1.4x	92%			100%	Aug-08	43	Jun-14
CP IV	$	203.0	2.1x	2.4x	97%	X	X	80%	Apr-05	56	Dec-10
All Other Funds (8)	$	2,363.8	1.2x	2.1x		NM	NM
Coinvestment and SMA's (9)	$	5,765.4	1.0x	2.0x		NM	NM
Total Corporate Private Equity (12)	$	48,099.2	1.1x	1.8x

Real Assets
NGP XI	$	5,415.0	1.3x	1.4x	86%	X		80%	Feb-15	17	Oct-19
CRP VII	$	3,403.5	1.3x	1.5x	87%	X	X	80%	Jun-14	20	Mar-19
CIEP I	$	2,284.1	1.5x	1.6x	73%	X		80%	Oct-13	22	Sep-19
CPI	$	1,707.4	1.0x	1.2x	n/a	X		50%	May-16	12	Apr-21
Renew II	$	1,475.4	0.7x	1.5x	83%	(X)		80%	Mar-08	45	May-14
Energy IV	$	1,467.0	0.7x	1.3x	106%	(X)	(X)	80%	Feb-08	45	Dec-13
NGP X	$	1,375.9	0.9x	1.2x	91%			80%	Jan-12	29	May-17
NGP XII	$	1,240.3	1.1x	1.1x	28%			80%	Nov-17	6	Oct-19
CRP VIII	$	1,210.4	1.0x	1.0x	21%			80%	Aug-17	7	May-22
CRP V	$	1,101.9	2.7x	1.7x	112%	X		50%	Nov-06	50	Nov-11
CPP II	$	965.6	1.2x	1.2x	63%			80%	Sep-14	19	Apr-21
CRP VI	$	505.5	1.2x	1.8x	94%	X	X	50%	Mar-11	33	Mar-16
CRP IV	$	322.5	3.4x	1.6x	133%			50%	Jan-05	57	Dec-09
CRP III	$	312.2	131.8x	3.5x	93%	X	X	50%	Mar-01	73	May-05
Energy III	$	305.6	0.6x	1.6x	94%	(X)		80%	Nov-05	54	Oct-11
CEREP III	€	118.9	1.1x	1.2x	92%			67%	Jun-07	48	May-11
All Other Funds (10)	$	839.3	0.8x	1.2x		NM	NM
Coinvestment and SMA's (9)	$	2,845.4	1.3x	1.7x		NM	NM
Total Real Assets (12)	$	26,910.3	1.2x	1.4x

Global Credit
CEMOF II	$	1,084.6	1.0x	1.1x	39%			100%	Dec-15	14	Feb-20
CSP IV	$	731.4	1.2x	1.3x	38%	X		100%	Feb-17	9	Dec-20
CEMOF I	$	623.3	0.5x	0.8x	116%			100%	Dec-10	34	Dec-15
CCOF	$	600.5	1.0x	1.1x	44%	X		n/a	Oct-17	6	Jun-22
CSP III	$	319.8	1.2x	1.7x	100%	X	X	80%	Dec-11	30	Aug-15
All Other Funds (11)	$	1,111.1	1.4x	1.5x		NM	NM
Coinvestment and SMA's (9)	$	827.3	0.7x	1.0x		NM	NM
Total Global Credit	$	5,297.9	0.9x	1.3x

See Notes at end of document.

Page | 26

Reconciliation for Total Segment Information (Unaudited)



	Three Months Ended March 31, 2018
	Total Reportable Segments		Consolidated Funds			Reconciling Items				Carlyle Consolidated
	(Dollars in millions)
Revenues	$	536.6	$	47.3		$	118.9		(a)	$	702.8
Expenses	$	397.7	$	44.3		$	137.3		(b)	$	579.3
Other income	$	—	$	2.0		$	—		(c)	$	2.0
Distributable Earnings	$	138.9	$	5.0		$	(18.4	)	(d)	$	125.5		(1)

	Three Months Ended June 30, 2018
	Total Reportable Segments		Consolidated Funds			Reconciling Items				Carlyle Consolidated
	(Dollars in millions)
Revenues	$	462.6	$	53.6		$	377.4		(a)	$	893.6
Expenses	$	348.1	$	62.0		$	243.6		(b)	$	653.7
Other income	$	—	$	12.9		$	—		(c)	$	12.9
Distributable Earnings	$	114.5	$	4.5		$	133.8		(d)	$	252.8		(1)

	Three Months Ended September 30, 2018
	Total Reportable Segments		Consolidated Funds			Reconciling Items				Carlyle Consolidated
	(Dollars in millions)
Revenues	$	641.3	$	60.5		$	(22.7	)	(a)	$	679.1
Expenses	$	431.3	$	51.0		$	133.3		(b)	$	615.6
Other income	$	—	$	(2.9	)	$	—		(c)	$	(2.9	)
Distributable Earnings	$	210.0	$	6.6		$	(156.0	)	(d)	$	60.6		(1)

	Three Months Ended December 31, 2018
	Total Reportable Segments		Consolidated Funds			Reconciling Items				Carlyle Consolidated
	(Dollars in millions)
Revenues	$	545.4	$	53.1		$	(446.8	)	(a)	$	151.7
Expenses	$	334.9	$	56.0		$	(168.0	)	(b)	$	222.9
Other income	$	—	$	(7.5	)	$	—		(c)	$	(7.5	)
Distributable Earnings	$	210.5	$	(10.4	)	$	(278.8	)	(d)	$	(78.7	)	(1)

	Three Months Ended March 31, 2019
	Total Reportable Segments		Consolidated Funds			Reconciling Items				Carlyle Consolidated
	(Dollars in millions)
Revenues	$	450.9	$	52.4		$	583.7		(a)	$	1,087.0
Expenses	$	350.1	$	43.7		$	208.7		(b)	$	602.5
Other loss	$	—	$	(14.2	)	$	—		(c)	$	(14.2	)
Distributable Earnings	$	100.8	$	(5.5	)	$	375.0		(d)	$	470.3		(1)


1)	The amount in the "Carlyle Consolidated" column is income before provision for income taxes, which is the GAAP measure that is most directly comparable to Economic Income.

Page | 27

Reconciliation for Total Segment Information, cont. (Unaudited)

(a)

The Revenues adjustment principally represents unrealized performance revenues, unrealized principal investment income, revenues earned from the Consolidated Funds that were eliminated in consolidation to arrive at Carlyle’s total revenues, adjustments for amounts attributable to non-controlling interests in consolidated entities, adjustments related to expenses associated with the investments in NGP Management and its affiliates that are included in operating captions or are excluded from the segment results and the inclusion of tax expenses associated with certain performance fees, as detailed below:



	Three Months Ended
	Mar 31, 2018			Jun 30, 2018			Sep 30, 2018			Dec 31, 2018			Mar 31, 2019
	(Dollars in millions)
Unrealized performance revenues	$	106.4		$	370.0		$	(35.3	)	$	(483.9	)	$	301.8
Unrealized principal investment income	10.9			7.6			6.9			23.4			238.6
Adjusted unrealized principal investment income from investment in Fortitude Re	—			—			—			11.7			27.0
Adjustments related to expenses associated with the investments in NGP Management and its affiliates	(4.7		)	(4.9		)	(4.7		)	(4.6		)	(4.0		)
Tax expense (benefit) associated with performance revenues	0.5			(5.5		)	0.2			0.1			—
Non-Carlyle economic interests in acquired businesses and other adjustments to present certain costs on a net basis	20.2			35.5			27.5			9.2			20.4
Elimination of revenues of Consolidated Funds	(14.4		)	(25.3		)	(17.3		)	(2.7		)	(0.1		)
	$	118.9		$	377.4		$	(22.7	)	$	(446.8	)	$	583.7

(b)

The Expense adjustment represents the elimination of intercompany expenses of the Consolidated Funds payable to Carlyle, the inclusion of equity-based compensation, unrealized performance revenues related compensation and certain tax expenses associated with realized performance revenue compensation, adjustments related to expenses associated with the investments in NGP Management and its affiliates that are included in operating captions, changes in the tax receivable agreement liability and charges and credits associated with Carlyle corporate actions and non-recurring items, as detailed below:



	Three Months Ended
	Mar 31, 2018			Jun 30, 2018			Sep 30, 2018			Dec 31, 2018			Mar 31, 2019
	(Dollars in millions)
Unrealized performance revenues related compensation	$	49.5		$	170.0		$	19.3		$	(231.4	)	$	146.0
Equity-based compensation	87.8			68.4			52.0			44.0			39.4
Acquisition related charges, including amortization of intangibles and impairment	4.6			9.2			2.4			6.1			12.0
Other non-operating expense (income)	0.3			0.3			0.3			0.2			0.3
Tax (expense) benefit associated with performance revenues related compensation	(1.6		)	(1.7		)	(12.5		)	9.6			(6.1		)
Non-Carlyle economic interests in acquired businesses and other adjustments to present certain costs on a net basis	3.5			9.8			8.1			12.9			20.9
Lease assignment and termination costs	—			3.4			63.5			—			—
Debt extinguishment costs	—			—			7.8			—			0.1
Severance and other adjustments	1.6			0.9			2.9			3.7			1.7
Elimination of expenses of Consolidated Funds	(8.4		)	(16.7		)	(10.5		)	(13.1		)	(5.6		)
	$	137.3		$	243.6		$	133.3		$	(168.0	)	$	208.7


(c)	The Other Income (Loss) adjustment results from the Consolidated Funds which were eliminated in consolidation to arrive at Carlyle’s total Other Income (Loss).

Page | 28


(d)	Reconciliation for Distributable Earnings and Fee Related Earnings (Unaudited)



	Three Months Ended															Twelve Months Ended
	Mar 31, 2018			Jun 30, 2018			Sep 30, 2018			Dec 31, 2018			Mar 31, 2019			Mar 31, 2019
	(Dollars in millions)
Income before provision for income taxes	$	125.5		$	252.8		$	60.6		$	(78.7	)	$	470.3		$	705.0
Adjustments:
Net unrealized performance revenues	(56.9		)	(200.0		)	54.6			252.5			(155.8		)	(48.7		)
Unrealized principal investment income ⁽¹⁾	(10.9		)	(7.6		)	(6.9		)	(23.4		)	(238.6		)	(276.5		)
Adjusted unrealized principal investment income from investment in Fortitude Re	—			—			—			(11.7		)	(27.0		)	(38.7		)
Equity-based compensation ⁽²⁾	87.8			68.4			52.0			44.0			39.4			203.8
Acquisition related charges, including amortization of intangibles and impairment	4.6			9.2			2.4			6.1			12.0			29.7
Other non-operating expense (income)	0.3			0.3			0.3			0.2			0.3			1.1
Tax (expense) benefit associated with performance revenues	(2.1		)	3.8			(12.7		)	9.5			(6.1		)	(5.5		)
Net income (loss) attributable to non-controlling interests in consolidated entities	(11.0		)	(16.7		)	(14.5		)	8.3			4.5			(18.4		)
Lease assignment and termination costs	—			3.4			63.5			—			—			66.9
Debt extinguishment costs	—			—			7.8			—			0.1			7.9
Severance and other adjustments	1.6			0.9			2.9			3.7			1.7			9.2
Distributable Earnings	$	138.9		$	114.5		$	210.0		$	210.5		$	100.8		$	635.8
Realized net performance revenues	103.1			49.6			123.9			43.1			7.0			223.6
Realized principal investment income (loss)	18.7			17.7			7.0			4.7			4.1			33.5
Net interest	11.1			10.6			9.9			12.7			13.6			46.8
Fee Related Earnings	$	28.2		$	57.8		$	89.0		$	175.4		$	103.3		$	425.5


(1)	The three months ended March 31, 2019 and December 31, 2018 include $229 million and $46 million, respectively, in gains from changes in the fair value of embedded derivatives at Fortitude Re as a result of accounting principles related to derivatives and hedging.


(2)	Equity-based compensation for the three months ended March 31, 2019 includes $4.0 million which is included in principal investment income and general, administrative and other expenses in our U.S. GAAP statement of operations. Equity-based compensation for the three months ended March 31, 2019 also includes $0.1 million related to units issued in conjunction with a previous acquisition.

Page | 29

The Carlyle Group L.P.

GAAP Balance Sheet (Unaudited)



	As of March 31, 2019
	Consolidated Operating Entities		Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	723.0	$	—	$	—		$	723.0
Cash and cash equivalents held at Consolidated Funds	—		213.9		—			213.9
Restricted cash	5.1		—		—			5.1
Corporate treasury investments	28.4		—		—			28.4
Investments, including performance allocations of $3,705.8 million	6,400.6		—		(164.1		)	6,236.5
Investments of Consolidated Funds	—		4,031.0		—			4,031.0
Due from affiliates and other receivables, net	305.6		—		(4.7		)	300.9
Due from affiliates and other receivables of Consolidated Funds, net	—		45.3		—			45.3
Fixed assets, net	99.8		—		—			99.8
Lease right-of-use assets, net	247.4		—		—			247.4
Deposits and other	57.4		—		—			57.4
Intangible assets, net	74.0		—		—			74.0
Deferred tax assets	180.1		—		—			180.1
Total assets	$	8,121.4	$	4,290.2	$	(168.8	)	$	12,242.8
Liabilities and partners’ capital
Debt obligations	$	1,537.2	$	—	$	—		$	1,537.2
Loans payable of Consolidated Funds	—		3,750.0		—			3,750.0
Accounts payable, accrued expenses and other liabilities	308.3		—		—			308.3
Accrued compensation and benefits	2,202.9		—		—			2,202.9
Due to affiliates	180.8		—		—			180.8
Deferred revenue	307.7		—		—			307.7
Deferred tax liabilities	64.3		—		—			64.3
Other liabilities of Consolidated Funds	—		372.1		—			372.1
Lease liabilities	320.5		—		—			320.5
Accrued giveback obligations	63.2		—		—			63.2
Total liabilities	4,984.9		4,122.1		—			9,107.0

Total partners’ capital	3,136.5		168.1		(168.8		)	3,135.8
Total liabilities and partners’ capital	$	8,121.4	$	4,290.2	$	(168.8	)	$	12,242.8

Page | 30

NOTES

Non-GAAP Financial Measures

This press release contains financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America. These non-GAAP financial measures should be considered in addition to and not as a substitute for, or superior to, financial measures presented in accordance with U.S. GAAP. The reasons management believes that these non-GAAP financial measures provide useful information are set forth in our most recent Annual Report on Form 10-K filed with the SEC.

Note on Carlyle Consolidated GAAP Results (Page 2)


(1)	Income before provision for income taxes is the GAAP measure that is most directly comparable to Distributable Earnings, which management uses to measure the performance of the business. A full reconciliation is included on page 29. See “Non-GAAP Financial Information and Other Key Terms” for additional information.

(2)

Modified coinsurance is subject to the general accounting principles for derivatives and hedging, specifically the guidance originally issued as Derivatives Implementation Group Issue No. B36: Embedded Derivatives: Modified Coinsurance Agreements and Debt Instruments That Incorporate Credit Risk Exposures That Are Unrelated or Only Partially Related to the Creditworthiness of the Obligor under Those Instruments (“DIG B36”).

Notes on Non-GAAP Operating Results (Page 3)


(1)	Represents the implied provision for current income taxes that was calculated using a similar methodology as that used in calculating the provision for income taxes for The Carlyle Group L.P., without any reduction for non-controlling interests.


(2)	Represents current corporate income taxes payable on Distributable Earnings allocated to Carlyle Holdings I GP Inc. and estimated current Tax Receivable Agreement payments owed.

Notes on Carry Fund Appreciation and Net Accrued Performance Revenues (Page 4)

(1)

Appreciation/(Depreciation) represents unrealized gain/(loss) for the period on a total return basis before fees and expenses. The percentage of return is calculated as: ending remaining investment fair market value plus net investment outflow (sales proceeds minus net purchases) minus beginning remaining investment fair market value divided by beginning remaining investment fair market value. Fund only, does not include co-investment.

(2)

We generally earn performance revenues (or carried interest) from our carry funds representing a 20% allocation of profits generated on third-party capital, and on which the general partner receives a special residual allocation of income from limited partners, which we refer to as carried interest, in the event that specified investment returns are achieved by the fund. Disclosures referring to carry funds also include the impact of certain commitments that do not earn carried interest, but are either part of, or associated with our carry funds. The rate of carried interest, as well as the share of carried interest allocated to Carlyle, may vary across the carry fund platform. See “Non-GAAP Financial Information and Other Key Terms” for more information.


(3)	Natural Resources is comprised of NGP, infrastructure, power and international energy funds.


(4)	Includes the change in performance revenue accrual driven by positive or negative movements in portfolio valuation, incremental preferred return and fees, foreign exchange fluctuations and acquisition/divestiture activity.

Note on Investment Solutions (Page 9)


(1)	Includes Mezzanine funds.

Notes on Total Assets Under Management (Page 11)


(1)	Primarily comprised of expiring dry powder, the impact of capital calls for fees and expenses and changes in gross asset value for our business development companies.

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(2)

Available capital refers to the amount of capital commitments available to be called for investments, which may be reduced for equity invested that is funded via fund credit facility and expected to be called from investors at a later date, plus any additional assets/liabilities at the fund level other than active investments. Amounts previously called may be added back to available capital following certain distributions.


(3)	Remaining Fair Value generally reflects the unrealized carrying value of investments for all carry funds, related co-investment vehicles and separately managed accounts, the aggregate collateral balance of our CLOs and other securitization vehicles, and the gross asset value of our business development companies.


(4)	The In-Carry Ratio represents the percentage of Remaining Fair Value in our Corporate Private Equity, Real Assets and Global Credit carry funds, which is accruing performance revenue as of the quarter-end reporting date. This metric does not address the realization of performance revenue.


(5)	Reflects the percentage of Remaining Fair Value attributable to investments originated in Q1 2015 or prior. Investments that include follow-on tranches are fully recognized based on the date of the initial investment activity.

Notes on Total AUM Roll Forward (Page 21)


(1)	Acquisition activity represents Carlyle Aviation Partners (formerly Apollo Aviation Group) assets which were acquired in a transaction that closed in December 2018.


(2)	New Commitments reflects the impact of gross fundraising during the period. For funds or vehicles denominated in foreign currencies, this reflects translation at the average quarterly rate, while the separately reported Fundraising metric is translated at the spot rate for each individual closing.


(3)	Outflows includes distributions in our carry funds, related co-investment vehicles, separately managed accounts and the NGP Predecessor funds, gross redemptions in our open-ended funds, and runoff of CLO collateral balances.


(4)	Market Appreciation/(Depreciation) generally represents realized and unrealized gains (losses) on portfolio investments in our carry funds and related co-investment vehicles, the NGP Predecessor Funds and separately managed accounts.


(5)	Represents the impact of foreign exchange rate fluctuations on the translation of our non-U.S. dollar denominated funds. Activity during the period is translated at the average rate for the period. Ending balances are translated at the spot rate as of the period end.


(6)	Includes expiring available capital, the impact of capital calls for fees and expenses, change in gross asset value for our business development companies and other changes in AUM.


(7)	The fair market values for our Investment Solutions carry funds are based on the latest available valuations of the underlying limited partnership interests (in most cases as of December 31, 2018) as provided by their general partners, plus the net cash flows since the latest valuation, up to March 31, 2019.

Notes on Fee-earning AUM Roll Forward (Page 21)


(8)	Acquisition activity represents Carlyle Aviation Partners (formerly Apollo Aviation Group) assets which were acquired in a transaction that closed in December 2018.

(9)

Inflows represents limited partner capital raised by our carry funds or separately managed accounts for which management fees based on commitments were activated during the period, the fee-earning commitments invested in vehicles for which management fees are based on invested capital, as well as the fee-earning collateral balance of new CLO issuance. Inflows exclude fundraising amounts during the period for which fees have not yet been activated, which are referenced as Pending Fee-earning AUM.


(10)	Outflows represents the impact of limited partner distributions from vehicles with management fees based on remaining invested capital at cost or fair value, changes in basis for funds where the investment period, weighted-average investment period or commitment fee period has expired during the period, reductions for funds that are no longer

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calling for fees, gross redemptions in our open-ended funds, and runoff of CLO collateral balances. Distributions for funds earning management fees based on commitments during the period do not affect Fee-earning AUM.


(11)	Market Appreciation/(Depreciation) represents realized and unrealized gains (losses) on portfolio investments in our carry funds based on the lower of cost or fair value and net asset value.


(12)	Includes activity of funds with fees based on gross asset value. Represents the impact of foreign exchange rate fluctuations on the translation of our non-U.S. dollar denominated funds. Activity during the period is translated at the average rate for the period. Ending balances are translated at the spot rate as of the period end.

(13)

Energy III, Energy IV, and Renew II (collectively, the “Legacy Energy Funds”), are managed with Riverstone Holdings LLC and its affiliates. Affiliates of both Carlyle and Riverstone act as investment advisers to each of the Legacy Energy Funds. Carlyle has a minority representation on the management committees of Energy IV and Renew II. Carlyle and Riverstone each hold half of the seats on the management committee of Energy III, but the investment period for this fund has expired and the remaining investments in such fund are being disposed of in the ordinary course of business.

Notes on Fund Performance Tables (Page 22)


(1)	The data presented herein that provides “inception to date” performance results of our segments relates to the period following the formation of the first fund within each segment. For our Corporate Private Equity segment our first fund was formed in 1990. For our Real Assets segment our first fund was formed in 1997. For our Global Credit segment our first carry fund was formed in 2004.


(2)	Represents the original cost of investments since inception of the fund.


(3)	Represents all realized proceeds combined with remaining fair value, before management fees, expenses and carried interest.


(4)	Multiple of invested capital (“MOIC”) represents total fair value, before management fees, expenses and carried interest, divided by cumulative invested capital.

(5)

An investment is considered realized when the investment fund has completely exited, and ceases to own an interest in, the investment. An investment is considered partially realized when the total amount of proceeds received in respect of such investment, including dividends, interest or other distributions and/or return of capital, represents at least 85% of invested capital and such investment is not yet fully realized. Because part of our value creation strategy involves pursuing best exit alternatives, we believe information regarding Realized/Partially Realized MOIC and Gross IRR, when considered together with the other investment performance metrics presented, provides investors with meaningful information regarding our investment performance by removing the impact of investments where significant realization activity has not yet occurred. Realized/Partially Realized MOIC and Gross IRR have limitations as measures of investment performance, and should not be considered in isolation. Such limitations include the fact that these measures do not include the performance of earlier stage and other investments that do not satisfy the criteria provided above. The exclusion of such investments will have a positive impact on Realized/Partially Realized MOIC and Gross IRR in instances when the MOIC and Gross IRR in respect of such investments are less than the aggregate MOIC and Gross IRR. Our measurements of Realized/Partially Realized MOIC and Gross IRR may not be comparable to those of other companies that use similarly titled measures. We do not present Realized/Partially Realized performance information separately for funds that are still in the investment period because of the relatively insignificant level of realizations for funds of this type. However, to the extent such funds have had realizations, they are included in the Realized/Partially Realized performance information presented for Total Corporate Private Equity and Total Real Assets.


(6)	Fully Invested funds are past the expiration date of the investment period as defined in the respective limited partnership agreement. In instances where a successor fund has had its first capital call, the predecessor fund is categorized as fully invested.


(7)	Gross Internal Rate of Return (“Gross IRR”) represents the annualized IRR for the period indicated on Limited Partner invested capital based on contributions, distributions and unrealized value before management fees, expenses and carried interest.

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(8)

Net Internal Rate of Return (“Net IRR”) represents the annualized IRR for the period indicated on Limited Partner invested capital based on contributions, distributions and unrealized value after management fees, expenses and carried interest. Fund level IRRs are based on aggregate Limited Partner cash flows, and this blended return may differ from that of individual Limited Partners. As a result, certain funds may generate accrued performance revenues with a blended Net IRR that is below the preferred return hurdle for that fund.


(9)	Aggregate includes the following funds: CP I, CMG, CVP I, CVP II, CUSGF III, CEVP, CETP I, CAVP I, CAVP II, CAGP III, CSABF, CPF I, Mexico, CBPF, CCI and MENA.


(10)	Includes coinvestments, separately managed accounts (SMA’s) and certain other stand-alone investments arranged by us.


(11)	Aggregate, which is considered not meaningful, includes the following funds and their respective commencement dates: CSSAF (April 2012) , CAGP V (May 2016), and CBPF II (November 2017).


(12)	For funds marked “NM,” IRR may be positive or negative, but is considered not meaningful because of the limited time since initial investment and early stage of capital deployment. For funds marked “Neg,” IRR is negative as of reporting period end.


(13)	For purposes of aggregation, funds that report in foreign currency have been converted to U.S. dollars at the reporting period spot rate.


(14)	Aggregate includes the following funds: CRP I, CRP II, CAREP I, CAREP II, CRCP I, CPOCP, NGP GAP, Energy I and Renew I.


(15)	Aggregate includes CCR and CER. Return is considered not meaningful, as the investment period commenced in October 2016 for CCR and December 2017 for CER.


(16)	Aggregate includes the following funds: CMP I, CMP II, CSP I, CASCOF, SASOF II, and SASOF III.


(17)	Represents the original cost of investments net of investment level recallable proceeds which is adjusted to reflect recyclability of invested capital for the purpose of calculating the fund MOIC.


(18)	Fully Committed funds are past the expiration date of the commitment period as defined in the respective limited partnership agreement.

(19)

Includes private equity and mezzanine primary fund investments, secondary fund investments and co-investments originated by the AlpInvest team, as well as real estate primary fund investments, secondary fund investments and co-investments originated by the Metropolitan Real Estate team. Main Fund line items for each strategy reflect aggregated amounts and performance for commingled funds and associated managed accounts or mandates. Excluded from the performance information shown are a) investments that were not originated by AlpInvest, and b) Direct Investments, which was spun off from AlpInvest in 2005. As of March 31, 2019, these excluded investments represent $0.2 billion of AUM at AlpInvest.


(20)	To exclude the impact of FX, all AlpInvest foreign currency cash flows have been converted to Euro at the reporting period spot rate.


(21)	Gross Internal Rate of Return (“Gross IRR”) represents the annualized IRR for the period indicated on Limited Partner invested capital based on investment contributions, distributions and unrealized value of the underlying investments, before management fees, expenses and carried interest at the AlpInvest/Metropolitan Real Estate level.


(22)	Aggregate includes Main Fund VII - Fund Investments, Main Fund VIII - Fund Investments, Main Fund IX - Fund Investments, Main Fund I - Co-Investments, Main Fund I - Mezzanine Investments, Main Fund IV - Mezzanine Investments, Main Fund V - Mezzanine Investments, AlpInvest CleanTech Funds and funds which are not included as part of a main fund.


(23)	Represents the U.S. dollar equivalent balance translated at the spot rate as of period end.

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Notes on Remaining Fair Value Analysis (Page 26)


(1)	Remaining Fair Value reflects the unrealized carrying value of investments for Corporate Private Equity, Real Assets and Global Credit carry funds and related co-investment vehicles. Significant funds with remaining fair value of greater than $100 million are listed individually.


(2)	Unrealized multiple of invested capital (“MOIC”) represents remaining fair market value, before management fees, expenses and carried interest, divided by remaining investment cost.

(3)

Total MOIC represents total fair value (realized proceeds combined with remaining fair value), before management fees, expenses and carried interest, divided by cumulative invested capital. For certain funds, represents the original cost of investments net of investment-level recallable proceeds, which is adjusted to reflect recyclability of invested capital for the purpose of calculating the fund MOIC.


(4)	Represents cumulative invested capital as of the reporting period divided by total commitments. Amount can be greater than 100% due to the re-investment of recallable distributions to fund investors.


(5)	Fund has a net accrued performance revenue balance/(giveback obligation) as of the current quarter end, driven by a significant portion of the fund’s asset base.


(6)	Fund has generated realized net performance revenues/(realized giveback) in the last twelve months.


(7)	Represents the date of the first capital contribution for management fees.


(8)	Aggregate includes the following funds: CMG, CP I, CP II, CP III, CEP I, CEP II, CAP I, CAP II, CBPF, CBPF II, CJP I, CJP II, CEVP, CETP I, CETP II, CCI, CAVP I, CAVP II, CAGP III, CAGP V, Mexico, MENA, CSABF, CSSAF, CPF, CGFSP I, CVP I, CVP II, and CUSGF III. In Accrued Carry/(Clawback) and LTM Realized Carry not indicated because the indicator does not apply to each fund within the aggregate.


(9)	Includes co-investments, prefund investments, separately managed accounts (SMA’s) and certain other stand-alone investments arranged by us. In Accrued Carry/(Clawback) and LTM Realized Carry not indicated because the indicator does not apply to each fund within the aggregate.


(10)	Aggregate includes the following funds: CRP I, CRP II, CRCP I, CEREP I, CEREP II, CER, CAREP I, CAREP II, CCR, CPOCP, CIP, CGI, NGP GAP, Energy I, Energy II and Renew I. In Accrued Carry/(Clawback) and LTM Realized Carry not indicated because the indicator does not apply to each fund within the aggregate.


(11)	Aggregate includes the following funds: CSP I, CSP II, CMP I, CMP II, CSC, CASCOF, SASOF II, SASOF III, and SASOF IV. In Accrued Carry/(Clawback) and LTM Realized Carry not indicated because the indicator does not apply to each fund within the aggregate.


(12)	For purposes of aggregation, funds that report in foreign currency have been converted to U.S. dollars at the reporting period spot rate.

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