Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2013	Aug. 07, 2013
Document Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q2
Trading Symbol	CG
Entity Registrant Name	Carlyle Group L.P.
Entity Central Index Key	0001527166
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		49,028,347

Condensed Consolidated Balance Sheets (USD $) In Millions, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Assets
Cash and cash equivalents	$ 572.9	$ 567.1
Cash and cash equivalents held at Consolidated Funds	2,205.5	1,646.6
Restricted cash	41.0	34.5
Restricted cash and securities of Consolidated Funds	29.2	36.3
Accrued performance fees	2,646.9	2,192.5
Investments	811.2	881.2
Investments of Consolidated Funds	26,068.1	24,815.7
Due from affiliates and other receivables, net	184.9	190.7
Due from affiliates and other receivables of Consolidated Funds, net	431.6	331.8
Fixed assets, net	62.7	63.6
Deposits and other	47.9	48.4
Intangible assets, net	624.6	691.1
Deferred tax assets	60.7	67.1
Total assets	33,787.2	31,566.6
Liabilities and partners' capital
Loans payable	25.0	886.3
3.875% senior notes due 2023	499.8
5.625% senior notes due 2043	398.4
Loans payable of Consolidated Funds	15,019.8	13,656.7
Accounts payable, accrued expenses and other liabilities	223.7	215.0
Accrued compensation and benefits	1,554.0	1,318.2
Due to affiliates	341.8	332.1
Deferred revenue	57.1	59.4
Deferred tax liabilities	78.2	61.1
Other liabilities of Consolidated Funds	1,730.2	1,385.8
Accrued giveback obligations	49.6	69.2
Total liabilities	19,977.6	17,983.8
Commitments and contingencies
Redeemable non-controlling interests in consolidated entities	3,941.5	2,887.4
Partners' capital (common units, 46,109,886 and 43,244,180 issued and outstanding as of June 30, 2013 and December 31, 2012, respectively)	265.2	235.1
Accumulated other comprehensive loss	(12.1)	(4.8)
Partners' capital appropriated for Consolidated Funds	438.2	838.6
Non-controlling interests in consolidated entities	7,769.3	8,264.8
Non-controlling interests in Carlyle Holdings	1,407.5	1,361.7
Total partners' capital	9,868.1	10,695.4
Total liabilities and partners' capital	$ 33,787.2	$ 31,566.6

Condensed Consolidated Balance Sheets (Parenthetical)	Jun. 30, 2013	Dec. 31, 2012
Common stock, units issued	46,109,886	43,244,180
Common stock, units outstanding	46,109,886	43,244,180
3.875% Senior Notes Due 2023 [Member]
Senior notes percentage	3.875%
5.625% Senior Notes Due 2043 [Member]
Senior notes percentage	5.625%

Condensed Consolidated Statements of Operations (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Revenues
Fund management fees	$ 242.2	$ 239.9	$ 473.6	$ 474.3
Performance fees
Realized	203.2	116.7	456.0	397.3
Unrealized	55.9	(337.1)	445.5	23.1
Total performance fees	259.1	(220.4)	901.5	420.4
Investment income (loss)
Realized	12.7	2.4	8.5	1.6
Unrealized	(1.7)	4.6	2.9	26.9
Total investment income (loss)	11.0	7.0	11.4	28.5
Interest and other income	4.1	2.7	6.5	5.4
Interest and other income of Consolidated Funds	252.9	219.2	521.3	430.7
Total revenues	769.3	248.4	1,914.3	1,359.3
Compensation and benefits
Base compensation	173.6	149.9	352.1	256.0
Equity-based compensation	126.0	94.2	178.3	94.2
Performance fee related
Realized	78.1	32.1	186.8	66.4
Unrealized	66.0	(97.7)	261.0	(42.9)
Total compensation and benefits	443.7	178.5	978.2	373.7
General, administrative and other expenses	120.3	84.0	231.7	175.2
Interest	11.6	6.2	22.1	16.6
Interest and other expenses of Consolidated Funds	201.7	179.5	451.8	364.0
Other non-operating (income) expense	(3.3)	0.7	(5.7)	(3.4)
Total expenses	774.0	448.9	1,678.1	926.1
Other income
Net investment gains of Consolidated Funds	290.6	386.6	502.1	1,258.7
Income before provision for income taxes	285.9	186.1	738.3	1,691.9
Provision for income taxes	16.6	10.6	41.5	22.3
Net income	269.3	175.5	696.8	1,669.6
Net income attributable to non-controlling interests in consolidated entities	300.0	357.9	468.0	1,222.8
Net income (loss) attributable to Carlyle Holdings	(30.7)	(182.4)	228.8	446.8
Net income (loss) attributable to non-controlling interests in Carlyle Holdings	(27.4)	(172.1)	198.3	457.1
Net income (loss) attributable to The Carlyle Group L.P.	$ (3.3)	$ (10.3)	$ 30.5	$ (10.3)
Net income (loss) attributable to The Carlyle Group L.P. per common unit
Basic	$ (0.07)	$ (0.26)	$ 0.69	$ (0.26)
Diluted	$ (0.07)	$ (0.26)	$ 0.61	$ (0.26)
Weighted-average common units
Basic	45,145,793	40,160,245	44,249,510	40,160,245
Diluted	45,145,793	40,160,245	49,881,397	40,160,245
Distributions declared per common unit	$ 0.16		$ 1.01

Condensed Consolidated Statements of Comprehensive Income (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 269.3	$ 175.5	$ 696.8	$ 1,669.6
Other comprehensive income (loss)
Foreign currency translation adjustments	(141.7)	70.2	(81.9)	(188.4)
Cash flow hedges
Unrealized gains (loss) for the period		(5.3)	0.2	(6.9)
Less: reclassification adjustment for loss included in interest expense	0.9	1.8	2.4	3.7
Defined benefit plans
Unrealized gains (loss) for the period	(0.4)		0.6
Less: reclassification adjustment for unrecognized loss during the period, net, included in base compensation expense	0.2		0.4
Other comprehensive income (loss)	(141.0)	66.7	(78.3)	(191.6)
Comprehensive income	128.3	242.2	618.5	1,478.0
Less: Comprehensive (income) loss attributable to partners' capital appropriated for Consolidated Funds	127.6	216.8	400.4	101.2
Less: Comprehensive (income) loss attributable to non-controlling interests in consolidated entities	(258.6)	(629.3)	(588.7)	(1,154.4)
Less: Comprehensive (income) loss attributable to redeemable non-controlling interests in consolidated entities	(31.9)	(11.6)	(209.1)	9.2
Comprehensive income (loss) attributable to Carlyle Holdings	(34.6)	(181.9)	221.1	434.0
Less: Comprehensive income (loss) attributable to non-controlling interests in Carlyle Holdings	30.8	169.7	(191.6)	(446.2)
Comprehensive income (loss) attributable to The Carlyle Group L.P.	$ (3.8)	$ (12.2)	$ 29.5	$ (12.2)

Condensed Consolidated Statements of Cash Flows (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Cash flows from operating activities
Net income	$ 696.8	$ 1,669.6
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	76.4	48.2
Amortization of deferred financing fees	0.7	0.8
Equity-based compensation	178.3	94.2
Excess tax benefits related to equity-based compensation	(1.7)
Non-cash performance fees	(513.8)	(55.9)
Other non-cash amounts	1.8	(3.4)
Consolidated Funds related:
Realized/unrealized gain on investments of Consolidated Funds	(1,112.0)	(1,553.5)
Realized/unrealized loss from loans payable of Consolidated Funds	643.0	351.9
Purchases of investments by Consolidated Funds	(6,404.2)	(3,821.1)
Proceeds from sale and settlements of investments by Consolidated Funds	6,211.8	4,309.5
Non-cash interest income, net	(43.1)	(31.3)
Change in cash and cash equivalents held at Consolidated Funds	1,174.9	153.6
Change in other receivables held at Consolidated Funds	(62.6)	28.7
Change in other liabilities held at Consolidated Funds	176.7	(211.2)
Investment income	(1.1)	(25.7)
Purchases of investments	(92.1)	(20.3)
Proceeds from the sale of investments	179.7	149.8
Purchases of trading securities	(30.3)	(10.1)
Proceeds from sale of trading securities	18.7
Changes in deferred taxes	23.6	0.1
Change in due from affiliates and other receivables	(21.7)	(1.8)
Change in deposits and other	4.2	2.3
Change in accounts payable, accrued expenses and other liabilities	15.4	(7.2)
Change in accrued compensation and benefits	248.4	(127.0)
Change in due to affiliates	9.3	(3.8)
Change in deferred revenue	(0.6)	(28.4)
Net cash provided by operating activities	1,376.5	908.0
Cash flows from investing activities
Change in restricted cash	(6.9)	(5.1)
Purchases of fixed assets, net	(12.3)	(18.3)
Purchases of intangible assets		(41.0)
Net cash used in investing activities	(19.2)	(64.4)
Cash flows from financing activities
Borrowings under credit facility		433.7
Repayments under credit facility	(386.3)	(744.6)
Issuance of 3.875% senior notes due 2023, net of financing costs	495.3
Issuance of 5.625% senior notes due 2043, net of financing costs	394.1
Payments on loans payable	(475.0)	(310.0)
Net payment on loans payable of Consolidated Funds	(926.6)	(507.0)
Payments of contingent consideration	(10.9)
Distributions to common unitholders	(44.1)
Net proceeds from issuance of common units in initial public offering		615.8
Excess tax benefits related to equity-based compensation	1.7
Contributions from predecessor owners		9.3
Distributions to predecessor owners		(452.3)
Contributions from non-controlling interest holders	1,354.5	1,227.8
Distributions to non-controlling interest holders	(1,888.8)	(1,198.2)
Change in due to/from affiliates financing activities	12.0	14.6
Change in due to/from affiliates and other receivables of Consolidated Funds	143.0	18.9
Net cash used in financing activities	(1,331.1)	(892.0)
Effect of foreign exchange rate changes	(20.4)	(11.7)
Increase (decrease) in cash and cash equivalents	5.8	(60.1)
Cash and cash equivalents, beginning of period	567.1	509.6
Cash and cash equivalents, end of period	572.9	449.5
Supplemental non-cash disclosures
Increase in partners' capital related to change in The Carlyle Group L.P.'s ownership interest	10.4
Net assets related to consolidation of the CLOs		357.3
Non-cash distributions to predecessor owners		402.5
Non-cash contributions from non-controlling interest holders	5.4	69.9
Non-cash distributions to non-controlling interest holders		12.2
Reorganization:
Transfer of partners' capital to non-controlling interests in consolidated entities		120.3
Deferred taxes from transfer of ownership interests		9.4
Exchange of CalPERS equity interests:
Deferred tax asset		21.5
Tax receivable agreement liability		18.3
Total partners' capital		$ 3.2

Organization and Basis of Presentation

6 Months Ended

Jun. 30, 2013

Accounting Policies [Abstract]

Organization and Basis of Presentation

Organization and Basis of Presentation

The Carlyle Group L.P., together with its consolidated subsidiaries, (the “Partnership” or “Carlyle”) is one of the world’s largest global alternative asset management firms that originates, structures and acts as lead equity investor in management-led buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, growth capital financings, real estate opportunities, bank loans, high-yield debt, distressed assets, mezzanine debt and other investment opportunities. The Partnership is a Delaware limited partnership formed on July 18, 2011. The Partnership is managed and operated by its general partner, Carlyle Group Management L.L.C., which is in turn wholly-owned and controlled by Carlyle’s founders and other senior Carlyle professionals.

Carlyle provides investment management services to, and has transactions with, various private equity funds, real estate funds, collateralized loan obligations (“CLOs”), hedge funds and other investment products sponsored by the Partnership for the investment of client assets in the normal course of business. Carlyle serves as the general partner, investment manager or collateral manager, making day-to-day investment decisions concerning the assets of these products. Carlyle operates its business through four reportable segments: Corporate Private Equity, Global Market Strategies, Real Assets, and Global Solutions (see Note 17).

Basis of Presentation

The accompanying financial statements include (1) subsequent to the reorganization as described below, the accounts of the Partnership and (2) prior to the reorganization, the combined accounts of TC Group, L.L.C., TC Group Cayman, L.P., TC Group Investment Holdings, L.P. and TC Group Cayman Investment Holdings, L.P. as well as their majority-owned subsidiaries (collectively, “Carlyle Group”), which were engaged in the above businesses under common ownership and control by Carlyle’s individual partners (“senior Carlyle professionals”), the California Employees Public Retirement System (“CalPERS”), and Mubadala Development Company (“Mubadala”). In addition, certain Carlyle-affiliated funds, related co-investment entities, and certain CLOs managed by the Partnership (collectively the “Consolidated Funds”) have been consolidated in the accompanying financial statements pursuant to accounting principles generally accepted in the United States (“U.S. GAAP”), as described in Note 2. This consolidation generally has a gross-up effect on assets, liabilities and cash flows, and has no effect on the net income attributable to the Partnership. The majority economic ownership interests of the investors in the Consolidated Funds are reflected as non-controlling interests in consolidated entities, partners’ capital appropriated for Consolidated Funds, and redeemable non-controlling interests in consolidated entities in the accompanying condensed consolidated financial statements.

Prior to the reorganization and initial public offering in May 2012, all compensation for services rendered by senior Carlyle professionals was reflected as distributions from partners’ capital rather than as compensation expense. Subsequent to the reorganization and initial public offering, all compensation attributable to senior Carlyle professionals is recognized as compensation expense, consistent with all other Carlyle employees.

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information. These statements, including notes, have not been audited, exclude some of the disclosures required for annual financial statements, and should be read in conjunction with the audited consolidated financial statements included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2012 filed with the Securities and Exchange Commission. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition and results of operations for the interim periods presented.

Reorganization and Initial Public Offering

In May 2012, a series of reorganization transactions were executed to facilitate the acquisition by the Partnership of an indirect equity interest in Carlyle Group. As part of these reorganization transactions, the senior Carlyle professionals (excluding retired senior Carlyle professionals), CalPERS, and Mubadala contributed all of their interests in TC Group, L.L.C., TC Group Cayman, L.P., TC Group Investment Holdings, L.P. and TC Group Cayman Investment Holdings, L.P. (the “Former Parent Entities”) and senior Carlyle professionals and other individuals engaged in Carlyle’s business contributed a portion of the equity interests they owned in the general partners of Carlyle’s existing carry funds, to Carlyle Holdings I L.P., Carlyle Holdings II L.P. and Carlyle Holdings III L.P. (collectively, “Carlyle Holdings”) in exchange for Carlyle Holdings partnership units.

After the completion of the reorganization transactions, Carlyle Group is a consolidated subsidiary of Carlyle Holdings. Carlyle Group is considered the predecessor of the Partnership for accounting purposes, and accordingly, Carlyle Group’s combined and consolidated financial statements are the Partnership’s historical financial statements. The historical combined and consolidated financial statements of Carlyle Group are reflected herein based on the historical ownership interests of the senior Carlyle professionals, CalPERS, and Mubadala in Carlyle Group.

In May 2012, the Partnership completed an initial public offering of 30,500,000 common units priced at $22.00 per unit. The common units are listed on the NASDAQ Global Select Market under the symbol “CG”. The net proceeds to the Partnership from the initial public offering were approximately $615.8 million, after deducting underwriting discounts and offering expenses. The Partnership used all of the proceeds to purchase an equivalent number of newly issued Carlyle Holdings partnership units from Carlyle Holdings. As the sole general partner of Carlyle Holdings, the Partnership consolidates the financial position and results of operations of Carlyle Holdings into its financial statements, and the other ownership interests in Carlyle Holdings are reflected as non-controlling interests in the Partnership’s financial statements.

For additional information on the reorganization and initial public offering, see Note 1 to the consolidated financial statements included in the Partnership’s 2012 Annual Report on Form 10-K.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2013

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2.	Summary of Significant Accounting Policies

Principles of Consolidation

The Partnership consolidates all entities that it controls through a majority voting interest or otherwise. In addition, the accompanying condensed consolidated financial statements consolidate: 1) Carlyle-affiliated funds and co-investment entities, for which the Partnership is the sole general partner and the presumption of control by the general partner has not been overcome and 2) variable interest entities (“VIE“s), including certain CLOs, for which the Partnership is deemed to be the primary beneficiary; consolidation of these entities is a requirement under U.S. GAAP. All significant inter-entity transactions and balances have been eliminated.

For entities that are determined to be VIEs, the Partnership consolidates those entities where it is deemed to be the primary beneficiary. An entity is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s business and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The revised consolidation rules require an analysis to (a) determine whether an entity in which the Partnership holds a variable interest is a VIE and (b) whether the Partnership’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (e.g., management and performance related fees), would give it a controlling financial interest. In evaluating whether the Partnership is the primary beneficiary, the Partnership evaluates its economic interests in the entity held either directly or indirectly by the Partnership. The consolidation analysis is generally performed qualitatively. This analysis, which requires judgment, is performed at each reporting date.

In February 2010, Accounting Standards Update (“ASU”) No. 2010-10, “Amendments for Certain Investment Funds,” was issued. This ASU defers the application of the revised consolidation rules for a reporting enterprise’s interest in an entity if certain conditions are met, including if the entity has the attributes of an investment company and is not a securitization or asset-backed financing entity. An entity that qualifies for the deferral will continue to be assessed for consolidation under the overall guidance on VIEs, before its amendment, and other applicable consolidation guidance.

As of June 30, 2013, assets and liabilities of consolidated VIEs reflected in the condensed consolidated balance sheets were $24.7 billion and $16.6 billion, respectively. Except to the extent of the assets of the VIEs which are consolidated, the holders of the consolidated VIEs’ liabilities do not have recourse to the Partnership. The assets and liabilities of the consolidated VIEs are comprised primarily of investments and loans payable, respectively.

The loans payable issued by the CLOs are backed by diversified collateral asset portfolios consisting primarily of loans or structured debt. In exchange for managing the collateral for the CLOs, the Partnership earns investment management fees, including in some cases subordinated management fees and contingent incentive fees. In cases where the Partnership consolidates the CLOs, those management fees have been eliminated as intercompany transactions. As of June 30, 2013, the Partnership held $48.0 million of investments in these CLOs which represents its maximum risk of loss. The Partnership’s investments in these CLOs are generally subordinated to other interests in the entities and entitle the Partnership to receive a pro rata portion of the residual cash flows, if any, from the entities. Investors in the CLOs have no recourse against the Partnership for any losses sustained in the CLO structure.

For all Carlyle-affiliated funds and co-investment entities (collectively “the Funds”) that are not determined to be VIEs, the Partnership consolidates those funds where, as the sole general partner, it has not overcome the presumption of control pursuant to U.S. GAAP. Most Carlyle funds provide a dissolution right upon a simple majority vote of the non-Carlyle affiliated limited partners such that the presumption of control by Carlyle is overcome. Accordingly, these funds are not consolidated in the Partnership’s condensed consolidated financial statements.

Investments in Unconsolidated Variable Interest Entities

The Partnership holds variable interests in certain VIEs which are not consolidated because the Partnership is not the primary beneficiary. The Partnership’s involvement with such entities is in the form of direct equity interests and fee arrangements. The maximum exposure to loss represents the loss of assets recognized by the Partnership relating to these unconsolidated entities. The assets recognized in the Partnership’s condensed consolidated balance sheets related to the Partnership’s interests in these non-consolidated VIEs and the Partnership’s maximum exposure to loss relating to non-consolidated VIEs were as follows:


	As of
	June 30,		December 31,
	2013		2012
	(Dollars in millions)

Investments	$	385.2	$	398.2
Receivables		136.0		43.5

Maximum Exposure to Loss	$	521.2	$	441.7

Basis of Accounting

The accompanying financial statements are prepared in accordance with U.S. GAAP. Management has determined that the Partnership’s Funds are investment companies under U.S. GAAP for the purposes of financial reporting. U.S. GAAP for an investment company requires investments to be recorded at estimated fair value and the unrealized gains and/or losses in an investment’s fair value are recognized on a current basis in the statements of operations. Additionally, the Funds do not consolidate their majority-owned and controlled investments (the “Portfolio Companies”). In the preparation of these condensed consolidated financial statements, the Partnership has retained the specialized accounting for the Funds, pursuant to U.S. GAAP.

All of the investments held and notes issued by the Consolidated Funds are presented at their estimated fair values in the Partnership’s condensed consolidated balance sheets. Interest income and other income of the Consolidated Funds is included in interest and other income of Consolidated Funds and interest expense and other expenses of the Consolidated Funds is included in interest and other expenses of Consolidated Funds in the Partnership’s condensed consolidated statements of operations. The excess of the CLO assets over the CLO liabilities upon consolidation is reflected in the Partnership’s condensed consolidated balance sheets as partners’ capital appropriated for Consolidated Funds. Net income attributable to the investors in the CLOs is included in net income (loss) attributable to non-controlling interests in consolidated entities in the condensed consolidated statements of operations and partners’ capital appropriated for Consolidated Funds in the condensed consolidated balance sheets.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. It also requires management to exercise judgment in the process of applying the Partnership’s accounting policies. Assumptions and estimates regarding the valuation of investments and their resulting impact on performance fees involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the condensed consolidated financial statements and the resulting impact on performance fees. Actual results could differ from these estimates and such differences could be material.

Business Combinations

The Partnership accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. Contingent consideration obligations that are elements of consideration transferred are recognized as of the acquisition date as part of the fair value transferred in exchange for the acquired business. Acquisition-related costs incurred in connection with a business combination are expensed.

Revenue Recognition

Fund Management Fees

The Partnership provides management services to funds in which it holds a general partner interest or has a management agreement. For corporate private equity, certain global market strategies funds and real assets funds, management fees are calculated based on (a) limited partners’ capital commitments to the funds, (b) limited partners’ remaining capital invested in the funds at cost, (c) average daily gross assets, excluding cash and cash equivalents or (d) the net asset value (“NAV”) of certain of the funds, less offsets for the non-affiliated limited partners’ share of transaction advisory and portfolio fees earned, as defined in the respective partnership agreements.

Management fees for corporate private equity, closed-end carry funds in the global market strategies segment and real assets funds generally range from 1% to 2% of commitments during the investment period of the relevant fund. Following the expiration or termination of the investment period of such funds, the management fees generally step-down to between 0.6% and 2.0% of contributions for unrealized investments. The Partnership will receive management fees for corporate private equity and real assets funds during a specified period of time, which is generally ten years from the initial closing date, or in some instances, from the final closing date, but such termination date may be earlier in certain limited circumstances or later if extended for successive one-year periods, typically up to a maximum of two years. Depending upon the contracted terms of investment advisory or investment management and related agreements, these fees are generally called semi-annually in advance and are recognized as earned over the subsequent six month period.

For certain global market strategies funds, management fees are calculated based on assets under management of the funds with generally lower fee rates. Hedge funds typically pay management fees quarterly that generally range from 1.5% to 3.0% of NAV per year. Management fees for our business development company are due quarterly in arrears at the annual rate of 1.0% of average daily gross assets, excluding cash and cash equivalents. Management fees for the CLOs typically range from 0.4% to 0.6% on the total par amount of assets in the fund and are due quarterly or semi-annually based on the terms and recognized over the respective period. Management fees for the CLOs and credit opportunities funds are governed by indentures and collateral management agreements. The Partnership will receive management fees for the CLOs until redemption of the securities issued by the CLOs, which is generally five to ten years after issuance. Open-ended funds typically do not have stated termination dates.

Management fees from fund of funds vehicles generally range from 0.3% to 1.0% on the vehicle’s capital commitments during the commitment fee period of the relevant fund. Following the expiration of the commitment fee period of such funds, the management fees generally range from 0.3% to 1.0% on the lower of cost or fair value of the capital invested. These fees are due quarterly and recognized over the related quarter.

The Partnership also provides transaction advisory and portfolio advisory services to the Portfolio Companies, and where covered by separate contractual agreements, recognizes fees for these services when the service has been provided and collection is reasonably assured. Fund management fees includes transaction and portfolio advisory fees of $12.5 million and $10.7 million for the three months ended June 30, 2013 and 2012, respectively, and $27.5 million and $21.4 million for the six months ended June 30, 2013 and 2012, respectively, net of any offsets as defined in the respective partnership agreements.

Performance Fees

Performance fees consist principally of the allocation of profits from certain of the funds to which the Partnership is entitled (commonly known as carried interest). The Partnership is generally entitled to a 20% allocation (or approximately 2% to 10% in the case of most of the Partnership’s fund of funds vehicles) of the net realized income or gain as a carried interest after returning the invested capital, the allocation of preferred returns and return of certain fund costs (generally subject to catch-up provisions) from its corporate private equity and real assets funds. Carried interest is recognized upon appreciation of the funds’ investment values above certain return hurdles set forth in each respective partnership agreement. The Partnership recognizes revenues attributable to performance fees based upon the amount that would be due pursuant to the fund partnership agreement at each period end as if the funds were terminated at that date. Accordingly, the amount recognized as total performance fees reflects the Partnership’s share of the gains and losses of the associated funds’ underlying investments measured at their then-current fair values. Because of the inherent uncertainty, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is reasonably possible that the difference could be material.

Carried interest is ultimately realized when: (i) an underlying investment is profitably disposed of, (ii) certain costs borne by the limited partner investors have been reimbursed, (iii) the fund’s cumulative returns are in excess of the preferred return and (iv) the Partnership has decided to collect carry rather than return additional capital to limited partner investors. Realized carried interest may be required to be returned by the Partnership in future periods if the funds’ investment values decline below certain levels. When the fair value of a fund’s investments remains constant or falls below certain return hurdles, previously recognized performance fees are reversed. In all cases, each fund is considered separately in this regard, and for a given fund, performance fees can never be negative over the life of a fund. If upon a hypothetical liquidation of a fund’s investments at their then current fair values, previously recognized and distributed carried interest would be required to be returned, a liability is established for the potential giveback obligation. As of June 30, 2013 and December 31, 2012, the Partnership has recognized $49.6 million and $69.2 million, respectively, for giveback obligations.

In addition to its performance fees from its corporate private equity and real assets funds, the Partnership is also entitled to receive performance fees from certain of its global market strategies funds and fund of funds vehicles when the return on assets under management exceeds certain benchmark returns or other performance targets. In such arrangements, performance fees are recognized when the performance benchmark has been achieved, and are included in performance fees in the accompanying condensed consolidated statements of operations.

Investment Income (Loss)

Investment income (loss) represents the unrealized and realized gains and losses resulting from the Partnership’s equity method investments and other principal investments. Equity method investment income (loss) includes the related amortization of the basis difference between the Partnership’s carrying value of its investment and the Partnership’s share of underlying net assets of the investee, as well as the compensation expense associated with compensatory arrangements provided by the Partnership to employees of its equity method investee. Investment income (loss) is realized when the Partnership redeems all or a portion of its investment or when the Partnership receives or is due cash income, such as dividends or distributions. Unrealized investment income (loss) results from changes in the fair value of the underlying investment as well as the reversal of unrealized gain (loss) at the time an investment is realized.

Interest Income

Interest income is recognized when earned. Interest income earned by the Partnership was $0.6 million and $1.3 million for the three months ended June 30, 2013 and 2012, respectively, and $1.1 million and $2.7 million for the six months ended June 30, 2013 and 2012, respectively, and is included in interest and other income in the accompanying condensed consolidated statements of operations. Interest income of the Consolidated Funds was $221.7 million and $185.9 million for the three months ended June 30, 2013 and 2012, respectively, and $452.3 million and $369.9 million for the six months ended June 30, 2013 and 2012, respectively, and is included in interest and other income of Consolidated Funds in the accompanying condensed consolidated statements of operations.

Compensation and Benefits

Base Compensation – Base compensation includes salaries, bonuses (discretionary awards and guaranteed amounts), performance payment arrangements and benefits paid and payable to Carlyle employees. Bonuses are accrued over the service period to which they relate.

Equity-Based Compensation – Compensation expense relating to the issuance of equity-based awards to Carlyle employees is measured at fair value on the grant date. The compensation expense for awards that vest over a future service period is recognized over the relevant service period on a straight-line basis, adjusted for estimated forfeitures of awards not expected to vest. The compensation expense for awards that do not require future service is recognized immediately. Upon the end of the service period, compensation expense is adjusted to account for the actual forfeiture rate. Cash settled equity-based awards are classified as liabilities and are re-measured at the end of each reporting period.

Equity-based awards issued to non-employees are recognized as general, administrative and other expenses. The grant-date fair value of equity-based awards granted to Carlyle’s non-employee directors is expensed on a straight-line basis over the vesting period. The cost of services received in exchange for an equity-based award issued to consultants is measured at each vesting date, and is not measured based on the grant-date fair value of the award unless the award is vested at the grant date. Equity-based awards that require the satisfaction of future service criteria are recognized over the relevant service period, adjusted for estimated forfeitures of awards not expected to vest, based on the fair value of the award on each reporting date and adjusted for the actual fair value of the award at each vesting date. Accordingly, the measured value of the award will not be finalized until the vesting date.

Performance Fee Related Compensation – A portion of the performance fees earned is due to employees and advisors of the Partnership. These amounts are accounted for as compensation expense in conjunction with the recognition of the related performance fee revenue and, until paid, are recognized as a component of the accrued compensation and benefits liability. Accordingly, upon any reversal of performance fee revenue, the related compensation expense is also reversed. As of June 30, 2013 and December 31, 2012, the Partnership had recorded a liability of $1.1 billion and $912.0 million, respectively, in accrued compensation related to the portion of accrued performance fees due to employees and advisors, which was included in accrued compensation and benefits in the accompanying condensed consolidated financial statements.

Income Taxes

For periods prior to the reorganization and initial public offering in May 2012, no provision was made for U.S. federal income taxes in the condensed consolidated financial statements since the profits and losses were allocated to the senior Carlyle professionals who were individually responsible for reporting such amounts. During those periods, based on applicable foreign, state and local tax laws, a provision for income taxes was recorded for certain entities.

For periods subsequent to the reorganization and initial public offering in May 2012, certain of the wholly-owned subsidiaries of the Partnership and the Carlyle Holdings partnerships are subject to federal, state and local corporate income taxes at the entity level and the related tax provision attributable to the Partnership’s share of this income is reflected in the condensed consolidated financial statements. Based on applicable foreign, state and local tax laws, the Partnership records a provision for income taxes for certain entities. AlpInvest Partners B.V. (“AlpInvest”), a subsidiary of the Partnership, is subject to entity level income taxes in the Netherlands. Tax positions taken by the Partnership are subject to periodic audit by U.S. federal, state, local and foreign taxing authorities.

The Partnership uses the liability method of accounting for deferred income taxes pursuant to U.S. GAAP. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the carrying value of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the statutory tax rates expected to be applied in the periods in which those temporary differences are settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period of the change. A valuation allowance is recorded on the Partnership’s net deferred tax assets when it is more likely than not that such assets will not be realized. When evaluating the realizability of the Partnership’s deferred tax assets, all evidence, both positive and negative is evaluated. Items considered in this analysis include the ability to carry back losses, the reversal of temporary differences, tax planning strategies, and expectations of future earnings.

Under U.S. GAAP for income taxes, the amount of tax benefit to be recognized is the amount of benefit that is “more likely than not” to be sustained upon examination. The Partnership analyzes its tax filing positions in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. If, based on this analysis, the Partnership determines that uncertainties in tax positions exist, a liability is established, which is included in accounts payable, accrued expenses and other liabilities in the condensed consolidated financial statements. The Partnership recognizes accrued interest and penalties related to unrecognized tax positions in the provision for income taxes. If recognized, the entire amount of unrecognized tax positions would be recorded as a reduction in the provision for income taxes.

Tax Receivable Agreement

Exchanges of Carlyle Holdings partnership units for the Partnership’s common units that are executed by the limited partners of the Carlyle Holdings partnerships result in transfers of and increases in the tax basis of the tangible and intangible assets of Carlyle Holdings, primarily attributable to a portion of the goodwill inherent in the business. These transfers and increases in tax basis will increase (for tax purposes) depreciation and amortization and therefore reduce the amount of tax that certain of the Partnership’s subsidiaries, including Carlyle Holdings I GP Inc., which are referred to as the “corporate taxpayers,” would otherwise be required to pay in the future. This increase in tax basis may also decrease gain (or increase loss) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. The Partnership has entered into a tax receivable agreement with the limited partners of the Carlyle Holdings partnerships whereby the corporate taxpayers have agreed to pay to the limited partners of the Carlyle Holdings partnerships involved in any exchange transaction 85% of the amount of cash tax savings, if any, in U.S. federal, state and local income tax or foreign or franchise tax that the corporate taxpayers realize as a result of these increases in tax basis and, in limited cases, transfers or prior increases in tax basis. The corporate taxpayers expect to benefit from the remaining 15% of cash tax savings, if any, in income tax they realize. Payments under the tax receivable agreement will be based on the tax reporting positions that the Partnership will determine. The corporate taxpayers will not be reimbursed for any payments previously made under the tax receivable agreement if a tax basis increase is successfully challenged by the Internal Revenue Service.

The Partnership records an increase in deferred tax assets for the estimated income tax effects of the increases in tax basis based on enacted federal and state tax rates at the date of the exchange. To the extent that the Partnership estimates that the corporate taxpayers will not realize the full benefit represented by the deferred tax asset, based on an analysis that will consider, among other things, its expectation of future earnings, the Partnership will reduce the deferred tax asset with a valuation allowance. The Partnership records 85% of the estimated realizable tax benefit (which is the recorded deferred tax asset less any recorded valuation allowance) as an increase to the liability due under the tax receivable agreement, which is included in due to affiliates in the accompanying condensed consolidated financial statements. The remaining 15% of the estimated realizable tax benefit is initially recorded as an increase to the Partnership’s partners’ capital. All of the effects to the deferred tax asset of changes in any of the Partnership’s estimates after the tax year of the exchange will be reflected in the provision for income taxes. Similarly, the effect of subsequent changes in the enacted tax rates will be reflected in the provision for income taxes.

Non-controlling Interests in Consolidated Entities

Non-controlling interests in consolidated entities represent the component of equity in consolidated entities held by third party investors. These interests are adjusted for general partner allocations and by subscriptions and redemptions in hedge funds which occur during the reporting period. Non-controlling interests related to hedge funds are subject to quarterly or monthly redemption by investors in these funds following the expiration of a specified period of time (typically one year), or may be withdrawn subject to a redemption fee during the period when capital may not be withdrawn. As limited partners in these types of funds have been granted redemption rights, amounts relating to third-party interests in such consolidated funds are presented as redeemable non-controlling interests in consolidated entities within the condensed consolidated balance sheets. When redeemable amounts become contractually payable to investors, they are classified as a liability and included in other liabilities of Consolidated Funds in the condensed consolidated balance sheets.

Earnings Per Common Unit

The Partnership computes earnings per common unit in accordance with Accounting Standards Codification (“ASC”) 260, “Earnings Per Share.” Basic earnings per common unit is calculated by dividing net income (loss) attributable to the Partnership by the weighted-average number of common units outstanding for the period. Diluted earnings per common unit reflects the assumed conversion of all dilutive securities.

Investments

Investments include (i) the Partnership’s ownership interests (typically general partner interests) in the Funds, (ii) the investments held by the Consolidated Funds (all of which are presented at fair value in the Partnership’s condensed consolidated financial statements), (iii) strategic investments made by the Partnership and (iv) certain credit-oriented investments. The valuation procedures utilized for investments of the Funds vary depending on the nature of the investment. The fair value of investments in publicly-traded securities is based on the closing price of the security with adjustments to reflect appropriate discounts if the securities are subject to restrictions. Upon the sale of a security, the realized net gain or loss is computed on a weighted average cost basis, with the exception of the CLOs, which compute the realized net gain or loss on a first in, first out basis. Securities transactions are recorded on a trade date basis.

The fair value of non-equity securities, which may include instruments that are not listed on an exchange, considers, among other factors, external pricing sources, such as dealer quotes or independent pricing services, recent trading activity or other information that, in the opinion of the Partnership, may not have been reflected in pricing obtained from external sources.

When valuing private securities or assets without readily determinable market prices, the Partnership gives consideration to operating results, financial condition, economic and/or market events, recent sales prices and other pertinent information. These valuation procedures may vary by investment but include such techniques as comparable public market valuation, comparable acquisition valuation and discounted cash flow analysis. Because of the inherent uncertainty, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is reasonably possible that the difference could be material. Furthermore, there is no assurance that, upon liquidation, the Partnership will realize the values presented herein.

Equity-Method Investments

The Partnership accounts for all investments in which it has significant influence, including investments in the unconsolidated Funds and strategic investments, using the equity method of accounting. The carrying value of equity-method investments is determined based on amounts invested by the Partnership, adjusted for the equity in earnings or losses of the investee allocated based on the respective partnership agreement, less distributions received. The Partnership evaluates its equity-method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable.

Cash and Cash Equivalents

Cash and cash equivalents include cash held at banks and cash held for distributions, including temporary investments with original maturities of less than three months when purchased. Included in cash and cash equivalents is cash withheld from carried interest distributions for potential giveback obligations of $39.1 million and $59.2 million at June 30, 2013 and December 31, 2012, respectively.

Cash and Cash Equivalents Held at Consolidated Funds

Cash and cash equivalents held at Consolidated Funds consists of cash and cash equivalents held by the Consolidated Funds, which, although not legally restricted, is not available to fund the general liquidity needs of the Partnership.

Restricted Cash

In addition to the unrestricted cash held for potential giveback obligations discussed above, the Partnership is required to withhold a certain portion of the carried interest proceeds from one of its corporate private equity funds to provide a reserve for potential giveback obligations. In connection with this agreement, cash and cash equivalents of $13.2 million and $13.0 million is included in restricted cash at June 30, 2013 and December 31, 2012, respectively. Also included in restricted cash at June 30, 2013 and December 31, 2012 is €4.4 million ($5.7 million and $5.8 million as of June 30, 2013 and December 31, 2012, respectively) in escrow related to a tax contingency at one of the Partnership’s real estate funds (see Note 11). The remaining balance in restricted cash at June 30, 2013 and December 31, 2012 primarily represents cash held by the Partnership’s foreign subsidiaries due to certain government regulatory capital requirements.

Restricted Cash and Securities of Consolidated Funds

Certain CLOs receive cash from various counterparties to satisfy collateral requirements on derivative transactions. Cash received to satisfy these collateral requirements of $16.8 million and $35.7 million is included in restricted cash and securities of Consolidated Funds at June 30, 2013 and December 31, 2012, respectively.

Certain CLOs hold U.S. Treasury notes, Obligation Assimilable du Tresor Securities (“OATS”) Strips, French government securities, guaranteed investment contracts and other highly liquid asset-backed securities as collateral for specific classes of loans payable in the CLOs. As of June 30, 2013 and December 31, 2012, securities of $12.4 million and $0.6 million, respectively, are included in restricted cash and securities of Consolidated Funds.

Derivative Instruments

Derivative instruments are recognized at fair value in the condensed consolidated balance sheets with changes in fair value recognized in the condensed consolidated statements of operations for all derivatives not designated as hedging instruments. For all derivatives where hedge accounting is applied, effectiveness testing and other procedures to assess the ongoing validity of the hedges are performed at least quarterly. For instruments designated as cash flow hedges, the Partnership records changes in the estimated fair value of the derivative, to the extent that the hedging relationship is effective, in other comprehensive income (loss). If the hedging relationship for a derivative is determined to be ineffective, due to changes in the hedging instrument or the hedged items, the fair value of the portion of the hedging relationship determined to be ineffective will be recognized as a gain or loss in the condensed consolidated statements of operations.

Fixed Assets

Fixed assets consist of furniture, fixtures and equipment, leasehold improvements, and computer hardware and software and are stated at cost, less accumulated depreciation and amortization. Depreciation is recognized on a straight-line method over the assets’ estimated useful lives, which for leasehold improvements are the lesser of the lease terms or the life of the asset, and three to seven years for other fixed assets. Fixed assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

Intangible Assets and Goodwill

The Partnership’s intangible assets consist of acquired contractual rights to earn future fee income, including management and advisory fees, customer relationships, and acquired trademarks. Finite-lived intangible assets are amortized over their estimated useful lives, which range from three to ten years, and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.

Goodwill represents the excess of cost over the identifiable net assets of businesses acquired and is recorded in the functional currency of the acquired entity. Goodwill is recognized as an asset and is reviewed for impairment annually as of October 1st and between annual tests when events and circumstances indicate that impairment may have occurred.

Deferred Revenue

Deferred revenue represents management fees and other revenue received prior to the balance sheet date, which has not yet been earned.

Comprehensive Income (Loss)

Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). The Partnership’s other comprehensive income is comprised of unrealized gains and losses on cash flow hedges, foreign currency translation adjustments and gains / losses on defined benefit plans sponsored by AlpInvest. The components of accumulated other comprehensive income (loss) as of June 30, 2013 and December 31, 2012 were as follows:


	As of
	June 30,			December 31,
	2013			2012
	(Dollars in millions)

Unrealized losses on cash flow hedge instruments	$	(1.2	)	$	(0.1	)
Currency translation adjustments		(9.5	)		(3.3	)
Unrecognized losses on defined benefit plans		(1.4	)		(1.4	)

Total	$	(12.1	)	$	(4.8	)

Foreign Currency Translation

Non-U.S. dollar denominated assets and liabilities are translated at period-end rates of exchange, and the condensed consolidated statements of operations are translated at rates of exchange in effect throughout the period. Foreign currency gains (losses) resulting from transactions outside of the functional currency of an entity of $(0.2) million and $0.2 million for the three months ended June 30, 2013 and 2012, respectively, and $(1.1) million and $(3.5) million for the six months ended June 30, 2013 and 2012, respectively, are included in general, administrative and other expenses in the condensed consolidated statements of operations.

Recent Accounting Pronouncement

In December 2011, the FASB amended its guidance for offsetting financial instruments. The amended guidance, included in ASU 2011-11, “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities,” is effective for the Partnership for its interim reporting periods beginning on or after January 1, 2013. The amended guidance requires additional disclosure about netting arrangements to enable financial statement users to evaluate the effect or potential effect of such arrangements on an entity’s financial position. The Partnership adopted this guidance as of January 1, 2013 and the adoption did not have a material impact on the Partnership’s financial statements.

In June 2013, the FASB issued ASU 2013-08, “Financial Services – Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements.” ASU 2013-08 provides additional guidance on the characteristics necessary to qualify as an investment company. The Partnership currently consolidates entities that are investment companies and the Partnership retains the specialized accounting for those investment companies in its consolidated financial statements. The guidance in ASU 2013-08 is effective for the Partnership beginning on January 1, 2014. The Partnership does not expect the adoption of this guidance to change the status of the Partnership’s investment companies or have a material impact on the Partnership’s consolidated financial statements.

Acquisitions

6 Months Ended

Jun. 30, 2013

Business Combinations [Abstract]

Acquisitions

Acquisitions

Acquisition of Vermillion

On October 1, 2012, the Partnership acquired 55% of Vermillion Asset Management, LLC and its consolidated subsidiaries, Viridian Partners, LLC, Crimson Physical Commodities Partners, LLC, Celadon Partners, LLC, and Indigo Partners, LLC, (collectively, “Vermillion”), a New York-based commodities investment manager. The purchase price consisted of $50.0 million in cash, 1,440,276 contingently issuable Carlyle Holdings partnership units, which are issuable over a period of 4.25 years based on the achievement of performance-based conditions, and performance-based contingent cash payments of up to $131.3 million, which is the maximum amount of additional cash consideration that would be paid within 5.25 years of closing. The Partnership consolidated the financial position and results of operations of Vermillion effective October 1, 2012 and accounted for this transaction as a business combination. Vermillion is included in the Partnership’s Global Market Strategies business segment.

See Note 3 to the consolidated financial statements included in the Partnership’s 2012 Annual Report on Form 10-K for additional information on the Vermillion acquisition.

Fair Value Measurement

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value Measurement

4.	Fair Value Measurement

The fair value measurement accounting guidance establishes a hierarchal disclosure framework which ranks the observability of market price inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, will generally have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.

Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows:

Level I – inputs to the valuation methodology are quoted prices available in active markets for identical instruments as of the reporting date. The type of financial instruments included in Level I include unrestricted securities, including equities and derivatives, listed in active markets. The Partnership does not adjust the quoted price for these instruments, even in situations where the Partnership holds a large position and a sale could reasonably impact the quoted price.

Level II – inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. The type of financial instruments in this category includes less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs. Investments in hedge funds are classified in this category when their net asset value is redeemable without significant restriction.

Level III – inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category include investments in privately-held entities, non-investment grade residual interests in securitizations, collateralized loan obligations, and certain over-the-counter derivatives where the fair value is based on unobservable inputs. Investments in fund of funds are generally included in this category.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. The Partnership’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

The following table summarizes the Partnership’s assets and liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of June 30, 2013:

(Dollars in millions)

Level I

Level II

Level III

Total

Assets

Investments of Consolidated Funds:

Equity securities

788.7

18.6

2,617.6

3,424.9

Bonds

—

1,058.9

Loans

—

13,771.2

Partnership and LLC interests ⁽¹⁾

—

3,840.6

Hedge funds

—

3,961.0

—

3,961.0

Other

—

11.5

788.7

3,979.6

21,299.8

26,068.1

Trading securities

—

10.0

Restricted securities of Consolidated Funds

12.4

—

12.4

Total

801.1

3,979.6

21,309.8

26,090.5

Liabilities

Loans payable of Consolidated Funds

—

15,019.8

Interest rate swaps

—

7.8

—

7.8

Derivative instruments of the CLOs

—

8.9

Contingent consideration⁽²⁾

—

56.9

172.2

229.1

Total

—

64.7

15,200.9

15,265.6

(1)	Balance represents Fund Investments that the Partnership consolidates one fiscal quarter in arrears.

(2)	Related to contingent cash and equity consideration associated with the acquisitions of Claren Road, AlpInvest, ESG and Vermillion, excluding employment-based contingent consideration (see Note 9).

The following table summarizes the Partnership’s assets and liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of December 31, 2012:


(Dollars in millions)	Level I		Level II		Level III		Total
Assets
Investments of Consolidated Funds:
Equity securities	$	872.8	$	32.0	$	2,475.1	$	3,379.9
Bonds		—		—		934.2		934.2
Loans		—		—		13,290.1		13,290.1
Partnership and LLC interests ⁽¹⁾		—		—		4,315.5		4,315.5
Hedge funds		—		2,888.7		—		2,888.7
Other		—		—		7.3		7.3

		872.8		2,920.7		21,022.2		24,815.7
Trading securities		—		—		20.0		20.0
Restricted securities of Consolidated Funds		0.6		—		—		0.6

Total	$	873.4	$	2,920.7	$	21,042.2	$	24,836.3


Liabilities
Loans payable of Consolidated Funds	$	—	$	—	$	13,656.7	$	13,656.7
Interest rate swaps		—		10.5		—		10.5
Derivative instruments of the CLOs		—		—		15.8		15.8
Contingent consideration⁽²⁾		—		57.6		186.7		244.3

Total	$	—	$	68.1	$	13,859.2	$	13,927.3

(1)	Balance represents Fund Investments that the Partnership consolidates one fiscal quarter in arrears.

(2)	Related to contingent cash and equity consideration associated with the acquisitions of Claren Road, AlpInvest, ESG and Vermillion, excluding employment-based contingent consideration (see Note 9).

Transfers from Level II to Level I during the six months ended June 30, 2013 were due to the expiration of transferability restrictions on certain securities that were classified as Level II at December 31, 2012.

In certain cases, debt and equity securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices, market transactions in comparable investments and various relationships between investments.

In the absence of observable market prices, the Partnership values its investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist. Management’s determination of fair value is then based on the best information available in the circumstances and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for non-performance and liquidity risks. Investments for which market prices are not observable include private investments in the equity of operating companies, real estate properties, and certain debt positions. The valuation technique for each of these investments is described below:

Corporate Private Equity Investments – The fair values of corporate private equity investments are determined by reference to projected net earnings, earnings before interest, taxes, depreciation and amortization (“EBITDA”), the discounted cash flow method, public market or private transactions, valuations for comparable companies and other measures which, in many cases, are unaudited at the time received. Valuations may be derived by reference to observable valuation measures for comparable companies or transactions (e.g., multiplying a key performance metric of the investee company such as EBITDA by a relevant valuation multiple observed in the range of comparable companies or transactions), adjusted by management for differences between the investment and the referenced comparables, and in some instances by reference to option pricing models or other similar models. Certain fund investments in the Partnership’s Global Market Strategies, Real Assets and Global Solutions segments are comparable to corporate private equity investments and are valued in accordance with these policies.

Real Estate Investments – The fair values of real estate investments are determined by considering projected operating cash flows, sales of comparable assets, if any, and replacement costs, among other measures. The methods used to estimate the fair value of real estate investments include the discounted cash flow method and/or capitalization rates (“cap rates”) analysis. Valuations may be derived by reference to observable valuation measures for comparable assets (e.g., multiplying a key performance metric of the investee asset, such as net operating income, by a relevant cap rate observed in the range of comparable transactions), adjusted by management for differences between the investment and the referenced comparables, and in some instances by reference to pricing models or other similar methods.

Credit-Oriented Investments – The fair values of credit-oriented investments are generally determined on the basis of prices between market participants provided by reputable dealers or pricing services. Specifically, for investments in distressed debt and corporate loans and bonds, the fair values are generally determined by valuations of comparable investments. In some instances, the Partnership may utilize other valuation techniques, including the discounted cash flow method.

CLO Investments and CLO Loans Payable – The Partnership has elected the fair value option to measure the loans payable of the CLOs at fair value, as the Partnership has determined that measurement of the loans payable and preferred shares issued by the CLOs at fair value better correlates with the value of the assets held by the CLOs, which are held to provide the cash flows for the note obligations. The investments of the CLOs are also carried at fair value.

The fair values of the CLO loan and bond assets are primarily based on quotations from reputable dealers or relevant pricing services. In situations where valuation quotations are unavailable, the assets are valued based on similar securities, market index changes, and other factors. The Partnership corroborates quotations from pricing services either with other available pricing data or with its own models. Generally, the bonds and loans in the CLOs are not actively traded and are classified as Level III.

The fair values of the CLO loans payable and the CLO structured asset positions are determined based on both discounted cash flow analyses and third-party quotes. Those analyses consider the position size, liquidity, current financial condition of the CLOs, the third-party financing environment, reinvestment rates, recovery lags, discount rates, and default forecasts and are compared to broker quotations from market makers and third party dealers.

Fund Investments – The Partnership’s investments in funds are valued based on its proportionate share of the net assets provided by the third party general partners of the underlying fund partnerships based on the most recent available information which is typically a lag of up to 90 days. The terms of the investments generally preclude the ability to redeem the investment. Distributions from these investments will be received as the underlying assets in the funds are liquidated, the timing of which cannot be readily determined.

The changes in financial instruments measured at fair value for which the Partnership has used Level III inputs to determine fair value are as follows (Dollars in millions):

Financial Assets

Three Months Ended June 30, 2013

Investments of Consolidated Funds

Equity
securities

Bonds

Loans

Partnership and
LLC interests

Other

Trading
securities and
other

Total

Balance, beginning of period

2,573.1

909.2

13,507.4

4,002.2

8.8

22.0

21,022.7

Initial consolidation of funds

—

10.4

—

10.4

Purchases

39.2

239.9

2,414.6

44.7

—

2,738.4

Sales

(59.0

)

(117.1

)

(740.3

)

(259.3

)

(9.0

)

(13.6

)

(1,198.3

)

Settlements

—

(1,559.4

)

—

(1,559.4

)

Realized and unrealized gains (losses), net

64.3

26.9

148.9

53.0

1.3

1.6

296.0

Balance, end of period

2,617.6

1,058.9

13,771.2

3,840.6

11.5

10.0

21,309.8

Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date

34.2

17.0

92.7

43.9

(2.3

)

1.1

186.6

Financial Assets

Six Months Ended June 30, 2013

Investments of Consolidated Funds

Equity
securities

Bonds

Loans

Partnership and
LLC interests

Other

Trading
securities and
other

Total

Balance, beginning of period

2,475.1

934.2

13,290.1

4,315.5

7.3

20.0

21,042.2

Initial consolidation of funds

—

10.4

—

10.4

Transfers out ⁽¹⁾

(4.3

)

—

(4.3

)

Purchases

107.3

415.1

4,670.1

133.1

—

5,325.6

Sales

(128.7

)

(326.5

)

(1,360.6

)

(838.6

)

(9.0

)

(13.6

)

(2,677.0

)

Settlements

—

(2,977.8

)

—

(2,977.8

)

Realized and unrealized gains (losses), net

168.2

36.1

149.4

230.6

2.8

3.6

590.7

Balance, end of period

2,617.6

1,058.9

13,771.2

3,840.6

11.5

10.0

21,309.8

Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date

152.7

38.0

169.0

(225.5

)

(2.4

)

1.1

132.9


	Financial Assets
	Three Months Ended June 30, 2012
	Investments of Consolidated Funds
	Equity securities			Bonds			Loans			Partnership and LLC interests			Other			Trading securities and other		Total

Balance, beginning of period	$	1,861.6		$	876.7		$	12,750.3		$	4,149.1		$	11.6		$	32.4	$	19,681.7
Transfers out ⁽¹⁾		(20.2	)		—			—			—			—			—		(20.2	)
Purchases		19.1			127.0			1,961.7			148.8			—			—		2,256.6
Sales		(25.7	)		(80.3	)		(670.8	)		(233.4	)		(0.3	)		—		(1,010.5	)
Settlements		—			—			(1,151.8	)		—			—			—		(1,151.8	)
Realized and unrealized gains (losses), net		305.2			(32.4	)		(246.3	)		402.6			0.1			3.1		432.3

Balance, end of period	$	2,140.0		$	891.0		$	12,643.1		$	4,467.1		$	11.4		$	35.5	$	20,188.1

Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	318.7		$	(1.8	)	$	(25.0	)	$	127.8		$	2.8		$	3.1	$	425.6


	Financial Assets
	Six Months Ended June 30, 2012
	Investments of Consolidated Funds
	Equity securities			Bonds			Loans			Partnership and LLC interests			Other			Trading securities and other		Total

Balance, beginning of period	$	1,868.9		$	557.0		$	10,152.6		$	4,198.6		$	20.8		$	30.6	$	16,828.5
Initial consolidation of funds		25.2			262.6			2,256.4			—			—			—		2,544.2
Transfers out ⁽¹⁾		(145.6	)		—			—			—			—			—		(145.6	)
Purchases		41.0			199.5			3,310.8			309.8			—			—		3,861.1
Sales		(316.0	)		(140.7	)		(1,284.3	)		(418.1	)		(2.0	)		—		(2,161.1	)
Settlements		—			—			(1,862.8	)		—			—			—		(1,862.8	)
Realized and unrealized gains (losses), net		666.5			12.6			70.4			376.8			(7.4	)		4.9		1,123.8

Balance, end of period	$	2,140.0		$	891.0		$	12,643.1		$	4,467.1		$	11.4		$	35.5	$	20,188.1

Changes in unrealized gains included in earnings related to financial assets still held at the reporting date	$	503.7		$	25.2		$	117.2		$	207.3		$	1.5		$	4.9	$	859.8

(1)	Transfers out of Level III financial assets were due to changes in the observability of market inputs used in the valuation of such assets. Transfers are measured as of the beginning of the quarter in which the transfer occurs.

Financial Liabilities

Three Months Ended June 30, 2013

Loans Payable
of Consolidated
Funds

Derivative
Instruments of
Consolidated
Funds

Contingent
Consideration

Total

Balance, beginning of period

14,312.7

10.3

166.8

14,489.8

Borrowings

966.1

—

966.1

Paydowns

(588.0

)

—

(0.9

)

(588.9

)

Sales

—

(0.9

)

—

(0.9

)

Realized and unrealized (gains) losses, net

329.0

(0.5

)

6.3

334.8

Balance, end of period

15,019.8

8.9

172.2

15,200.9

Changes in unrealized losses included in earnings related to financial liabilities still held at the reporting date

243.5

2.7

6.3

252.5

Financial Liabilities

Six Months Ended June 30, 2013

Loans Payable
of Consolidated
Funds

Derivative
Instruments of
Consolidated
Funds

Contingent
Consideration

Total

Balance, beginning of period

13,656.7

15.8

186.7

13,859.2

Borrowings

2,202.5

—

2,202.5

Paydowns

(1,408.7

)

—

(10.9

)

(1,419.6

)

Sales

—

(0.8

)

—

(0.8

)

Realized and unrealized (gains) losses, net

569.3

(6.1

)

(3.6

)

559.6

Balance, end of period

15,019.8

8.9

172.2

15,200.9

Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date

607.2

(4.5

)

(3.6

)

599.1


	Financial Liabilities
	Three Months Ended June 30, 2012
	Loans Payable of Consolidated Funds			Derivative Instruments of Consolidated Funds			Contingent Consideration			Total

Balance, beginning of period	$	12,454.6		$	4.8		$	170.5		$	12,629.9
Borrowings		498.9			—			—			498.9
Paydowns		(324.4	)		—			(0.5	)		(324.9	)
Sales		—			(0.3	)		—			(0.3	)
Realized and unrealized (gains) losses, net		(64.1	)		12.2			0.6			(51.3	)

Balance, end of period	$	12,565.0		$	16.7		$	170.6		$	12,752.3

Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$	179.4		$	(8.5	)	$	0.6		$	171.5


	Financial Liabilities
	Six Months Ended June 30, 2012
	Loans Payable of Consolidated Funds			Derivative Instruments of Consolidated Funds			Subordinated Loan Payable to Affiliate			Contingent Consideration			Total

Balance, beginning of period	$	9,689.9		$	—		$	262.5		$	169.2		$	10,121.6
Initial consolidation of funds		2,215.8			4.6			—			—			2,220.4
Borrowings		989.0			—			—			—			989.0
Paydowns		(507.3	)		—			(260.0	)		(1.2	)		(768.5	)
Sales		—			(0.3	)		—			—			(0.3	)
Realized and unrealized (gains) losses, net		177.6			12.4			(2.5	)		2.6			190.1

Balance, end of period	$	12,565.0		$	16.7		$	—		$	170.6		$	12,752.3

Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$	329.2		$	(19.2	)	$	—		$	(0.2	)	$	309.8

Total realized and unrealized gains and losses included in earnings for Level III investments for trading securities are included in investment income (loss), and such gains and losses for investments of Consolidated Funds and loans payable and derivative instruments of the CLOs are included in net investment gains (losses) of Consolidated Funds in the condensed consolidated statements of operations.

The following table summarizes quantitative information about the Partnership’s Level III inputs as of June 30, 2013:


(Dollars in millions)	Fair Value at June 30, 2013		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
Assets
Investments of Consolidated Funds:
Equity securities	$	2,442.8	Comparable Multiple	LTM EBITDA Multiple	5.6x - 14.8x (10.7x)
		82.0	Comparable Multiple	Price Earnings Multiple	(14.0x)
		12.2	Comparable Multiple	Book Value Multiple	(1.0x)
		28.0	Consensus Pricing	Indicative Quotes ($ per Share)	(1)
		52.6	Discounted Cash Flow	Discount Rate	7% - 11% (9%)
				Exit Cap Rate	5% - 9% (7%)

Bonds		1,058.9	Consensus Pricing	Indicative Quotes (% of Par)	(99)

Loans		13,510.1	Consensus Pricing	Indicative Quotes (% of Par)	(97)
		261.1	Market Yield Analysis	Market Yield	5% - 16% (9%)

Partnership and LLC interests		3,840.6	NAV of Underlying Fund⁽¹⁾	N/A	N/A

Other		11.5	Various	N/A	N/A

	$	21,299.8
Trading securities and other		5.5	Comparable Multiple	LTM EBITDA Multiple	(5.7x)
		4.5	Discounted Cash Flow	Discount Rate	(7%)

Total	$	21,309.8


Liabilities
Loans payable of Consolidated Funds:
Senior secured notes	$	13,811.6	Discounted Cash Flow with Consensus Pricing	Discount Rates	(3%)
				Default Rates	(3%)
				Recovery Rates	(61%)
				Indicative Quotes (% of Par)	(96)

Subordinated notes and preferred shares		1,191.8	Discounted Cash Flow with Consensus Pricing	Discount Rates	(19%)
				Default Rates	(3%)
				Recovery Rates	(59%)
				Indicative Quotes (% of Par)	(56)

Combination notes		16.4	Consensus Pricing	Indicative Quotes (% of Par)	(99)

Derivative instruments of Consolidated Funds		8.9	Counterparty Pricing	Indicative Quotes (% of Notional Amount)	(5)

Contingent cash consideration⁽²⁾		172.2	Discounted Cash Flow	Assumed % of Total Potential Contingent Payments	3.2% - 100% (85%)
				Discount Rate	2% - 32% (16%)

Total	$	15,200.9

(1)	Represents the Partnership’s investments in funds that are valued using the NAV of the underlying fund.

(2)	Related to contingent cash consideration associated with the acquisitions of Claren Road, AlpInvest, ESG and Vermillion (see Note 9).

The following table summarizes quantitative information about the Partnership’s Level III inputs as of December 31, 2012:


(Dollars in millions)	Fair Value at December 31, 2012		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
Assets
Investments of Consolidated Funds:
Equity securities	$	2,311.5	Comparable Multiple	LTM EBITDA Multiple	5.6x - 13.5x(9.7x)
		69.4	Comparable Multiple	Price Earnings Multiple	(13.5x)
		15.4	Comparable Multiple	Book Value Multiple	(1.0x)
		33.8	Consensus Pricing	Indicative Quotes ($ per Share)	(10)
		45.0	Discounted Cash Flow	Discount Rate	9% - 15% (11%)
				Exit Cap Rate	6% - 8% (7%)

Bonds		934.2	Consensus Pricing	Indicative Quotes (% of Par)	(94)

Loans		12,952.9	Consensus Pricing	Indicative Quotes (% of Par)	(94)
		337.2	Market Yield Analysis	Market Yield	7% - 18% (10%)

Partnership and LLC interests		4,315.5	NAV of Underlying Fund⁽¹⁾	N/A	N/A
Other		7.3	Counterparty Pricing	Indicative Quotes (% of Notional Amount)	(3)

	$	21,022.2
Trading securities and other		11.2	Dealer Pricing	Indicative Quotes (% of Par)	(83)
		6.2	Comparable Multiple	LTM EBITDA Multiple	(5.6x)
		2.6	Discounted Cash Flow	Discount Rate	(7%)

Total	$	21,042.2


Liabilities
Loans payable of Consolidated Funds:
Senior secured notes	$	12,658.4	Discounted Cash Flow with Consensus Pricing	Discount Rates	(4%)
				Default Rates	(3%)
				Recovery Rates	(58%)
				Indicative Quotes (% of Par)	(93)

Subordinated notes and preferred shares		996.9	Discounted Cash Flow with Consensus Pricing	Discount Rates	(29%)
				Default Rates	(3%)
				Recovery Rates	(53%)
				Indicative Quotes (% of Par)	(42)

Combination notes		1.4	Consensus Pricing	Indicative Quotes (% of Par)	(96)

Derivative instruments of Consolidated Funds		15.8	Counterparty Pricing	Indicative Quotes (% of Notional Amount)	(6)

Contingent cash consideration⁽²⁾		186.7	Discounted Cash Flow	Assumed % of Total Potential Contingent Payments	32% - 100% (79%)
				Discount Rate	2% - 35% (17%)

Total	$	13,859.2

(1)	Represents the Partnership’s investments in funds that are valued using the NAV of the underlying fund.

(2)	Related to contingent cash consideration associated with the acquisitions of Claren Road, AlpInvest, ESG and Vermillion (see Note 9).

The significant unobservable inputs used in the fair value measurement of the Partnership’s investments in equity securities include EBITDA, price-earnings and book value multiples, indicative quotes, discount rates and exit cap rates. Significant decreases in EBITDA multiples, price-earnings multiples, book value multiples or indicative quotes in isolation would result in a significantly lower fair value measurement. Significant increases in discount rates or exit cap rates in isolation would result in a significantly lower fair value measurement.

The significant unobservable inputs used in the fair value measurement of the Partnership’s investments in bonds and loans are market yields and indicative quotes. Significant increases in market yields would result in a significantly lower fair value measurement. Significant decreases in indicative quotes in isolation would result in a significantly lower fair value measurement.

The significant unobservable inputs used in the fair value measurement of the Partnership’s other investments of Consolidated Funds and derivative instruments of Consolidated Funds include indicative quotes and discount rate. Significant decreases in indicative quotes in isolation would result in a significantly lower fair value measurement, while a significant increase in discount rate in isolation would result in a significantly lower fair value measurement.

The significant unobservable inputs used in the fair value measurement of the Partnership’s trading securities and other investments include EBITDA multiples and discount rates. Significant decreases in EBITDA multiples or indicative quotes in isolation would result in a significantly lower fair value measurement. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement.

The significant unobservable inputs used in the fair value measurement of the Partnership’s loans payable of Consolidated Funds are discount rates, default rates and recovery rates. Significant increases in discount rates or default rates in isolation would result in a significantly lower fair value measurement, while a significant increase in recovery rates in isolation would result in a significantly higher fair value.

The significant unobservable inputs used in the fair value measurement of the Partnership’s contingent consideration are assumed percentage of total potential contingent payments and discount rates. A significant decrease in the assumed percentage of total potential contingent payments or increase in discount rates in isolation would result in a significantly lower fair value measurement.

Accrued Performance Fees

6 Months Ended

Jun. 30, 2013

Text Block [Abstract]

Accrued Performance Fees

Accrued Performance Fees

The components of accrued performance fees are as follows:


	As of
	June 30,		December 31,
	2013		2012
	(Dollars in millions)

Corporate Private Equity	$	1,948.9	$	1,667.3
Global Market Strategies		167.2		69.5
Real Assets		262.1		250.1
Global Solutions		268.7		205.6

Total	$	2,646.9	$	2,192.5

Approximately 63% and 61% of accrued performance fees at June 30, 2013 and December 31, 2012, respectively, are related to Carlyle Partners IV, L.P. and Carlyle Partners V, L.P., two of the Partnership’s Corporate Private Equity funds.

Accrued performance fees are shown gross of the Partnership’s accrued giveback obligations, which are separately presented in the condensed consolidated balance sheets. The components of the accrued giveback obligations are as follows:


	As of
	June 30,			December 31,
	2013			2012
	(Dollars in millions)

Corporate Private Equity	$	(10.0	)	$	(18.9	)
Global Market Strategies		(1.3	)		(2.1	)
Real Assets		(38.3	)		(48.2	)

Total	$	(49.6	)	$	(69.2	)

Performance Fees

The performance fees included in revenues are derived from the following segments:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2013			2012			2013		2012
	(Dollars in millions)

Corporate Private Equity	$	186.2		$	(217.6	)	$	620.9	$	246.9
Global Market Strategies		48.7			6.9			157.2		52.4
Real Assets		(13.9	)		(30.4	)		49.1		75.1
Global Solutions		38.1			20.7			74.3		46.0

Total	$	259.1		$	(220.4	)	$	901.5	$	420.4

Approximately 82% and 61% ($213.5 million and $552.0 million, respectively) of performance fees for the three and six months ended June 30, 2013, respectively, were related to Carlyle Partners IV, L.P. and Carlyle Partners V, L.P., two of the Partnership’s Corporate Private Equity funds. Total revenues recognized from Carlyle Partners IV, L.P. and Carlyle Partners V, L.P. were $34.7 million and $225.6 million, respectively, for the three months ended June 30, 2013, and were $223.0 million and $435.4 million, respectively, for the six months ended June 30, 2013.

Approximately 95% and 45% ($(208.5) million and $189.0 million, respectively) of performance fees for the three and six months ended June 30, 2012, respectively, were related to Carlyle Asia Partners II, L.P., Carlyle Partners IV, L.P. and Carlyle Partners V, L.P., three of the Partnership’s Corporate Private Equity funds. Total revenues recognized from Carlyle Asia Partners II, L.P., Carlyle Partners IV, L.P. and Carlyle Partners V, L.P. were $(69.6) million, $(149.5) million and $66.2 million, respectively, for the three months ended June 30, 2012, and were $11.9 million, $137.6 million and $159.4 million, respectively, for the six months ended June 30, 2012.

Investments

6 Months Ended

Jun. 30, 2013

Equity Method Investments And Joint Ventures [Abstract]

Investments

6.	Investments

Investments consist of the following:


	As of
	June 30,		December 31,
	2013		2012
	(Dollars in millions)

Equity method investments, excluding accrued performance fees	$	795.4	$	855.1
Trading securities and other investments		15.8		26.1

Total investments	$	811.2	$	881.2

Strategic Investment in NGP

On December 20, 2012, the Partnership entered into separate purchase agreements with ECM Capital, L.P. and Barclays Natural Resource Investments, a division of Barclays Bank PLC (“BNRI”), pursuant to which the Partnership agreed to invest in NGP Management Company, L.L.C. (“NGP Management” and, together with its affiliates, “NGP”). NGP is an Irving, Texas-based energy investor.

The Partnership’s equity interests in NGP Management entitle the Partnership to an allocation of income equal to 47.5% of the management fee-related revenues of the NGP entities that serve as the advisors to certain private equity funds, and future interests in the general partners of certain future carry funds advised by NGP that entitle the Partnership to an allocation of income equal to 7.5% of the carried interest received by such fund general partners. In addition, following the termination of the investment period of the NGP Natural Resources X, L.P. fund (“NGP X”), the Partnership will pay $7.5 million to acquire an additional 7.5% equity interest in NGP Management that, together with the initial interests described above, will entitle the Partnership to an allocation of income equal to 55% of the management fee-related revenues of the NGP entities that serve as the advisors to certain private equity funds.

The sellers also granted the Partnership options to purchase additional interests in NGP. Specifically, the Partnership acquired (1) an option, exercisable by the Partnership between July 1, 2014 and July 1, 2015, to purchase from BNRI, for a purchase price in cash that is estimated to be between $65.0 million to $74.0 million plus the net capital amount that has been contributed by BNRI, interests in the general partner of NGP X entitling the Partnership to an allocation of income equal to 40% of the carried interest received by such fund general partner; (2) an option, exercisable by the Partnership from December 20, 2012 until January 1, 2015, to purchase from BNRI, for a purchase price in cash that is estimated to be between $34.0 million to $38.0 million, additional interests in the general partners of all future carry funds advised by NGP entitling the Partnership to an additional equity allocation equal to 40% of the carried interest received by such fund general partners; and (3) an option, exercisable by the Partnership in approximately 13 years, to purchase from ECM Capital, L.P. and its affiliates, for a formulaic purchase price in cash based upon a measure of the earnings of NGP, the remaining equity interests in NGP Management.

In consideration for these interests and options, the Partnership paid an aggregate of $384.0 million in cash to ECM Capital, L.P. and BNRI, and issued 996,572 Carlyle Holdings partnership units to ECM Capital, L.P. which vest ratably over a period of five years. The Partnership will also pay consideration of $7.5 million upon the termination of the investment period of the NGP X fund. The transaction also includes contingent consideration payable to ECM Capital, L.P. of up to $45.0 million in cash, 597,944 Carlyle Holdings partnership units that were issued at closing but vest upon the achievement of performance conditions, and contingently issuable Carlyle Holdings partnership units up to $15.0 million that will be issued if the performance conditions are met. Additionally, the transaction includes contingent consideration payable to BNRI of up to $183.0 million, which will be payable partly in cash and partly by a promissory note issued by the Partnership, if the performance conditions are met. The contingent consideration is payable from 2015 through 2018, depending on NGP’s achievement of certain business performance goals.

The Partnership also entered into a senior advisor consulting agreement with the chief executive officer of NGP and granted deferred restricted common units to a group of NGP personnel who are providing the Partnership with consulting services.

The Partnership accounts for its investment in NGP Management under the equity method of accounting. The Partnership recorded its investment in NGP Management initially at cost, excluding any elements in the transaction that were deemed to be compensatory arrangements to NGP personnel. The Carlyle Holdings partnership units issued in the transaction, the contingently issuable Carlyle Holdings partnership units, and the deferred restricted common units were deemed to be compensatory arrangements; these elements are recognized as an expense under applicable U.S. GAAP.

The Partnership records realized investment income for its equity income allocation from NGP, and also records, as a reduction of realized investment income, its share of any allocated expenses from NGP Management, expenses associated with the compensatory elements of the transaction, and the amortization of the basis differences related to the definitive-lived identifiable intangible assets of NGP Management. For the three months ended June 30, 2013, the Partnership recognized $3.7 million of realized net investment loss from the investment in NGP Management, comprised of investment earnings of $15.6 million less $19.3 million of expenses associated with the compensatory elements of the transaction and amortization of basis differences. For the six months ended June 30, 2013, the Partnership recognized $4.7 million of realized net investment loss from the investment in NGP Management, comprised of investment earnings of $31.8 million less $36.5 million of expenses associated with the compensatory elements of the transaction and amortization of basis differences.

The Partnership’s basis differences based on the underlying net assets of the entity were $230.1 million and $259.8 million as of June 30, 2013 and December 31, 2012, respectively; these differences are amortized over a period of ten years.

Equity-Method Investments

The Partnership’s equity method investments include its fund investments in Corporate Private Equity, Global Market Strategies and Real Assets, typically as general partner interests, and its investment in NGP Management (included within Real Assets), which are not consolidated but in which the Partnership exerts significant influence. Investments are related to the following segments:


	As of
	June 30,		December 31,
	2013		2012
	(Dollars in millions)

Corporate Private Equity	$	224.2	$	251.6
Global Market Strategies		22.4		18.0
Real Assets		548.8		585.5

Total	$	795.4	$	855.1

The Partnership evaluates each of its equity method investments to determine if disclosure of summarized income statement information is required under Article 10 of Regulation S-X. As of June 30, 2013 and for the six months then ended, no individual equity method investment held by the Partnership was significant based on the disclosure criteria.

Investment Income (Loss)

The components of investment income (loss) are as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2013		2012		2013		2012
	(Dollars in millions)

Income from equity investments	$	7.7	$	4.5	$	4.9	$	26.0
Income from trading securities		3.2		2.5		6.5		4.6
Other investment income (loss)		0.1		—		—		(2.1	)

Total	$	11.0	$	7.0	$	11.4	$	28.5

Carlyle’s income (loss) from its equity-method investments is included in investment income (loss) in the condensed consolidated statements of operations and consists of:


	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2013			2012		2013			2012
	(Dollars in millions)

Corporate Private Equity	$	10.3		$	2.2	$	23.2		$	22.1
Global Market Strategies		0.7			0.2		1.8			1.0
Real Assets		(3.3	)		2.1		(20.1	)		2.9

Total	$	7.7		$	4.5	$	4.9		$	26.0

Trading Securities and Other Investments

Trading securities and other investments as of June 30, 2013 and December 31, 2012 primarily consisted of $15.8 million and $26.1 million, respectively, of investments in corporate mezzanine securities and bonds, as well as other cost method investments.

Investments of Consolidated Funds

During the six months ended June 30, 2013, the Partnership formed four new CLOs. The Partnership has concluded that these CLOs are VIEs and the Partnership is the primary beneficiary. As a result, the Partnership consolidated the financial positions and results of operations of the CLOs into its condensed consolidated financial statements beginning on their respective closing dates. As of June 30, 2013, the total assets of these CLOs included in the Partnership’s condensed consolidated financial statements were approximately $2.9 billion.

There were no individual investments with a fair value greater than five percent of the Partnership’s total assets for any period presented.

Interest and Other Income of Consolidated Funds

The components of interest and other income of Consolidated Funds are as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2013		2012		2013		2012
	(Dollars in millions)

Interest income from investments	$	221.7	$	185.9	$	452.3	$	369.9
Other income		31.2		33.3		69.0		60.8

Total	$	252.9	$	219.2	$	521.3	$	430.7

Net Investment Gains (Losses) of Consolidated Funds

Net investment gains (losses) of Consolidated Funds include net realized gains (losses) from sales of investments and unrealized gains (losses) resulting from changes in fair value of the Consolidated Funds’ investments. The components of net investment gains (losses) of Consolidated Funds are as follows:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2013			2012			2013			2012
	(Dollars in millions)

Gains from investments of Consolidated Funds	$	543.3		$	577.6		$	1,142.7		$	1,608.7
Losses from liabilities of CLOs		(253.5	)		(193.3	)		(640.4	)		(352.5	)
Gains (losses) on other assets of CLOs		0.8			2.3			(0.2	)		2.5

Total	$	290.6		$	386.6		$	502.1		$	1,258.7

The following table presents realized and unrealized gains (losses) earned from investments of the Consolidated Funds:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2013		2012		2013		2012
	(Dollars in millions)

Realized gains	$	216.6	$	246.2	$	694.5	$	461.3
Net change in unrealized gains		326.7		331.4		448.2		1,147.4

Total	$	543.3	$	577.6	$	1,142.7	$	1,608.7

Intangible Assets and Goodwill

6 Months Ended

Jun. 30, 2013

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

7.	Intangible Assets and Goodwill

The following table summarizes the carrying amount of intangible assets as of June 30, 2013 and December 31, 2012:


	As of
	June 30,			December 31,
	2013			2012
	(Dollars in millions)

Acquired contractual rights	$	794.1		$	797.7
Acquired trademarks		6.8			6.8
Accumulated amortization		(213.2	)		(150.4	)

Finite-lived intangible assets, net		587.7			654.1
Goodwill		36.9			37.0

Intangible assets, net	$	624.6		$	691.1

The following table summarizes the changes in the carrying amount of goodwill by segment as of June 30, 2013. There was no goodwill associated with the Partnership’s Corporate Private Equity and Real Assets segments.


	Global
	Market		Global
	Strategies		Solutions			Total
	(Dollars in millions)

Balance as of December 31, 2012	$	28.0	$	9.0		$	37.0
Foreign currency translation		—		(0.1	)		(0.1	)

Balance as of June 30, 2013	$	28.0	$	8.9		$	36.9

Intangible asset amortization expense was $26.4 million and $19.7 million for the three months ended June 30, 2013 and 2012, respectively, and $63.4 million and $38.4 million for the six months ended June 30, 2013 and 2012, respectively, and is included in general, administrative, and other expenses in the condensed consolidated statements of operations.

The following table summarizes the estimated amortization expense for 2013 through 2017 and thereafter (Dollars in millions):


2013	$	111.6
2014		96.5
2015		92.7
2016		87.3
2017		82.9
Thereafter		183.1

	$	654.1

Borrowings

6 Months Ended

Jun. 30, 2013

Debt Disclosure [Abstract]

Borrowings

8.	Borrowings

The Partnership borrows and enters into credit agreements for its general operating and investment purposes. The Partnership’s borrowings consist of the following:


	As of June 30, 2013				As of December 31, 2012
	Borrowing		Carrying		Borrowing		Carrying
	Outstanding		Value		Outstanding		Value
Revolving Credit Facility	$	—	$	—	$	386.3	$	386.3
Term Loan Due 9/30/2016		25.0		25.0		500.0		500.0
3.875% Senior Notes Due 2/01/2023		500.0		499.8		—		—
5.625% Senior Notes Due 3/30/2043		400.0		398.4		—		—

	$	925.0	$	923.2	$	886.3	$	886.3

Senior Credit Facility

The senior credit facility includes $500.0 million in a term loan and $750.0 million in a revolving credit facility. The term loan and revolving credit facility mature on September 30, 2016. Principal amounts outstanding under the term loan and revolving credit facility accrue interest, at the option of the borrowers, either (a) at an alternate base rate plus an applicable margin not to exceed 0.75%, or (b) at LIBOR plus an applicable margin not to exceed 1.75% (1.25% at June 30, 2013). During the first quarter of 2013, the Partnership prepaid $475.0 million of term loan principal that would have been due beginning in September 2014. The remaining outstanding principal amount under the term loan is payable on September 30, 2016. As a result of this prepayment, the Partnership also expensed $1.9 million of deferred financing costs in interest expense upon the early extinguishment of the debt. Total interest expense under the senior credit facility was $1.0 million and $5.7 million for the three months ended June 30, 2013 and 2012, respectively, and $5.2 million and $12.4 million for the six months ended June 30, 2013 and 2012, respectively. The fair value of the outstanding balances of the term loan and revolving credit facility at June 30, 2013 and December 31, 2012 approximated par value based on current market rates for similar debt instruments and are classified as Level III within the fair value hierarchy.

3.875% Senior Notes

In January 2013, an indirect finance subsidiary of the Partnership issued $500.0 million of 3.875% senior notes due February 1, 2023 at 99.966% of par. Interest is payable semi-annually on February 1 and August 1, beginning August 1, 2013. This subsidiary may redeem the senior notes in whole at any time or in part from time to time at a price equal to the greater of 100% of the principal amount of the notes being redeemed and the sum of the present values of the remaining scheduled payments of principal and interest on any notes being redeemed discounted to the redemption date on a semi-annual basis at the Treasury rate plus 30 basis points plus accrued and unpaid interest on the principal amounts being redeemed to the redemption date. Interest expense on the notes was $5.0 million and $9.0 million for the three and six months ended June 30, 2013, respectively. At June 30, 2013, the fair value of the notes was approximately $484.6 million based on indicative quotes and is classified as Level II within the fair value hierarchy.

5.625% Senior Notes

In March 2013, an indirect finance subsidiary of the Partnership issued $400.0 million of 5.625% senior notes due March 30, 2043 at 99.583% of par. Interest is payable semi-annually on March 30 and September 30, beginning September 30, 2013. This subsidiary may redeem the senior notes in whole at any time or in part from time to time at a price equal to the greater of 100% of the principal amount of the notes being redeemed and the sum of the present values of the remaining scheduled payments of principal and interest on any notes being redeemed discounted to the redemption date on a semi-annual basis at the Treasury rate plus 40 basis points plus accrued and unpaid interest on the principal amounts being redeemed to the redemption date. Interest expense on the notes was $5.7 million and $5.9 million for the three and six months ended June 30, 2013. At June 30, 2013, the fair value of the notes was approximately $379.8 million based on indicative quotes and is classified as Level II within the fair value hierarchy.

The Partnership is subject to interest rate risk associated with its variable rate debt financing. To manage this risk, the Partnership entered into the following interest rate swaps to fix the base LIBOR interest rate on its term loan borrowings:

•

In March 2008, with a notional amount of $23.9 million at June 30, 2013 that amortizes through August 20, 2013, and

•

In December 2011, with a notional amount of $476.1 million at June 30, 2013 that amortizes through September 30, 2016.

In the first quarter of 2013, $475.0 million of term loan principal was prepaid. As a result of these term loan prepayments, the two interest rate swaps are no longer accounted for as cash flow hedges due to ineffectiveness; the interest rate swaps are accounted for as freestanding derivative instruments recorded at fair value each period with changes in fair value recorded through earnings. The pre-existing hedge losses included in accumulated other comprehensive loss for these interest rate swaps of $8.8 million is being reclassified into earnings as the original forecasted transactions affect earnings.

In March 2013, the Partnership entered into a third interest rate swap with an initial notional amount of $427.2 million that amortizes through September 30, 2016. This interest rate swap is accounted for as a freestanding derivative instrument recorded at fair value each period with changes in fair value recorded through earnings.

Debt Covenants

The Partnership is subject to various financial covenants under its loan agreements including among other items, maintenance of a minimum amount of management fee earning assets. The Partnership is also subject to various non-financial covenants under its loan agreements. The Partnership was in compliance with all financial and non-financial covenants under its various loan agreements as of June 30, 2013.

Loans Payable of Consolidated Funds

Loans payable of Consolidated Funds represent amounts due to holders of debt securities issued by the CLOs. Several of the CLOs issued preferred shares representing the most subordinated interest, however these tranches are mandatorily redeemable upon the maturity dates of the senior secured loans payable, and as a result have been classified as liabilities and are included in loans payable of Consolidated Funds in the condensed consolidated balance sheets.

As of June 30, 2013 and December 31, 2012, the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions):

As of June 30, 2013

Borrowing
Outstanding

Fair Value

Weighted
Average
Interest Rate

Weighted
Average
Remaining
Maturity in
Years

Senior secured notes

14,229.2

13,811.6

1.27

8.64

Subordinated notes, Income notes and Preferred shares

1,240.8

1,191.8

N/A

(a)

8.00

Combination notes

15.2

16.4

N/A

(b)

8.64

Total

15,485.2

15,019.8


	As of December 31, 2012
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	13,662.3	$	12,658.4		1.30	%		8.80
Subordinated notes, Income notes and Preferred shares		914.8		996.9		N/A	(a)		8.22
Combination notes		0.7		1.4		N/A	(b)		8.81

Total	$	14,577.8	$	13,656.7

(a)	The subordinated notes, income notes and preferred shares do not have contractual interest rates, but instead receive distributions from the excess cash flows of the CLOs.

(b)	The combination notes do not have contractual interest rates and have recourse only to the securities specifically held to collateralize such combination notes.

Loans payable of the CLOs are collateralized by the assets held by the CLOs and the assets of one CLO may not be used to satisfy the liabilities of another. This collateral consisted of cash and cash equivalents, corporate loans, corporate bonds and other securities. As of June 30, 2013 and December 31, 2012, the fair value of the CLO assets was $16.9 billion and $15.7 billion, respectively.

Certain CLOs entered into liquidity facility agreements with various liquidity facility providers on or about the various closing dates of the applicable CLO in order to fund payments of interest when there are insufficient funds available. The proceeds from such draw-downs are used for payments of interest at each interest payment date and the acquisition or exercise of an option or warrant as part of any collateral enhancement obligation. The liquidity facilities in aggregate allow for a maximum borrowing of $13.0 million and bear weighted average interest at EURIBOR plus 0.25% per annum. Amounts borrowed under the liquidity facilities are repaid based on cash flows available subject to priority of payments under each CLO’s governing documents. There were no borrowings outstanding under the liquidity facility as of June 30, 2013 and December 31, 2012.

Contingent Consideration

6 Months Ended

Jun. 30, 2013

Text Block [Abstract]

Contingent Consideration

9.	Contingent Consideration

The Partnership has contingent consideration obligations related to its business acquisitions and strategic investments. The changes in the contingent consideration liabilities are as follows:

Rollforward For The Three Months Ended June 30, 2013

Amounts payable to the sellers who are senior Carlyle professionals

Contingent
cash and other
consideration
payable to non-
Carlyle personnel

Total

Performance-based
contingent cash
consideration

Performance-based
contingent equity
consideration

Employment-based
contingent cash
consideration

(Dollars in millions)

Balance, beginning of period

137.6

65.7

106.9

29.2

339.4

Change in carrying value

4.2

(8.8

)

11.1

2.1

8.6

Payments

—

(0.9

)

(0.9

)

Balance, end of period

141.8

56.9

118.0

30.4

347.1

Rollforward For The Six Months Ended June 30, 2013

Amounts payable to the sellers who are senior Carlyle professionals

Contingent

Performance-based
contingent cash
consideration

Performance-based
contingent equity
consideration

Employment-based
contingent cash
consideration

cash and other
consideration
payable to non-
Carlyle personnel

Total

(Dollars in millions)

Balance, beginning of period

158.6

57.6

96.2

28.1

340.5

Change in carrying value

(7.5

)

(0.7

)

21.8

3.9

17.5

Payments

(9.3

)

—

(1.6

)

(10.9

)

Balance, end of period

141.8

56.9

118.0

30.4

347.1

The fair value of the performance-based contingent cash and equity consideration payable to the sellers who are senior Carlyle professionals has been recorded in due to affiliates in the accompanying condensed consolidated balance sheets. These payments are not contingent upon the senior Carlyle professional being employed by Carlyle at the time that the performance conditions are met. For periods prior to the reorganization and initial public offering in May 2012, the change in the fair value of this contingent consideration was recorded directly in partners’ capital in the condensed consolidated balance sheets. For periods subsequent to the reorganization and initial public offering, changes in the fair value of these amounts are recorded in other non-operating (income) expenses in the condensed consolidated statements of operations.

The amount of employment-based contingent cash consideration payable to the sellers who are senior Carlyle professionals has been recorded as accrued compensation and benefits in the accompanying condensed consolidated balance sheets. For periods prior to the reorganization and initial public offering in May 2012, the change in the value of this contingent consideration was recorded in partners’ capital in the condensed consolidated balance sheets. For periods subsequent to the reorganization and initial public offering, changes in the value of these amounts are recorded as compensation expense in the condensed consolidated statements of operations.

The fair value of contingent consideration payable to non-Carlyle personnel is included in accounts payable, accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets. Changes in the fair value of this contingent consideration are recorded in other non-operating (income) expenses in the condensed consolidated statements of operations.

The fair values of the performance-based contingent cash consideration were based on probability-weighted discounted cash flow models. These fair value measurements are based on significant inputs not observable in the market and thus represent Level III measurements as defined in the accounting guidance for fair value measurement. As of June 30, 2013 and December 31, 2012, the fair value of the contingently issuable Carlyle Holdings partnership units was based principally by reference to the quoted price of the Partnership’s common units. This fair value measurement was based on inputs that are not directly observable but are corroborated by observable market data and thus represents a Level II measurement as defined in the accounting guidance for fair value measurement. Refer to Note 4 for additional disclosures related to the fair value of these instruments as of June 30, 2013 and December 31, 2012.

The following table represents the maximum amounts that could be paid from contingent cash obligations associated with the business acquisitions and the strategic investment in NGP Management and the amount payable if the Partnership elects to exercise its options related to NGP:


	As of June 30, 2013
	Hedge Fund Acquisitions		NGP Investment		Total		Liability Recognized on Financial Statements ⁽¹⁾
	(Dollars in millions)
Performance-based contingent cash consideration	$	363.1	$	183.0	$	546.1	$	172.2
Employment-based contingent cash consideration		302.4		45.0		347.4		118.0
Options to acquire additional investments in NGP⁽²⁾		—		97.2		97.2		—

Total maximum cash obligations	$	665.5	$	325.2	$	990.7	$	290.2

(1) –

On the condensed consolidated balance sheet, the liability for performance-based contingent cash consideration is included in due to affiliates (for amounts owed to senior Carlyle professionals) and accounts payable, accrued expenses, and other liabilities (for amounts owed to other sellers), and the liability for employment-based contingent cash consideration is included in accrued compensation and benefits. Also, the amounts shown here exclude the $56.9 million liability that has been recognized on the condensed consolidated financial statements for performance-based contingent equity consideration.

(2) –

Refer to Note 6 for more information.

Some of the employment-based contingent cash consideration agreements do not contain provisions limiting the amount that could be paid by the Partnership. For purposes of the table above, the Partnership has used its current estimate of the amount to be paid upon the determination dates for such payments. In the condensed consolidated financial statements, the Partnership records the performance-based contingent cash consideration from business acquisitions at fair value at each reporting period. For the employment-based contingent cash consideration, the Partnership accrues the compensation liability over the implied service period. If the Partnership exercises the options to acquire additional investments in NGP, the amount paid will be included in the carrying value of its equity-method investment in NGP at such time.

Accrued Compensation and Benefits

6 Months Ended

Jun. 30, 2013

Text Block [Abstract]

Accrued Compensation and Benefits

10. Accrued Compensation and Benefits

Accrued compensation and benefits consist of the following:


	As of
	June 30,		December 31,
	2013		2012
	(Dollars in millions)

Accrued performance fee-related compensation	$	1,136.9	$	912.0
Accrued bonuses		207.2		188.5
Employment-based contingent cash consideration		118.0		96.2
Other		91.9		121.5

Total	$	1,554.0	$	1,318.2

Commitments and Contingencies

6 Months Ended

Jun. 30, 2013

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

11.

Commitments and Contingencies

Capital Commitments

The Partnership and its unconsolidated affiliates have unfunded commitments to entities within the following segments as of June 30, 2013 (Dollars in millions):


	Unfunded
	Commitments

Corporate Private Equity	$	1,891.4
Global Market Strategies		247.4
Real Assets		181.5

	$	2,320.3

Of the $2.3 billion of unfunded commitments, approximately $2.1 billion is subscribed individually by senior Carlyle professionals, operating executives and other professionals, with the balance funded directly by the Partnership. In addition to these unfunded commitments, the Partnership may from time to time exercise its right to purchase additional interests in its investment funds that become available in the ordinary course of their operations.

Guaranteed Loans

On August 4, 2001, the Partnership entered into an agreement with a financial institution pursuant to which the Partnership is the guarantor on a credit facility for eligible employees investing in Carlyle sponsored funds. This credit facility renews on an annual basis, allowing for annual incremental borrowings up to an aggregate of $16.1 million, and accrues interest at the lower of the prime rate, as defined, or three-month LIBOR plus 2%, reset quarterly (3.25% weighted-average rate at June 30, 2013). As of June 30, 2013 and December 31, 2012, approximately $9.9 million and $10.8 million, respectively, were outstanding under the credit facility and payable by the employees. The amount funded by the Partnership under this guarantee as of June 30, 2013 was not material. The Partnership believes the likelihood of any material funding under this guarantee to be remote. The fair value of this guarantee is not significant to the condensed consolidated financial statements.

Other Guarantees

The Partnership has guaranteed payment of giveback obligations, if any, related to one of its Corporate Private Equity funds to the extent the amount of funds reserved for potential giveback obligations is not sufficient to fulfill such obligations. At June 30, 2013 and December 31, 2012, $13.2 million and $13.0 million, respectively, were held in an escrow account and the Partnership believes the likelihood of any material fundings under this guarantee to be remote.

Contingent Obligations (Giveback)

A liability for potential repayment of previously received performance fees of $49.6 million at June 30, 2013, is shown as accrued giveback obligations in the condensed consolidated balance sheets, representing the giveback obligation that would need to be paid if the funds were liquidated at their current fair values at June 30, 2013. However, the ultimate giveback obligation, if any, does not become realized until the end of a fund’s life (see Note 2). The Partnership has recorded $23.4 million and $32.8 million of unbilled receivables from former and current employees and senior Carlyle professionals as of June 30, 2013 and December 31, 2012, respectively, related to giveback obligations, which are included in due from affiliates and other receivables, net in the accompanying condensed consolidated balance sheets. Current and former senior Carlyle professionals and employees are personally responsible for their giveback obligations. The receivables are collateralized by investments made by individual senior Carlyle professionals and employees in Carlyle-sponsored funds. In addition, $304.3 million and $309.1 million have been withheld from distributions of carried interest to senior Carlyle professionals and employees for potential giveback obligations as of June 30, 2013 and December 31, 2012, respectively. Such amounts are held by an entity not included in the accompanying condensed consolidated balance sheets.

In the first quarter of 2013, the Partnership repaid $14.0 million of giveback obligations to certain funds. This amount was funded primarily through collection of employee receivables related to giveback obligations and from contributions from non-controlling interests for their portion of the obligation. The Partnership had previously recognized this liability as an unrealized performance fee loss. As a result of the giveback repayment, the Partnership reclassified this amount to a realized performance fee loss for the six months ended June 30, 2013.

If, at June 30, 2013, all of the investments held by the Partnership’s Funds were deemed worthless, a possibility that management views as remote, the amount of realized and distributed carried interest subject to potential giveback would be $1.0 billion, on an after-tax basis where applicable.

Leases

The Partnership leases office space in various countries around the world and maintains its headquarters in Washington, D.C., where it leases its primary office space under a non-cancelable lease agreement expiring on July 31, 2026. Office leases in other locations expire in various years from 2013 through 2021. These leases are accounted for as operating leases. Rent expense was approximately $12.4 million and $11.8 million for the three months ended June 30, 2013 and 2012, respectively, and $24.6 million and $24.0 million for the six months ended June 30, 2013 and 2012, respectively, and is included in general, administrative and other expenses in the condensed consolidated statements of operations.

The future minimum commitments for the leases are as follows (Dollars in millions):


2013	$	23.6
2014		46.5
2015		42.2
2016		32.7
2017		30.4
Thereafter		102.9

	$	278.3

Total minimum rentals to be received in the future under non-cancelable subleases as of June 30, 2013 were $9.6 million.

The Partnership records contractual escalating minimum lease payments on a straight-line basis over the term of the lease. Deferred rent payable under the leases was $33.0 million and $30.1 million as of June 30, 2013 and December 31, 2012, respectively, and is included in accounts payable, accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets.

Legal Matters

In the ordinary course of business, the Partnership is a party to litigation, investigations, disputes and other potential claims. Certain of these matters are described below. The Partnership is not currently able to estimate for any such matters the reasonably possible amount of loss or range of loss. The Partnership does not believe it is probable that the outcome of any existing litigation, investigations, disputes or other potential claims will materially affect the Partnership or these financial statements. The Partnership believes that the matters described below are without merit and intends to vigorously contest all such allegations.

In September 2006 and March 2009, the Partnership received requests for certain documents and other information from the Antitrust Division of the U.S. Department of Justice (“DOJ”) in connection with the DOJ’s investigation of global alternative asset firms to determine whether they have engaged in conduct prohibited by U.S. antitrust laws. The Partnership fully cooperated with the DOJ’s investigation.

On February 14, 2008, a private class-action lawsuit challenging “club” bids and other alleged anti-competitive business practices was filed in the U.S. District Court for the District of Massachusetts (Police and Fire Retirement System of the City of Detroit v. Apollo Global Management, LLC). The complaint alleges, among other things, that certain global alternative asset firms, including the Partnership, violated Section 1 of the Sherman Act by forming multi-sponsor consortiums for the purpose of bidding collectively in company buyout transactions in certain going private transactions, which the plaintiffs allege constitutes a “conspiracy in restraint of trade.” Count One of the complaint alleges an overarching conspiracy relating to certain large buyout transactions. Count Two of the complaint alleges a conspiracy with regard to the buyout of Healthcare Corporation of America. The plaintiffs seek damages as provided for in Section 4 of the Clayton Act and an injunction against such conduct in restraint of trade in the future. The defendants moved for summary judgment on both counts. On March 13, 2013, the U.S. District Court for the District of Massachusetts ruled that plaintiffs could proceed on Count One solely on the basis of an alleged conspiracy to refrain from “jumping” announced proprietary (i.e., non-auction) deals. The Court stated that it would entertain further summary judgment motions by individual defendants as to their participation in the more narrowly-defined alleged conspiracy. The Court also denied summary judgment as to Count Two. On April 16, 2013, Carlyle filed a consolidated motion, renewing its motion for summary judgment on Count One, and moving for reconsideration on Count Two. On April 22, 2013, Carlyle joined a motion seeking reconsideration on Count Two filed on behalf of all Count Two defendants. On June 20, 2013, the Court denied the motion for reconsideration on Count Two filed by the Count Two defendants. On July 18, 2013, the Court denied Carlyle’s individual summary judgment motion regarding its participation in the conspiracy alleged in Count One. The U. S. District Court for the District of Massachusetts has not set a schedule for class certification proceedings.

Along with many other companies and individuals in the financial sector, Carlyle and CMP are named as defendants in Foy v. Austin Capital, a case filed in June 2009, pending in the State of New Mexico’s First Judicial District Court, County of Santa Fe, which purports to be a qui tam suit on behalf of the State of New Mexico. The suit alleges that investment decisions by New Mexico public investment funds were improperly influenced by campaign contributions and payments to politically connected placement agents. The plaintiffs seek, among other things, actual damages, actual damages for lost income, rescission of the investment transactions described in the complaint and disgorgement of all fees received. In May 2011, the Attorney General of New Mexico moved to dismiss certain defendants including Carlyle and CMP on the grounds that separate civil litigation by the Attorney General is a more effective means to seek recovery for the State from these defendants. The Attorney General has brought two civil actions against certain of those defendants, not including the Carlyle defendants. The Attorney General has stated that its investigation is continuing and it may bring additional civil actions.

Carlyle Capital Corporation Limited (“CCC”) was a fund sponsored by Carlyle that invested in AAA-rated residential mortgage backed securities on a highly leveraged basis. In March of 2008, amidst turmoil throughout the mortgage markets and money markets, CCC filed for insolvency protection in Guernsey. Several different lawsuits, described below, developed from the CCC insolvency.

First, on July 13, 2009, a former shareholder of CCC, claiming to have lost $20.0 million, filed a claim against CCC, Carlyle and certain affiliates and one of the Partnership’s officers (Huffington v. TC Group L.L.C., et al.) alleging violations of Massachusetts “blue sky” law provisions relating to material misrepresentations and omissions allegedly made during and after the marketing of CCC. The plaintiff sought treble damages, interest, expenses, attorney’s fees and to have the subscription agreement deemed null and void and to receive a full refund of the investment. In March 2010, the United States District Court for the District of Massachusetts dismissed the plaintiff’s complaint on the grounds that it should have been filed in Delaware instead of Massachusetts based on the forum selection provision in the plaintiff’s subscription agreement. The plaintiff subsequently filed a notice of appeal to the United States Court of Appeals for the First Circuit. The plaintiff lost his appeal to the First Circuit and filed a new claim in Delaware State Court. The Delaware State Court granted in part and denied in part defendants’ motion to dismiss, which was converted to a motion for summary judgment. The plaintiff has since dismissed his claim without any monetary compensation, in exchange for Carlyle’s dismissal of its counterclaim against him for violation of the forum selection clause.

Second, in November 2009, another CCC investor, National Industries Group (Holding) (“National Industries”) instituted legal proceedings on similar grounds in Kuwait’s Court of First Instance (National Industries Group v. Carlyle Group) seeking to recover losses incurred in connection with an investment in CCC. In July 2011, the Delaware Court of Chancery issued a decision restraining National Industries from proceeding in Kuwait on any CCC-related claims based on the forum selection clause in National Industries’ subscription agreement, which provided for exclusive jurisdiction in the Delaware courts. In September 2011, National Industries reissued its complaint in Kuwait naming CCC only, and reissued its complaint in January 2012 joining Carlyle Investment Management, L.L.C. as a defendant. In April 2013, the court in Kuwait dismissed National Industries’ claim without prejudice for failure to serve process. Meanwhile, in August 2012, National Industries had filed a motion to vacate the Delaware Court of Chancery’s decision. The Partnership successfully opposed that motion and the Court’s injunction remained in effect. In November 2012, National Industries appealed that decision to the Delaware Supreme Court. On May 29, 2013, the Delaware Supreme Court affirmed the Chancery Court’s decision and upheld the 2011 injunction barring National Industries from filing or prosecuting any CCC-related action in any forum other than the courts of Delaware.

Third, the Guernsey liquidators who took control of CCC in March 2008 filed four suits on July 7, 2010 against Carlyle, certain of its affiliates and the former directors of CCC in the Delaware Chancery Court, the Royal Court of Guernsey, the Superior Court of the District of Columbia and the Supreme Court of New York, New York County, (Carlyle Capital Corporation Limited v. Conway et al.) seeking $1.0 billion in damages. They allege that Carlyle and the CCC board of directors were negligent, grossly negligent or willfully mismanaged the CCC investment program and breached certain fiduciary duties allegedly owed to CCC and its shareholders. The liquidators further allege (among other things) that the directors and Carlyle put the interests of Carlyle ahead of the interests of CCC and its shareholders and gave priority to preserving and enhancing Carlyle’s reputation and its “brand” over the best interests of CCC. In July 2011, the Royal Court of Guernsey held that the case should be litigated in Delaware pursuant to the exclusive jurisdiction clause in the investment management agreement. That ruling was appealed by the liquidators, and in February 2012 was reversed by the Guernsey Court of Appeal, which held that the case should proceed in Guernsey. Defendants’ attempts to appeal to the Privy Council were unsuccessful and the plaintiffs’ case is proceeding in Guernsey. Two claims in that case, which sought the return of certain documents and other property purportedly belonging to CCC, were resolved by agreement of the parties and order of the Royal Court of Guernsey in December 2012. Carlyle has now completed its document production pursuant to that order. On July 24, 2013, plaintiffs filed an amended complaint, which contained further detail in support of the existing claims but no new defendants or claims. Defendants are now preparing a defense to the amended claim, which will be filed in several months’ time (on a date yet to be determined). After the defense is filed, the court is expected to set a schedule for the remainder of the case. In addition, the liquidators’ lawsuits in New York and the District of Columbia were dismissed in December 2011 without prejudice.

Fourth, on June 21, 2011, August 24, 2011 and September 1, 2011, respectively, three putative shareholder class actions were filed against Carlyle, certain of its affiliates and former directors of CCC alleging that the fund offering materials and various public disclosures were materially misleading or omitted material information. Two of the shareholder class actions (Phelps v. Stomber, et al. and Glaubach v. Carlyle Capital Corporation Limited, et al.) were filed in the United States District Court for the District of Columbia. Phelps v. Stomber, et al. was also filed in the Supreme Court of New York, New York County and was subsequently removed to the United States District Court for the Southern District of New York. The two original D.C. cases were consolidated into one case under the caption of Phelps v. Stomber and the Phelps named plaintiffs were designated “lead plaintiffs” by the Court. The New York case was transferred to the D.C. federal court and the plaintiffs requested that it be consolidated with the other two D.C. actions. The plaintiffs were seeking compensatory damages sustained as a result of the alleged misrepresentations, costs and expenses, as well as reasonable attorney’s fees. On August 13, 2012, the United States District Court for the District of Columbia dismissed both the D.C. and New York shareholder class actions. The plaintiffs moved for leave to amend their complaint and/or for amendment of the Court’s decision, but the trial court denied that motion on June 4, 2013. The plaintiffs’ previously filed notice of appeal to the Court of Appeals for the District of Columbia Circuit was then automatically reinstated and that appeal will now proceed.

Other Contingencies

From 2007 to 2009, a Luxembourg subsidiary of Carlyle Europe Real Estate Partners, L.P. (CEREP I), a real estate fund, received proceeds from the sale of real estate located in Paris, France. The relevant French tax authorities have asserted that CEREP I was ineligible to claim certain exemptions from French tax under the Luxembourg-French tax treaty, and have issued a tax assessment seeking to collect approximately €97.0 million, consisting of taxes, interest and penalties. Additionally, the French Ministry of Justice has commenced an investigation regarding the legality under French law of claiming the exemptions under the tax treaty.

During 2006, CEREP I completed a reorganization of several Italian subsidiaries. Certain of those Italian subsidiaries sold various properties located in Italy. The Italian tax authorities issued formal notices of assessment to certain of those subsidiaries, in each case, disallowing deductions of certain capital losses claimed with respect to the reorganization of the Italian subsidiaries. If unchallenged, the disallowance of such deductions would increase the aggregate amount owed by such subsidiaries by approximately €25.5 million of income tax, €28.5 million of penalties and €4.9 million of interest (through May 2013) for a total of approximately €59.0 million. CEREP I has a limited period of time during which it may challenge or negotiate a settlement of these amounts and may be required to post collateral up to the full €59.0 million allegedly owed in order to initiate such a challenge. It is possible that the Italian Ministry of Justice could appoint a prosecutor to conduct an investigation.

CEREP I and its subsidiaries are contesting the French tax assessment and intend to contest the Italian tax assessment. They are also exploring settlement opportunities. In July 2012, the Partnership provided a guarantee to the French tax authorities as credit support for the €45.7 million tax assessment and in October 2012, placed an additional €4.4 million in escrow, in each case, related to CEREP I. The Partnership expects to incur costs on behalf of CEREP I and its related entities. The Partnership will attempt to recover any amounts advanced or paid from proceeds of subsequent portfolio dispositions by CEREP I. The amount of any unrecoverable costs that may be incurred by the Partnership is not estimable at this time. Commencing with the issuance of the credit support on behalf of CEREP I in July 2012, the Partnership consolidated the fund into its condensed consolidated financial statements. As of June 30, 2013, CEREP I had accrued €50.0 million ($65.0 million as of June 30, 2013) related to these contingencies, which is included in other liabilities of Consolidated Funds in the condensed consolidated financial statements.

A real estate portfolio company investment in one of the Partnership’s Consolidated Funds is likely to require additional capital to continue operations. In an effort to prevent negative market impact, the Partnership and/or Carlyle senior professionals may elect to make additional investments into the portfolio company if other capital sources are not available. At this time, the amount and timing of additional investment is uncertain but potentially could be $50.0 million or more. In the event such additional investments are made, there is no assurance that such capital will be recovered.

Indemnifications

In the normal course of business, the Partnership and its subsidiaries enter into contracts that contain a variety of representations and warranties and provide general indemnifications. The Partnership’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Partnership that have not yet occurred. However, based on experience, the Partnership believes the risk of material loss to be remote.

Risks and Uncertainties

Carlyle’s funds seek investment opportunities that offer the possibility of attaining substantial capital appreciation. Certain events particular to each industry in which the underlying investees conduct their operations, as well as general economic conditions, may have a significant negative impact on the Partnership’s investments and profitability. Such events are beyond the Partnership’s control, and the likelihood that they may occur and the effect on the Partnership cannot be predicted.

Furthermore, certain of the funds’ investments are made in private companies and there are generally no public markets for the underlying securities at the current time. The funds’ ability to liquidate their publicly-traded investments are often subject to limitations, including discounts that may be required to be taken on quoted prices due to the number of shares being sold. The funds’ ability to liquidate their investments and realize value is subject to significant limitations and uncertainties, including among others currency fluctuations and natural disasters.

The funds make investments outside of the United States. Investments outside the U.S. may be subject to less developed bankruptcy, corporate, partnership and other laws (which may have the effect of disregarding or otherwise circumventing the limited liability structures potentially causing the actions or liabilities of one fund or a portfolio company to adversely impact the Partnership or an unrelated fund or portfolio company). Non-U.S. investments are subject to the same risks associated with the Partnership’s U.S. investments as well as additional risks, such as fluctuations in foreign currency exchange rates, unexpected changes in regulatory requirements, heightened risk of political and economic instability, difficulties in managing non-U.S. investments, potentially adverse tax consequences and the burden of complying with a wide variety of foreign laws.

Furthermore, Carlyle is exposed to economic risk concentrations related to certain large investments as well as concentrations of investments in certain industries and geographies.

Additionally, the Partnership encounters credit risk. Credit risk is the risk of default by a counterparty in the Partnership’s investments in debt securities, loans, leases and derivatives that result from a borrower’s, lessee’s or derivative counterparty’s inability or unwillingness to make required or expected payments.

The Partnership considers cash, cash equivalents, securities, receivables, equity-method investments, accounts payable, accrued expenses, other liabilities, loans payable, senior notes, assets and liabilities of Consolidated Funds and contingent and other consideration for acquisitions to be its financial instruments. The carrying amounts reported in the condensed consolidated balance sheets for these financial instruments equal or closely approximate their fair values.

Termination Costs

Employee and office lease termination costs are included in accrued compensation and benefits and accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets as well as general, administrative and other expenses in the condensed consolidated statements of operations. As of June 30, 2013 and December 31, 2012, the accrual for termination costs primarily represents (1) lease obligations associated with closed offices, and (2) severance costs related to terminated employees, which represents management’s estimate of the total amount expected to be incurred. The changes in the accrual for termination costs for the three months and six months ended June 30, 2013 and 2012 are as follows:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2013			2012			2013			2012
	(Dollars in millions)

Balance, beginning of period	$	11.9		$	16.3		$	13.6		$	15.2
Compensation expense		3.1			1.2			3.7			3.4
Contract termination costs		0.4			0.5			0.3			0.7
Costs paid or settled		(1.4	)		(1.7	)		(3.6	)		(3.0	)

Balance, end of period	$	14.0		$	16.3		$	14.0		$	16.3

Related Party Transactions

6 Months Ended

Jun. 30, 2013

Related Party Transactions

12.

Related Party Transactions

Due from Affiliates and Other Receivables, Net

The Partnership had the following due from affiliates and other receivables at June 30, 2013 and December 31, 2012:


	As of
	June 30, 2013		December 31, 2012
	(Dollars in millions)

Unbilled receivable for giveback obligations from current and former employees	$	23.4	$	32.8
Notes receivable and accrued interest from affiliates		14.4		10.0
Other receivables from unconsolidated funds and affiliates, net		147.1		147.9

Total	$	184.9	$	190.7

Notes receivable represent loans that the Partnership has provided to certain unconsolidated funds to meet short-term obligations to purchase investments. Other receivables from certain of the unconsolidated funds and portfolio companies relate to management fees receivable from limited partners, advisory fees receivable and expenses paid on behalf of these entities. These costs represent costs related to the pursuit of actual or proposed investments, professional fees and expenses associated with the acquisition, holding and disposition of the investments. The affiliates are obligated at the discretion of the Partnership to reimburse the expenses. Based on management’s determination, the Partnership accrues and charges interest on amounts due from affiliate accounts at interest rates ranging up to 7.25% as of June 30, 2013. The accrued and charged interest to the affiliates was not significant for any period presented.

These receivables are assessed regularly for collectability and amounts determined to be uncollectible are charged directly to general, administrative and other expenses in the condensed consolidated statements of operations. A corresponding allowance for doubtful accounts is recorded and such amounts were not significant for any period presented.

Due to Affiliates

The Partnership had the following due to affiliates balances at June 30, 2013 and December 31, 2012:


	As of
	June 30, 2013		December 31, 2012
	(Dollars in millions)

Due to affiliates of Consolidated Funds	$	59.4	$	42.1
Due to non-consolidated affiliates		32.4		27.8
Performance-based contingent cash and equity consideration related to acquisitions		198.7		216.2
Amounts owed under the tax receivable agreement		36.5		34.9
Other		14.8		11.1

Total	$	341.8	$	332.1

The Partnership has recorded obligations for amounts due to certain of its affiliates. The Partnership periodically offsets expenses it has paid on behalf of its affiliates against these obligations. The amount owed under the tax receivable agreement is related to the exchange in May 2012 by CalPERS of its Carlyle Holdings partnership units for Partnership common units.

Other Related Party Transactions

In the normal course of business, the Partnership has made use of aircraft owned by entities controlled by senior Carlyle professionals. The senior Carlyle professionals paid for their purchases of the aircraft and bear all operating, personnel and maintenance costs associated with their operation for personal use. Payment by the Partnership for the business use of these aircraft by senior Carlyle professionals and other employees is made at market rates, which totaled $3.1 million and $1.9 million for the three months ended June 30, 2013 and 2012, respectively, and $5.8 million and $3.7 million for the six months ended June 30, 2013 and 2012, respectively. These fees are included in general, administrative, and other expenses in the condensed consolidated statements of operations.

Senior Carlyle professionals and employees are permitted to participate in co-investment entities that invest in Carlyle funds or alongside Carlyle funds. In many cases, participation is limited by law to individuals who qualify under applicable legal requirements. These co-investment entities generally do not require senior Carlyle professionals and employees to pay management or performance fees.

Carried interest income from the funds can be distributed to senior Carlyle professionals and employees on a current basis, but is subject to repayment by the subsidiary of the Partnership that acts as general partner of the fund in the event that certain specified return thresholds are not ultimately achieved. The senior Carlyle professionals and certain other investment professionals have personally guaranteed, subject to certain limitations, the obligation of these subsidiaries in respect of this general partner obligation. Such guarantees are several and not joint and are limited to a particular individual’s distributions received.

The Partnership does business with some of its portfolio companies; all such arrangements are on a negotiated basis.

Substantially all revenue is earned from affiliates of Carlyle.

Income Taxes

6 Months Ended

Jun. 30, 2013

Income Tax Disclosure [Abstract]

Income Taxes

13.

Income Taxes

The Partnership is organized as a series of pass through entities pursuant to the United States Internal Revenue Code. As such, the Partnership is not responsible for the tax liability due on certain income earned during the year. Such income is taxed at the unitholder and non-controlling interest holder level, and any tax on such income is the responsibility of the unitholders and is paid at that level. The Partnership’s income tax expense was $16.6 million and $10.6 million for the three months ended June 30, 2013 and 2012, respectively, and $41.5 million and $22.3 million for the six months ended June 30, 2013 and 2012, respectively.

In the normal course of business, the Partnership is subject to examination by federal and certain state, local and foreign tax regulators. As of June 30, 2013, the Partnership’s U.S. federal income tax returns for the years 2009 through 2011 are open under the normal three-year statute of limitations and therefore subject to examination. State and local tax returns are generally subject to audit from 2008 to 2012. Foreign tax returns are generally subject to audit from 2005 to 2012. Certain of the Partnership’s foreign subsidiaries are currently under audit by foreign tax authorities.

The Partnership does not believe that the outcome of these audits will require it to record reserves for uncertain tax positions or that the outcome will have a material impact on the condensed consolidated financial statements. The Partnership does not believe that it has any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within the next twelve months.

Non-controlling Interests in Consolidated Entities

6 Months Ended

Jun. 30, 2013

Noncontrolling Interest [Abstract]

Non-controlling Interests in Consolidated Entities

14.

Non-controlling Interests in Consolidated Entities

The components of the Partnership’s non-controlling interests in consolidated entities are as follows:


	As of
	June 30, 2013		December 31, 2012
	(Dollars in millions)

Non-Carlyle interests in Consolidated Funds	$	7,439.8	$	7,963.9
Non-Carlyle interests in majority-owned subsidiaries		251.6		228.1
Non-controlling interest in AlpInvest		37.4		28.9
Non-controlling interest in carried interest and cash held for carried interest distributions		40.5		43.9

Non-controlling interests in consolidated entities	$	7,769.3	$	8,264.8

The components of the Partnership’s non-controlling interests in income (loss) of consolidated entities are as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
	(Dollars in millions)

Non-Carlyle interests in Consolidated Funds	$	390.5		$	551.8		$	617.6		$	1,324.0
Non-Carlyle interests in majority-owned subsidiaries		6.9			3.0			10.4			10.4
Non-controlling interest in carried interest and cash held for carried interest distributions		2.6			(35.6	)		19.9			(34.6	)

Net income attributable to other non-controlling interests in consolidated entities		400.0			519.2			647.9			1,299.8
Net loss attributable to partners’ capital appropriated for CLOs		(131.9	)		(172.9	)		(389.0	)		(67.8	)
Net income (loss) attributable to redeemable non-controlling interests in consolidated entities		31.9			11.6			209.1			(9.2	)

Non-controlling interests in income of consolidated entities	$	300.0		$	357.9		$	468.0		$	1,222.8

There have been no significant changes in the Partnership’s ownership interests in its consolidated entities for the periods presented.

Earnings Per Common Unit

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Common Unit

15.

Earnings Per Common Unit

Prior to the reorganization and the initial public offering in May 2012, Carlyle’s business was conducted through a large number of entities as to which there was no single holding entity, but which were separately owned by the senior Carlyle professionals, CalPERS, and Mubadala. There was no single capital structure upon which to calculate historical earnings per common unit information. Accordingly, earnings per common unit information has not been presented for historical periods prior to the reorganization and initial public offering.

The weighted-average common units outstanding, basic and diluted, are calculated as follows:


	Three Months Ended June 30, 2013				Six Months Ended June 30, 2013
	Basic		Diluted		Basic		Diluted
The Carlyle Group L.P. weighted-average common units outstanding		45,145,793		45,145,793		44,249,510		44,249,510
Unvested deferred restricted common units		—		—		—		4,700,069
Contingently issuable Carlyle Holdings Partnership units		—		—		—		931,818

Weighted-average common units outstanding		45,145,793		45,145,793		44,249,510		49,881,397


	For the Period from May 8, 2012 Through June 30, 2012
	Basic		Diluted
The Carlyle Group L.P. weighted-average common units outstanding		40,160,245		40,160,245

The Partnership applies the treasury stock method to determine the dilutive weighted-average common units represented by the unvested deferred restricted common units. For the three months ended June 30, 2013 and the period from May 8, 2012 through June 30, 2012, the incremental 3,997,956 and 19,644 unvested deferred restricted common units, respectively, were anti-dilutive, and therefore have been excluded.

Included in the determination of dilutive weighted-average common units are contingently issuable Carlyle Holdings partnership units associated with the Claren Road and Vermillion acquisitions. For purposes of determining the dilutive weighted-average common units, it is assumed that June 30, 2013 and 2012 represent the end of the contingency period and the “if-converted” method is applied to the Carlyle Holdings partnership units issuable therefrom. For the three months ended June 30, 2013 and the period from May 8, 2012 through June 30, 2012, the incremental 931,818 and 1,436,552 Carlyle Holdings partnership units, respectively, were anti-dilutive, and therefore have been excluded.

The Partnership applies the “if-converted” method to the vested Carlyle Holdings partnership units to determine the dilutive weighted-average common units outstanding. The Partnership applies the treasury stock method to the unvested Carlyle Holdings partnership units and the “if-converted” method on the resulting number of additional Carlyle Holdings partnership units to determine the dilutive weighted-average common units represented by the unvested Carlyle Holdings partnership units.

In computing the dilutive effect that the exchange of Carlyle Holdings partnership units would have on earnings per common unit, the Partnership considered that net income available to holders of common units would increase due to the elimination of non-controlling interests in Carlyle Holdings (including any tax impact). Based on these calculations, the incremental 227,463,788, 227,013,906, and 204,518,212 of vested and unvested Carlyle Holdings partnership units for the three months and six months ended June 30, 2013, and the period from May 8, 2012 through June 30, 2012, respectively, were anti-dilutive, and therefore have been excluded.

Basic and diluted net income (loss) per common unit are calculated as follows:


	Three Months Ended June 30, 2013						Six Months Ended June 30, 2013
	Basic			Diluted			Basic		Diluted
Net income (loss) attributable to The Carlyle Group L.P.	$	(3,300,000	)	$	(3,300,000	)	$	30,500,000	$	30,500,000
Weighted-average common units outstanding		45,145,793			45,145,793			44,249,510		49,881,397

Net income (loss) per common unit	$	(0.07	)	$	(0.07	)	$	0.69	$	0.61


	For the Period from May 8, 2012 Through June 30, 2012
	Basic			Diluted
Net loss attributable to The Carlyle Group L.P.	$	(10,300,000	)	$	(10,300,000	)
Weighted-average common units outstanding		40,160,245			40,160,245

Net loss per common unit	$	(0.26	)	$	(0.26	)

Equity-Based Compensation

6 Months Ended

Jun. 30, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity-Based Compensation

16.

Equity-Based Compensation

In May 2012, Carlyle Group Management L.L.C., the general partner of the Partnership, adopted The Carlyle Group L.P. 2012 Equity Incentive Plan (the “Equity Incentive Plan”). The Equity Incentive Plan is a source of new equity-based awards permitting the Partnership to grant to Carlyle employees, directors of the Partnership’s general partner and consultants non-qualified options, unit appreciation rights, common units, restricted common units, deferred restricted common units, phantom restricted common units and other awards based on the Partnership’s common units and Carlyle Holdings partnership units. The total number of the Partnership’s common units and Carlyle Holdings partnership units which were initially available for grant under the Equity Incentive Plan was 30,450,000. The Equity Incentive Plan contains a provision which automatically increases the number of the Partnership’s common units and Carlyle Holdings partnership units available for grant based on a pre-determined formula; this increase occurs annually on January 1. As of January 1, 2013, pursuant to the formula, the total number of the Partnership’s common units and Carlyle Holdings partnership units available for grant under the Equity Incentive Plan was 30,611,743.

Unvested Carlyle Holdings Partnership Units

The unvested Carlyle Holdings partnership units are held by senior Carlyle professionals and other individuals engaged in Carlyle’s business and vest ratably over a six-year period. The unvested Carlyle Holdings partnership units are accounted for as equity-based compensation in accordance with ASC Topic 718, Compensation — Stock Compensation. The grant-date fair value of the unvested Carlyle Holdings partnership units are charged to equity-based compensation expense on a straight-line basis over the required service period. Additionally, the calculation of the expense assumes a forfeiture rate of up to 2.5%. During the three months ended June 30, 2013, the Partnership revised its estimated forfeiture rate to 2.5% from 7.5%. As a result, the Partnership recognized $5.0 million of equity-based compensation expense during the three months ended June 30, 2013 for the cumulative effect of the change in this estimate. Additionally, the Partnership recognized $47.9 million of equity-based compensation expense during the three months ended June 30, 2013 related to the difference between the estimated forfeitures and actual forfeitures on Carlyle Holdings partnership units that vested in May 2013. For the three months and six months ended June 30, 2013, the Partnership recorded $92.5 million and $131.5 million, respectively, in equity-based compensation expense associated with these awards. The Partnership recorded equity-based compensation expense of $26.2 million for the period from May 2, 2012 through June 30, 2012 related to the unvested Carlyle Holdings partnership units. The Partnership also recorded equity-based compensation expense of $59.0 million during the period from May 2, 2012 through June 30, 2012 associated with the exchange of Carlyle Holdings partnership units for equity interests in the general partners of Carlyle’s carry funds by Carlyle professionals other than senior Carlyle professionals as part of the reorganization and initial public offering in May 2012. No tax benefits have been recorded related to the unvested Carlyle Holdings partnership units, as the vesting of these units does not result in a tax deduction to the corporate taxpayers.

In connection with the Partnership’s investment in NGP Management in December 2012, the Partnership issued 996,572 Carlyle Holdings partnership units to ECM Capital, L.P. which vest ratably over a period of five years. The Partnership also issued 597,944 Carlyle Holdings partnership units to ECM Capital, L.P. that were issued at closing but vest upon the achievement of performance conditions. The fair value of these units will be recognized as a reduction to the Partnership’s investment income in NGP Management over the relevant service or performance period, based on the fair value of the units on each reporting date and adjusted for the actual fair value of the units at each vesting date. For the Carlyle Holdings partnership units that vest based on the achievement of performance conditions, the Partnership uses the minimum number of partnership units within the range of potential values for measurement and recognition purposes.

As of June 30, 2013, the total unrecognized equity-based compensation expense related to unvested Carlyle Holdings partnership units, considering estimated forfeitures, is $955.5 million, which is expected to be recognized over a weighted-average term of 4.8 years.

Deferred Restricted Common Units

The deferred restricted common units are unvested when granted and vest ratably over a service period, which ranges up to six years. The grant-date fair value of the deferred restricted common units granted to Carlyle’s employees are charged to equity-based compensation expense on a straight-line basis over the required service period. Additionally, the calculation of the expense assumes a forfeiture rate up to 15.0%. For the three months and six months ended June 30, 2013, the Partnership recorded $32.3 million and $44.6 million in equity-based compensation expense, respectively. A portion of the accumulated deferred tax asset associated with equity-based compensation expense was reclassified as a current tax benefit due to units vesting during the three months and six months ended June 30, 2013. The reclassification from deferred to current tax benefit for units vesting was in excess of the additional deferred tax benefit from equity-based compensation expense by $1.8 million and $1.0 million for the three months and six months ended June 30, 2013, respectively. The Partnership recorded compensation expense of $8.7 million for the period May 2, 2012 through June 30, 2012, with $0.4 million of corresponding deferred tax benefits. As of June 30, 2013, the total unrecognized equity-based compensation expense related to unvested deferred restricted common units, considering estimated forfeitures, is $288.3 million, which is expected to be recognized over a weighted-average term of 4.6 years.

On May 2, 2013, the Partnership issued approximately 2.9 million common units in connection with deferred restricted common units that vested, including those that vested in 2012 with deferred delivery until May 2013.

Equity-based awards issued to non-employees are recognized as general, administrative and other expenses. The expense associated with the deferred restricted common units granted to NGP personnel by the Partnership are recognized as a reduction of the Partnership’s investment income in NGP Management. The grant-date fair value of deferred restricted common units granted to Carlyle’s non-employee directors are charged to expense on a straight-line basis over the vesting period. The cost of services received in exchange for an equity-based award issued to consultants is measured at each vesting date. Equity-based awards that require the satisfaction of future service criteria are recognized over the relevant service period, adjusted for estimated forfeitures of awards not expected to vest, based on the fair value of the award on each reporting date and adjusted for the actual fair value of the award at each vesting date. The expense for equity-based awards issued to non-employees was not significant for the three months and six months ended June 30, 2013.

Phantom Deferred Restricted Common Units

The phantom deferred restricted common units are unvested when granted and vest ratably over a service period of three years. Upon vesting, the units will be settled in cash. As the phantom deferred restricted common units will be settled in cash, they are accounted for as liability awards. The fair value of the units is re-measured at each reporting period until settlement and charged to equity-based compensation expense over the vesting period. Additionally, the calculation of the expense assumes a forfeiture rate of up to 15.0%. For the three months and six months ended June 30, 2013, the Partnership recorded $1.2 million and $2.2 million in equity-based compensation expense associated with these awards, respectively, which is included in base compensation expense in the accompanying condensed consolidated financial statements. The Partnership recorded $0.3 million in equity-based compensation expense associated with these awards for the period May 2, 2012 through June 30, 2012. The tax benefits recognized from these awards was not material during these periods. As of June 30, 2013, the total unrecognized equity-based compensation expense related to unvested phantom deferred restricted common units, considering estimated forfeitures, is $4.5 million, which is expected to be recognized over a weighted-average term of 1.9 years.

A summary of the status of the Partnership’s non-vested equity-based awards as of June 30, 2013 and a summary of changes during the six months ended June 30, 2013, are presented below:


	Carlyle Holdings				The Carlyle Group, L.P.
					Equity Settled Awards				Cash Settled Awards
Unvested Units	Partnership Units		Weighted- Average Grant Date Fair Value		Deferred Restricted Common Units		Weighted- Average Grant Date Fair Value		Phantom Units		Weighted- Average Grant Date Fair Value

Balance, December 31, 2012		57,850,299	$	22.12		16,707,028	$	22.28		334,614	$	22.00
Granted		—	$	—		1,613,893	$	31.96		2,520	$	31.83
Vested		9,376,007	$	22.00		2,777,631	$	22.29		106,901	$	22.00
Forfeited		—	$	—		422,089	$	22.18		16,249	$	22.00

Balance, June 30, 2013		48,474,292	$	22.14		15,121,201	$	23.32		213,984	$	22.12

Segment Reporting

6 Months Ended

Jun. 30, 2013

Segment Reporting [Abstract]

Segment Reporting

17.

Segment Reporting

Carlyle conducts its operations through four reportable segments:

Corporate Private Equity – The Corporate Private Equity segment is comprised of the Partnership’s operations that advise a diverse group of funds that invest in buyout and growth capital transactions that focus on either a particular geography or a particular industry.

Global Market Strategies – The Global Market Strategies segment advises a group of funds that pursue investment opportunities across various types of credit, equities and alternative instruments, and (as regards certain macroeconomic strategies) currencies, commodities, sovereign debt, and interest rate products and their derivatives.

Real Assets – The Real Assets segment is comprised of the Partnership’s operations that advise U.S. and international funds focused on real estate, infrastructure, energy and renewable energy transactions.

Global Solutions – The Global Solutions segment was launched upon the Partnership’s acquisition of a 60% equity interest in AlpInvest on July 1, 2011 and advises a global private equity fund of funds program and related co-investment and secondary activities.

The Partnership’s reportable business segments are differentiated by their various investment focuses and strategies. Overhead costs were allocated based on direct base compensation expense for the funds comprising each segment. The Partnership includes adjustments to reflect the Partnership’s economic interests in Claren Road, AlpInvest, ESG and Vermillion. The Partnership’s earnings from its investment in NGP Management are presented in the respective operating captions within the Real Assets segment.

Economic Net Income (“ENI”) and its components are key performance measures used by management to make operating decisions and assess the performance of the Partnership’s reportable segments. ENI differs from income (loss) before provision for income taxes computed in accordance with U.S. GAAP in that it does not include net income (loss) attributable to non-Carlyle interests in Consolidated Funds or charges (credits) related to Carlyle corporate actions and non-recurring items. Charges (credits) related to Carlyle corporate actions and non-recurring items include: charges associated with equity-based compensation that was issued in the initial public offering in May 2012 or is issued in acquisitions or strategic investments, amortization associated with acquired intangible assets, transaction costs associated with acquisitions, gains and losses associated with the mark to market on contingent consideration issued in conjunction with acquisitions or strategic investments, gains and losses from the retirement of debt, charges associated with lease terminations and employee severance, and settlements of legal claims.

Also, for periods prior to the reorganization and initial public offering in May 2012, ENI also differed from income (loss) before provision for income taxes computed in accordance with U.S. GAAP in that ENI reflected a charge for compensation, bonuses and performance fee compensation attributable to Carlyle partners. Subsequent to the reorganization and initial public offering, these compensation charges are included in both ENI and income (loss) before provision for income taxes computed in accordance with U.S. GAAP.

Fee related earnings (“FRE”) is a component of ENI and is used to assess the ability of the business to cover direct base compensation and operating expenses from total fee revenues. FRE differs from income (loss) before provision for income taxes computed in accordance with U.S. GAAP in that it adjusts for the items included in the calculation of ENI and also adjusts ENI to exclude performance fees, investment income from investments in Carlyle funds, and performance fee related compensation.

Distributable earnings is a component of ENI and is used to assess performance and amounts potentially available for distribution. Distributable earnings differs from income (loss) before provision for income taxes computed in accordance with U.S. GAAP in that it adjusts for the items included in the calculation of ENI and also adjusts ENI for unrealized performance fees, unrealized investment income, the corresponding unrealized performance fee compensation expense and equity-based compensation. During the three months ended June 30, 2013, the definition of distributable earnings used by management was modified to exclude all equity-based compensation expense. All prior periods have been recast to conform to the new definition.

ENI and its components are used by management primarily in making resource deployment and compensation decisions across the Partnership’s four reportable segments. Management makes operating decisions and assesses the performance of each of the Partnership’s business segments based on financial and operating metrics and data that is presented without the consolidation of any of the Consolidated Funds. Consequently, ENI and all segment data exclude the assets, liabilities and operating results related to the Consolidated Funds.

The following tables present the financial data for the Partnership’s four reportable segments for the three months ended June 30, 2013 and as of and for the six months ended June 30, 2013:


	Three Months Ended June 30, 2013
	Corporate Private Equity			Global Market Strategies			Real Assets			Global Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	108.8		$	73.8		$	46.4		$	20.9	$	249.9
Portfolio advisory fees, net		4.9			0.5			0.3			—		5.7
Transaction fees, net		4.0			0.1			2.7			—		6.8

Total fee revenues		117.7			74.4			49.4			20.9		262.4
Performance fees
Realized		151.4			17.9			20.6			2.7		192.6
Unrealized		31.2			23.0			(33.4	)		21.3		42.1

Total performance fees		182.6			40.9			(12.8	)		24.0		234.7
Investment income (loss)
Realized		1.7			12.2			0.7			—		14.6
Unrealized		2.4			(11.9	)		1.7			0.1		(7.7	)

Total investment income (loss)		4.1			0.3			2.4			0.1		6.9
Interest and other income		1.7			1.5			0.6			0.2		4.0

Total revenues		306.1			117.1			39.6			45.2		508.0

Segment Expenses
Compensation and benefits
Direct base compensation		50.0			24.9			18.2			7.9		101.0
Indirect base compensation		21.8			5.5			6.4			1.3		35.0
Equity-based compensation		2.3			0.6			1.2			0.1		4.2
Performance fee related
Realized		65.1			6.7			1.6			1.4		74.8
Unrealized		8.8			9.6			2.9			16.1		37.4

Total compensation and benefits		148.0			47.3			30.3			26.8		252.4
General, administrative, and other indirect expenses		41.6			19.5			16.5			4.4		82.0
Depreciation and amortization expense		3.4			1.1			1.2			0.5		6.2
Interest expense		6.7			2.1			2.2			0.6		11.6

Total expenses		199.7			70.0			50.2			32.3		352.2

Economic Net Income (Loss)	$	106.4		$	47.1		$	(10.6	)	$	12.9	$	155.8

(-) Net Performance Fees		108.7			24.6			(17.3	)		6.5		122.5
(-) Investment Income (Loss)		4.1			0.3			2.4			0.1		6.9

(=) Fee Related Earnings	$	(6.4	)	$	22.2		$	4.3		$	6.3	$	26.4

(+) Realized Net Performance Fees		86.3			11.2			19.0			1.3		117.8
(+) Realized Investment Income		1.7			12.2			0.7			—		14.6
(+) Equity-based compensation		2.3			0.6			1.2			0.1		4.2

(=) Distributable Earnings	$	83.9		$	46.2		$	25.2		$	7.7	$	163.0


	June 30, 2013 and the Six Months Then Ended
	Corporate Private Equity			Global Market Strategies			Real Assets			Global Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	217.1		$	140.1		$	93.4		$	39.4	$	490.0
Portfolio advisory fees, net		9.0			0.7			0.6			—		10.3
Transaction fees, net		14.4			0.1			2.7			—		17.2

Total fund level fee revenues		240.5			140.9			96.7			39.4		517.5
Performance fees
Realized		363.7			42.0			31.6			4.2		441.5
Unrealized		238.8			87.3			16.1			42.6		384.8

Total performance fees		602.5			129.3			47.7			46.8		826.3
Investment income (loss)
Realized		3.5			14.1			(12.3	)		—		5.3
Unrealized		5.2			(6.8	)		6.2			—		4.6

Total investment income		8.7			7.3			(6.1	)		—		9.9
Interest and other income		2.7			2.6			0.9			0.2		6.4

Total revenues		854.4			280.1			139.2			86.4		1,360.1

Segment Expenses
Compensation and benefits
Direct base compensation		105.0			50.6			36.1			17.3		209.0
Indirect base compensation		41.8			10.3			13.9			2.6		68.6
Equity-based compensation		3.8			1.0			1.8			0.2		6.8
Performance fee related
Realized		166.7			16.4			(3.3	)		2.4		182.2
Unrealized		92.4			15.8			26.5			32.2		166.9

Total compensation and benefits		409.7			94.1			75.0			54.7		633.5
General, administrative, and other indirect expenses		80.6			29.0			26.9			7.8		144.3
Depreciation and amortization expense		6.9			2.3			2.3			1.0		12.5
Interest expense		11.6			3.6			3.8			1.1		20.1

Total expenses		508.8			129.0			108.0			64.6		810.4

Economic Net Income (Loss)	$	345.6		$	151.1		$	31.2		$	21.8	$	549.7

(-) Net Performance Fees		343.4			97.1			24.5			12.2		477.2
(-) Investment Income (Loss)		8.7			7.3			(6.1	)		—		9.9

(=) Fee Related Earnings	$	(6.5	)	$	46.7		$	12.8		$	9.6	$	62.6

(+) Realized Net Performance Fees		197.0			25.6			34.9			1.8		259.3
(+) Realized Investment Income		3.5			14.1			(12.3	)		—		5.3
(+) Equity-based compensation		3.8			1.0			1.8			0.2		6.8

(=) Distributable Earnings	$	197.8		$	87.4		$	37.2		$	11.6	$	334.0


Segment assets as of June 30, 2013	$	2,693.2		$	1,102.3		$	953.6		$	426.1	$	5,175.2

The following tables present the financial data for the Partnership’s four reportable segments for the three and six months ended June 30, 2012:


	Three Months Ended June 30, 2012
	Corporate Private Equity			Global Market Strategies		Real Assets			Global Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	124.0		$	59.5	$	34.1		$	17.4	$	235.0
Portfolio advisory fees, net		4.9			0.5		1.6			—		7.0
Transaction fees, net		1.6			—		2.1			—		3.7

Total fee revenues		130.5			60.0		37.8			17.4		245.7
Performance fees
Realized		80.6			1.3		27.0			1.4		110.3
Unrealized		(269.7	)		4.0		(56.0	)		10.6		(311.1	)

Total performance fees		(189.1	)		5.3		(29.0	)		12.0		(200.8	)
Investment income (loss)
Realized		1.5			2.8		(0.3	)		—		4.0
Unrealized		3.7			4.8		1.5			—		10.0

Total investment income (loss)		5.2			7.6		1.2			—		14.0
Interest and other income		1.6			0.4		0.4			0.1		2.5

Total revenues		(51.8	)		73.3		10.4			29.5		61.4

Segment Expenses
Compensation and benefits
Direct base compensation		54.8			25.2		16.9			8.9		105.8
Indirect base compensation		24.1			4.5		5.6			2.0		36.2
Equity-based compensation		0.4			0.1		0.1			—		0.6
Performance fee related
Realized		31.0			0.7		1.5			1.3		34.5
Unrealized		(140.3	)		0.2		2.1			9.4		(128.6	)

Total compensation and benefits		(30.0	)		30.7		26.2			21.6		48.5
General, administrative, and other indirect expenses		36.9			9.1		11.1			2.9		60.0
Depreciation and amortization expense		2.3			0.6		0.7			0.4		4.0
Interest expense		3.5			0.9		1.1			0.6		6.1

Total expenses		12.7			41.3		39.1			25.5		118.6

Economic Net Income (Loss)	$	(64.5	)	$	32.0	$	(28.7	)	$	4.0	$	(57.2	)

(-) Net Performance Fees		(79.8	)		4.4		(32.6	)		1.3		(106.7	)
(-) Investment Income		5.2			7.6		1.2			—		14.0

(=) Fee Related Earnings	$	10.1		$	20.0	$	2.7		$	2.7	$	35.5

(+) Realized Net Performance Fees		49.6			0.6		25.5			0.1		75.8
(+) Realized Investment Income (loss)		1.5			2.8		(0.3	)		—		4.0
(+) Equity-based compensation		0.4			0.1		0.1			—		0.6

(=) Distributable Earnings	$	61.6		$	23.5	$	28.0		$	2.8	$	115.9


	Six Months Ended June 30, 2012
	Corporate Private Equity			Global Market Strategies		Real Assets			Global Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	247.9		$	108.1	$	70.7		$	33.7	$	460.4
Portfolio advisory fees, net		11.9			1.2		1.9			—		15.0
Transaction fees, net		3.2			—		3.2			—		6.4

Total fund level fee revenues		263.0			109.3		75.8			33.7		481.8
Performance fees
Realized		303.6			33.7		50.2			4.6		392.1
Unrealized		(28.4	)		16.7		26.4			23.9		38.6

Total performance fees		275.2			50.4		76.6			28.5		430.7
Investment income (loss)
Realized		2.3			4.1		(0.3	)		—		6.1
Unrealized		18.2			8.5		4.5			—		31.2

Total investment income (loss)		20.5			12.6		4.2			—		37.3
Interest and other income		3.0			1.0		0.8			0.3		5.1

Total revenues		561.7			173.3		157.4			62.5		954.9

Segment Expenses
Compensation and benefits
Direct base compensation		110.1			44.9		35.1			16.9		207.0
Indirect base compensation		44.9			9.4		12.0			3.0		69.3
Equity-based compensation		0.4			0.1		0.1			—		0.6
Performance fee related
Realized		148.6			18.5		2.4			4.1		173.6
Unrealized		(8.3	)		9.9		8.0			19.4		29.0

Total compensation and benefits		295.7			82.8		57.6			43.4		479.5
General, administrative, and other indirect expenses		71.7			16.4		22.8			4.5		115.4
Depreciation and amortization expense		5.5			1.4		1.7			0.6		9.2
Interest expense		9.4			2.6		3.0			0.9		15.9

Total expenses		382.3			103.2		85.1			49.4		620.0

Economic Net Income	$	179.4		$	70.1	$	72.3		$	13.1	$	334.9

(-) Net Performance Fees		134.9			22.0		66.2			5.0		228.1
(-) Investment Income		20.5			12.6		4.2			—		37.3

(=) Fee Related Earnings	$	24.0		$	35.5	$	1.9		$	8.1	$	69.5

(+) Realized Net Performance Fees		155.0			15.2		47.8			0.5		218.5
(+) Realized Investment Income (loss)		2.3			4.1		(0.3	)		—		6.1
(+) Equity-based compensation		0.4			0.1		0.1			—		0.6

(=) Distributable Earnings	$	181.7		$	54.9	$	49.5		$	8.6	$	294.7

The following table reconciles the Total Segments to the Partnership’s Income Before Provision for Taxes for the three months ended June 30, 2013 and 2012:


	Three Months Ended June 30, 2013
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated
	(Dollars in millions)

Revenues	$	508.0	$	252.9	$	8.4	(a)	$	769.3
Expenses	$	352.2	$	268.3	$	153.5	(b)	$	774.0
Other income	$	—	$	296.2	$	(5.6	) (c)	$	290.6
Economic net income	$	155.8	$	280.8	$	(150.7	) (d)	$	285.9


	Three Months Ended June 30, 2012
	Reportable Segments			Consolidated Funds		Reconciling Items			Carlyle Consolidated
	(Dollars in millions)

Revenues	$	61.4		$	219.2	$	(32.2	) (a)	$	248.4
Expenses	$	118.6		$	217.0	$	113.3	(b)	$	448.9
Other income	$	—		$	385.9	$	0.7	(c)	$	386.6
Economic net income (loss)	$	(57.2	)	$	388.1	$	(144.8	) (d)	$	186.1

The following table reconciles the Total Segments to the Partnership’s Income Before Provision for Taxes for the six months ended June 30, 2013 and 2012, and Total Assets as of June 30, 2013:


	June 30, 2013 and the Six Months Then Ended
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated
	(Dollars in millions)

Revenues	$	1,360.1	$	521.3	$	32.9	(a)	$	1,914.3
Expenses	$	810.4	$	601.5	$	266.2	(b)	$	1,678.1
Other income	$	—	$	508.8	$	(6.7	) (c)	$	502.1
Economic net income	$	549.7	$	428.6	$	(240.0	) (d)	$	738.3
Total assets	$	5,175.2	$	28,738.1	$	(126.1	) (e)	$	33,787.2

	Six Months Ended June 30, 2012
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated
	(Dollars in millions)

Revenues	$	954.9	$	430.7	$	(26.3	) (a)	$	1,359.3
Expenses	$	620.0	$	437.2	$	(131.1	) (b)	$	926.1
Other income	$	—	$	1,256.4	$	2.3	(c)	$	1,258.7
Economic net income	$	334.9	$	1,249.9	$	107.1	(d)	$	1,691.9

(a)

The Revenues adjustment principally represents fund management and performance fees earned from the Consolidated Funds which were eliminated in consolidation to arrive at the Partnership’s total revenues, adjustments for amounts attributable to non-controlling interests in consolidated entities, adjustments related to expenses associated with the investment in NGP Management that are included in operating captions or are excluded from the segment results, and adjustments to reflect the Partnership’s ownership interests in Claren Road, ESG, Vermillion and AlpInvest which were included in Revenues in the Partnership’s segment reporting.

(b)

The Expenses adjustment represents the elimination of intercompany expenses of the Consolidated Funds payable to the Partnership, adjustments for partner compensation, adjustments related to expenses associated with the investment in NGP Management that are included in operating captions, charges and credits associated with Carlyle corporate actions and non-recurring items and adjustments to reflect the Partnership’s economic interests in Claren Road, ESG, Vermillion and AlpInvest as detailed below (Dollars in millions):


	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012

Partner compensation	$	—		$	5.6		$	—		$	(265.4	)
Equity-based compensation issued in conjuction with the initial public offering and strategic investments		123.1			93.6			175.2			93.6
Acquisition related charges and amortization of intangibles		52.5			21.5			115.0			45.6
Losses associated with debt refinancing activities		—			—			1.9			—
Other non-operating expenses		(3.3	)		0.7			(5.7	)		(3.4	)
Severance and lease terminations		3.5			1.7			4.0			4.1
Non-Carlyle economic interests in acquired business		44.5			33.8			123.4			71.8
Other adjustments		(0.2	)		(2.8	)		0.7			(3.0	)
Elimination of expenses of Consolidated Funds		(66.6	)		(40.8	)		(148.3	)		(74.4	)

	$	153.5		$	113.3		$	266.2		$	(131.1	)

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

(d)	The following table is a reconciliation of Income Before Provision for Income Taxes to Economic Net Income, to Fee Related Earnings, and to Distributable Earnings (Dollars in millions):


	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012

Income before provision for income taxes	$	285.9		$	186.1		$	738.3		$	1,691.9
Adjustments:
Partner compensation⁽¹⁾		—			5.6			—			(265.4	)
Equity-based compensation issued in conjuction with the initial public offering and strategic investments		123.1			93.6			175.2			93.6
Acquisition related charges and amortization of intangibles		52.5			21.5			115.0			45.6
Losses associated with debt refinancing activities		—			—			1.9			—
Other non-operating (income) expenses		(3.3	)		0.7			(5.7	)		(3.4	)
Net income attributable to non-controlling interests in Consolidated entities		(300.0	)		(357.9	)		(468.0	)		(1,222.8	)
Provision for income taxes attributable to non-controlling interests in Consolidated entities		(5.7	)		(5.7	)		(11.7	)		(5.7	)
Severance and lease terminations		3.5			1.7			4.0			4.1
Other adjustments		(0.2	)		(2.8	)		0.7			(3.0	)

Economic Net Income (loss)	$	155.8		$	(57.2	)	$	549.7		$	334.9

Net performance fees⁽²⁾		122.5			(106.7	)		477.2			228.1
Investment income⁽²⁾		6.9			14.0			9.9			37.3

Fee Related Earnings	$	26.4		$	35.5		$	62.6		$	69.5

Realized performance fees, net of related compensation		117.8			75.8			259.3			218.5
Realized investment income		14.6			4.0			5.3			6.1
Equity-based compensation		4.2			0.6			6.8			0.6

Distributable Earnings	$	163.0		$	115.9		$	334.0		$	294.7

(1)

Adjustments for partner compensation reflect amounts due to senior Carlyle professionals for compensation and performance fees allocated to them, which amounts were classified as distributions from partners’ capital in the consolidated financial statements for periods prior to the reorganization and initial public offering in May 2012.

(2)	See reconciliation to most directly comparable U.S. GAAP measure below:

Three Months Ended June 30, 2013

Carlyle
Consolidated

Adjustments ⁽³⁾

Total
Reportable
Segments

(Dollars in millions)

Performance fees

Realized

203.2

(10.6

)

192.6

Unrealized

55.9

(13.8

)

42.1

Total performance fees

259.1

(24.4

)

234.7

Performance fee related compensation expense

Realized

78.1

(3.3

)

74.8

Unrealized

66.0

(28.6

)

37.4

Total performance fee related compensation expense

144.1

(31.9

)

112.2

Net performance fees

Realized

125.1

(7.3

)

117.8

Unrealized

(10.1

)

14.8

4.7

Total net performance fees

115.0

7.5

122.5

Investment income (loss)

Realized

12.7

1.9

14.6

Unrealized

(1.7

)

(6.0

)

(7.7

)

Total investment income (loss)

11.0

(4.1

)

6.9


	Three Months Ended June 30, 2012
	Carlyle Consolidated			Adjustments ⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance fees
Realized	$	116.7		$	(6.4	)	$	110.3
Unrealized		(337.1	)		26.0			(311.1	)

Total performance fees		(220.4	)		19.6			(200.8	)
Performance fee related compensation expense
Realized		32.1			2.4			34.5
Unrealized		(97.7	)		(30.9	)		(128.6	)

Total performance fee related compensation expense		(65.6	)		(28.5	)		(94.1	)
Net performance fees
Realized		84.6			(8.8	)		75.8
Unrealized		(239.4	)		56.9			(182.5	)

Total net performance fees	$	(154.8	)	$	48.1		$	(106.7	)


Investment income
Realized	$	2.4		$	1.6		$	4.0
Unrealized		4.6			5.4			10.0

Total investment income	$	7.0		$	7.0		$	14.0

Six Months Ended June 30, 2013

Carlyle
Consolidated

Adjustments ⁽³⁾

Total
Reportable
Segments

(Dollars in millions)

Performance fees

Realized

456.0

(14.5

)

441.5

Unrealized

445.5

(60.7

)

384.8

Total performance fees

901.5

(75.2

)

826.3

Performance fee related compensation expense

Realized

186.8

(4.6

)

182.2

Unrealized

261.0

(94.1

)

166.9

Total performance fee related compensation expense

447.8

(98.7

)

349.1

Net performance fees

Realized

269.2

(9.9

)

259.3

Unrealized

184.5

33.4

217.9

Total net performance fees

453.7

23.5

477.2

Investment income (loss)

Realized

8.5

(3.2

)

5.3

Unrealized

2.9

1.7

4.6

Total investment income (loss)

11.4

(1.5

)

9.9


	Six Months Ended June 30, 2012
	Carlyle Consolidated			Adjustments ⁽³⁾			Total Reportable Segments
				(Dollars in millions)
Performance fees
Realized	$	397.3		$	(5.2	)	$	392.1
Unrealized		23.1			15.5			38.6

Total performance fees		420.4			10.3			430.7
Performance fee related compensation expense
Realized		66.4			107.2			173.6
Unrealized		(42.9	)		71.9			29.0

Total performance fee related compensation expense		23.5			179.1			202.6
Net performance fees
Realized		330.9			(112.4	)		218.5
Unrealized		66.0			(56.4	)		9.6

Total net performance fees	$	396.9		$	(168.8	)	$	228.1


Investment income
Realized	$	1.6		$	4.5		$	6.1
Unrealized		26.9			4.3			31.2

Total investment income	$	28.5		$	8.8		$	37.3

(3)

Adjustments to performance fees and investment income (loss) relate to amounts earned from the Consolidated Funds, which were eliminated in the U.S. GAAP consolidation but were included in the segment results, and amounts attributable to non-controlling interests in consolidated entities, which were excluded from the segment results. Adjustments to investment income (loss) also include the reclassification of earnings for the investment in NGP Management to the appropriate operating captions for the segment results, and the exclusion of charges associated with the investment in NGP Management that are excluded from the segment results. Adjustments to performance fee related compensation expense relate to the inclusion of partner compensation in the segment results for periods prior to the reorganization and initial public offering in May 2012. Adjustments are also included in these financial statement captions to reflect the Partnership’s 55% economic interest in Claren Road, ESG and Vermillion and the Partnership’s 60% interest in AlpInvest in the segment results.

(e)	The Total Assets adjustment represents the addition of the assets of the Consolidated Funds which were eliminated in consolidation to arrive at the Partnership’s total assets.

Subsequent Events

6 Months Ended

Jun. 30, 2013

Subsequent Events [Abstract]

Subsequent Events

18.

Subsequent Events

On August 1, 2013, the Partnership acquired the remaining 40% equity interest in AlpInvest for an aggregate of 2,887,970 newly issued common units and approximately €4.5 million (approximately $6.0 million) in cash. The common units issued to the AlpInvest management holders are subject to certain minimum retained ownership requirements and transfer restrictions and certain common units are subject to vesting conditions. The Partnership will account for this transaction as an acquisition of ownership interests in a subsidiary while retaining a controlling financial interest in the subsidiary. Accordingly, the carrying amount of the non-controlling interest will be adjusted to reflect the change in ownership interests in the subsidiary. The difference between the fair value of the consideration paid by the Partnership (excluding any elements of the transaction deemed to be compensatory) and the carrying amount of the non-controlling interest acquired will be recognized directly in partners’ capital.

In August 2013, the Board of Directors of the general partner of the Partnership declared a quarterly distribution of $0.16 to common unit holders of record at the close of business on August 19, 2013, payable on August 30, 2013.

On August 9, 2013, we entered into Amendment No. 1 to the senior credit facility to extend the maturity date of the term loan and revolving credit facility from September 30, 2016 until August 9, 2018, and to eliminate all amortization of outstanding term loans, with all such term loans being due and payable on the new maturity date.

Supplemental Financial Information

6 Months Ended

Jun. 30, 2013

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Supplemental Financial Information

19.

Supplemental Financial Information

The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Partnership’s financial position as of June 30, 2013 and December 31, 2012 and results of operations for the three months and six months ended June 30, 2013 and 2012. The supplemental statement of cash flows is presented without effects of the Consolidated Funds.


	As of June 30, 2013
	Consolidated Operating Entities			Consolidated Funds			Eliminations			Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	572.9		$	—		$	—		$	572.9
Cash and cash equivalents held at Consolidated Funds		—			2,205.5			—			2,205.5
Restricted cash		41.0			—			—			41.0
Restricted cash and securities of Consolidated Funds		—			29.2			—			29.2
Accrued performance fees		2,680.8			—			(33.9	)		2,646.9
Investments		892.5			—			(81.3	)		811.2
Investments of Consolidated Funds		—			26,068.1			—			26,068.1
Due from affiliates and other receivables, net		195.8			—			(10.9	)		184.9
Due from affiliates and other receivables of Consolidated Funds, net		—			431.6			—			431.6
Fixed assets, net		62.7			—			—			62.7
Deposits and other		44.2			3.7			—			47.9
Intangible assets, net		624.6			—			—			624.6
Deferred tax assets		60.7			—			—			60.7

Total assets	$	5,175.2		$	28,738.1		$	(126.1	)	$	33,787.2


Liabilities and partners’ capital
Loans payable	$	25.0		$	—		$	—		$	25.0
3.875% senior notes due 2023		499.8			—			—			499.8
5.625% senior notes due 2043		398.4			—			—			398.4
Loans payable of Consolidated Funds		—			15,089.3			(69.5	)		15,019.8
Accounts payable, accrued expenses and other liabilities		223.7			—			—			223.7
Accrued compensation and benefits		1,554.0			—			—			1,554.0
Due to affiliates		282.9			59.4			(0.5	)		341.8
Deferred revenue		55.6			1.5			—			57.1
Deferred tax liabilities		78.2			—			—			78.2
Other liabilities of Consolidated Funds		—			1,781.8			(51.6	)		1,730.2
Accrued giveback obligations		59.3			—			(9.7	)		49.6

Total liabilities		3,176.9			16,932.0			(131.3	)		19,977.6

Redeemable non-controlling interests in consolidated entities		7.1			3,934.4			—			3,941.5

Partners’ capital		265.2			(6.6	)		6.6			265.2
Accumulated other comprehensive loss		(11.0	)		—			(1.1	)		(12.1	)
Partners’ capital appropriated for Consolidated Funds		—			438.5			(0.3	)		438.2
Non-controlling interests in consolidated entities		329.5			7,439.8			—			7,769.3
Non-controlling interests in Carlyle Holdings		1,407.5			—			—			1,407.5

Total partners’ capital		1,991.2			7,871.7			5.2			9,868.1

Total liabilities and partners’ capital	$	5,175.2		$	28,738.1		$	(126.1	)	$	33,787.2


	As of December 31, 2012
	Consolidated Operating Entities			Consolidated Funds			Eliminations			Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	567.1		$	—		$	—		$	567.1
Cash and cash equivalents held at Consolidated Funds		—			1,646.6			—			1,646.6
Restricted cash		34.5			—			—			34.5
Restricted cash and securities of Consolidated Funds		—			36.3			—			36.3
Accrued performance fees		2,204.9			—			(12.4	)		2,192.5
Investments		932.6			—			(51.4	)		881.2
Investments of Consolidated Funds		—			24,815.7			—			24,815.7
Due from affiliates and other receivables, net		201.5			—			(10.8	)		190.7
Due from affiliates and other receivables of Consolidated Funds, net		—			331.8			—			331.8
Fixed assets, net		63.6			—			—			63.6
Deposits and other		44.2			4.2			—			48.4
Intangible assets, net		691.1			—			—			691.1
Deferred tax assets		67.1			—			—			67.1

Total assets	$	4,806.6		$	26,834.6		$	(74.6	)	$	31,566.6


Liabilities and partners’ capital
Loans payable	$	886.3		$	—		$	—		$	886.3
Loans payable of Consolidated Funds		—			13,708.2			(51.5	)		13,656.7
Accounts payable, accrued expenses and other liabilities		215.0			—			—			215.0
Accrued compensation and benefits		1,318.2			—			—			1,318.2
Due to affiliates		290.4			42.1			(0.4	)		332.1
Deferred revenue		57.9			1.5			—			59.4
Deferred tax liabilities		61.1			—			—			61.1
Other liabilities of Consolidated Funds		—			1,405.0			(19.2	)		1,385.8
Accrued giveback obligations		79.0			—			(9.8	)		69.2

Total liabilities		2,907.9			15,156.8			(80.9	)		17,983.8

Redeemable non-controlling interests in consolidated entities		6.0			2,881.4			—			2,887.4

Partners’ capital		235.1			(4.7	)		4.7			235.1
Accumulated other comprehensive loss		(5.0	)		—			0.2			(4.8	)
Partners’ capital appropriated for Consolidated Funds		—			837.2			1.4			838.6
Non-controlling interests in consolidated entities		300.9			7,963.9			—			8,264.8
Non-controlling interests in Carlyle Holdings		1,361.7			—			—			1,361.7

Total partners’ capital		1,892.7			8,796.4			6.3			10,695.4

Total liabilities and partners’ capital	$	4,806.6		$	26,834.6		$	(74.6	)	$	31,566.6


	Three Months Ended June 30, 2013
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	285.8		$	—	$	(43.6	)	$	242.2
Performance fees
Realized		205.3			—		(2.1	)		203.2
Unrealized		66.9			—		(11.0	)		55.9

Total performance fees		272.2			—		(13.1	)		259.1
Investment income (loss)
Realized		15.0			—		(2.3	)		12.7
Unrealized		(8.9	)		—		7.2			(1.7	)

Total investment income (loss)		6.1			—		4.9			11.0
Interest and other income		4.1			—		—			4.1
Interest and other income of Consolidated Funds		—			252.9		—			252.9

Total revenues		568.2			252.9		(51.8	)		769.3

Expenses
Compensation and benefits
Base compensation		173.6			—		—			173.6
Equity-based compensation		126.0			—		—			126.0
Performance fee related					—		—
Realized		78.1			—		—			78.1
Unrealized		66.0			—		—			66.0

Total compensation and benefits		443.7			—		—			443.7
General, administrative and other expenses		120.3			—		—			120.3
Interest		11.6			—		—			11.6
Interest and other expenses of Consolidated Funds		—			268.3		(66.6	)		201.7
Other non-operating income		(3.3	)		—		—			(3.3	)

Total expenses		572.3			268.3		(66.6	)		774.0

Other income
Net investment gains of Consolidated Funds		—			296.2		(5.6	)		290.6


Income (loss) before provision for income taxes		(4.1	)		280.8		9.2			285.9
Provision for income taxes		16.6			—		—			16.6

Net income (loss)		(20.7	)		280.8		9.2			269.3

Net income attributable to non-controlling interests in consolidated entities		10.0			—		290.0			300.0

Net income (loss) attributable to Carlyle Holdings		(30.7	)		280.8		(280.8	)		(30.7	)
Net income (loss) attributable to non-controlling interests in Carlyle Holdings		(27.4	)		—		—			(27.4	)

Net income (loss) attributable to The Carlyle Group L.P.	$	(3.3	)	$	280.8	$	(280.8	)	$	(3.3	)


	Six Months Ended June 30, 2013
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	560.0		$	—	$	(86.4	)	$	473.6
Performance fees
Realized		459.6			—		(3.6	)		456.0
Unrealized		491.7			—		(46.2	)		445.5

Total performance fees		951.3			—		(49.8	)		901.5
Investment income (loss)
Realized		12.6			—		(4.1	)		8.5
Unrealized		(3.2	)		—		6.1			2.9

Total investment income (loss)		9.4			—		2.0			11.4
Interest and other income		6.5			—		—			6.5
Interest and other income of Consolidated Funds		—			521.3		—			521.3

Total revenues		1,527.2			521.3		(134.2	)		1,914.3

Expenses
Compensation and benefits
Base compensation		352.1			—		—			352.1
Equity-based compensation		178.3			—		—			178.3
Performance fee related
Realized		186.8			—		—			186.8
Unrealized		261.0			—		—			261.0

Total compensation and benefits		978.2			—		—			978.2
General, administrative and other expenses		230.3			—		1.4			231.7
Interest		22.1			—		—			22.1
Interest and other expenses of Consolidated Funds		—			601.5		(149.7	)		451.8
Other non-operating income		(5.7	)		—		—			(5.7	)

Total expenses		1,224.9			601.5		(148.3	)		1,678.1

Other income
Net investment gains of Consolidated Funds		—			508.8		(6.7	)		502.1


Income before provision for income taxes		302.3			428.6		7.4			738.3
Provision for income taxes		41.5			—		—			41.5

Net income		260.8			428.6		7.4			696.8

Net income attributable to non-controlling interests in consolidated entities		32.0			—		436.0			468.0

Net income attributable to Carlyle Holdings		228.8			428.6		(428.6	)		228.8
Net income attributable to non-controlling interests in Carlyle Holdings		198.3			—		—			198.3

Net income attributable to The Carlyle Group L.P.	$	30.5		$	428.6	$	(428.6	)	$	30.5


	Three Months Ended June 30, 2012
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	275.9		$	—	$	(36.0	)	$	239.9
Performance fees
Realized		124.6			—		(7.9	)		116.7
Unrealized		(345.5	)		—		8.4			(337.1	)

Total performance fees		(220.9	)		—		0.5			(220.4	)
Investment income
Realized		6.3			—		(3.9	)		2.4
Unrealized		4.4			—		0.2			4.6

Total investment income		10.7			—		(3.7	)		7.0
Interest and other income		2.6			—		0.1			2.7
Interest and other income of Consolidated Funds		—			219.2		—			219.2

Total revenues		68.3			219.2		(39.1	)		248.4

Expenses
Compensation and benefits
Base compensation		149.9			—		—			149.9
Equity-based compensation		94.2			—		—			94.2
Performance fee related
Realized		32.1			—		—			32.1
Unrealized		(97.7	)		—		—			(97.7	)

Total compensation and benefits		178.5			—		—			178.5
General, administrative and other expenses		87.3			—		(3.3	)		84.0
Interest		6.2			—		—			6.2
Interest and other expenses of Consolidated Funds		—			217.0		(37.5	)		179.5
Other non-operating expense		0.7			—		—			0.7

Total expenses		272.7			217.0		(40.8	)		448.9

Other income
Net investment gains of Consolidated Funds		—			385.9		0.7			386.6


Income (loss) before provision for income taxes		(204.4	)		388.1		2.4			186.1
Provision for income taxes		10.6			—		—			10.6

Net income (loss)		(215.0	)		388.1		2.4			175.5

Net income (loss) attributable to non-controlling interests in consolidated entities		(32.6	)		—		390.5			357.9

Net income (loss) attributable to Carlyle Holdings		(182.4	)		388.1		(388.1	)		(182.4	)
Net loss attributable to non-controlling interests in Carlyle Holdings		(172.1	)		—		—			(172.1	)

Net income (loss) attributable to The Carlyle Group L.P.	$	(10.3	)	$	388.1	$	(388.1	)	$	(10.3	)


	Six Months Ended June 30, 2012
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	540.1		$	—	$	(65.8	)	$	474.3
Performance fees
Realized		408.8			—		(11.5	)		397.3
Unrealized		17.3			—		5.8			23.1

Total performance fees		426.1			—		(5.7	)		420.4
Investment income
Realized		8.7			—		(7.1	)		1.6
Unrealized		28.3			—		(1.4	)		26.9

Total investment income		37.0			—		(8.5	)		28.5
Interest and other income		5.4			—		—			5.4
Interest and other income of Consolidated Funds		—			430.7		—			430.7

Total revenues		1,008.6			430.7		(80.0	)		1,359.3

Expenses
Compensation and benefits
Base compensation		256.0			—		—			256.0
Equity-based compensation		94.2			—		—			94.2
Performance fee related
Realized		66.4			—		—			66.4
Unrealized		(42.9	)		—		—			(42.9	)

Total compensation and benefits		373.7			—		—			373.7
General, administrative and other expenses		176.4			—		(1.2	)		175.2
Interest		16.6			—		—			16.6
Interest and other expenses of Consolidated Funds		—			437.2		(73.2	)		364.0
Other non-operating income		(3.4	)		—		—			(3.4	)

Total expenses		563.3			437.2		(74.4	)		926.1

Other income
Net investment gains of Consolidated Funds		—			1,256.4		2.3			1,258.7


Income before provision for income taxes		445.3			1,249.9		(3.3	)		1,691.9
Provision for income taxes		22.3			—		—			22.3

Net income		423.0			1,249.9		(3.3	)		1,669.6

Net income (loss) attributable to non-controlling interests in consolidated entities		(23.8	)		—		1,246.6			1,222.8

Net income attributable to Carlyle Holdings		446.8			1,249.9		(1,249.9	)		446.8
Net income attributable to non-controlling interests in Carlyle Holdings		457.1			—		—			457.1

Net income (loss) attributable to The Carlyle Group L.P.	$	(10.3	)	$	1,249.9	$	(1,249.9	)	$	(10.3	)


	Six Months Ended June 30,
	2013			2012
	(Dollars in millions)
Cash flows from operating activities
Net income	$	260.8		$	423.0
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization		76.4			48.2
Amortization of deferred financing fees		0.7			0.8
Equity-based compensation		178.3			94.2
Excess tax benefits related to equity-based compensation		(1.7	)		—
Non-cash performance fees		(560.0	)		(55.2	)
Other non-cash amounts		1.8			(3.4	)
Investment income		12.0			(31.5	)
Purchases of investments		(92.1	)		(20.3	)
Proceeds from the sale of investments		189.1			159.2
Purchases of trading securities		(30.3	)		(10.1	)
Proceeds from the sale of trading securities		18.7
Change in deferred taxes		23.6			0.1
Change in due from affiliates and other receivables		(21.7	)		(1.8	)
Change in deposits and other		4.2			2.3
Change in accounts payable, accrued expenses and other liabilities		15.4			(7.2	)
Change in accrued compensation and benefits		248.4			(127.0	)
Change in due to affiliates		9.3			(3.8	)
Change in deferred revenue		(0.6	)		(28.4	)

Net cash provided by operating activities		332.3			439.1

Cash flows from investing activities
Change in restricted cash		(6.9	)		(5.1	)
Purchases of fixed assets, net		(12.3	)		(18.3	)
Purchases of intangible assets		—			(41.0	)

Net cash used in investing activities		(19.2	)		(64.4	)

Cash flows from financing activities
Borrowings under credit facility		—			433.7
Repayments under credit facility		(386.3	)		(744.6	)
Issuance of 3.875% senior notes due 2023, net of financing costs		495.3			—
Issuance of 5.625% senior notes due 2043, net of financing costs		394.1			—
Payments on loans payable		(475.0	)		(310.0	)
Payments of contingent consideration		(10.9	)		—
Net proceeds from issuance of common units in initial public offering		—			615.8
Excess tax benefits related to equity-based compensation		1.7			—
Distributions to common unitholders		(44.1	)		—
Contributions from predecessor owners		—			9.3
Distributions to predecessor owners		—			(452.3	)
Contributions from non-controlling interest holders		53.5			19.6
Distributions to non-controlling interest holders		(341.5	)		(25.4	)
Change in due to/from affiliates financing activities		12.0			17.3

Net cash used in financing activities		(301.2	)		(436.6	)

Effect of foreign exchange rate changes		(6.1	)		1.8

Increase (decrease) in cash and cash equivalents		5.8			(60.1	)
Cash and cash equivalents, beginning of period		567.1			509.6

Cash and cash equivalents, end of period	$	572.9		$	449.5

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2013

Accounting Policies [Abstract]

Principles of Consolidation

Principles of Consolidation

Investments in Unconsolidated Variable Interest Entities

Investments in Unconsolidated Variable Interest Entities


	As of
	June 30,		December 31,
	2013		2012
	(Dollars in millions)

Investments	$	385.2	$	398.2
Receivables		136.0		43.5

Maximum Exposure to Loss	$	521.2	$	441.7

Basis of Accounting

Basis of Accounting

Use of Estimates

Use of Estimates

Business Combinations

Business Combinations

Fund Management Fees

Fund Management Fees

Performance Fees

Performance Fees

Investment Income (Loss)

Investment Income (Loss)

Interest Income

Interest Income

Compensation and Benefits

Compensation and Benefits

Income Taxes

Income Taxes

The Partnership uses the liability method of accounting for deferred income taxes pursuant to U.S. GAAP. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the carrying value of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the statutory tax rates expected to be applied in the periods in which those temporary differences are settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period of the change. A valuation allowance is recorded on the Partnership’s net deferred tax assets when it is more likely than not that such assets will not be realized. When evaluating the realizability of the Partnership’s deferred tax assets, all evidence, both positive and negative is evaluated. Items considered in this analysis include the ability to carry-back losses, the reversal of temporary differences, tax planning strategies, and expectations of future earnings.

Tax Receivable Agreement

Tax Receivable Agreement

Non-Controlling Interests in Consolidated Entities

Non-controlling Interests in Consolidated Entities

Earnings Per Common Unit

Earnings Per Common Unit

Investments

Investments

Equity-Method Investments

Equity-Method Investments

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and Cash Equivalents Held at Consolidated Funds

Cash and Cash Equivalents Held at Consolidated Funds

Restricted Cash

Restricted Cash

Restricted Cash and Securities of Consolidated Funds

Restricted Cash and Securities of Consolidated Funds

Derivative Instruments

Derivative Instruments

Fixed Assets

Fixed Assets

Intangible Assets and Goodwill

Intangible Assets and Goodwill

Deferred Revenue

Deferred Revenue

Deferred revenue represents management fees and other revenue received prior to the balance sheet date, which has not yet been earned.

Comprehensive Income (Loss)

Comprehensive Income (Loss)


	As of
	June 30,			December 31,
	2013			2012
	(Dollars in millions)

Unrealized losses on cash flow hedge instruments	$	(1.2	)	$	(0.1	)
Currency translation adjustments		(9.5	)		(3.3	)
Unrecognized losses on defined benefit plans		(1.4	)		(1.4	)

Total	$	(12.1	)	$	(4.8	)

Foreign Currency Translation

Foreign Currency Translation

Recent Accounting Pronouncement

Recent Accounting Pronouncement

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2013

Accounting Policies [Abstract]

Partnership's Maximum Exposure to Loss Relating to Non-Consolidated Vies

The assets recognized in the Partnership’s condensed consolidated balance sheets related to the Partnership’s interests in these non-consolidated VIEs and the Partnership’s maximum exposure to loss relating to non-consolidated VIEs were as follows:


	As of
	June 30,		December 31,
	2013		2012
	(Dollars in millions)

Investments	$	385.2	$	398.2
Receivables		136.0		43.5

Maximum Exposure to Loss	$	521.2	$	441.7

Components of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) as of June 30, 2013 and December 31, 2012 were as follows:


	As of
	June 30,			December 31,
	2013			2012
	(Dollars in millions)

Unrealized losses on cash flow hedge instruments	$	(1.2	)	$	(0.1	)
Currency translation adjustments		(9.5	)		(3.3	)
Unrecognized losses on defined benefit plans		(1.4	)		(1.4	)

Total	$	(12.1	)	$	(4.8	)

Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Partnership's Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes the Partnership’s assets and liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of June 30, 2013:

(Dollars in millions)

Level I

Level II

Level III

Total

Assets

Investments of Consolidated Funds:

Equity securities

788.7

18.6

2,617.6

3,424.9

Bonds

—

1,058.9

Loans

—

13,771.2

Partnership and LLC interests⁽¹⁾

—

3,840.6

Hedge funds

—

3,961.0

—

3,961.0

Other

—

11.5

788.7

3,979.6

21,299.8

26,068.1

Trading securities

—

10.0

Restricted securities of Consolidated Funds

12.4

—

12.4

Total

801.1

3,979.6

21,309.8

26,090.5

Liabilities

Loans payable of Consolidated Funds

—

15,019.8

Interest rate swaps

—

7.8

—

7.8

Derivative instruments of the CLOs

—

8.9

Contingent consideration⁽²⁾

—

56.9

172.2

229.1

Total

—

64.7

15,200.9

15,265.6

(1)	Balance represents Fund Investments that the Partnership consolidates one fiscal quarter in arrears.

(2)	Related to contingent cash and equity consideration associated with the acquisitions of Claren Road, AlpInvest, ESG and Vermillion, excluding employment-based contingent consideration (see Note 9).

The following table summarizes the Partnership’s assets and liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of December 31, 2012:


(Dollars in millions)	Level I		Level II		Level III		Total
Assets
Investments of Consolidated Funds:
Equity securities	$	872.8	$	32.0	$	2,475.1	$	3,379.9
Bonds		—		—		934.2		934.2
Loans		—		—		13,290.1		13,290.1
Partnership and LLC interests⁽¹⁾		—		—		4,315.5		4,315.5
Hedge funds		—		2,888.7		—		2,888.7
Other		—		—		7.3		7.3

		872.8		2,920.7		21,022.2		24,815.7
Trading securities		—		—		20.0		20.0
Restricted securities of Consolidated Funds		0.6		—		—		0.6

Total	$	873.4	$	2,920.7	$	21,042.2	$	24,836.3


Liabilities
Loans payable of Consolidated Funds	$	—	$	—	$	13,656.7	$	13,656.7
Interest rate swaps		—		10.5		—		10.5
Derivative instruments of the CLOs		—		—		15.8		15.8
Contingent consideration⁽²⁾		—		57.6		186.7		244.3

Total	$	—	$	68.1	$	13,859.2	$	13,927.3

(1)	Balance represents Fund Investments that the Partnership consolidates one fiscal quarter in arrears.

(2)	Related to contingent cash and equity consideration associated with the acquisitions of Claren Road, AlpInvest, ESG and Vermillion, excluding employment-based contingent consideration (see Note 9).

Financial Instruments Measured at Fair Value

The changes in financial instruments measured at fair value for which the Partnership has used Level III inputs to determine fair value are as follows (Dollars in millions):

Financial Assets

Three Months Ended June 30, 2013

Investments of Consolidated Funds

Equity
securities

Bonds

Loans

Partnership and
LLC interests

Other

Trading
securities and
other

Total

Balance, beginning of period

2,573.1

909.2

13,507.4

4,002.2

8.8

22.0

21,022.7

Initial consolidation of funds

—

10.4

—

10.4

Purchases

39.2

239.9

2,414.6

44.7

—

2,738.4

Sales

(59.0

)

(117.1

)

(740.3

)

(259.3

)

(9.0

)

(13.6

)

(1,198.3

)

Settlements

—

(1,559.4

)

—

(1,559.4

)

Realized and unrealized gains (losses), net

64.3

26.9

148.9

53.0

1.3

1.6

296.0

Balance, end of period

2,617.6

1,058.9

13,771.2

3,840.6

11.5

10.0

21,309.8

Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date

34.2

17.0

92.7

43.9

(2.3

)

1.1

186.6

Financial Assets

Six Months Ended June 30, 2013

Investments of Consolidated Funds

Equity
securities

Bonds

Loans

Partnership and
LLC interests

Other

Trading
securities and
other

Total

Balance, beginning of period

2,475.1

934.2

13,290.1

4,315.5

7.3

20.0

21,042.2

Initial consolidation of funds

—

10.4

—

10.4

Transfers out ⁽¹⁾

(4.3

)

—

(4.3

)

Purchases

107.3

415.1

4,670.1

133.1

—

5,325.6

Sales

(128.7

)

(326.5

)

(1,360.6

)

(838.6

)

(9.0

)

(13.6

)

(2,677.0

)

Settlements

—

(2,977.8

)

—

(2,977.8

)

Realized and unrealized gains (losses), net

168.2

36.1

149.4

230.6

2.8

3.6

590.7

Balance, end of period

2,617.6

1,058.9

13,771.2

3,840.6

11.5

10.0

21,309.8

Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date

152.7

38.0

169.0

(225.5

)

(2.4

)

1.1

132.9


	Financial Assets
	Three Months Ended June 30, 2012
	Investments of Consolidated Funds
	Equity securities			Bonds			Loans			Partnership and LLC interests			Other			Trading securities and other		Total

Balance, beginning of period	$	1,861.6		$	876.7		$	12,750.3		$	4,149.1		$	11.6		$	32.4	$	19,681.7
Transfers out ⁽¹⁾		(20.2	)		—			—			—			—			—		(20.2	)
Purchases		19.1			127.0			1,961.7			148.8			—			—		2,256.6
Sales		(25.7	)		(80.3	)		(670.8	)		(233.4	)		(0.3	)		—		(1,010.5	)
Settlements		—			—			(1,151.8	)		—			—			—		(1,151.8	)
Realized and unrealized gains (losses), net		305.2			(32.4	)		(246.3	)		402.6			0.1			3.1		432.3

Balance, end of period	$	2,140.0		$	891.0		$	12,643.1		$	4,467.1		$	11.4		$	35.5	$	20,188.1

Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	318.7		$	(1.8	)	$	(25.0	)	$	127.8		$	2.8		$	3.1	$	425.6


	Financial Assets
	Six Months Ended June 30, 2012
	Investments of Consolidated Funds
	Equity securities			Bonds			Loans			Partnership and LLC interests			Other			Trading securities and other		Total

Balance, beginning of period	$	1,868.9		$	557.0		$	10,152.6		$	4,198.6		$	20.8		$	30.6	$	16,828.5
Initial consolidation of funds		25.2			262.6			2,256.4			—			—			—		2,544.2
Transfers out ⁽¹⁾		(145.6	)		—			—			—			—			—		(145.6	)
Purchases		41.0			199.5			3,310.8			309.8			—			—		3,861.1
Sales		(316.0	)		(140.7	)		(1,284.3	)		(418.1	)		(2.0	)		—		(2,161.1	)
Settlements		—			—			(1,862.8	)		—			—			—		(1,862.8	)
Realized and unrealized gains (losses), net		666.5			12.6			70.4			376.8			(7.4	)		4.9		1,123.8

Balance, end of period	$	2,140.0		$	891.0		$	12,643.1		$	4,467.1		$	11.4		$	35.5	$	20,188.1

Changes in unrealized gains included in earnings related to financial assets still held at the reporting date	$	503.7		$	25.2		$	117.2		$	207.3		$	1.5		$	4.9	$	859.8

(1)	Transfers out of Level III financial assets were due to changes in the observability of market inputs used in the valuation of such assets. Transfers are measured as of the beginning of the quarter in which the transfer occurs.

Transfer Out of Level III of Financial Liabilities

Financial Liabilities

Three Months Ended June 30, 2013

Loans Payable
of Consolidated
Funds

Derivative
Instruments of
Consolidated
Funds

Contingent
Consideration

Total

Balance, beginning of period

14,312.7

10.3

166.8

14,489.8

Borrowings

966.1

—

966.1

Paydowns

(588.0

)

—

(0.9

)

(588.9

)

Sales

—

(0.9

)

—

(0.9

)

Realized and unrealized (gains) losses, net

329.0

(0.5

)

6.3

334.8

Balance, end of period

15,019.8

8.9

172.2

15,200.9

Changes in unrealized losses included in earnings related to financial liabilities still held at the reporting date

243.5

2.7

6.3

252.5

Financial Liabilities

Six Months Ended June 30, 2013

Loans Payable
of Consolidated
Funds

Derivative
Instruments of
Consolidated
Funds

Contingent
Consideration

Total

Balance, beginning of period

13,656.7

15.8

186.7

13,859.2

Borrowings

2,202.5

—

2,202.5

Paydowns

(1,408.7

)

—

(10.9

)

(1,419.6

)

Sales

—

(0.8

)

—

(0.8

)

Realized and unrealized (gains) losses, net

569.3

(6.1

)

(3.6

)

559.6

Balance, end of period

15,019.8

8.9

172.2

15,200.9

Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date

607.2

(4.5

)

(3.6

)

599.1


	Financial Liabilities
	Three Months Ended June 30, 2012
	Loans Payable of Consolidated Funds			Derivative Instruments of Consolidated Funds			Contingent Consideration			Total

Balance, beginning of period	$	12,454.6		$	4.8		$	170.5		$	12,629.9
Borrowings		498.9			—			—			498.9
Paydowns		(324.4	)		—			(0.5	)		(324.9	)
Sales		—			(0.3	)		—			(0.3	)
Realized and unrealized (gains) losses, net		(64.1	)		12.2			0.6			(51.3	)

Balance, end of period	$	12,565.0		$	16.7		$	170.6		$	12,752.3

Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$	179.4		$	(8.5	)	$	0.6		$	171.5


	Financial Liabilities
	Six Months Ended June 30, 2012
	Loans Payable of Consolidated Funds			Derivative Instruments of Consolidated Funds			Subordinated Loan Payable to Affiliate			Contingent Consideration			Total

Balance, beginning of period	$	9,689.9		$	—		$	262.5		$	169.2		$	10,121.6
Initial consolidation of funds		2,215.8			4.6			—			—			2,220.4
Borrowings		989.0			—			—			—			989.0
Paydowns		(507.3	)		—			(260.0	)		(1.2	)		(768.5	)
Sales		—			(0.3	)		—			—			(0.3	)
Realized and unrealized (gains) losses, net		177.6			12.4			(2.5	)		2.6			190.1

Balance, end of period	$	12,565.0		$	16.7		$	—		$	170.6		$	12,752.3

Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$	329.2		$	(19.2	)	$	—		$	(0.2	)	$	309.8

Quantitative Information about Partnership's Level III Inputs

The following table summarizes quantitative information about the Partnership’s Level III inputs as of June 30, 2013:


(Dollars in millions)	Fair Value at June 30, 2013		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
Assets
Investments of Consolidated Funds:
Equity securities	$	2,442.8	Comparable Multiple	LTM EBITDA Multiple	5.6x - 14.8x (10.7x)
		82.0	Comparable Multiple	Price Earnings Multiple	(14.0x)
		12.2	Comparable Multiple	Book Value Multiple	(1.0x)
		28.0	Consensus Pricing	Indicative Quotes ($ per Share)	(1)
		52.6	Discounted Cash Flow	Discount Rate	7% - 11% (9%)
				Exit Cap Rate	5% - 9% (7%)

Bonds		1,058.9	Consensus Pricing	Indicative Quotes (% of Par)	(99)

Loans		13,510.1	Consensus Pricing	Indicative Quotes (% of Par)	(97)
		261.1	Market Yield Analysis	Market Yield	5% - 16% (9%)

Partnership and LLC interests		3,840.6	NAV of Underlying Fund⁽¹⁾	N/A	N/A

Other		11.5	Various	N/A	N/A

	$	21,299.8
Trading securities and other		5.5	Comparable Multiple	LTM EBITDA Multiple	(5.7x)
		4.5	Discounted Cash Flow	Discount Rate	(7%)

Total	$	21,309.8


Liabilities
Loans payable of Consolidated Funds:
Senior secured notes	$	13,811.6	Discounted Cash Flow with Consensus Pricing	Discount Rates	(3%)
				Default Rates	(3%)
				Recovery Rates	(61%)
				Indicative Quotes (% of Par)	(96)

Subordinated notes and preferred shares		1,191.8	Discounted Cash Flow with Consensus Pricing	Discount Rates	(19%)
				Default Rates	(3%)
				Recovery Rates	(59%)
				Indicative Quotes (% of Par)	(56)

Combination notes		16.4	Consensus Pricing	Indicative Quotes (% of Par)	(99)

Derivative instruments of Consolidated Funds		8.9	Counterparty Pricing	Indicative Quotes (% of Notional Amount)	(5)

Contingent cash consideration⁽²⁾		172.2	Discounted Cash Flow	Assumed % of Total Potential Contingent Payments	3.2% - 100% (85%)
				Discount Rate	2% - 32% (16%)

Total	$	15,200.9

(1)	Represents the Partnership’s investments in funds that are valued using the NAV of the underlying fund.

(2)	Related to contingent cash consideration associated with the acquisitions of Claren Road, AlpInvest, ESG and Vermillion (see Note 9).

The following table summarizes quantitative information about the Partnership’s Level III inputs as of December 31, 2012:


(Dollars in millions)	Fair Value at December 31, 2012		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
Assets
Investments of Consolidated Funds:
Equity securities	$	2,311.5	Comparable Multiple	LTM EBITDA Multiple	5.6x - 13.5x(9.7x)
		69.4	Comparable Multiple	Price Earnings Multiple	(13.5x)
		15.4	Comparable Multiple	Book Value Multiple	(1.0x)
		33.8	Consensus Pricing	Indicative Quotes ($ per Share)	(10)
		45.0	Discounted Cash Flow	Discount Rate	9% - 15% (11%)
				Exit Cap Rate	6% - 8% (7%)

Bonds		934.2	Consensus Pricing	Indicative Quotes (% of Par)	(94)

Loans		12,952.9	Consensus Pricing	Indicative Quotes (% of Par)	(94)
		337.2	Market Yield Analysis	Market Yield	7% - 18% (10%)

Partnership and LLC interests		4,315.5	NAV of Underlying Fund⁽¹⁾	N/A	N/A
Other		7.3	Counterparty Pricing	Indicative Quotes (% of Notional Amount)	(3)

	$	21,022.2
Trading securities and other		11.2	Dealer Pricing	Indicative Quotes (% of Par)	(83)
		6.2	Comparable Multiple	LTM EBITDA Multiple	(5.6x)
		2.6	Discounted Cash Flow	Discount Rate	(7%)

Total	$	21,042.2


Liabilities
Loans payable of Consolidated Funds:
Senior secured notes	$	12,658.4	Discounted Cash Flow with Consensus Pricing	Discount Rates	(4%)
				Default Rates	(3%)
				Recovery Rates	(58%)
				Indicative Quotes (% of Par)	(93)

Subordinated notes and preferred shares		996.9	Discounted Cash Flow with Consensus Pricing	Discount Rates	(29%)
				Default Rates	(3%)
				Recovery Rates	(53%)
				Indicative Quotes (% of Par)	(42)

Combination notes		1.4	Consensus Pricing	Indicative Quotes (% of Par)	(96)

Derivative instruments of Consolidated Funds		15.8	Counterparty Pricing	Indicative Quotes (% of Notional Amount)	(6)

Contingent cash consideration⁽²⁾		186.7	Discounted Cash Flow	Assumed % of Total Potential Contingent Payments	32% - 100% (79%)
				Discount Rate	2% - 35% (17%)

Total	$	13,859.2

(1)	Represents the Partnership’s investments in funds that are valued using the NAV of the underlying fund.

(2)	Related to contingent cash consideration associated with the acquisitions of Claren Road, AlpInvest, ESG and Vermillion (see Note 9).

Accrued Performance Fees (Tables)

6 Months Ended

Jun. 30, 2013

Text Block [Abstract]

Components of Accrued Performance Fees

The components of accrued performance fees are as follows:


	As of
	June 30,		December 31,
	2013		2012
	(Dollars in millions)

Corporate Private Equity	$	1,948.9	$	1,667.3
Global Market Strategies		167.2		69.5
Real Assets		262.1		250.1
Global Solutions		268.7		205.6

Total	$	2,646.9	$	2,192.5

Components of Accrued Giveback Obligations

The components of the accrued giveback obligations are as follows:


	As of
	June 30,			December 31,
	2013			2012
	(Dollars in millions)

Corporate Private Equity	$	(10.0	)	$	(18.9	)
Global Market Strategies		(1.3	)		(2.1	)
Real Assets		(38.3	)		(48.2	)

Total	$	(49.6	)	$	(69.2	)

Performance Fees

The performance fees included in revenues are derived from the following segments:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2013			2012			2013		2012
	(Dollars in millions)

Corporate Private Equity	$	186.2		$	(217.6	)	$	620.9	$	246.9
Global Market Strategies		48.7			6.9			157.2		52.4
Real Assets		(13.9	)		(30.4	)		49.1		75.1
Global Solutions		38.1			20.7			74.3		46.0

Total	$	259.1		$	(220.4	)	$	901.5	$	420.4

Investments (Tables)

6 Months Ended

Jun. 30, 2013

Equity Method Investments And Joint Ventures [Abstract]

Investments

Investments consist of the following:


	As of
	June 30,		December 31,
	2013		2012
	(Dollars in millions)

Equity method investments, excluding accrued performance fees	$	795.4	$	855.1
Trading securities and other investments		15.8		26.1

Total investments	$	811.2	$	881.2

Equity Method Investments


	As of
	June 30,		December 31,
	2013		2012
	(Dollars in millions)

Corporate Private Equity	$	224.2	$	251.6
Global Market Strategies		22.4		18.0
Real Assets		548.8		585.5

Total	$	795.4	$	855.1

Components of Investment Income (Loss)

The components of investment income (loss) are as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2013		2012		2013		2012
	(Dollars in millions)

Income from equity investments	$	7.7	$	4.5	$	4.9	$	26.0
Income from trading securities		3.2		2.5		6.5		4.6
Other investment income (loss)		0.1		—		—		(2.1	)

Total	$	11.0	$	7.0	$	11.4	$	28.5

Carlyle's Income (Loss) from Equity-Method Investments

Carlyle’s income (loss) from its equity-method investments is included in investment income (loss) in the condensed consolidated statements of operations and consists of:


	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2013			2012		2013			2012
	(Dollars in millions)

Corporate Private Equity	$	10.3		$	2.2	$	23.2		$	22.1
Global Market Strategies		0.7			0.2		1.8			1.0
Real Assets		(3.3	)		2.1		(20.1	)		2.9

Total	$	7.7		$	4.5	$	4.9		$	26.0

Interest and Other Income of Consolidated Funds

The components of interest and other income of Consolidated Funds are as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2013		2012		2013		2012
	(Dollars in millions)

Interest income from investments	$	221.7	$	185.9	$	452.3	$	369.9
Other income		31.2		33.3		69.0		60.8

Total	$	252.9	$	219.2	$	521.3	$	430.7

Net Investment Gains (Losses) of Consolidated Funds

The components of net investment gains (losses) of Consolidated Funds are as follows:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2013			2012			2013			2012
	(Dollars in millions)

Gains from investments of Consolidated Funds	$	543.3		$	577.6		$	1,142.7		$	1,608.7
Losses from liabilities of CLOs		(253.5	)		(193.3	)		(640.4	)		(352.5	)
Gains (losses) on other assets of CLOs		0.8			2.3			(0.2	)		2.5

Total	$	290.6		$	386.6		$	502.1		$	1,258.7

Realized and Unrealized Gains (Losses) Earned from Investments of Consolidated Funds

The following table presents realized and unrealized gains (losses) earned from investments of the Consolidated Funds:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2013		2012		2013		2012
	(Dollars in millions)

Realized gains	$	216.6	$	246.2	$	694.5	$	461.3
Net change in unrealized gains		326.7		331.4		448.2		1,147.4

Total	$	543.3	$	577.6	$	1,142.7	$	1,608.7

Intangible Assets and Goodwill (Tables)

6 Months Ended

Jun. 30, 2013

Goodwill And Intangible Assets Disclosure [Abstract]

Carrying Amount of Intangible Assets

The following table summarizes the carrying amount of intangible assets as of June 30, 2013 and December 31, 2012:


	As of
	June 30,			December 31,
	2013			2012
	(Dollars in millions)

Acquired contractual rights	$	794.1		$	797.7
Acquired trademarks		6.8			6.8
Accumulated amortization		(213.2	)		(150.4	)

Finite-lived intangible assets, net		587.7			654.1
Goodwill		36.9			37.0

Intangible assets, net	$	624.6		$	691.1

Carrying Amount of Goodwill, by Segment


	Global
	Market		Global
	Strategies		Solutions			Total
	(Dollars in millions)

Balance as of December 31, 2012	$	28.0	$	9.0		$	37.0
Foreign currency translation		—		(0.1	)		(0.1	)

Balance as of June 30, 2013	$	28.0	$	8.9		$	36.9

Estimated Future Amortization Expense

The following table summarizes the estimated amortization expense for 2013 through 2017 and thereafter (Dollars in millions):


2013	$	111.6
2014		96.5
2015		92.7
2016		87.3
2017		82.9
Thereafter		183.1

	$	654.1

Borrowings (Tables)

6 Months Ended

Jun. 30, 2013

Debt Disclosure [Abstract]

Partnership's Borrowings

The Partnership’s borrowings consist of the following:


	As of June 30, 2013				As of December 31, 2012
	Borrowing		Carrying		Borrowing		Carrying
	Outstanding		Value		Outstanding		Value
Revolving Credit Facility	$	—	$	—	$	386.3	$	386.3
Term Loan Due 9/30/2016		25.0		25.0		500.0		500.0
3.875% Senior Notes Due 2/01/2023		500.0		499.8		—		—
5.625% Senior Notes Due 3/30/2043		400.0		398.4		—		—

	$	925.0	$	923.2	$	886.3	$	886.3

Outstanding Borrowing which Includes Preferred Shares

As of June 30, 2013 and December 31, 2012, the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions):

As of June 30, 2013

Borrowing
Outstanding

Fair Value

Weighted
Average
Interest Rate

Weighted
Average
Remaining
Maturity in
Years

Senior secured notes

14,229.2

13,811.6

1.27

8.64

Subordinated notes, Income notes and Preferred shares

1,240.8

1,191.8

N/A

(a)

8.00

Combination notes

15.2

16.4

N/A

(b)

8.64

Total

15,485.2

15,019.8


	As of December 31, 2012
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	13,662.3	$	12,658.4		1.30	%		8.80
Subordinated notes, Income notes and Preferred shares		914.8		996.9		N/A	(a)		8.22
Combination notes		0.7		1.4		N/A	(b)		8.81

Total	$	14,577.8	$	13,656.7

(a)	The subordinated notes, income notes and preferred shares do not have contractual interest rates, but instead receive distributions from the excess cash flows of the CLOs.

(b)	The combination notes do not have contractual interest rates and have recourse only to OATS specifically held to collateralize such combination notes.

Contingent Consideration (Tables)

6 Months Ended

Jun. 30, 2013

Text Block [Abstract]

Changes in Contingent Consideration Liabilities

The changes in the contingent consideration liabilities are as follows:

Rollforward For The Three Months Ended June 30, 2013

Amounts payable to the sellers who are senior Carlyle professionals

Contingent
cash and other
consideration
payable to non-
Carlyle personnel

Total

Performance-based
contingent cash
consideration

Performance-based
contingent equity
consideration

Employment-based
contingent cash
consideration

(Dollars in millions)

Balance, beginning of period

137.6

65.7

106.9

29.2

339.4

Change in carrying value

4.2

(8.8

)

11.1

2.1

8.6

Payments

—

(0.9

)

(0.9

)

Balance, end of period

141.8

56.9

118.0

30.4

347.1

Rollforward For The Six Months Ended June 30, 2013

Amounts payable to the sellers who are senior Carlyle professionals

Contingent

Performance-based
contingent cash
consideration

Performance-based
contingent equity
consideration

Employment-based
contingent cash
consideration

cash and other
consideration
payable to non-
Carlyle personnel

Total

(Dollars in millions)

Balance, beginning of period

158.6

57.6

96.2

28.1

340.5

Change in carrying value

(7.5

)

(0.7

)

21.8

3.9

17.5

Payments

(9.3

)

—

(1.6

)

(10.9

)

Balance, end of period

141.8

56.9

118.0

30.4

347.1

Maximum Amounts of Cash Obligations with Business Acquisitions and Our Strategic Investment


	As of June 30, 2013
	Hedge Fund Acquisitions		NGP Investment		Total		Liability Recognized on Financial Statements ⁽¹⁾
	(Dollars in millions)
Performance-based contingent cash consideration	$	363.1	$	183.0	$	546.1	$	172.2
Employment-based contingent cash consideration		302.4		45.0		347.4		118.0
Options to acquire additional investments in NGP⁽²⁾		—		97.2		97.2		—

Total maximum cash obligations	$	665.5	$	325.2	$	990.7	$	290.2

(1) –

(2) –

Refer to Note 6 for more information.

Accrued Compensation and Benefits (Tables)

6 Months Ended

Jun. 30, 2013

Text Block [Abstract]

Accrued Compensation and Benefits

Accrued compensation and benefits consist of the following:


	As of
	June 30,		December 31,
	2013		2012
	(Dollars in millions)

Accrued performance fee-related compensation	$	1,136.9	$	912.0
Accrued bonuses		207.2		188.5
Employment-based contingent cash consideration		118.0		96.2
Other		91.9		121.5

Total	$	1,554.0	$	1,318.2

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2013

Commitments And Contingencies Disclosure [Abstract]

Unfunded Commitments

The Partnership and its unconsolidated affiliates have unfunded commitments to entities within the following segments as of June 30, 2013 (Dollars in millions):


	Unfunded
	Commitments

Corporate Private Equity	$	1,891.4
Global Market Strategies		247.4
Real Assets		181.5

	$	2,320.3

Future Minimum Commitments for Leases

The future minimum commitments for the leases are as follows (Dollars in millions):


2013	$	23.6
2014		46.5
2015		42.2
2016		32.7
2017		30.4
Thereafter		102.9

	$	278.3

Employee and Office Lease Termination Costs

The changes in the accrual for termination costs for the three months and six months ended June 30, 2013 and 2012 are as follows:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2013			2012			2013			2012
	(Dollars in millions)

Balance, beginning of period	$	11.9		$	16.3		$	13.6		$	15.2
Compensation expense		3.1			1.2			3.7			3.4
Contract termination costs		0.4			0.5			0.3			0.7
Costs paid or settled		(1.4	)		(1.7	)		(3.6	)		(3.0	)

Balance, end of period	$	14.0		$	16.3		$	14.0		$	16.3

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2013

Due from Affiliates and Other Receivables

The Partnership had the following due from affiliates and other receivables at June 30, 2013 and December 31, 2012:


	As of
	June 30, 2013		December 31, 2012
	(Dollars in millions)

Unbilled receivable for giveback obligations from current and former employees	$	23.4	$	32.8
Notes receivable and accrued interest from affiliates		14.4		10.0
Other receivables from unconsolidated funds and affiliates, net		147.1		147.9

Total	$	184.9	$	190.7

Due to Affiliates

The Partnership had the following due to affiliates balances at June 30, 2013 and December 31, 2012:


	As of
	June 30, 2013		December 31, 2012
	(Dollars in millions)

Due to affiliates of Consolidated Funds	$	59.4	$	42.1
Due to non-consolidated affiliates		32.4		27.8
Performance-based contingent cash and equity consideration related to acquisitions		198.7		216.2
Amounts owed under the tax receivable agreement		36.5		34.9
Other		14.8		11.1

Total	$	341.8	$	332.1

Non-controlling Interests in Consolidated Entities (Tables)

6 Months Ended

Jun. 30, 2013

Noncontrolling Interest [Abstract]

Partnership's Non-Controlling Interests in Consolidated Entities

The components of the Partnership’s non-controlling interests in consolidated entities are as follows:


	As of
	June 30, 2013		December 31, 2012
	(Dollars in millions)

Non-Carlyle interests in Consolidated Funds	$	7,439.8	$	7,963.9
Non-Carlyle interests in majority-owned subsidiaries		251.6		228.1
Non-controlling interest in AlpInvest		37.4		28.9
Non-controlling interest in carried interest and cash held for carried interest distributions		40.5		43.9

Non-controlling interests in consolidated entities	$	7,769.3	$	8,264.8

Partnership's Non-Controlling Interests in Income (Loss) of Consolidated Entities

The components of the Partnership’s non-controlling interests in income (loss) of consolidated entities are as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
	(Dollars in millions)

Non-Carlyle interests in Consolidated Funds	$	390.5		$	551.8		$	617.6		$	1,324.0
Non-Carlyle interests in majority-owned subsidiaries		6.9			3.0			10.4			10.4
Non-controlling interest in carried interest and cash held for carried interest distributions		2.6			(35.6	)		19.9			(34.6	)

Net income attributable to other non-controlling interests in consolidated entities		400.0			519.2			647.9			1,299.8
Net loss attributable to partners’ capital appropriated for CLOs		(131.9	)		(172.9	)		(389.0	)		(67.8	)
Net income (loss) attributable to redeemable non-controlling interests in consolidated entities		31.9			11.6			209.1			(9.2	)

Non-controlling interests in income of consolidated entities	$	300.0		$	357.9		$	468.0		$	1,222.8

Earnings Per Common Unit (Tables)

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Weighted-Average Common Units Outstanding, Basic and Diluted

The weighted-average common units outstanding, basic and diluted, are calculated as follows:


	Three Months Ended June 30, 2013				Six Months Ended June 30, 2013
	Basic		Diluted		Basic		Diluted
The Carlyle Group L.P. weighted-average common units outstanding		45,145,793		45,145,793		44,249,510		44,249,510
Unvested deferred restricted common units		—		—		—		4,700,069
Contingently issuable Carlyle Holdings Partnership units		—		—		—		931,818

Weighted-average common units outstanding		45,145,793		45,145,793		44,249,510		49,881,397


	For the Period from May 8, 2012 Through June 30, 2012
	Basic		Diluted
The Carlyle Group L.P. weighted-average common units outstanding		40,160,245		40,160,245

Basic and Diluted Net Income (Loss) Per Common Unit

Basic and diluted net income (loss) per common unit are calculated as follows:


	Three Months Ended June 30, 2013						Six Months Ended June 30, 2013
	Basic			Diluted			Basic		Diluted
Net income (loss) attributable to The Carlyle Group L.P.	$	(3,300,000	)	$	(3,300,000	)	$	30,500,000	$	30,500,000

Weighted-average common units outstanding		45,145,793			45,145,793			44,249,510		49,881,397

Net income (loss) per common unit	$	(0.07	)	$	(0.07	)	$	0.69	$	0.61


	For the Period from May 8, 2012 Through June 30, 2012
	Basic			Diluted
Net loss attributable to The Carlyle Group L.P.	$	(10,300,000	)	$	(10,300,000	)
Weighted-average common units outstanding		40,160,245			40,160,245

Net loss per common unit	$	(0.26	)	$	(0.26	)

Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Status of Non-Vested Equity-Based Awards

A summary of the status of the Partnership’s non-vested equity-based awards as of June 30, 2013 and a summary of changes during the six months ended June 30, 2013, are presented below:


	Carlyle Holdings				The Carlyle Group, L.P.
					Equity Settled Awards				Cash Settled Awards
Unvested Units	Partnership Units		Weighted- Average Grant Date Fair Value		Deferred Restricted Common Units		Weighted- Average Grant Date Fair Value		Phantom Units		Weighted- Average Grant Date Fair Value

Balance, December 31, 2012		57,850,299	$	22.12		16,707,028	$	22.28		334,614	$	22.00
Granted		—	$	—		1,613,893	$	31.96		2,520	$	31.83
Vested		9,376,007	$	22.00		2,777,631	$	22.29		106,901	$	22.00
Forfeited		—	$	—		422,089	$	22.18		16,249	$	22.00

Balance, June 30, 2013		48,474,292	$	22.14		15,121,201	$	23.32		213,984	$	22.12

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2013

Segment Reporting [Abstract]

Reportable Segments Financial Data

The following tables present the financial data for the Partnership’s four reportable segments for the three months ended June 30, 2013 and as of and for the six months ended June 30, 2013:


	Three Months Ended June 30, 2013
	Corporate Private Equity			Global Market Strategies			Real Assets			Global Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	108.8		$	73.8		$	46.4		$	20.9	$	249.9
Portfolio advisory fees, net		4.9			0.5			0.3			—		5.7
Transaction fees, net		4.0			0.1			2.7			—		6.8

Total fee revenues		117.7			74.4			49.4			20.9		262.4
Performance fees
Realized		151.4			17.9			20.6			2.7		192.6
Unrealized		31.2			23.0			(33.4	)		21.3		42.1

Total performance fees		182.6			40.9			(12.8	)		24.0		234.7
Investment income (loss)
Realized		1.7			12.2			0.7			—		14.6
Unrealized		2.4			(11.9	)		1.7			0.1		(7.7	)

Total investment income (loss)		4.1			0.3			2.4			0.1		6.9
Interest and other income		1.7			1.5			0.6			0.2		4.0

Total revenues		306.1			117.1			39.6			45.2		508.0

Segment Expenses
Compensation and benefits
Direct base compensation		50.0			24.9			18.2			7.9		101.0
Indirect base compensation		21.8			5.5			6.4			1.3		35.0
Equity-based compensation		2.3			0.6			1.2			0.1		4.2
Performance fee related
Realized		65.1			6.7			1.6			1.4		74.8
Unrealized		8.8			9.6			2.9			16.1		37.4

Total compensation and benefits		148.0			47.3			30.3			26.8		252.4
General, administrative, and other indirect expenses		41.6			19.5			16.5			4.4		82.0
Depreciation and amortization expense		3.4			1.1			1.2			0.5		6.2
Interest expense		6.7			2.1			2.2			0.6		11.6

Total expenses		199.7			70.0			50.2			32.3		352.2

Economic Net Income (Loss)	$	106.4		$	47.1		$	(10.6	)	$	12.9	$	155.8

(-) Net Performance Fees		108.7			24.6			(17.3	)		6.5		122.5
(-) Investment Income (Loss)		4.1			0.3			2.4			0.1		6.9

(=) Fee Related Earnings	$	(6.4	)	$	22.2		$	4.3		$	6.3	$	26.4

(+) Realized Net Performance Fees		86.3			11.2			19.0			1.3		117.8
(+) Realized Investment Income		1.7			12.2			0.7			—		14.6
(+) Equity-based compensation		2.3			0.6			1.2			0.1		4.2

(=) Distributable Earnings	$	83.9		$	46.2		$	25.2		$	7.7	$	163.0


	June 30, 2013 and the Six Months Then Ended
	Corporate Private Equity			Global Market Strategies			Real Assets			Global Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	217.1		$	140.1		$	93.4		$	39.4	$	490.0
Portfolio advisory fees, net		9.0			0.7			0.6			—		10.3
Transaction fees, net		14.4			0.1			2.7			—		17.2

Total fund level fee revenues		240.5			140.9			96.7			39.4		517.5
Performance fees
Realized		363.7			42.0			31.6			4.2		441.5
Unrealized		238.8			87.3			16.1			42.6		384.8

Total performance fees		602.5			129.3			47.7			46.8		826.3
Investment income (loss)
Realized		3.5			14.1			(12.3	)		—		5.3
Unrealized		5.2			(6.8	)		6.2			—		4.6

Total investment income		8.7			7.3			(6.1	)		—		9.9
Interest and other income		2.7			2.6			0.9			0.2		6.4

Total revenues		854.4			280.1			139.2			86.4		1,360.1

Segment Expenses
Compensation and benefits
Direct base compensation		105.0			50.6			36.1			17.3		209.0
Indirect base compensation		41.8			10.3			13.9			2.6		68.6
Equity-based compensation		3.8			1.0			1.8			0.2		6.8
Performance fee related
Realized		166.7			16.4			(3.3	)		2.4		182.2
Unrealized		92.4			15.8			26.5			32.2		166.9

Total compensation and benefits		409.7			94.1			75.0			54.7		633.5
General, administrative, and other indirect expenses		80.6			29.0			26.9			7.8		144.3
Depreciation and amortization expense		6.9			2.3			2.3			1.0		12.5
Interest expense		11.6			3.6			3.8			1.1		20.1

Total expenses		508.8			129.0			108.0			64.6		810.4

Economic Net Income (Loss)	$	345.6		$	151.1		$	31.2		$	21.8	$	549.7

(-) Net Performance Fees		343.4			97.1			24.5			12.2		477.2
(-) Investment Income (Loss)		8.7			7.3			(6.1	)		—		9.9

(=) Fee Related Earnings	$	(6.5	)	$	46.7		$	12.8		$	9.6	$	62.6

(+) Realized Net Performance Fees		197.0			25.6			34.9			1.8		259.3
(+) Realized Investment Income		3.5			14.1			(12.3	)		—		5.3
(+) Equity-based compensation		3.8			1.0			1.8			0.2		6.8

(=) Distributable Earnings	$	197.8		$	87.4		$	37.2		$	11.6	$	334.0


Segment assets as of June 30, 2013	$	2,693.2		$	1,102.3		$	953.6		$	426.1	$	5,175.2

The following tables present the financial data for the Partnership’s four reportable segments for the three and six months ended June 30, 2012:


	Three Months Ended June 30, 2012
	Corporate Private Equity			Global Market Strategies		Real Assets			Global Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	124.0		$	59.5	$	34.1		$	17.4	$	235.0
Portfolio advisory fees, net		4.9			0.5		1.6			—		7.0
Transaction fees, net		1.6			—		2.1			—		3.7

Total fee revenues		130.5			60.0		37.8			17.4		245.7
Performance fees
Realized		80.6			1.3		27.0			1.4		110.3
Unrealized		(269.7	)		4.0		(56.0	)		10.6		(311.1	)

Total performance fees		(189.1	)		5.3		(29.0	)		12.0		(200.8	)
Investment income (loss)
Realized		1.5			2.8		(0.3	)		—		4.0
Unrealized		3.7			4.8		1.5			—		10.0

Total investment income (loss)		5.2			7.6		1.2			—		14.0
Interest and other income		1.6			0.4		0.4			0.1		2.5

Total revenues		(51.8	)		73.3		10.4			29.5		61.4

Segment Expenses
Compensation and benefits
Direct base compensation		54.8			25.2		16.9			8.9		105.8
Indirect base compensation		24.1			4.5		5.6			2.0		36.2
Equity-based compensation		0.4			0.1		0.1			—		0.6
Performance fee related
Realized		31.0			0.7		1.5			1.3		34.5
Unrealized		(140.3	)		0.2		2.1			9.4		(128.6	)

Total compensation and benefits		(30.0	)		30.7		26.2			21.6		48.5
General, administrative, and other indirect expenses		36.9			9.1		11.1			2.9		60.0
Depreciation and amortization expense		2.3			0.6		0.7			0.4		4.0
Interest expense		3.5			0.9		1.1			0.6		6.1

Total expenses		12.7			41.3		39.1			25.5		118.6

Economic Net Income (Loss)	$	(64.5	)	$	32.0	$	(28.7	)	$	4.0	$	(57.2	)

(-) Net Performance Fees		(79.8	)		4.4		(32.6	)		1.3		(106.7	)
(-) Investment Income		5.2			7.6		1.2			—		14.0

(=) Fee Related Earnings	$	10.1		$	20.0	$	2.7		$	2.7	$	35.5

(+) Realized Net Performance Fees		49.6			0.6		25.5			0.1		75.8
(+) Realized Investment Income (loss)		1.5			2.8		(0.3	)		—		4.0
(+) Equity-based compensation		0.4			0.1		0.1			—		0.6

(=) Distributable Earnings	$	61.6		$	23.5	$	28.0		$	2.8	$	115.9


	Six Months Ended June 30, 2012
	Corporate Private Equity			Global Market Strategies		Real Assets			Global Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	247.9		$	108.1	$	70.7		$	33.7	$	460.4
Portfolio advisory fees, net		11.9			1.2		1.9			—		15.0
Transaction fees, net		3.2			—		3.2			—		6.4

Total fund level fee revenues		263.0			109.3		75.8			33.7		481.8
Performance fees
Realized		303.6			33.7		50.2			4.6		392.1
Unrealized		(28.4	)		16.7		26.4			23.9		38.6

Total performance fees		275.2			50.4		76.6			28.5		430.7
Investment income (loss)
Realized		2.3			4.1		(0.3	)		—		6.1
Unrealized		18.2			8.5		4.5			—		31.2

Total investment income (loss)		20.5			12.6		4.2			—		37.3
Interest and other income		3.0			1.0		0.8			0.3		5.1

Total revenues		561.7			173.3		157.4			62.5		954.9

Segment Expenses
Compensation and benefits
Direct base compensation		110.1			44.9		35.1			16.9		207.0
Indirect base compensation		44.9			9.4		12.0			3.0		69.3
Equity-based compensation		0.4			0.1		0.1			—		0.6
Performance fee related
Realized		148.6			18.5		2.4			4.1		173.6
Unrealized		(8.3	)		9.9		8.0			19.4		29.0

Total compensation and benefits		295.7			82.8		57.6			43.4		479.5
General, administrative, and other indirect expenses		71.7			16.4		22.8			4.5		115.4
Depreciation and amortization expense		5.5			1.4		1.7			0.6		9.2
Interest expense		9.4			2.6		3.0			0.9		15.9

Total expenses		382.3			103.2		85.1			49.4		620.0

Economic Net Income	$	179.4		$	70.1	$	72.3		$	13.1	$	334.9

(-) Net Performance Fees		134.9			22.0		66.2			5.0		228.1
(-) Investment Income		20.5			12.6		4.2			—		37.3

(=) Fee Related Earnings	$	24.0		$	35.5	$	1.9		$	8.1	$	69.5

(+) Realized Net Performance Fees		155.0			15.2		47.8			0.5		218.5
(+) Realized Investment Income (loss)		2.3			4.1		(0.3	)		—		6.1
(+) Equity-based compensation		0.4			0.1		0.1			—		0.6

(=) Distributable Earnings	$	181.7		$	54.9	$	49.5		$	8.6	$	294.7

Total Segments to Partnership Income Before Provision for Taxes Reconciliation

The following table reconciles the Total Segments to the Partnership’s Income Before Provision for Taxes for the three months ended June 30, 2013 and 2012:


	Three Months Ended June 30, 2013
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated
	(Dollars in millions)

Revenues	$	508.0	$	252.9	$	8.4	(a)	$	769.3
Expenses	$	352.2	$	268.3	$	153.5	(b)	$	774.0
Other income	$	—	$	296.2	$	(5.6	) (c)	$	290.6
Economic net income	$	155.8	$	280.8	$	(150.7	) (d)	$	285.9


	Three Months Ended June 30, 2012
	Reportable Segments			Consolidated Funds		Reconciling Items			Carlyle Consolidated
	(Dollars in millions)

Revenues	$	61.4		$	219.2	$	(32.2	) (a)	$	248.4
Expenses	$	118.6		$	217.0	$	113.3	(b)	$	448.9
Other income	$	—		$	385.9	$	0.7	(c)	$	386.6
Economic net income (loss)	$	(57.2	)	$	388.1	$	(144.8	) (d)	$	186.1

The following table reconciles the Total Segments to the Partnership’s Income Before Provision for Taxes for the six months ended June 30, 2013 and 2012, and Total Assets as of June 30, 2013:


	June 30, 2013 and the Six Months Then Ended
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated
	(Dollars in millions)

Revenues	$	1,360.1	$	521.3	$	32.9	(a)	$	1,914.3
Expenses	$	810.4	$	601.5	$	266.2	(b)	$	1,678.1
Other income	$	—	$	508.8	$	(6.7	) (c)	$	502.1
Economic net income	$	549.7	$	428.6	$	(240.0	) (d)	$	738.3
Total assets	$	5,175.2	$	28,738.1	$	(126.1	) (e)	$	33,787.2

	Six Months Ended June 30, 2012
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated
	(Dollars in millions)

Revenues	$	954.9	$	430.7	$	(26.3	) (a)	$	1,359.3
Expenses	$	620.0	$	437.2	$	(131.1	) (b)	$	926.1
Other income	$	—	$	1,256.4	$	2.3	(c)	$	1,258.7
Economic net income	$	334.9	$	1,249.9	$	107.1	(d)	$	1,691.9

(a)

(b)


	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012

Partner compensation	$	—		$	5.6		$	—		$	(265.4	)
Equity-based compensation issued in conjuction with the initial public offering and strategic investments		123.1			93.6			175.2			93.6
Acquisition related charges and amortization of intangibles		52.5			21.5			115.0			45.6
Losses associated with debt refinancing activities		—			—			1.9			—
Other non-operating expenses		(3.3	)		0.7			(5.7	)		(3.4	)
Severance and lease terminations		3.5			1.7			4.0			4.1
Non-Carlyle economic interests in acquired business		44.5			33.8			123.4			71.8
Other adjustments		(0.2	)		(2.8	)		0.7			(3.0	)
Elimination of expenses of Consolidated Funds		(66.6	)		(40.8	)		(148.3	)		(74.4	)

	$	153.5		$	113.3		$	266.2		$	(131.1	)

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

(d)	The following table is a reconciliation of Income Before Provision for Income Taxes to Economic Net Income, to Fee Related Earnings, and to Distributable Earnings (Dollars in millions):


	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012

Income before provision for income taxes	$	285.9		$	186.1		$	738.3		$	1,691.9
Adjustments:
Partner compensation⁽¹⁾		—			5.6			—			(265.4	)
Equity-based compensation issued in conjuction with the initial public offering and strategic investments		123.1			93.6			175.2			93.6
Acquisition related charges and amortization of intangibles		52.5			21.5			115.0			45.6
Losses associated with debt refinancing activities		—			—			1.9			—
Other non-operating (income) expenses		(3.3	)		0.7			(5.7	)		(3.4	)
Net income attributable to non-controlling interests in Consolidated entities		(300.0	)		(357.9	)		(468.0	)		(1,222.8	)
Provision for income taxes attributable to non-controlling interests in Consolidated entities		(5.7	)		(5.7	)		(11.7	)		(5.7	)
Severance and lease terminations		3.5			1.7			4.0			4.1
Other adjustments		(0.2	)		(2.8	)		0.7			(3.0	)

Economic Net Income (loss)	$	155.8		$	(57.2	)	$	549.7		$	334.9

Net performance fees⁽²⁾		122.5			(106.7	)		477.2			228.1
Investment income⁽²⁾		6.9			14.0			9.9			37.3

Fee Related Earnings	$	26.4		$	35.5		$	62.6		$	69.5

Realized performance fees, net of related compensation		117.8			75.8			259.3			218.5
Realized investment income		14.6			4.0			5.3			6.1
Equity-based compensation		4.2			0.6			6.8			0.6

Distributable Earnings	$	163.0		$	115.9		$	334.0		$	294.7

(1)

(2)	See reconciliation to most directly comparable U.S. GAAP measure below:

Three Months Ended June 30, 2013

Carlyle
Consolidated

Adjustments ⁽³⁾

Total
Reportable
Segments

(Dollars in millions)

Performance fees

Realized

203.2

(10.6

)

192.6

Unrealized

55.9

(13.8

)

42.1

Total performance fees

259.1

(24.4

)

234.7

Performance fee related compensation expense

Realized

78.1

(3.3

)

74.8

Unrealized

66.0

(28.6

)

37.4

Total performance fee related compensation expense

144.1

(31.9

)

112.2

Net performance fees

Realized

125.1

(7.3

)

117.8

Unrealized

(10.1

)

14.8

4.7

Total net performance fees

115.0

7.5

122.5

Investment income (loss)

Realized

12.7

1.9

14.6

Unrealized

(1.7

)

(6.0

)

(7.7

)

Total investment income (loss)

11.0

(4.1

)

6.9


	Three Months Ended June 30, 2012
	Carlyle Consolidated			Adjustments ⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance fees
Realized	$	116.7		$	(6.4	)	$	110.3
Unrealized		(337.1	)		26.0			(311.1	)

Total performance fees		(220.4	)		19.6			(200.8	)
Performance fee related compensation expense
Realized		32.1			2.4			34.5
Unrealized		(97.7	)		(30.9	)		(128.6	)

Total performance fee related compensation expense		(65.6	)		(28.5	)		(94.1	)
Net performance fees
Realized		84.6			(8.8	)		75.8
Unrealized		(239.4	)		56.9			(182.5	)

Total net performance fees	$	(154.8	)	$	48.1		$	(106.7	)


Investment income
Realized	$	2.4		$	1.6		$	4.0
Unrealized		4.6			5.4			10.0

Total investment income	$	7.0		$	7.0		$	14.0

Six Months Ended June 30, 2013

Carlyle
Consolidated

Adjustments ⁽³⁾

Total
Reportable
Segments

(Dollars in millions)

Performance fees

Realized

456.0

(14.5

)

441.5

Unrealized

445.5

(60.7

)

384.8

Total performance fees

901.5

(75.2

)

826.3

Performance fee related compensation expense

Realized

186.8

(4.6

)

182.2

Unrealized

261.0

(94.1

)

166.9

Total performance fee related compensation expense

447.8

(98.7

)

349.1

Net performance fees

Realized

269.2

(9.9

)

259.3

Unrealized

184.5

33.4

217.9

Total net performance fees

453.7

23.5

477.2

Investment income (loss)

Realized

8.5

(3.2

)

5.3

Unrealized

2.9

1.7

4.6

Total investment income (loss)

11.4

(1.5

)

9.9


	Six Months Ended June 30, 2012
	Carlyle Consolidated			Adjustments ⁽³⁾			Total Reportable Segments
				(Dollars in millions)
Performance fees
Realized	$	397.3		$	(5.2	)	$	392.1
Unrealized		23.1			15.5			38.6

Total performance fees		420.4			10.3			430.7
Performance fee related compensation expense
Realized		66.4			107.2			173.6
Unrealized		(42.9	)		71.9			29.0

Total performance fee related compensation expense		23.5			179.1			202.6
Net performance fees
Realized		330.9			(112.4	)		218.5
Unrealized		66.0			(56.4	)		9.6

Total net performance fees	$	396.9		$	(168.8	)	$	228.1


Investment income
Realized	$	1.6		$	4.5		$	6.1
Unrealized		26.9			4.3			31.2

Total investment income	$	28.5		$	8.8		$	37.3

(3)

(e)	The Total Assets adjustment represents the addition of the assets of the Consolidated Funds which were eliminated in consolidation to arrive at the Partnership’s total assets.

Expenses Adjustment Represents Elimination of Intercompany Expenses

(b)


	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012

Partner compensation	$	—		$	5.6		$	—		$	(265.4	)
Equity-based compensation issued in conjuction with the initial public offering and strategic investments		123.1			93.6			175.2			93.6
Acquisition related charges and amortization of intangibles		52.5			21.5			115.0			45.6
Losses associated with debt refinancing activities		—			—			1.9			—
Other non-operating expenses		(3.3	)		0.7			(5.7	)		(3.4	)
Severance and lease terminations		3.5			1.7			4.0			4.1
Non-Carlyle economic interests in acquired business		44.5			33.8			123.4			71.8
Other adjustments		(0.2	)		(2.8	)		0.7			(3.0	)
Elimination of expenses of Consolidated Funds		(66.6	)		(40.8	)		(148.3	)		(74.4	)

	$	153.5		$	113.3		$	266.2		$	(131.1	)

Reconciliation of Income Before Provision for Income Taxes

(d)	The following table is a reconciliation of Income Before Provision for Income Taxes to Economic Net Income, to Fee Related Earnings, and to Distributable Earnings (Dollars in millions):


	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012

Income before provision for income taxes	$	285.9		$	186.1		$	738.3		$	1,691.9
Adjustments:
Partner compensation⁽¹⁾		—			5.6			—			(265.4	)
Equity-based compensation issued in conjuction with the initial public offering and strategic investments		123.1			93.6			175.2			93.6
Acquisition related charges and amortization of intangibles		52.5			21.5			115.0			45.6
Losses associated with debt refinancing activities		—			—			1.9			—
Other non-operating (income) expenses		(3.3	)		0.7			(5.7	)		(3.4	)
Net income attributable to non-controlling interests in Consolidated entities		(300.0	)		(357.9	)		(468.0	)		(1,222.8	)
Provision for income taxes attributable to non-controlling interests in Consolidated entities		(5.7	)		(5.7	)		(11.7	)		(5.7	)
Severance and lease terminations		3.5			1.7			4.0			4.1
Other adjustments		(0.2	)		(2.8	)		0.7			(3.0	)

Economic Net Income (loss)	$	155.8		$	(57.2	)	$	549.7		$	334.9

Net performance fees⁽²⁾		122.5			(106.7	)		477.2			228.1
Investment income⁽²⁾		6.9			14.0			9.9			37.3

Fee Related Earnings	$	26.4		$	35.5		$	62.6		$	69.5

Realized performance fees, net of related compensation		117.8			75.8			259.3			218.5
Realized investment income		14.6			4.0			5.3			6.1
Equity-based compensation		4.2			0.6			6.8			0.6

Distributable Earnings	$	163.0		$	115.9		$	334.0		$	294.7

(1)

(2)	See reconciliation to most directly comparable U.S. GAAP measure below:

Adjustments for Compensation and Performance Fees Allocated

(2)	See reconciliation to most directly comparable U.S. GAAP measure below:

Three Months Ended June 30, 2013

Carlyle
Consolidated

Adjustments⁽³⁾

Total
Reportable
Segments

(Dollars in millions)

Performance fees

Realized

203.2

(10.6

)

192.6

Unrealized

55.9

(13.8

)

42.1

Total performance fees

259.1

(24.4

)

234.7

Performance fee related compensation expense

Realized

78.1

(3.3

)

74.8

Unrealized

66.0

(28.6

)

37.4

Total performance fee related compensation expense

144.1

(31.9

)

112.2

Net performance fees

Realized

125.1

(7.3

)

117.8

Unrealized

(10.1

)

14.8

4.7

Total net performance fees

115.0

7.5

122.5

Investment income (loss)

Realized

12.7

1.9

14.6

Unrealized

(1.7

)

(6.0

)

(7.7

)

Total investment income (loss)

11.0

(4.1

)

6.9


	Three Months Ended June 30, 2012
	Carlyle Consolidated			Adjustments⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance fees
Realized	$	116.7		$	(6.4	)	$	110.3
Unrealized		(337.1	)		26.0			(311.1	)

Total performance fees		(220.4	)		19.6			(200.8	)
Performance fee related compensation expense
Realized		32.1			2.4			34.5
Unrealized		(97.7	)		(30.9	)		(128.6	)

Total performance fee related compensation expense		(65.6	)		(28.5	)		(94.1	)
Net performance fees
Realized		84.6			(8.8	)		75.8
Unrealized		(239.4	)		56.9			(182.5	)

Total net performance fees	$	(154.8	)	$	48.1		$	(106.7	)


Investment income
Realized	$	2.4		$	1.6		$	4.0
Unrealized		4.6			5.4			10.0

Total investment income	$	7.0		$	7.0		$	14.0

Six Months Ended June 30, 2013

Carlyle
Consolidated

Adjustments⁽³⁾

Total
Reportable
Segments

(Dollars in millions)

Performance fees

Realized

456.0

(14.5

)

441.5

Unrealized

445.5

(60.7

)

384.8

Total performance fees

901.5

(75.2

)

826.3

Performance fee related compensation expense

Realized

186.8

(4.6

)

182.2

Unrealized

261.0

(94.1

)

166.9

Total performance fee related compensation expense

447.8

(98.7

)

349.1

Net performance fees

Realized

269.2

(9.9

)

259.3

Unrealized

184.5

33.4

217.9

Total net performance fees

453.7

23.5

477.2

Investment income (loss)

Realized

8.5

(3.2

)

5.3

Unrealized

2.9

1.7

4.6

Total investment income (loss)

11.4

(1.5

)

9.9


	Six Months Ended June 30, 2012
	Carlyle Consolidated			Adjustments⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance fees
Realized	$	397.3		$	(5.2	)	$	392.1
Unrealized		23.1			15.5			38.6

Total performance fees		420.4			10.3			430.7
Performance fee related compensation expense
Realized		66.4			107.2			173.6
Unrealized		(42.9	)		71.9			29.0

Total performance fee related compensation expense		23.5			179.1			202.6
Net performance fees
Realized		330.9			(112.4	)		218.5
Unrealized		66.0			(56.4	)		9.6

Total net performance fees	$	396.9		$	(168.8	)	$	228.1


Investment income
Realized	$	1.6		$	4.5		$	6.1
Unrealized		26.9			4.3			31.2

Total investment income	$	28.5		$	8.8		$	37.3

(3)

(e)	The Total Assets adjustment represents the addition of the assets of the Consolidated Funds which were eliminated in consolidation to arrive at the Partnership’s total assets.

Supplemental Financial Information (Tables)

6 Months Ended

Jun. 30, 2013

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Supplemental Financial Position


	As of June 30, 2013
	Consolidated Operating Entities			Consolidated Funds			Eliminations			Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	572.9		$	—		$	—		$	572.9
Cash and cash equivalents held at Consolidated Funds		—			2,205.5			—			2,205.5
Restricted cash		41.0			—			—			41.0
Restricted cash and securities of Consolidated Funds		—			29.2			—			29.2
Accrued performance fees		2,680.8			—			(33.9	)		2,646.9
Investments		892.5			—			(81.3	)		811.2
Investments of Consolidated Funds		—			26,068.1			—			26,068.1
Due from affiliates and other receivables, net		195.8			—			(10.9	)		184.9
Due from affiliates and other receivables of Consolidated Funds, net		—			431.6			—			431.6
Fixed assets, net		62.7			—			—			62.7
Deposits and other		44.2			3.7			—			47.9
Intangible assets, net		624.6			—			—			624.6
Deferred tax assets		60.7			—			—			60.7

Total assets	$	5,175.2		$	28,738.1		$	(126.1	)	$	33,787.2


Liabilities and partners’ capital
Loans payable	$	25.0		$	—		$	—		$	25.0
3.875% senior notes due 2023		499.8			—			—			499.8
5.625% senior notes due 2043		398.4			—			—			398.4
Loans payable of Consolidated Funds		—			15,089.3			(69.5	)		15,019.8
Accounts payable, accrued expenses and other liabilities		223.7			—			—			223.7
Accrued compensation and benefits		1,554.0			—			—			1,554.0
Due to affiliates		282.9			59.4			(0.5	)		341.8
Deferred revenue		55.6			1.5			—			57.1
Deferred tax liabilities		78.2			—			—			78.2
Other liabilities of Consolidated Funds		—			1,781.8			(51.6	)		1,730.2
Accrued giveback obligations		59.3			—			(9.7	)		49.6

Total liabilities		3,176.9			16,932.0			(131.3	)		19,977.6

Redeemable non-controlling interests in consolidated entities		7.1			3,934.4			—			3,941.5

Partners’ capital		265.2			(6.6	)		6.6			265.2
Accumulated other comprehensive loss		(11.0	)		—			(1.1	)		(12.1	)
Partners’ capital appropriated for Consolidated Funds		—			438.5			(0.3	)		438.2
Non-controlling interests in consolidated entities		329.5			7,439.8			—			7,769.3
Non-controlling interests in Carlyle Holdings		1,407.5			—			—			1,407.5

Total partners’ capital		1,991.2			7,871.7			5.2			9,868.1

Total liabilities and partners’ capital	$	5,175.2		$	28,738.1		$	(126.1	)	$	33,787.2


	As of December 31, 2012
	Consolidated Operating Entities			Consolidated Funds			Eliminations			Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	567.1		$	—		$	—		$	567.1
Cash and cash equivalents held at Consolidated Funds		—			1,646.6			—			1,646.6
Restricted cash		34.5			—			—			34.5
Restricted cash and securities of Consolidated Funds		—			36.3			—			36.3
Accrued performance fees		2,204.9			—			(12.4	)		2,192.5
Investments		932.6			—			(51.4	)		881.2
Investments of Consolidated Funds		—			24,815.7			—			24,815.7
Due from affiliates and other receivables, net		201.5			—			(10.8	)		190.7
Due from affiliates and other receivables of Consolidated Funds, net		—			331.8			—			331.8
Fixed assets, net		63.6			—			—			63.6
Deposits and other		44.2			4.2			—			48.4
Intangible assets, net		691.1			—			—			691.1
Deferred tax assets		67.1			—			—			67.1

Total assets	$	4,806.6		$	26,834.6		$	(74.6	)	$	31,566.6


Liabilities and partners’ capital
Loans payable	$	886.3		$	—		$	—		$	886.3
Loans payable of Consolidated Funds		—			13,708.2			(51.5	)		13,656.7
Accounts payable, accrued expenses and other liabilities		215.0			—			—			215.0
Accrued compensation and benefits		1,318.2			—			—			1,318.2
Due to affiliates		290.4			42.1			(0.4	)		332.1
Deferred revenue		57.9			1.5			—			59.4
Deferred tax liabilities		61.1			—			—			61.1
Other liabilities of Consolidated Funds		—			1,405.0			(19.2	)		1,385.8
Accrued giveback obligations		79.0			—			(9.8	)		69.2

Total liabilities		2,907.9			15,156.8			(80.9	)		17,983.8

Redeemable non-controlling interests in consolidated entities		6.0			2,881.4			—			2,887.4

Partners’ capital		235.1			(4.7	)		4.7			235.1
Accumulated other comprehensive loss		(5.0	)		—			0.2			(4.8	)
Partners’ capital appropriated for Consolidated Funds		—			837.2			1.4			838.6
Non-controlling interests in consolidated entities		300.9			7,963.9			—			8,264.8
Non-controlling interests in Carlyle Holdings		1,361.7			—			—			1,361.7

Total partners’ capital		1,892.7			8,796.4			6.3			10,695.4

Total liabilities and partners’ capital	$	4,806.6		$	26,834.6		$	(74.6	)	$	31,566.6

Supplemental Results of Operations


	Three Months Ended June 30, 2013
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	285.8		$	—	$	(43.6	)	$	242.2
Performance fees
Realized		205.3			—		(2.1	)		203.2
Unrealized		66.9			—		(11.0	)		55.9

Total performance fees		272.2			—		(13.1	)		259.1
Investment income (loss)
Realized		15.0			—		(2.3	)		12.7
Unrealized		(8.9	)		—		7.2			(1.7	)

Total investment income (loss)		6.1			—		4.9			11.0
Interest and other income		4.1			—		—			4.1
Interest and other income of Consolidated Funds		—			252.9		—			252.9

Total revenues		568.2			252.9		(51.8	)		769.3

Expenses
Compensation and benefits
Base compensation		173.6			—		—			173.6
Equity-based compensation		126.0			—		—			126.0
Performance fee related					—		—
Realized		78.1			—		—			78.1
Unrealized		66.0			—		—			66.0

Total compensation and benefits		443.7			—		—			443.7
General, administrative and other expenses		120.3			—		—			120.3
Interest		11.6			—		—			11.6
Interest and other expenses of Consolidated Funds		—			268.3		(66.6	)		201.7
Other non-operating income		(3.3	)		—		—			(3.3	)

Total expenses		572.3			268.3		(66.6	)		774.0

Other income
Net investment gains of Consolidated Funds		—			296.2		(5.6	)		290.6


Income (loss) before provision for income taxes		(4.1	)		280.8		9.2			285.9
Provision for income taxes		16.6			—		—			16.6

Net income (loss)		(20.7	)		280.8		9.2			269.3

Net income attributable to non-controlling interests in consolidated entities		10.0			—		290.0			300.0

Net income (loss) attributable to Carlyle Holdings		(30.7	)		280.8		(280.8	)		(30.7	)
Net income (loss) attributable to non-controlling interests in Carlyle Holdings		(27.4	)		—		—			(27.4	)

Net income (loss) attributable to The Carlyle Group L.P.	$	(3.3	)	$	280.8	$	(280.8	)	$	(3.3	)


	Six Months Ended June 30, 2013
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	560.0		$	—	$	(86.4	)	$	473.6
Performance fees
Realized		459.6			—		(3.6	)		456.0
Unrealized		491.7			—		(46.2	)		445.5

Total performance fees		951.3			—		(49.8	)		901.5
Investment income (loss)
Realized		12.6			—		(4.1	)		8.5
Unrealized		(3.2	)		—		6.1			2.9

Total investment income (loss)		9.4			—		2.0			11.4
Interest and other income		6.5			—		—			6.5
Interest and other income of Consolidated Funds		—			521.3		—			521.3

Total revenues		1,527.2			521.3		(134.2	)		1,914.3

Expenses
Compensation and benefits
Base compensation		352.1			—		—			352.1
Equity-based compensation		178.3			—		—			178.3
Performance fee related
Realized		186.8			—		—			186.8
Unrealized		261.0			—		—			261.0

Total compensation and benefits		978.2			—		—			978.2
General, administrative and other expenses		230.3			—		1.4			231.7
Interest		22.1			—		—			22.1
Interest and other expenses of Consolidated Funds		—			601.5		(149.7	)		451.8
Other non-operating income		(5.7	)		—		—			(5.7	)

Total expenses		1,224.9			601.5		(148.3	)		1,678.1

Other income
Net investment gains of Consolidated Funds		—			508.8		(6.7	)		502.1


Income before provision for income taxes		302.3			428.6		7.4			738.3
Provision for income taxes		41.5			—		—			41.5

Net income		260.8			428.6		7.4			696.8

Net income attributable to non-controlling interests in consolidated entities		32.0			—		436.0			468.0

Net income attributable to Carlyle Holdings		228.8			428.6		(428.6	)		228.8
Net income attributable to non-controlling interests in Carlyle Holdings		198.3			—		—			198.3

Net income attributable to The Carlyle Group L.P.	$	30.5		$	428.6	$	(428.6	)	$	30.5


	Three Months Ended June 30, 2012
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	275.9		$	—	$	(36.0	)	$	239.9
Performance fees
Realized		124.6			—		(7.9	)		116.7
Unrealized		(345.5	)		—		8.4			(337.1	)

Total performance fees		(220.9	)		—		0.5			(220.4	)
Investment income
Realized		6.3			—		(3.9	)		2.4
Unrealized		4.4			—		0.2			4.6

Total investment income		10.7			—		(3.7	)		7.0
Interest and other income		2.6			—		0.1			2.7
Interest and other income of Consolidated Funds		—			219.2		—			219.2

Total revenues		68.3			219.2		(39.1	)		248.4

Expenses
Compensation and benefits
Base compensation		149.9			—		—			149.9
Equity-based compensation		94.2			—		—			94.2
Performance fee related
Realized		32.1			—		—			32.1
Unrealized		(97.7	)		—		—			(97.7	)

Total compensation and benefits		178.5			—		—			178.5
General, administrative and other expenses		87.3			—		(3.3	)		84.0
Interest		6.2			—		—			6.2
Interest and other expenses of Consolidated Funds		—			217.0		(37.5	)		179.5
Other non-operating expense		0.7			—		—			0.7

Total expenses		272.7			217.0		(40.8	)		448.9

Other income
Net investment gains of Consolidated Funds		—			385.9		0.7			386.6


Income (loss) before provision for income taxes		(204.4	)		388.1		2.4			186.1
Provision for income taxes		10.6			—		—			10.6

Net income (loss)		(215.0	)		388.1		2.4			175.5

Net income (loss) attributable to non-controlling interests in consolidated entities		(32.6	)		—		390.5			357.9

Net income (loss) attributable to Carlyle Holdings		(182.4	)		388.1		(388.1	)		(182.4	)
Net loss attributable to non-controlling interests in Carlyle Holdings		(172.1	)		—		—			(172.1	)

Net income (loss) attributable to The Carlyle Group L.P.	$	(10.3	)	$	388.1	$	(388.1	)	$	(10.3	)


	Six Months Ended June 30, 2012
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	540.1		$	—	$	(65.8	)	$	474.3
Performance fees
Realized		408.8			—		(11.5	)		397.3
Unrealized		17.3			—		5.8			23.1

Total performance fees		426.1			—		(5.7	)		420.4
Investment income
Realized		8.7			—		(7.1	)		1.6
Unrealized		28.3			—		(1.4	)		26.9

Total investment income		37.0			—		(8.5	)		28.5
Interest and other income		5.4			—		—			5.4
Interest and other income of Consolidated Funds		—			430.7		—			430.7

Total revenues		1,008.6			430.7		(80.0	)		1,359.3

Expenses
Compensation and benefits
Base compensation		256.0			—		—			256.0
Equity-based compensation		94.2			—		—			94.2
Performance fee related
Realized		66.4			—		—			66.4
Unrealized		(42.9	)		—		—			(42.9	)

Total compensation and benefits		373.7			—		—			373.7
General, administrative and other expenses		176.4			—		(1.2	)		175.2
Interest		16.6			—		—			16.6
Interest and other expenses of Consolidated Funds		—			437.2		(73.2	)		364.0
Other non-operating income		(3.4	)		—		—			(3.4	)

Total expenses		563.3			437.2		(74.4	)		926.1

Other income
Net investment gains of Consolidated Funds		—			1,256.4		2.3			1,258.7


Income before provision for income taxes		445.3			1,249.9		(3.3	)		1,691.9
Provision for income taxes		22.3			—		—			22.3

Net income		423.0			1,249.9		(3.3	)		1,669.6

Net income (loss) attributable to non-controlling interests in consolidated entities		(23.8	)		—		1,246.6			1,222.8

Net income attributable to Carlyle Holdings		446.8			1,249.9		(1,249.9	)		446.8
Net income attributable to non-controlling interests in Carlyle Holdings		457.1			—		—			457.1

Net income (loss) attributable to The Carlyle Group L.P.	$	(10.3	)	$	1,249.9	$	(1,249.9	)	$	(10.3	)

Supplemental Statement of Cash Flows


	Six Months Ended June 30,
	2013			2012
	(Dollars in millions)
Cash flows from operating activities
Net income	$	260.8		$	423.0
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization		76.4			48.2
Amortization of deferred financing fees		0.7			0.8
Equity-based compensation		178.3			94.2
Excess tax benefits related to equity-based compensation		(1.7	)		—
Non-cash performance fees		(560.0	)		(55.2	)
Other non-cash amounts		1.8			(3.4	)
Investment income		12.0			(31.5	)
Purchases of investments		(92.1	)		(20.3	)
Proceeds from the sale of investments		189.1			159.2
Purchases of trading securities		(30.3	)		(10.1	)
Proceeds from the sale of trading securities		18.7
Change in deferred taxes		23.6			0.1
Change in due from affiliates and other receivables		(21.7	)		(1.8	)
Change in deposits and other		4.2			2.3
Change in accounts payable, accrued expenses and other liabilities		15.4			(7.2	)
Change in accrued compensation and benefits		248.4			(127.0	)
Change in due to affiliates		9.3			(3.8	)
Change in deferred revenue		(0.6	)		(28.4	)

Net cash provided by operating activities		332.3			439.1

Cash flows from investing activities
Change in restricted cash		(6.9	)		(5.1	)
Purchases of fixed assets, net		(12.3	)		(18.3	)
Purchases of intangible assets		—			(41.0	)

Net cash used in investing activities		(19.2	)		(64.4	)

Cash flows from financing activities
Borrowings under credit facility		—			433.7
Repayments under credit facility		(386.3	)		(744.6	)
Issuance of 3.875% senior notes due 2023, net of financing costs		495.3			—
Issuance of 5.625% senior notes due 2043, net of financing costs		394.1			—
Payments on loans payable		(475.0	)		(310.0	)
Payments of contingent consideration		(10.9	)		—
Net proceeds from issuance of common units in initial public offering		—			615.8
Excess tax benefits related to equity-based compensation		1.7			—
Distributions to common unitholders		(44.1	)		—
Contributions from predecessor owners		—			9.3
Distributions to predecessor owners		—			(452.3	)
Contributions from non-controlling interest holders		53.5			19.6
Distributions to non-controlling interest holders		(341.5	)		(25.4	)
Change in due to/from affiliates financing activities		12.0			17.3

Net cash used in financing activities		(301.2	)		(436.6	)

Effect of foreign exchange rate changes		(6.1	)		1.8

Increase (decrease) in cash and cash equivalents		5.8			(60.1	)
Cash and cash equivalents, beginning of period		567.1			509.6

Cash and cash equivalents, end of period	$	572.9		$	449.5

Organization and Basis of Presentation - Additional Information (Detail) (USD $) In Millions, except Share data, unless otherwise specified	1 Months Ended	6 Months Ended
	May 31, 2012	Jun. 30, 2012
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of common stock units issued during the initial public offering	30,500,000
Price of common units issued during initial public offering	$ 22.00
Net proceeds from initial public offering	$ 615.8	$ 615.8

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended		6 Months Ended						6 Months Ended
	Jun. 30, 2013 USD ($)	Jun. 30, 2012 USD ($)	Jun. 30, 2013 USD ($)	Jun. 30, 2012 USD ($)	Jun. 30, 2013 EUR (€)	Dec. 31, 2012 USD ($)	Dec. 31, 2012 EUR (€)	Jun. 30, 2013 Collateralized Loan Obligations [Member] USD ($)	Jun. 30, 2013 Minimum [Member]	Jun. 30, 2013 Maximum [Member]
Management Fees [Line Items]
Consolidated VIEs, Assets	$ 24,700,000,000		$ 24,700,000,000
Consolidated VIEs, Liabilities	16,600,000,000		16,600,000,000
Investment in CLOs								48,000,000
Percentage of management fees earned - low end of range									1.00%
Percentage of management fees earned - high end of range										2.00%
Percentage of management fees earned on unrealized investments after termination of the investment period - low end of range									0.60%
Percentage of management fee earned for unrealized investments after termination of the investment period - high end of range										2.00%
Period of time for which management fees will be received by partners from the initial closing date			10 years
Extension period for fund closing									1 year	2 years
Subsequent period in which management fees are recognized after these fees are called			6 months
Percentage of management fees paid by hedge funds - low end of range									1.50%
Percentage of management fees paid by hedge funds - high end of range										3.00%
Percentage annual rate to average daily gross asset			1.00%
Percentage of management fees on CLOs on the total par amount of assets in the fund - low end of range									0.40%
Percentage of management fees for CLOs on the total par amount of assets in the fund - high end of range										0.60%
Period of management fees related to Collateralized Loan Obligation - low end of range									5 years
Period of management fees related to Collateralized Loan Obligation - high end of range										10 years
Percentage of management fees from funds of funds during the commitment fee period - low end of range									0.30%
Percentage of management fees from funds of funds during the commitment fee period- high end of range										1.00%
Percentage of management fees from funds of funds following the expiration of the commitment fee period - low end of range									0.30%
Percentage of management fees from funds of funds following the expiration of the commitment fee period - high end of range										1.00%
Transaction and advisory fees	12,500,000	10,700,000	27,500,000	21,400,000
Performance fees allocation percentage to partnership			20.00%
Percentage of allocation based performance fees related to fund of funds vehicles - low end of range			2.00%
Percentage of allocation based performance fees related to fund of funds vehicles - high end of range			10.00%
Accrued giveback obligations	49,600,000		49,600,000			69,200,000
Interest income earned by partnership	600,000	1,300,000	1,100,000	2,700,000
Interest income of Consolidated Funds	221,700,000	185,900,000	452,300,000	369,900,000
Accrued performance fees due to employees and advisors included in accrued compensation	1,100,000,000		1,100,000,000			912,000,000
Percentage of estimated realizable tax benefit to be paid by corporate taxpayers on exchange transactions			85.00%
Percentage of remaining estimated realizable tax benefit on exchange transactions			15.00%
Cash withheld from carried interest distributions for potential giveback obligations	39,100,000		39,100,000			59,200,000
Restricted cash for carried interest proceeds for one corporate private equity fund	13,200,000		13,200,000			13,000,000
Restricted cash included in escrow related to tax contingency	5,700,000		5,700,000		4,400,000	5,800,000	4,400,000
Cash received to satisfy collateral requirements	16,800,000		16,800,000			35,700,000
Restricted securities of Consolidated Funds	12,400,000		12,400,000			600,000
Estimated useful life of other fixed assets									3 years	7 years
Estimated useful life of finite lived intangible assets									3 years	10 years
Foreign currency transaction gains (losses) before tax	$ (200,000)	$ 200,000	$ (1,100,000)	$ (3,500,000)

Summary of Significant Accounting Policies - Partnership's Maximum Exposure to Loss Relating to Non-Consolidated Vies (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Variable Interest Entity [Line Items]
Investments	$ (811.2)	$ (881.2)
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Investments	385.2	398.2
Receivables	136.0	43.5
Maximum Exposure to Loss	$ 521.2	$ 441.7

Summary of Significant Accounting Policies - Components of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) In Millions, unless otherwise specified	6 Months Ended	12 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Accounting Policies [Abstract]
Unrealized losses on cash flow hedge instruments	$ (1.2)	$ (0.1)
Currency translation adjustments	(9.5)	(3.3)
Unrecognized losses on defined benefit plans	(1.4)	(1.4)
Total	$ (12.1)	$ (4.8)

Acquisitions - Additional Information (Detail) (USD $) In Millions, except Share data, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Oct. 01, 2012
Business Acquisition [Line Items]
Contingent cash consideration	$ 990.7
Performance-Based [Member]
Business Acquisition [Line Items]
Contingent cash consideration	546.1
Vermillion [Member]
Business Acquisition [Line Items]
Percentage of owner's interest		55.00%
Period of consideration for contingent consideration	4 years 3 months
Vermillion [Member] \| Performance-Based [Member]
Business Acquisition [Line Items]
Cash paid for acquisitions	50.0
Contingently issuable Carlyle Holdings partnership units	1,440,276
Period of consideration for contingent consideration	5 years 3 months
Contingent cash consideration	$ 131.3

Fair Value Measurement - Partnership's Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Fair Value On Recurring Basis [Line Items]
Total Assets	$ 26,090.5	$ 24,836.3
Loans payable of Consolidated Funds	15,019.8	13,656.7
Interest rate swaps	7.8	10.5
Derivative instruments of the CLOs	8.9	15.8
Contingent consideration	229.1	244.3
Total Liabilities	15,265.6	13,927.3
Equity Securities [Member]
Fair Value On Recurring Basis [Line Items]
Total Assets	3,424.9	3,379.9
Bonds [Member]
Fair Value On Recurring Basis [Line Items]
Total Assets	1,058.9	934.2
Loans [Member]
Fair Value On Recurring Basis [Line Items]
Total Assets	13,771.2	13,290.1
Partnerships and LLC Interests [Member]
Fair Value On Recurring Basis [Line Items]
Total Assets	3,840.6	4,315.5
Hedge Funds [Member]
Fair Value On Recurring Basis [Line Items]
Total Assets	3,961.0	2,888.7
Other [Member]
Fair Value On Recurring Basis [Line Items]
Total Assets	11.5	7.3
Investments of Consolidated Funds [Member]
Fair Value On Recurring Basis [Line Items]
Total Assets	26,068.1	24,815.7
Trading Securities [Member]
Fair Value On Recurring Basis [Line Items]
Total Assets	10.0	20.0
Restricted Securities of Consolidated Funds [Member]
Fair Value On Recurring Basis [Line Items]
Total Assets	12.4	0.6
Level I [Member]
Fair Value On Recurring Basis [Line Items]
Total Assets	801.1	873.4
Level I [Member] \| Equity Securities [Member]
Fair Value On Recurring Basis [Line Items]
Total Assets	788.7	872.8
Level I [Member] \| Investments of Consolidated Funds [Member]
Fair Value On Recurring Basis [Line Items]
Total Assets	788.7	872.8
Level I [Member] \| Restricted Securities of Consolidated Funds [Member]
Fair Value On Recurring Basis [Line Items]
Total Assets	12.4	0.6
Level II [Member]
Fair Value On Recurring Basis [Line Items]
Total Assets	3,979.6	2,920.7
Interest rate swaps	7.8	10.5
Contingent consideration	56.9	57.6
Total Liabilities	64.7	68.1
Level II [Member] \| Equity Securities [Member]
Fair Value On Recurring Basis [Line Items]
Total Assets	18.6	32.0
Level II [Member] \| Hedge Funds [Member]
Fair Value On Recurring Basis [Line Items]
Total Assets	3,961.0	2,888.7
Level II [Member] \| Investments of Consolidated Funds [Member]
Fair Value On Recurring Basis [Line Items]
Total Assets	3,979.6	2,920.7
Level III [Member]
Fair Value On Recurring Basis [Line Items]
Total Assets	21,309.8	21,042.2
Loans payable of Consolidated Funds	15,019.8	13,656.7
Derivative instruments of the CLOs	8.9	15.8
Contingent consideration	172.2	186.7
Total Liabilities	15,200.9	13,859.2
Level III [Member] \| Equity Securities [Member]
Fair Value On Recurring Basis [Line Items]
Total Assets	2,617.6	2,475.1
Level III [Member] \| Bonds [Member]
Fair Value On Recurring Basis [Line Items]
Total Assets	1,058.9	934.2
Level III [Member] \| Loans [Member]
Fair Value On Recurring Basis [Line Items]
Total Assets	13,771.2	13,290.1
Level III [Member] \| Partnerships and LLC Interests [Member]
Fair Value On Recurring Basis [Line Items]
Total Assets	3,840.6	4,315.5
Level III [Member] \| Other [Member]
Fair Value On Recurring Basis [Line Items]
Total Assets	11.5	7.3
Level III [Member] \| Investments of Consolidated Funds [Member]
Fair Value On Recurring Basis [Line Items]
Total Assets	21,299.8	21,022.2
Level III [Member] \| Trading Securities [Member]
Fair Value On Recurring Basis [Line Items]
Total Assets	$ 10.0	$ 20.0

Fair Value Measurement - Financial Instruments Measured at Fair Value (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ 21,022.7	$ 19,681.7	$ 21,042.2	$ 16,828.5
Initial consolidation of funds	10.4		10.4	2,544.2
Transfers out		(20.2)	(4.3)	(145.6)
Purchases	2,738.4	2,256.6	5,325.6	3,861.1
Sales	(1,198.3)	(1,010.5)	(2,677.0)	(2,161.1)
Settlements	(1,559.4)	(1,151.8)	(2,977.8)	(1,862.8)
Realized and unrealized gains (losses), net	296.0	432.3	590.7	1,123.8
Balance, end of period	21,309.8	20,188.1	21,309.8	20,188.1
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	186.6	425.6	132.9	859.8
Equity Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	2,573.1	1,861.6	2,475.1	1,868.9
Initial consolidation of funds				25.2
Transfers out		(20.2)	(4.3)	(145.6)
Purchases	39.2	19.1	107.3	41.0
Sales	(59.0)	(25.7)	(128.7)	(316.0)
Realized and unrealized gains (losses), net	64.3	305.2	168.2	666.5
Balance, end of period	2,617.6	2,140.0	2,617.6	2,140.0
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	34.2	318.7	152.7	503.7
Bonds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	909.2	876.7	934.2	557.0
Initial consolidation of funds				262.6
Purchases	239.9	127.0	415.1	199.5
Sales	(117.1)	(80.3)	(326.5)	(140.7)
Realized and unrealized gains (losses), net	26.9	(32.4)	36.1	12.6
Balance, end of period	1,058.9	891.0	1,058.9	891.0
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	17.0	(1.8)	38.0	25.2
Loans [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	13,507.4	12,750.3	13,290.1	10,152.6
Initial consolidation of funds				2,256.4
Purchases	2,414.6	1,961.7	4,670.1	3,310.8
Sales	(740.3)	(670.8)	(1,360.6)	(1,284.3)
Settlements	(1,559.4)	(1,151.8)	(2,977.8)	(1,862.8)
Realized and unrealized gains (losses), net	148.9	(246.3)	149.4	70.4
Balance, end of period	13,771.2	12,643.1	13,771.2	12,643.1
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	92.7	(25.0)	169.0	117.2
Partnerships and LLC Interests [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	4,002.2	4,149.1	4,315.5	4,198.6
Purchases	44.7	148.8	133.1	309.8
Sales	(259.3)	(233.4)	(838.6)	(418.1)
Realized and unrealized gains (losses), net	(53.0)	402.6	230.6	376.8
Balance, end of period	3,840.6	4,467.1	3,840.6	4,467.1
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	43.9	127.8	(225.5)	207.3
Other [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	8.8	11.6	7.3	20.8
Initial consolidation of funds	10.4		10.4
Sales	(9.0)	(0.3)	(9.0)	(2.0)
Realized and unrealized gains (losses), net	1.3	0.1	2.8	(7.4)
Balance, end of period	11.5	11.4	11.5	11.4
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	(2.3)	2.8	(2.4)	1.5
Trading Securities and Other [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	22.0	32.4	20.0	30.6
Sales	(13.6)		(13.6)
Realized and unrealized gains (losses), net	1.6	3.1	3.6	4.9
Balance, end of period	10.0	35.5	10.0	35.5
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$ 1.1	$ 3.1	$ 1.1	$ 4.9

Fair Value Measurement - Transfer Out of Level lll of Financial Liabilities (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ 14,489.8	$ 12,629.9	$ 13,859.2	$ 10,121.6
Initial consolidation of funds				2,220.4
Borrowings	966.1	498.9	2,202.5	989.0
Paydowns	(588.9)	(324.9)	(1,419.6)	(768.5)
Sales	(0.9)	(0.3)	(0.8)	(0.3)
Realized and unrealized (gains) losses, net	334.8	(51.3)	559.6	190.1
Balance, end of period	15,200.9	12,752.3	15,200.9	12,752.3
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	252.5	171.5	599.1	309.8
Loans Payable of Consolidated Funds [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	14,312.7	12,454.6	13,656.7	9,689.9
Initial consolidation of funds				2,215.8
Borrowings	966.1	498.9	2,202.5	989.0
Paydowns	(588.0)	(324.4)	(1,408.7)	(507.3)
Realized and unrealized (gains) losses, net	329.0	(64.1)	569.3	177.6
Balance, end of period	15,019.8	12,565.0	15,019.8	12,565.0
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	243.5	179.4	607.2	329.2
Derivative Instruments of Consolidated Funds [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	10.3	4.8	15.8
Initial consolidation of funds				4.6
Sales	(0.9)	(0.3)	(0.8)	(0.3)
Realized and unrealized (gains) losses, net	(0.5)	12.2	(6.1)	12.4
Balance, end of period	8.9	16.7	8.9	16.7
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	2.7	(8.5)	(4.5)	(19.2)
Subordinated Loan Payable to Affiliate [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period				262.5
Paydowns				(260.0)
Realized and unrealized (gains) losses, net				(2.5)
Contingent Cash Consideration [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	166.8	170.5	186.7	169.2
Paydowns	(0.9)	(0.5)	(10.9)	(1.2)
Realized and unrealized (gains) losses, net	6.3	0.6	(3.6)	2.6
Balance, end of period	172.2	170.6	172.2	170.6
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$ 6.3	$ 0.6	$ (3.6)	$ (0.2)

Fair Value Measurement - Quantitative Information about Partnership's Level III Inputs (Detail) (USD $) In Millions, except Per Share data, unless otherwise specified																					12 Months Ended																																																							6 Months Ended
	Jun. 30, 2013	Dec. 31, 2012	Dec. 31, 2012 Equity Securities [Member] Comparable Multiple 1 [Member]	Dec. 31, 2012 Equity Securities [Member] Comparable Multiple 2 [Member]	Dec. 31, 2012 Equity Securities [Member] Comparable Multiple 3 [Member]	Dec. 31, 2012 Equity Securities [Member] Consensus Pricing [Member]	Dec. 31, 2012 Equity Securities [Member] Discounted Cash Flow [Member]	Dec. 31, 2012 Loans [Member] Consensus Pricing [Member]	Dec. 31, 2012 Loans [Member] Market Yield Analysis [Member]	Dec. 31, 2012 Bonds [Member] Consensus Pricing [Member]	Dec. 31, 2012 Partnerships and LLC Interests [Member] NAV of Underlying Fund [Member]	Dec. 31, 2012 Other [Member] Counterparty Pricing [Member]	Dec. 31, 2012 Trading Securities and Other [Member] Comparable Multiple 1 [Member]	Dec. 31, 2012 Trading Securities and Other [Member] Discounted Cash Flow [Member]	Dec. 31, 2012 Trading Securities and Other [Member] Dealer Pricing [Member]	Dec. 31, 2012 Contingent Cash Consideration [Member] Discounted Cash Flow [Member]	Dec. 31, 2012 Senior Secured Notes [Member] Discounted Cash Flow with Consensus Pricing [Member]	Dec. 31, 2012 Subordinated Notes and Preferred Shares [Member] Discounted Cash Flow with Consensus Pricing [Member]	Dec. 31, 2012 Combination Notes [Member] Consensus Pricing [Member]	Dec. 31, 2012 Derivative Instruments of Consolidated Funds [Member] Counterparty Pricing [Member]	Dec. 31, 2012 Minimum [Member] Equity Securities [Member]	Dec. 31, 2012 Minimum [Member] Loans [Member]	Dec. 31, 2012 Minimum [Member] Contingent Cash Consideration [Member]	Dec. 31, 2012 Maximum [Member] Equity Securities [Member]	Dec. 31, 2012 Maximum [Member] Loans [Member]	Dec. 31, 2012 Maximum [Member] Contingent Cash Consideration [Member]	Dec. 31, 2012 Weighted Average [Member] Equity Securities [Member] Multiplier	Dec. 31, 2012 Weighted Average [Member] Loans [Member]	Dec. 31, 2012 Weighted Average [Member] Bonds [Member]	Dec. 31, 2012 Weighted Average [Member] Other [Member]	Dec. 31, 2012 Weighted Average [Member] Trading Securities and Other [Member] Multiplier	Dec. 31, 2012 Weighted Average [Member] Contingent Cash Consideration [Member]	Dec. 31, 2012 Weighted Average [Member] Senior Secured Notes [Member]	Dec. 31, 2012 Weighted Average [Member] Subordinated Notes and Preferred Shares [Member]	Dec. 31, 2012 Weighted Average [Member] Combination Notes [Member]	Dec. 31, 2012 Weighted Average [Member] Derivative Instruments of Consolidated Funds [Member]	Jun. 30, 2013 Level III [Member]	Dec. 31, 2012 Level III [Member]	Jun. 30, 2013 Level III [Member] Equity Securities [Member] Comparable Multiple 1 [Member]	Dec. 31, 2012 Level III [Member] Equity Securities [Member] Comparable Multiple 1 [Member]	Jun. 30, 2013 Level III [Member] Equity Securities [Member] Comparable Multiple 2 [Member]	Dec. 31, 2012 Level III [Member] Equity Securities [Member] Comparable Multiple 2 [Member]	Jun. 30, 2013 Level III [Member] Equity Securities [Member] Comparable Multiple 3 [Member]	Dec. 31, 2012 Level III [Member] Equity Securities [Member] Comparable Multiple 3 [Member]	Jun. 30, 2013 Level III [Member] Equity Securities [Member] Consensus Pricing [Member]	Dec. 31, 2012 Level III [Member] Equity Securities [Member] Consensus Pricing [Member]	Jun. 30, 2013 Level III [Member] Equity Securities [Member] Discounted Cash Flow [Member]	Dec. 31, 2012 Level III [Member] Equity Securities [Member] Discounted Cash Flow [Member]	Jun. 30, 2013 Level III [Member] Loans [Member] Consensus Pricing [Member]	Dec. 31, 2012 Level III [Member] Loans [Member] Consensus Pricing [Member]	Jun. 30, 2013 Level III [Member] Loans [Member] Market Yield Analysis [Member]	Dec. 31, 2012 Level III [Member] Loans [Member] Market Yield Analysis [Member]	Jun. 30, 2013 Level III [Member] Bonds [Member] Consensus Pricing [Member]	Dec. 31, 2012 Level III [Member] Bonds [Member] Consensus Pricing [Member]	Jun. 30, 2013 Level III [Member] Partnerships and LLC Interests [Member] NAV of Underlying Fund [Member]	Dec. 31, 2012 Level III [Member] Partnerships and LLC Interests [Member] NAV of Underlying Fund [Member]	Jun. 30, 2013 Level III [Member] Other [Member] Various [Member]	Dec. 31, 2012 Level III [Member] Other [Member] Counterparty Pricing [Member]	Jun. 30, 2013 Level III [Member] Trading Securities and Other [Member] Comparable Multiple 1 [Member]	Dec. 31, 2012 Level III [Member] Trading Securities and Other [Member] Comparable Multiple 1 [Member]	Jun. 30, 2013 Level III [Member] Trading Securities and Other [Member] Discounted Cash Flow [Member]	Dec. 31, 2012 Level III [Member] Trading Securities and Other [Member] Discounted Cash Flow [Member]	Dec. 31, 2012 Level III [Member] Trading Securities and Other [Member] Dealer Pricing [Member]	Jun. 30, 2013 Level III [Member] Investments of Consolidated Funds [Member]	Dec. 31, 2012 Level III [Member] Investments of Consolidated Funds [Member]	Jun. 30, 2013 Level III [Member] Contingent Cash Consideration [Member] Discounted Cash Flow [Member]	Dec. 31, 2012 Level III [Member] Contingent Cash Consideration [Member] Discounted Cash Flow [Member]	Jun. 30, 2013 Level III [Member] Senior Secured Notes [Member] Discounted Cash Flow with Consensus Pricing [Member]	Dec. 31, 2012 Level III [Member] Senior Secured Notes [Member] Discounted Cash Flow with Consensus Pricing [Member]	Jun. 30, 2013 Level III [Member] Subordinated Notes and Preferred Shares [Member] Discounted Cash Flow with Consensus Pricing [Member]	Dec. 31, 2012 Level III [Member] Subordinated Notes and Preferred Shares [Member] Discounted Cash Flow with Consensus Pricing [Member]	Jun. 30, 2013 Level III [Member] Combination Notes [Member] Consensus Pricing [Member]	Dec. 31, 2012 Level III [Member] Combination Notes [Member] Consensus Pricing [Member]	Jun. 30, 2013 Level III [Member] Derivative Instruments of Consolidated Funds [Member] Counterparty Pricing [Member]	Dec. 31, 2012 Level III [Member] Derivative Instruments of Consolidated Funds [Member] Counterparty Pricing [Member]	Jun. 30, 2013 Level III [Member] Minimum [Member] Equity Securities [Member]	Jun. 30, 2013 Level III [Member] Minimum [Member] Loans [Member]	Jun. 30, 2013 Level III [Member] Minimum [Member] Contingent Cash Consideration [Member]	Jun. 30, 2013 Level III [Member] Maximum [Member] Equity Securities [Member]	Jun. 30, 2013 Level III [Member] Maximum [Member] Loans [Member]	Jun. 30, 2013 Level III [Member] Maximum [Member] Contingent Cash Consideration [Member]	Jun. 30, 2013 Level III [Member] Weighted Average [Member] Equity Securities [Member] Multiplier	Jun. 30, 2013 Level III [Member] Weighted Average [Member] Loans [Member]	Jun. 30, 2013 Level III [Member] Weighted Average [Member] Bonds [Member]	Jun. 30, 2013 Level III [Member] Weighted Average [Member] Trading Securities and Other [Member] Multiplier	Jun. 30, 2013 Level III [Member] Weighted Average [Member] Contingent Cash Consideration [Member]	Jun. 30, 2013 Level III [Member] Weighted Average [Member] Senior Secured Notes [Member]	Jun. 30, 2013 Level III [Member] Weighted Average [Member] Subordinated Notes and Preferred Shares [Member]	Jun. 30, 2013 Level III [Member] Weighted Average [Member] Combination Notes [Member]	Jun. 30, 2013 Level III [Member] Weighted Average [Member] Derivative Instruments of Consolidated Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets																																					$ 21,309.8	$ 21,042.2	$ 2,442.8	$ 2,311.5	$ 82.0	$ 69.4	$ 12.2	$ 15.4	$ 28.0	$ 33.8	$ 52.6	$ 45.0	$ 13,510.1	$ 12,952.9	$ 261.1	$ 337.2	$ 1,058.9	$ 934.2	$ 3,840.6	$ 4,315.5	$ 11.5	$ 7.3	$ 5.5	$ 6.2	$ 4.5	$ 2.6	$ 11.2	$ 21,299.8	$ 21,022.2
Indicative Quotes Range Notional Amount																														3.00%						6.00%																																																						5.00%
Assumed Range Percentage of Total Potential Contingent Payments																							32.00%			100.00%						79.00%																																														3.20%			100.00%					85.00%
Contingent Cash Consideration	229.1	244.3																																			172.2	186.7																																				8.9	15.8
Fair value of liabilities	$ 15,265.6	$ 13,927.3																																			$ 15,200.9	$ 13,859.2																												$ 172.2	$ 186.7	$ 13,811.6	$ 12,658.4	$ 1,191.8	$ 996.9	$ 16.4	$ 1.4
Indicative Quotes Range Percentage																												94.00%	94.00%		83.00%		93.00%	42.00%	96.00%																																																97.00%	99.00%			96.00%	56.00%	99.00%
Recovery Rates Range Percentage																																	58.00%	53.00%																																																					61.00%	59.00%
Discount Rate Range Percentage																					9.00%		2.00%	15.00%		35.00%	11.00%				7.00%	17.00%	4.00%	29.00%																																										7.00%		2.00%	11.00%		32.00%	9.00%			7.00%	16.00%	3.00%	19.00%
Default Rates Range Percentage																																	3.00%	3.00%																																																					3.00%	3.00%
Book Value Multiple Range																											1																																																							1
Price Earnings Multiple Range																											13.5																																																							14.0
LTM EBITDA Multiple Range																					5.6			13.5			9.7				5.6																																													5.6			14.8			10.7			5.7
Indicative Quotes Per Share																											$ 10																																																							$ 1
Exit Cap Rate Range Percentage																					6.00%			8.00%			7.00%																																																	5.00%			9.00%			7.00%
Market Yield Range Percentage																						7.00%			18.00%			10.00%																																																	5.00%			16.00%			9.00%
Fair Value Measurements Valuation Technique of Assets			Comparable Multiple	Comparable Multiple	Comparable Multiple	Consensus Pricing	Discounted Cash Flow	Consensus Pricing	Market Yield Analysis	Consensus Pricing	NAV of Underlying Fund	Counterparty Pricing	Comparable Multiple	Discounted Cash Flow	Dealer Pricing																								Comparable Multiple		Comparable Multiple		Comparable Multiple		Consensus Pricing		Discounted Cash Flow		Consensus Pricing		Market Yield Analysis		Consensus Pricing		NAV of Underlying Fund		Various		Comparable Multiple		Discounted Cash Flow
Fair Value Measurements Valuation Technique of Liabilities																Discounted Cash Flow	Discounted Cash Flow with Consensus Pricing	Discounted Cash Flow with Consensus Pricing	Consensus Pricing	Counterparty Pricing																																														Discounted Cash Flow		Discounted Cash Flow with Consensus Pricing		Discounted Cash Flow with Consensus Pricing		Consensus Pricing		Counterparty Pricing

Accrued Performance Fees - Components of Accrued Performance Fees (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Accrued Performance Fees Disclosure [Line Items]
Accrued performance fees	$ 2,646.9	$ 2,192.5
Corporate Private Equity [Member]
Accrued Performance Fees Disclosure [Line Items]
Accrued performance fees	1,948.9	1,667.3
Global Market Strategies [Member]
Accrued Performance Fees Disclosure [Line Items]
Accrued performance fees	167.2	69.5
Real Assets [Member]
Accrued Performance Fees Disclosure [Line Items]
Accrued performance fees	262.1	250.1
Global Solutions [Member]
Accrued Performance Fees Disclosure [Line Items]
Accrued performance fees	$ 268.7	$ 205.6

Accrued Performance Fees - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013 Funds	Jun. 30, 2012 Funds	Dec. 31, 2012
Operating Statistics [Line Items]
Percentage of accrued performance fees related to certain Corporate Private Equity funds	63.00%		63.00%		61.00%
Number of Partnership's Corporate Private Equity funds related to accrued performance fees			2
Percentage of performance fees related to certain Corporate Private Equity funds	82.00%	95.00%	61.00%	45.00%
Performance fees related to certain Corporate Private Equity funds	$ 213.5	$ (208.5)	$ 552.0	$ 189.0
Number of Partnership's Corporate Private Equity funds related to performance fees			2	3
Carlyle Partners IV, L.P. [Member]
Operating Statistics [Line Items]
Revenue recognized on certain Corporate Private Equity funds	34.7	(149.5)	223.0	137.6
Carlyle Partners V, L.P. [Member]
Operating Statistics [Line Items]
Revenue recognized on certain Corporate Private Equity funds	225.6	66.2	435.4	159.4
Carlyle Asia Partners II, L.P [Member]
Operating Statistics [Line Items]
Revenue recognized on certain Corporate Private Equity funds		$ (69.6)		$ 11.9

Accrued Performance Fees - Components of Accrued Giveback Obligations (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Operating Statistics [Line Items]
Accrued giveback obligations	$ (49.6)	$ (69.2)
Corporate Private Equity [Member]
Operating Statistics [Line Items]
Accrued giveback obligations	(10.0)	(18.9)
Global Market Strategies [Member]
Operating Statistics [Line Items]
Accrued giveback obligations	(1.3)	(2.1)
Real Assets [Member]
Operating Statistics [Line Items]
Accrued giveback obligations	$ (38.3)	$ (48.2)

Accrued Performance Fees - Performance Fees (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Operating Statistics [Line Items]
Performance Fees	$ 259.1	$ (220.4)	$ 901.5	$ 420.4
Corporate Private Equity [Member]
Operating Statistics [Line Items]
Performance Fees	186.2	(217.6)	620.9	246.9
Global Market Strategies [Member]
Operating Statistics [Line Items]
Performance Fees	48.7	6.9	157.2	52.4
Real Assets [Member]
Operating Statistics [Line Items]
Performance Fees	(13.9)	(30.4)	49.1	75.1
Global Solutions [Member]
Operating Statistics [Line Items]
Performance Fees	$ 38.1	$ 20.7	$ 74.3	$ 46.0

Investments - Investments (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Investments Schedule [Abstract]
Equity method investments, excluding accrued performance fees	$ 795.4	$ 855.1
Trading securities and other investments	15.8	26.1
Total investments	$ 811.2	$ 881.2

Investments - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended
Investments - Additional Information (Detail) (USD $)	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Investment [Line Items]
Percentage of management fee revenue allocated to Carlyle			55.00%
Percentage of carried interest income to be allocated to Partnership for future interests in future carry funds			7.50%
Additional investment in partnership	$ 7,500,000		$ 7,500,000
Additional investment percentage			7.50%
Number of years until Carlyle can purchase the remaining interests in NGP Management			13 years
Partnership vested period			5 years
Consideration amount upon the termination of the investment period of the NGP X Fund			7,500,000
Investment earnings	6,900,000	14,000,000	9,900,000	37,300,000
Partnership's basis difference based on underlying net assets	230,100,000		230,100,000		259,800,000
Basis difference amortization period			10 years
Trading securities	15,800,000		15,800,000		26,100,000
Total assets of the CLOs that were formed during the year	2,900,000,000		2,900,000,000
Minimum percent of aggregate assets for individual investments with fair value			5.00%
Corporate Mezzanine Securities and Bonds [Member]
Investment [Line Items]
Trading securities	15,800,000		15,800,000		26,100,000
NGP Investment [Member]
Investment [Line Items]
Net investment Loss	3,700,000		4,700,000
Investment earnings	15,600,000		31,800,000
Investment expenses	19,300,000		36,500,000
ECM Capital, L.P. [Member]
Investment [Line Items]
Contingent consideration			45,000,000
Barclays Natural Resource Investments [Member]
Investment [Line Items]
Contingent consideration			183,000,000
Barclays Natural Resource Investments [Member] \| ECM Capital, L.P. [Member]
Investment [Line Items]
Purchase price			384,000,000
Issuance of partnership units			996,572
Carlyle Holdings [Member]
Investment [Line Items]
Issuance of partnership units			597,944
Value of additional partnership units to be issued upon the satisfaction of certain performance conditions	15,000,000		15,000,000
Option exercisable between July 1, 2014 and July 1, 2015 [Member] \| Minimum [Member]
Investment [Line Items]
Range of estimated purchase price for additional interest in the general partner of one of the NGP funds	65,000,000		65,000,000
Option exercisable between July 1, 2014 and July 1, 2015 [Member] \| Maximum [Member]
Investment [Line Items]
Range of estimated purchase price for additional interest in the general partner of one of the NGP funds	74,000,000		74,000,000
Option exercisable between July 1, 2014 and July 1, 2015 [Member] \| Barclays Natural Resource Investments [Member] \| ECM Capital, L.P. [Member]
Investment [Line Items]
Percentage of carried interest to be received if certain options to purchase additional interests are made			40.00%
Option exercisable from December 20, 2012 until January 1, 2015 [Member] \| Minimum [Member]
Investment [Line Items]
Range of estimated purchase price for additional interest in the general partner of one of the NGP funds	34,000,000		34,000,000
Option exercisable from December 20, 2012 until January 1, 2015 [Member] \| Maximum [Member]
Investment [Line Items]
Range of estimated purchase price for additional interest in the general partner of one of the NGP funds	$ 38,000,000		$ 38,000,000
Option exercisable from December 20, 2012 until January 1, 2015 [Member] \| Barclays Natural Resource Investments [Member] \| ECM Capital, L.P. [Member]
Investment [Line Items]
Percentage of carried interest to be received if certain options to purchase additional interests are made			40.00%
Management Fee-Related Revenues [Member]
Investment [Line Items]
Percentage of management fee revenue allocated to Carlyle			47.50%

Investments - Equity Method Investments (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Schedule of Investments [Line Items]
Equity method investments	$ 795.4	$ 855.1
Corporate Private Equity [Member]
Schedule of Investments [Line Items]
Equity method investments	224.2	251.6
Global Market Strategies [Member]
Schedule of Investments [Line Items]
Equity method investments	22.4	18.0
Real Assets [Member]
Schedule of Investments [Line Items]
Equity method investments	$ 548.8	$ 585.5

Investments - Components of Investment Income (Loss) (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Investments Schedule [Abstract]
Income from equity investments	$ 7.7	$ 4.5	$ 4.9	$ 26.0
Income from trading securities	3.2	2.5	6.5	4.6
Other investment income (loss)	0.1			(2.1)
Total investment income (loss)	$ 11.0	$ 7.0	$ 11.4	$ 28.5

Investments - Carlyle's Income (Loss) from Equity-Method Investments (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Schedule of Investments [Line Items]
Income from equity investments	$ 7.7	$ 4.5	$ 4.9	$ 26.0
Corporate Private Equity [Member]
Schedule of Investments [Line Items]
Income from equity investments	10.3	2.2	23.2	22.1
Global Market Strategies [Member]
Schedule of Investments [Line Items]
Income from equity investments	0.7	0.2	1.8	1.0
Real Assets [Member]
Schedule of Investments [Line Items]
Income from equity investments	$ (3.3)	$ 2.1	$ (20.1)	$ 2.9

Investments - Interest and Other Income of Consolidated Funds (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Investments Schedule [Abstract]
Interest income from investments	$ 221.7	$ 185.9	$ 452.3	$ 369.9
Other income	31.2	33.3	69.0	60.8
Total	$ 252.9	$ 219.2	$ 521.3	$ 430.7

Investments - Net Investment Gains (Losses) of Consolidated Funds (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Schedule of Investments [Line Items]
Losses from liabilities of CLOs			$ (643.0)	$ (351.9)
Total	290.6	386.6	502.1	1,258.7
Collateralized Loan Obligations [Member]
Schedule of Investments [Line Items]
Gains from investments of Consolidated Funds	543.3	577.6	1,142.7	1,608.7
Losses from liabilities of CLOs	(253.5)	(193.3)	(640.4)	(352.5)
Gains (losses) on other assets of CLOs	0.8	2.3	(0.2)	2.5
Total	$ 290.6	$ 386.6	$ 502.1	$ 1,258.7

Investments - Realized and Unrealized Gains (Losses) Earned from Investments of Consolidated Funds (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Realized and Unrealized Gains (Losses) Earned from Investments of Consolidated Funds [Abstract]
Realized gains	$ 216.6	$ 246.2	$ 694.5	$ 461.3
Net change in unrealized gains	326.7	331.4	448.2	1,147.4
Total	$ 543.3	$ 577.6	$ 1,142.7	$ 1,608.7

Intangible Assets and Goodwill - Carrying Amount of Intangible Assets (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Goodwill And Intangible Assets Disclosure [Abstract]
Acquired contractual rights	$ 794.1	$ 797.7
Acquired trademarks	6.8	6.8
Accumulated amortization	(213.2)	(150.4)
Finite-lived intangible assets, net	587.7	654.1
Goodwill	36.9	37.0
Intangible assets, net	$ 624.6	$ 691.1

Intangible Assets and Goodwill - Carrying Amount of Goodwill, by Segment (Detail) (USD $) In Millions, unless otherwise specified	6 Months Ended			6 Months Ended
	Jun. 30, 2013	Jun. 30, 2013 Global Market Strategies [Member]	Dec. 31, 2012 Global Market Strategies [Member]	Jun. 30, 2013 Global Solutions [Member]
Goodwill [Line Items]
Balance as of December 31, 2012	$ 37.0	$ 28.0	$ 28.0	$ 9.0
Foreign currency translation	(0.1)			(0.1)
Balance as of June 30, 2013	$ 36.9	$ 28.0	$ 28.0	$ 8.9

Intangible Assets and Goodwill - Estimated Future Amortization Expense (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013
Leases [Abstract]
2013	$ 111.6
2014	96.5
2015	92.7
2016	87.3
2017	82.9
Thereafter	183.1
Total	$ 654.1

Borrowings - Partnership's Borrowings (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Borrowings [Line Items]
Carrying Value	$ 923.2	$ 886.3
Borrowing Outstanding	925.0	886.3
Revolving Credit Facility [Member]
Borrowings [Line Items]
Borrowing Outstanding		386.3
Carrying Value		386.3
Term Loan Due 9/30/2016 [Member]
Borrowings [Line Items]
Borrowing Outstanding	25.0	500.0
Carrying Value	25.0	500.0
3.875% Senior Notes Due 2023 [Member]
Borrowings [Line Items]
Carrying Value	499.8
Borrowing Outstanding	500.0
5.625% Senior Notes Due 2043 [Member]
Borrowings [Line Items]
Borrowing Outstanding	400.0
Carrying Value	$ 398.4

Borrowings - Partnership's Borrowings (Parenthetical) (Detail)	6 Months Ended
	Jun. 30, 2013
Term Loan Due 9/30/2016 [Member]
Borrowings [Line Items]
Loan maturity	Sep. 30, 2016
3.875% Senior Notes Due 2023 [Member]
Borrowings [Line Items]
Loan maturity	Feb. 01, 2023
Interest rate on senior notes	3.875%
5.625% Senior Notes Due 2043 [Member]
Borrowings [Line Items]
Loan maturity	Mar. 30, 2043
Interest rate on senior notes	5.625%

Borrowings - Additional Information (Detail) (USD $)	3 Months Ended			6 Months Ended
Borrowings - Additional Information (Detail) (USD $)	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Total Debt [Line Items]
Maximum borrowing capacity in term loan	$ 500,000,000			$ 500,000,000
Borrowing capacity	750,000,000			750,000,000
Deferred financing costs expensed upon prepayment of term loan		1,900,000
Interest expense	11,600,000		6,200,000	22,100,000	16,600,000
Accumulated other comprehensive loss related to cash flow hedges	8,800,000			8,800,000
Fair value of collateralized loan obligation assets	16,900,000,000			16,900,000,000		15,700,000,000
Interest Rate Swap One [Member]
Total Debt [Line Items]
Loan maturity				Aug. 20, 2013
Notional amount	23,900,000			23,900,000
Interest Rate Swap Two [Member]
Total Debt [Line Items]
Loan maturity				Sep. 30, 2016
Notional amount	476,100,000			476,100,000
Interest Rate Swap Three [Member]
Total Debt [Line Items]
Loan maturity		Sep. 30, 2016
Notional amount		427,200,000
3.875% Senior Notes Due 2023 [Member]
Total Debt [Line Items]
Loan maturity				Feb. 01, 2023
Senior notes principal amount	500,000,000			500,000,000
Interest rate on senior notes	3.875%			3.875%
Senior notes percentage of par value	99.966%			99.966%
Frequency of repayment of debt				Semi-annually on February 1 and August 1
Date of first required interest payment				Aug. 01, 2013
Senior notes redemption terms percentage to principal amount				100.00%
Senior notes interest rate description				Treasury rate plus 30 basis points plus accrued and unpaid interest on the principal amounts
Interest expense	5,000,000			9,000,000
Notes Payable, Fair Value Disclosure	484.6			484.6
5.625% Senior Notes Due 2043 [Member]
Total Debt [Line Items]
Loan maturity		Mar. 30, 2043
Senior notes principal amount		400,000,000
Interest rate on senior notes		5.625%
Senior notes percentage of par value		99.583%
Frequency of repayment of debt		Semi-annually on March 30 and September 30
Date of first required interest payment		Sep. 30, 2013
Senior notes redemption terms percentage to principal amount		100.00%
Senior notes interest rate description		Treasury rate plus 40 basis points plus accrued and unpaid interest on the principal amounts
Interest expense	5,700,000			5,900,000
Notes Payable, Fair Value Disclosure	379.8			379.8
Liquidity Facility Agreements [Member]
Total Debt [Line Items]
Maximum borrowing	13,000,000			13,000,000
Weighted average interest rate for outstanding liquidity arrangements for certain CLOs				EURIBOR plus 0.25%
Term Loan Due 9/30/2016 [Member]
Total Debt [Line Items]
Loan maturity				Sep. 30, 2016
Revolving Credit Facility [Member]
Total Debt [Line Items]
Loan maturity				Sep. 30, 2014
Maximum percentage of applicable margin in addition to base rate	0.75%			0.75%
Term loan principal prepaid		475,000,000
Interest expense under the senior credit facility	$ 1,000,000		$ 5,700,000	$ 5,200,000	$ 12,400,000
Revolving Credit Facility [Member] \| Maximum [Member]
Total Debt [Line Items]
Maximum percentage of applicable margin	1.75%			1.75%
Revolving Credit Facility [Member] \| Minimum [Member]
Total Debt [Line Items]
Maximum percentage of applicable margin	1.25%			1.25%
Term Loan Principal And Interest Due In Quarterly Installment [Member]
Total Debt [Line Items]
Loan maturity				Sep. 30, 2016

Borrowings - Outstanding Borrowing Which Includes Preferred Shares (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	$ 15,485.2	$ 14,577.8
Fair Value	15,019.8	13,656.7
Weighted Average Remaining Maturity in Years		8 years 9 months 22 days
Senior Secured Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	14,229.2	13,662.3
Fair Value	13,811.6	12,658.4
Weighted Average Interest Rate	1.27%	1.30%
Weighted Average Remaining Maturity in Years	8 years 7 months 21 days	8 years 9 months 18 days
Subordinated Notes Income Notes and Preferred Shares [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	1,240.8	914.8
Fair Value	1,191.8	996.9
Weighted Average Remaining Maturity in Years	8 years	8 years 2 months 19 days
Combination Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	15.2	0.7
Fair Value	$ 16.4	$ 1.4
Weighted Average Remaining Maturity in Years	8 years 7 months 21 days

Contingent Consideration - Changes in Contingent Consideration Liabilities (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2013
Business Acquisition, Contingent Consideration [Line Items]
Balance, beginning of period	$ 339.4	$ 340.5
Change in carrying value	8.6	17.5
Payments	(0.9)	(10.9)
Balance, end of period	347.1	347.1
Carlyle Consolidated [Member] \| Performance-Based [Member] \| Contingent Cash Consideration [Member]
Business Acquisition, Contingent Consideration [Line Items]
Balance, beginning of period	137.6	158.6
Change in carrying value	4.2	(7.5)
Payments		(9.3)
Balance, end of period	141.8	141.8
Carlyle Consolidated [Member] \| Performance-Based [Member] \| Contingent Equity Consideration [Member]
Business Acquisition, Contingent Consideration [Line Items]
Balance, beginning of period	65.7	57.6
Change in carrying value	(8.8)	(0.7)
Balance, end of period	56.9	56.9
Carlyle Consolidated [Member] \| Employment-Based Contingent Cash Consideration [Member]
Business Acquisition, Contingent Consideration [Line Items]
Balance, beginning of period	106.9	96.2
Change in carrying value	11.1	21.8
Balance, end of period	118.0	118.0
Non-Carlyle Personnel [Member]
Business Acquisition, Contingent Consideration [Line Items]
Balance, beginning of period	29.2	28.1
Change in carrying value	2.1	3.9
Payments	(0.9)	(1.6)
Balance, end of period	$ 30.4	$ 30.4

Contingent Consideration - Maximum Amounts of Cash Obligations with Business Acquisitions and Our Strategic Investment (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013
Business Acquisition, Contingent Consideration [Line Items]
Contingent Cash Obligations	$ 990.7
Liability Recognized on Financial Statements	290.2
Performance-Based [Member]
Business Acquisition, Contingent Consideration [Line Items]
Contingent Cash Obligations	546.1
Liability Recognized on Financial Statements	172.2
Employment-Based Contingent Cash Consideration [Member]
Business Acquisition, Contingent Consideration [Line Items]
Contingent Cash Obligations	347.4
Liability Recognized on Financial Statements	118.0
Options to Acquire Additional Investments in NGP [Member]
Business Acquisition, Contingent Consideration [Line Items]
Contingent Cash Obligations	97.2
Hedge Fund Acquisitions [Member]
Business Acquisition, Contingent Consideration [Line Items]
Contingent Cash Obligations	665.5
Hedge Fund Acquisitions [Member] \| Performance-Based [Member]
Business Acquisition, Contingent Consideration [Line Items]
Contingent Cash Obligations	363.1
Hedge Fund Acquisitions [Member] \| Employment-Based Contingent Cash Consideration [Member]
Business Acquisition, Contingent Consideration [Line Items]
Contingent Cash Obligations	302.4
NGP Investment [Member]
Business Acquisition, Contingent Consideration [Line Items]
Contingent Cash Obligations	325.2
NGP Investment [Member] \| Performance-Based [Member]
Business Acquisition, Contingent Consideration [Line Items]
Contingent Cash Obligations	183.0
NGP Investment [Member] \| Employment-Based Contingent Cash Consideration [Member]
Business Acquisition, Contingent Consideration [Line Items]
Contingent Cash Obligations	45.0
NGP Investment [Member] \| Options to Acquire Additional Investments in NGP [Member]
Business Acquisition, Contingent Consideration [Line Items]
Contingent Cash Obligations	$ 97.2

Contingent Consideration - Maximum Amounts of Cash Obligations with Business Acquisitions and Our Strategic Investment (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013
Business Acquisition, Contingent Consideration [Line Items]
Liability Recognized on Financial Statements	$ 290.2
Performance-Based [Member]
Business Acquisition, Contingent Consideration [Line Items]
Liability Recognized on Financial Statements	172.2
Performance-Based [Member] \| Contingent Equity Consideration [Member]
Business Acquisition, Contingent Consideration [Line Items]
Liability Recognized on Financial Statements	$ 56.9

Accrued Compensation and Benefits - Accrued Compensation and Benefits (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Payables And Accruals [Abstract]
Accrued performance fee-related compensation	$ 1,136.9	$ 912.0
Accrued bonuses	207.2	188.5
Employment-based contingent cash consideration	118.0	96.2
Other	91.9	121.5
Total	$ 1,554.0	$ 1,318.2

Commitments and Contingencies - Unfunded Commitments (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013
Operating Statistics [Line Items]
Total unfunded commitments	$ 2,320.3
Corporate Private Equity [Member]
Operating Statistics [Line Items]
Total unfunded commitments	1,891.4
Global Market Strategies [Member]
Operating Statistics [Line Items]
Total unfunded commitments	247.4
Real Assets [Member]
Operating Statistics [Line Items]
Total unfunded commitments	$ 181.5

Commitments and Contingencies - Additional Information (Detail)	0 Months Ended	3 Months Ended		6 Months Ended		9 Months Ended		3 Months Ended			6 Months Ended				0 Months Ended	1 Months Ended	6 Months Ended			6 Months Ended	12 Months Ended
	Jul. 07, 2010 USD ($) Lawsuits	Jun. 30, 2013 USD ($)	Jun. 30, 2012 USD ($)	Jun. 30, 2013 USD ($) Cases Lawsuits	Jun. 30, 2012 USD ($)	Sep. 30, 2012 Lawsuits	Dec. 31, 2012 USD ($)	Mar. 31, 2013 Contingent Obligations (Giveback) [Member] USD ($)	Jun. 30, 2013 Contingent Obligations (Giveback) [Member] USD ($)	Dec. 31, 2012 Contingent Obligations (Giveback) [Member] USD ($)	Jun. 30, 2013 Guaranteed Loans [Member] USD ($)	Dec. 31, 2012 Guaranteed Loans [Member] USD ($)	Jun. 30, 2013 Other Guarantees [Member] USD ($)	Dec. 31, 2012 Other Guarantees [Member] USD ($)	Jul. 13, 2009 Former Shareholders [Member] USD ($)	Jul. 31, 2012 French Tax Authorities [Member] EUR (€)	Jun. 30, 2013 French Tax Authorities [Member] USD ($)	Jun. 30, 2013 French Tax Authorities [Member] EUR (€)	Oct. 31, 2012 French Tax Authorities [Member] EUR (€)	Jun. 30, 2013 Italian Tax Authorities [Member] EUR (€)	Dec. 31, 2006 Italian Tax Authorities [Member] EUR (€)
Guarantor Obligations [Line Items]
Unfunded commitment		$ 2,300,000,000		$ 2,300,000,000
Unfunded commitment to be paid by senior Carlyle executives and professionals		2,100,000,000		2,100,000,000
Incremental borrowings under credit facility for eligible employees investing in Carlyle sponsored funds											16,100,000
Interest rate under credit facility for eligible employees investing in Carlyle sponsored funds											Three-month LIBOR plus 2%
Accrues interest under credit facility											2.00%
Weighted-average rate under credit facility											3.25%
Outstanding borrowing under credit facility for eligible employees investing in Carlyle sponsored funds											9,900,000	10,800,000
Amount held in escrow for potential giveback obligations													13,200,000	13,000,000					4,400,000
Potential repayment of performance fees		49,600,000		49,600,000			69,200,000
Unbilled receivables from former and current employees and senior Carlyle professionals related to giveback obligations									23,400,000	32,800,000
Cash withheld from carried interest distributions for potential giveback obligations		39,100,000		39,100,000			59,200,000		304,300,000	309,100,000
Repayment of giveback obligations								14,000,000
Amount of realized and distributed carried interest subject to potential giveback on after-tax basis									1,000,000,000
Rent expense		12,400,000	11,800,000	24,600,000	24,000,000
Expiration date of lease agreement				Jul. 31, 2026
Non-cancelable operating leases future minimum payments receivable		9,600,000		9,600,000
Deferred rent payable		33,000,000		33,000,000			30,100,000
Number of civil actions						2
Amount of claim filed by former shareholder	1,000,000,000														20,000,000
Number of suits against the partnership	4
Number of shareholder class actions filed in United States District Court for the District of Columbia				2
Number of putative shareholder class actions filed				3
Number of original D.C cases consolidated				2
Number of consolidated cases from the original D.C. cases				1
Tax assessment related to portfolio companies																45,700,000				97,000,000	59,000,000
Income tax		16,600,000	10,600,000	41,500,000	22,300,000																25,500,000
Income tax, penalties																					28,500,000
Income tax, interest																					4,900,000
Accrual related to contingency																	65,000,000	50,000,000
Potential additional investment in portfolio company				$ 50,000,000
Termination costs accrual description				As of June 30, 2013 and December 31, 2012, the accrual for termination costs primarily represents (1) lease obligations associated with closed offices, and (2) severance costs related to terminated employees

Commitments and Contingencies - Future Minimum Commitments for Leases (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013
Leases [Abstract]
2013	$ 23.6
2014	46.5
2015	42.2
2016	32.7
2017	30.4
Thereafter	102.9
Future minimum commitments for leases, total	$ 278.3

Commitments and Contingencies - Employee and Office Lease Termination Costs (Detail) (Termination Costs [Member], USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Termination Costs [Member]
Expenses [Line Items]
Balance, beginning of period	$ 11.9	$ 16.3	$ 13.6	$ 15.2
Compensation expense	3.1	1.2	3.7	3.4
Contract termination costs	0.4	0.5	0.3	0.7
Costs paid or settled	(1.4)	(1.7)	(3.6)	(3.0)
Balance, end of period	$ 14.0	$ 16.3	$ 14.0	$ 16.3

Related Party Transactions - Due from Affiliates and Other Receivables (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Related Party Transactions [Abstract]
Unbilled receivable for giveback obligations from current and former employees	$ 23.4	$ 32.8
Notes receivable and accrued interest from affiliates	14.4	10.0
Other receivables from unconsolidated funds and affiliates, net	147.1	147.9
Total	$ 184.9	$ 190.7

Related Party Transactions - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Related Party Transactions [Abstract]
Maximum percentage of interest on amounts due from affiliates			7.25%
Payment of aircraft related expenses	$ 3.1	$ 1.9	$ 5.8	$ 3.7

Related Party Transactions - Due to Affiliates (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Related Party Transactions [Abstract]
Due to affiliates of Consolidated Funds	$ 59.4	$ 42.1
Due to non-consolidated affiliates	32.4	27.8
Performance-based contingent cash and equity consideration related to acquisitions	198.7	216.2
Amounts owed under the tax receivable agreement	36.5	34.9
Other	14.8	11.1
Total	$ 341.8	$ 332.1

Income Taxes - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 16.6	$ 10.6	$ 41.5	$ 22.3
Number of years federal income tax returns are subject to examination			3 years
Period in which significant changes in unrecognized tax benefits are not expected			Next twelve months

Non-controlling Interests in Consolidated Entities - Partnership's Non-Controlling Interests in Consolidated Entities (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated entities	$ 7,769.3	$ 8,264.8
Non-Carlyle Interests in Consolidated Funds [Member]
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated entities	7,439.8	7,963.9
Non-Carlyle Interests in Majority-Owned Subsidiaries [Member]
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated entities	251.6	228.1
Non-Controlling Interest in AlpInvest [Member]
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated entities	37.4	28.9
Non-Controlling Interest in Carried Interest and Cash Held for Carried Interest Distributions [Member]
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated entities	$ 40.5	$ 43.9

Non-controlling Interests in Consolidated Entities - Partnership's Non-Controlling Interests in Income (Loss) of Consolidated Entities (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Noncontrolling Interest [Line Items]
Net income attributable to other non-controlling interests in consolidated entities	$ 400.0	$ 519.2	$ 647.9	$ 1,299.8
Net loss attributable to partners' capital appropriated for CLOs	(131.9)	(172.9)	(389.0)	(67.8)
Net income (loss) attributable to redeemable non-controlling interests in consolidated entities	31.9	11.6	209.1	(9.2)
Non-controlling interests in income of consolidated entities	300.0	357.9	468.0	1,222.8
Non-Carlyle Interests in Consolidated Funds [Member]
Noncontrolling Interest [Line Items]
Net income attributable to other non-controlling interests in consolidated entities	390.5	551.8	617.6	1,324.0
Non-Carlyle Interests in Majority-Owned Subsidiaries [Member]
Noncontrolling Interest [Line Items]
Net income attributable to other non-controlling interests in consolidated entities	6.9	3.0	10.4	10.4
Non-Controlling Interest in Carried Interest and Cash Held for Carried Interest Distributions [Member]
Noncontrolling Interest [Line Items]
Net income attributable to other non-controlling interests in consolidated entities	$ 2.6	$ (35.6)	$ 19.9	$ (34.6)

Earnings Per Common Unit - Weighted-Average Common Units Outstanding, Basic and Diluted (Detail)	2 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2013
Earnings Per Share [Line Items]
Basic		45,145,793	44,249,510
Diluted		45,145,793	49,881,397
The Carlyle Group, L.P. [Member]
Earnings Per Share [Line Items]
Basic	40,160,245	45,145,793	44,249,510
Diluted	40,160,245	45,145,793	44,249,510
Unvested Deferred Restricted Common Units [Member]
Earnings Per Share [Line Items]
Diluted			4,700,069
Contingently issuable Carlyle Holdings partnership units [Member]
Earnings Per Share [Line Items]
Diluted			931,818

Earnings Per Common Unit - Additional Information (Detail)	2 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2013
Weighted-Average Vested Carlyle Holdings Partnership Units [Member]
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Carlyle Holdings partnership units deemed antidilutive	204,518,212	227,463,788	227,013,906
Unvested Carlyle Holdings Partnership Units [Member]
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Carlyle Holdings partnership units deemed antidilutive	204,518,212	227,463,788	227,013,906
Contingently Issuable Shares [Member]
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of units excluded from computation of earnings per share amount	1,436,552	931,818
Deferred Restricted Common Units [Member]
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of units excluded from computation of earnings per share amount	19,644	3,997,956

Earnings Per Common Unit - Basic and Diluted Net Income (Loss) Per Common Unit (Detail) (USD $) In Millions, except Share data, unless otherwise specified	2 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Earnings Per Share [Abstract]
Net income (loss) attributable to The Carlyle Group L.P., Basic	$ (10.3)	$ (3.3)	$ (10.3)	$ 30.5	$ (10.3)
Weighted-average common units outstanding, Basic	40,160,245	45,145,793	40,160,245	44,249,510	40,160,245
Net income (loss) per common unit, Basic	$ (0.26)	$ (0.07)	$ (0.26)	$ 0.69	$ (0.26)
Net income (loss) attributable to The Carlyle Group L.P., Diluted	$ (10.3)	$ (3.3)	$ (10.3)	$ 30.5	$ (10.3)
Weighted-average common units outstanding, Diluted	40,160,245	45,145,793	40,160,245	49,881,397	40,160,245
Net income (loss) per common unit, Diluted	$ (0.26)	$ (0.07)	$ (0.26)	$ 0.61	$ (0.26)

Equity-Based Compensation - Additional Information (Detail) (USD $)	1 Months Ended	2 Months Ended	3 Months Ended	6 Months Ended		2 Months Ended	3 Months Ended	6 Months Ended	2 Months Ended	3 Months Ended	1 Months Ended	6 Months Ended	3 Months Ended	6 Months Ended	2 Months Ended	3 Months Ended	6 Months Ended	3 Months Ended	1 Months Ended
	Dec. 31, 2012	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2013	May 31, 2012	Jun. 30, 2012 Phantom Units [Member]	Jun. 30, 2013 Phantom Units [Member]	Jun. 30, 2013 Phantom Units [Member]	Jun. 30, 2012 Unvested Carlyle Holdings Partnership Units [Member]	Jun. 30, 2013 Unvested Carlyle Holdings Partnership Units [Member]	May 31, 2013 Deferred Restricted Common Units [Member]	Jun. 30, 2013 Deferred Restricted Common Units [Member]	Jun. 30, 2013 Deferred Restricted Common Units [Member]	Jun. 30, 2013 Deferred Restricted Common Units [Member]	Jun. 30, 2012 Carlyle Holdings [Member]	Jun. 30, 2013 Carlyle Holdings [Member]	Jun. 30, 2013 Carlyle Holdings [Member]	Jun. 30, 2013 Carlyle Holdings [Member] Contingently Issuable Shares	Dec. 31, 2012 ECM Capital, L.P. [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of the Partnership's common units and Carlyle Holdings partnership units available for future grant under the equity incentive plan	30,611,743				30,450,000
Period of vesting of unvested units				4 years 7 months 6 days				3 years				6 years		6 years			6 years		5 years
Revised forfeiture rate																	2.50%
Forfeiture rate				15.00%				15.00%								7.50%
Allocated Share Based Compensation Expense		$ 8,700,000	$ 32,300,000	$ 44,600,000		$ 300,000	$ 1,200,000	$ 2,200,000	$ 59,000,000	$ 47,900,000					$ 26,200,000	$ 92,500,000	$ 131,500,000	$ 5,000,000
Tax benefits related to equity-based compensation expense		400,000	1,800,000	1,000,000													0
Number of partnership units issued with time vesting	996,572
Number of partnership units issued at closing with performance-based vesting	597,944
Unrecognized compensation expense			288,300,000	288,300,000			4,500,000	4,500,000								955,500,000	955,500,000
Weighted-average term for unrecognized compensation expenses								1 year 10 months 24 days									4 years 9 months 18 days
Excess of additional deferred tax benefit from equity based compensation expense													$ 1.8	$ 1.0
Deferred restricted units issued											2,900,000						9,376,007

Equity-Based Compensation - Summary of Status of Non-Vested Equity-Based Awards (Detail) (USD $)	6 Months Ended	1 Months Ended	6 Months Ended
	Jun. 30, 2013 Carlyle Holdings [Member]	May 31, 2013 Deferred Restricted Common Units [Member]	Jun. 30, 2013 Equity Settled Awards [Member] Deferred Restricted Common Units [Member] The Carlyle Group, L.P. [Member]	Jun. 30, 2013 Cash Settled Awards [Member] Phantom Units [Member] The Carlyle Group, L.P. [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance	57,850,299		16,707,028	334,614
Granted, Units			1,613,893	2,520
Vested, Units	9,376,007	2,900,000	2,777,631	106,901
Forfeited, Units			422,089	16,249
Ending Balance	48,474,292		15,121,201	213,984
Weighted-Average Grant Date Fair Value, Beginning Balance	$ 22.12		$ 22.28	$ 22.00
Weighted-Average Grant Date Fair Value, Granted			$ 31.96	$ 31.83
Weighted-Average Grant Date Fair Value, Vested	$ 22.00		$ 22.29	$ 22.00
Weighted-Average Grant Date Fair Value, Forfeited			$ 22.18	$ 22.00
Weighted-Average Grant Date Fair Value, Ending Balance	$ 22.14		$ 23.32	$ 22.12

Segment Reporting - Additional Information (Detail)	6 Months Ended
Segment Reporting - Additional Information (Detail)	Jun. 30, 2013 Segment
Operating Statistics [Line Items]
Number of reportable segments	4
Date of acquisition of AlpInvest	July 1, 2011
Non-Controlling Interest in AlpInvest [Member]
Operating Statistics [Line Items]
Percentage of equity interest of acquisition	60.00%

Segment Reporting - Reportable Segments Financial Data (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Fund level fee revenues
Fund management fees	$ 242.2	$ 239.9	$ 473.6	$ 474.3
Performance fees
Realized	203.2	116.7	456.0	397.3
Unrealized	55.9	(337.1)	445.5	23.1
Total performance fees	259.1	(220.4)	901.5	420.4
Compensation and benefits
Equity-based compensation	4.2	0.6	6.8	0.6
Performance fee related
Total compensation and benefits	443.7	178.5	978.2	373.7
Economic Net Income	155.8	(57.2)	549.7	334.9
(-) Net Performance Fees	122.5	(106.7)	477.2	228.1
(-) Investment Income	11.0	7.0	11.4	28.5
(=) Fee Related Earnings	26.4	35.5	62.6	69.5
(+) Realized Investment Income	12.7	2.4	8.5	1.6
(+) Equity-based compensation	4.2	0.6	6.8	0.6
Segment assets as of June 30, 2013	33,787.2		33,787.2		31,566.6
Corporate Private Equity [Member]
Performance fees
Total performance fees	186.2	(217.6)	620.9	246.9
Global Market Strategies [Member]
Performance fees
Total performance fees	48.7	6.9	157.2	52.4
Real Assets [Member]
Performance fees
Total performance fees	(13.9)	(30.4)	49.1	75.1
Total Reportable Segments [Member]
Fund level fee revenues
Fund management fees	249.9	235.0	490.0	460.4
Portfolio advisory fees, net	5.7	7.0	10.3	15.0
Transaction fees, net	6.8	3.7	17.2	6.4
Total fee revenues	262.4	245.7	517.5	481.8
Performance fees
Realized	192.6	110.3	441.5	392.1
Unrealized	42.1	(311.1)	384.8	38.6
Total performance fees	234.7	(200.8)	826.3	430.7
Investment income (loss)
Realized	14.6	4.0	5.3	6.1
Unrealized	(7.7)	10.0	4.6	31.2
Total investment income	6.9	14.0	9.9	37.3
Interest and other income	4.0	2.5	6.4	5.1
Total revenues	508.0	61.4	1,360.1	954.9
Compensation and benefits
Direct base compensation	101.0	105.8	209.0	207.0
Indirect base compensation	35.0	36.2	68.6	69.3
Equity-based compensation	4.2	0.6	6.8	0.6
Performance fee related
Realized	74.8	34.5	182.2	173.6
Unrealized	37.4	(128.6)	166.9	29.0
Total compensation and benefits	252.4	48.5	633.5	479.5
General, administrative, and other indirect expenses	82.0	60.0	144.3	115.4
Depreciation and amortization expense	6.2	4.0	12.5	9.2
Interest expense	11.6	6.1	20.1	15.9
Total expenses	352.2	118.6	810.4	620.0
Economic Net Income	155.8	(57.2)	549.7	334.9
(-) Net Performance Fees	122.5	(106.7)	477.2	228.1
(-) Investment Income	6.9	14.0	9.9	37.3
(=) Fee Related Earnings	26.4	35.5	62.6	69.5
(+) Realized Net Performance Fees	117.8	75.8	259.3	218.5
(+) Realized Investment Income	14.6	4.0	5.3	6.1
(+) Equity-based compensation	4.2	0.6	6.8	0.6
(=) Distributable Earnings	163.0	115.9	334.0	294.7
Segment assets as of June 30, 2013	5,175.2		5,175.2
Total Reportable Segments [Member] \| Corporate Private Equity [Member]
Fund level fee revenues
Fund management fees	108.8	124.0	217.1	247.9
Portfolio advisory fees, net	4.9	4.9	9.0	11.9
Transaction fees, net	4.0	1.6	14.4	3.2
Total fee revenues	117.7	130.5	240.5	263.0
Performance fees
Realized	151.4	80.6	363.7	303.6
Unrealized	31.2	(269.7)	238.8	(28.4)
Total performance fees	182.6	(189.1)	602.5	275.2
Investment income (loss)
Realized	1.7	1.5	3.5	2.3
Unrealized	2.4	3.7	5.2	18.2
Total investment income	4.1	5.2	8.7	20.5
Interest and other income	1.7	1.6	2.7	3.0
Total revenues	306.1	(51.8)	854.4	561.7
Compensation and benefits
Direct base compensation	50.0	54.8	105.0	110.1
Indirect base compensation	21.8	24.1	41.8	44.9
Equity-based compensation	2.3	0.4	3.8	0.4
Performance fee related
Realized	65.1	31.0	166.7	148.6
Unrealized	8.8	(140.3)	92.4	(8.3)
Total compensation and benefits	148.0	(30.0)	409.7	295.7
General, administrative, and other indirect expenses	41.6	36.9	80.6	71.7
Depreciation and amortization expense	3.4	2.3	6.9	5.5
Interest expense	6.7	3.5	11.6	9.4
Total expenses	199.7	12.7	508.8	382.3
Economic Net Income	106.4	(64.5)	345.6	179.4
(-) Net Performance Fees	108.7	(79.8)	343.4	134.9
(-) Investment Income	4.1	5.2	8.7	20.5
(=) Fee Related Earnings	(6.4)	10.1	(6.5)	24.0
(+) Realized Net Performance Fees	86.3	49.6	197.0	155.0
(+) Realized Investment Income	1.7	1.5	3.5	2.3
(+) Equity-based compensation	2.3	0.4	3.8	0.4
(=) Distributable Earnings	83.9	61.6	197.8	181.7
Segment assets as of June 30, 2013	2,693.2		2,693.2
Total Reportable Segments [Member] \| Global Market Strategies [Member]
Fund level fee revenues
Fund management fees	73.8	59.5	140.1	108.1
Portfolio advisory fees, net	0.5	0.5	0.7	1.2
Transaction fees, net	0.1		0.1
Total fee revenues	74.4	60.0	140.9	109.3
Performance fees
Realized	17.9	1.3	42.0	33.7
Unrealized	23.0	4.0	87.3	16.7
Total performance fees	40.9	5.3	129.3	50.4
Investment income (loss)
Realized	12.2	2.8	14.1	4.1
Unrealized	(11.9)	4.8	(6.8)	8.5
Total investment income	0.3	7.6	7.3	12.6
Interest and other income	1.5	0.4	2.6	1.0
Total revenues	117.1	73.3	280.1	173.3
Compensation and benefits
Direct base compensation	24.9	25.2	50.6	44.9
Indirect base compensation	5.5	4.5	10.3	9.4
Equity-based compensation	0.6	0.1	1.0	0.1
Performance fee related
Realized	6.7	0.7	16.4	18.5
Unrealized	9.6	0.2	15.8	9.9
Total compensation and benefits	47.3	30.7	94.1	82.8
General, administrative, and other indirect expenses	19.5	9.1	29.0	16.4
Depreciation and amortization expense	1.1	0.6	2.3	1.4
Interest expense	2.1	0.9	3.6	2.6
Total expenses	70.0	41.3	129.0	103.2
Economic Net Income	47.1	32.0	151.1	70.1
(-) Net Performance Fees	24.6	4.4	97.1	22.0
(-) Investment Income	0.3	7.6	7.3	12.6
(=) Fee Related Earnings	22.2	20.0	46.7	35.5
(+) Realized Net Performance Fees	11.2	0.6	25.6	15.2
(+) Realized Investment Income	12.2	2.8	14.1	4.1
(+) Equity-based compensation	0.6	0.1	1.0	0.1
(=) Distributable Earnings	46.2	23.5	87.4	54.9
Segment assets as of June 30, 2013	1,102.3		1,102.3
Total Reportable Segments [Member] \| Real Assets [Member]
Fund level fee revenues
Fund management fees	46.4	34.1	93.4	70.7
Portfolio advisory fees, net	0.3	1.6	0.6	1.9
Transaction fees, net	2.7	2.1	2.7	3.2
Total fee revenues	49.4	37.8	96.7	75.8
Performance fees
Realized	20.6	27.0	31.6	50.2
Unrealized	(33.4)	(56.0)	16.1	26.4
Total performance fees	(12.8)	(29.0)	47.7	76.6
Investment income (loss)
Realized	0.7	(0.3)	(12.3)	(0.3)
Unrealized	1.7	1.5	6.2	4.5
Total investment income	2.4	1.2	(6.1)	4.2
Interest and other income	0.6	0.4	0.9	0.8
Total revenues	39.6	10.4	139.2	157.4
Compensation and benefits
Direct base compensation	18.2	16.9	36.1	35.1
Indirect base compensation	6.4	5.6	13.9	12.0
Equity-based compensation	1.2	0.1	1.8	0.1
Performance fee related
Realized	1.6	1.5	(3.3)	2.4
Unrealized	2.9	2.1	26.5	8.0
Total compensation and benefits	30.3	26.2	75.0	57.6
General, administrative, and other indirect expenses	16.5	11.1	26.9	22.8
Depreciation and amortization expense	1.2	0.7	2.3	1.7
Interest expense	2.2	1.1	3.8	3.0
Total expenses	50.2	39.1	108.0	85.1
Economic Net Income	(10.6)	(28.7)	31.2	72.3
(-) Net Performance Fees	(17.3)	(32.6)	24.5	66.2
(-) Investment Income	2.4	1.2	(6.1)	4.2
(=) Fee Related Earnings	4.3	2.7	12.8	1.9
(+) Realized Net Performance Fees	19.0	25.5	34.9	47.8
(+) Realized Investment Income	0.7	(0.3)	(12.3)	(0.3)
(+) Equity-based compensation	1.2	0.1	1.8	0.1
(=) Distributable Earnings	25.2	28.0	37.2	49.5
Segment assets as of June 30, 2013	953.6		953.6
Total Reportable Segments [Member] \| Global Solutions [Member]
Fund level fee revenues
Fund management fees	20.9	17.4	39.4	33.7
Total fee revenues	20.9	17.4	39.4	33.7
Performance fees
Realized	2.7	1.4	4.2	4.6
Unrealized	21.3	10.6	42.6	23.9
Total performance fees	24.0	12.0	46.8	28.5
Investment income (loss)
Unrealized	0.1
Total investment income	0.1
Interest and other income	0.2	0.1	0.2	0.3
Total revenues	45.2	29.5	86.4	62.5
Compensation and benefits
Direct base compensation	7.9	8.9	17.3	16.9
Indirect base compensation	1.3	2.0	2.6	3.0
Equity-based compensation	0.1		0.2
Performance fee related
Realized	1.4	1.3	2.4	4.1
Unrealized	16.1	9.4	32.2	19.4
Total compensation and benefits	26.8	21.6	54.7	43.4
General, administrative, and other indirect expenses	4.4	2.9	7.8	4.5
Depreciation and amortization expense	0.5	0.4	1.0	0.6
Interest expense	0.6	0.6	1.1	0.9
Total expenses	32.3	25.5	64.6	49.4
Economic Net Income	12.9	4.0	21.8	13.1
(-) Net Performance Fees	6.5	1.3	12.2	5.0
(-) Investment Income	0.1
(=) Fee Related Earnings	6.3	2.7	9.6	8.1
(+) Realized Net Performance Fees	1.3	0.1	1.8	0.5
(+) Equity-based compensation	0.1		0.2
(=) Distributable Earnings	7.7	2.8	11.6	8.6
Segment assets as of June 30, 2013	$ 426.1		$ 426.1

Segment Reporting - Total Segments to Partnership Income Before Provision for Taxes Reconciliation (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Operating Statistics [Line Items]
Revenues	$ 769.3	$ 248.4	$ 1,914.3	$ 1,359.3
Expenses	774.0	448.9	1,678.1	926.1
Other income	290.6	386.6	502.1	1,258.7
Economic net income	285.9	186.1	738.3	1,691.9
Total assets	33,787.2		33,787.2		31,566.6
Total Reportable Segments [Member]
Operating Statistics [Line Items]
Revenues	508.0	61.4	1,360.1	954.9
Expenses	352.2	118.6	810.4	620.0
Other income
Economic net income	155.8	(57.2)	549.7	334.9
Total assets	5,175.2		5,175.2
Consolidated Funds [Member]
Operating Statistics [Line Items]
Revenues	252.9	219.2	521.3	430.7
Expenses	268.3	217.0	601.5	437.2
Other income	296.2	385.9	508.8	1,256.4
Economic net income	280.8	388.1	428.6	1,249.9
Total assets	28,738.1		28,738.1
Reconciling Items [Member]
Operating Statistics [Line Items]
Revenues	8.4	(32.2)	32.9	(26.3)
Expenses	153.5	113.3	266.2	(131.1)
Other income	(5.6)	0.7	(6.7)	2.3
Economic net income	(150.7)	(144.8)	(240.0)	107.1
Total assets	$ (126.1)		$ (126.1)

Segment Reporting - Expenses Adjustment Representing Elimination of Intercompany Expenses (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Operating Statistics [Line Items]
Partner compensation		$ (5.6)		$ 265.4
Equity-based compensation issued in conjunction with the initial public offering and strategic investments	123.1	93.6	175.2	93.6
Acquisition related charges and amortization of intangibles	52.5	21.5	115.0	45.6
Losses associated with debt refinancing activities			(1.9)
Severance and lease terminations	3.5	1.7	4.0	4.1
Other adjustments	0.2	2.8	(0.7)	3.0
Reconciling Items [Member]
Operating Statistics [Line Items]
Partner compensation		5.6		(265.4)
Equity-based compensation issued in conjunction with the initial public offering and strategic investments	123.1	93.6	175.2	93.6
Acquisition related charges and amortization of intangibles	52.5	21.5	115.0	45.6
Losses associated with debt refinancing activities			1.9
Other non-operating expenses	(3.3)	0.7	(5.7)	(3.4)
Severance and lease terminations	3.5	1.7	4.0	4.1
Non-Carlyle economic interests in acquired business	44.5	33.8	123.4	71.8
Other adjustments	(0.2)	(2.8)	0.7	(3.0)
Elimination of expenses of Consolidated Funds	(66.6)	(40.8)	(148.3)	(74.4)
Total expense adjustments	$ 153.5	$ 113.3	$ 266.2	$ (131.1)

Segment Reporting - Reconciliation of Income Before Provision for Income Taxes to Distributed Earnings (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Segment Reporting [Abstract]
Income before provision for income taxes	$ 285.9	$ 186.1	$ 738.3	$ 1,691.9
Adjustments:
Partner compensation		5.6		(265.4)
Equity-based compensation issued in conjuction with the initial public offering and strategic investments	123.1	93.6	175.2	93.6
Acquisition related charges and amortization of intangibles	52.5	21.5	115.0	45.6
Losses associated with debt refinancing activities			1.9
Other non-operating (income) expenses	(3.3)	0.7	(5.7)	(3.4)
Net income attributable to non-controlling interests in Consolidated entities	(300.0)	(357.9)	(468.0)	(1,222.8)
Provision for income taxes attributable to non-controlling interests in Consolidated entities	(5.7)	(5.7)	(11.7)	(5.7)
Severance and lease terminations	3.5	1.7	4.0	4.1
Other adjustments	(0.2)	(2.8)	0.7	(3.0)
Economic Net Income (loss)	155.8	(57.2)	549.7	334.9
Net Performance Fees	122.5	(106.7)	477.2	228.1
Investment income	6.9	14.0	9.9	37.3
Fee Related Earnings	26.4	35.5	62.6	69.5
Realized performance fees, net of related compensation	117.8	75.8	259.3	218.5
Realized investment income	14.6	4.0	5.3	6.1
Equity-based compensation	$ 4.2	$ 0.6	$ 6.8	$ 0.6
Distributable Earnings	$ 163.0	$ 115.9	$ 334.0	$ 294.7

Segment Reporting - Adjustments for Compensation and Performance Fees Allocated (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Performance fees
Realized	$ 203.2	$ 116.7	$ 456.0	$ 397.3
Unrealized	55.9	(337.1)	445.5	23.1
Total performance fees	259.1	(220.4)	901.5	420.4
Performance fee related compensation expense
Realized	78.1	32.1	186.8	66.4
Unrealized	66.0	(97.7)	261.0	(42.9)
Net performance fees
Total net performance fees	122.5	(106.7)	477.2	228.1
Carlyle Consolidated [Member]
Performance fees
Realized	203.2	116.7	456.0	397.3
Unrealized	55.9	(337.1)	445.5	23.1
Total performance fees	259.1	(220.4)	901.5	420.4
Performance fee related compensation expense
Realized	78.1	32.1	186.8	66.4
Unrealized	66.0	(97.7)	261.0	(42.9)
Total performance fee related compensation expense	144.1	(65.6)	447.8	23.5
Net performance fees
Realized	125.1	84.6	269.2	330.9
Unrealized	(10.1)	(239.4)	184.5	66.0
Total net performance fees	115.0	(154.8)	453.7	396.9
Investment income
Realized	12.7	2.4	8.5	1.6
Unrealized	(1.7)	4.6	2.9	26.9
Total investment income	11.0	7.0	11.4	28.5
Reconciling Items [Member]
Performance fees
Realized	(10.6)	(6.4)	(14.5)	(5.2)
Unrealized	(13.8)	26.0	(60.7)	15.5
Total performance fees	(24.4)	19.6	(75.2)	10.3
Performance fee related compensation expense
Realized	(3.3)	2.4	(4.6)	107.2
Unrealized	(28.6)	(30.9)	(94.1)	71.9
Total performance fee related compensation expense	(31.9)	(28.5)	(98.7)	179.1
Net performance fees
Realized	(7.3)	(8.8)	(9.9)	(112.4)
Unrealized	14.8	56.9	33.4	(56.4)
Total net performance fees	7.5	48.1	23.5	(168.8)
Investment income
Realized	1.9	1.6	(3.2)	4.5
Unrealized	(6.0)	5.4	1.7	4.3
Total investment income	(4.1)	7.0	(1.5)	8.8
Total Reportable Segments [Member]
Performance fees
Realized	192.6	110.3	441.5	392.1
Unrealized	42.1	(311.1)	384.8	38.6
Total performance fees	234.7	(200.8)	826.3	430.7
Performance fee related compensation expense
Realized	74.8	34.5	182.2	173.6
Unrealized	37.4	(128.6)	166.9	29.0
Total performance fee related compensation expense	112.2	(94.1)	349.1	202.6
Net performance fees
Realized	117.8	75.8	259.3	218.5
Unrealized	4.7	(182.5)	217.9	9.6
Total net performance fees	122.5	(106.7)	477.2	228.1
Investment income
Realized	14.6	4.0	5.3	6.1
Unrealized	(7.7)	10.0	4.6	31.2
Total investment income	$ 6.9	$ 14.0	$ 9.9	$ 37.3

Segment Reporting - Adjustments for Compensation and Performance Fees Allocated (Parenthetical) (Detail)	6 Months Ended
	Jun. 30, 2013
Non-Controlling Interest in AlpInvest [Member]
Operating Statistics [Line Items]
Percentage of economic interest	60.00%
Emerging Sovereign Group LLC [Member] \| Claren Road [Member]
Operating Statistics [Line Items]
Percentage of economic interest	55.00%

Subsequent Events - Additional Information (Detail) (Subsequent Event [Member]) In Millions, except Share data, unless otherwise specified	1 Months Ended			1 Months Ended
	Aug. 31, 2013 USD ($)	Aug. 31, 2013 EUR (€)	Aug. 01, 2013	Aug. 31, 2013 Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Equity Interest Acquired			40.00%
Newly Issued Common units	2,887,970	2,887,970
Cash paid for acquiring equity interest	$ 6.0	€ 4.5
Distribution per common unit	$ 0.16
Dividends payable, date of record	Aug. 19, 2013	Aug. 19, 2013
Dividends payable, date to be paid	Aug. 30, 2013	Aug. 30, 2013
Amendment in senior notes maturity date				Aug. 09, 2018

Supplemental Financial Information - Supplemental Financial Position (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012	Jun. 30, 2012	Dec. 31, 2011
Assets
Cash and cash equivalents	$ 572.9	$ 567.1	$ 449.5	$ 509.6
Cash and cash equivalents held at Consolidated Funds	2,205.5	1,646.6
Restricted cash	41.0	34.5
Restricted cash and securities of Consolidated Funds	29.2	36.3
Accrued performance fees	2,646.9	2,192.5
Investments	811.2	881.2
Investments of Consolidated Funds	26,068.1	24,815.7
Due from affiliates and other receivables, net	184.9	190.7
Due from affiliates and other receivables of Consolidated Funds, net	431.6	331.8
Fixed assets, net	62.7	63.6
Deposits and other	47.9	48.4
Intangible assets, net	624.6	691.1
Deferred tax assets	60.7	67.1
Total assets	33,787.2	31,566.6
Liabilities and partners' capital
Loans payable	25.0	886.3
3.875% senior notes due 2023	499.8
5.625% senior notes due 2043	398.4
Loans payable of Consolidated Funds	15,019.8	13,656.7
Accounts payable, accrued expenses and other liabilities	223.7	215.0
Accrued compensation and benefits	1,554.0	1,318.2
Due to affiliates	341.8	332.1
Deferred revenue	57.1	59.4
Deferred tax liabilities	78.2	61.1
Other liabilities of Consolidated Funds	1,730.2	1,385.8
Accrued giveback obligations	49.6	69.2
Total liabilities	19,977.6	17,983.8
Redeemable non-controlling interests in consolidated entities	3,941.5	2,887.4
Partners' capital	265.2	235.1
Accumulated other comprehensive loss	(12.1)	(4.8)
Partners' capital appropriated for Consolidated Funds	438.2	838.6
Non-controlling interests in consolidated entities	7,769.3	8,264.8
Non-controlling interests in Carlyle Holdings	1,407.5	1,361.7
Total partners' capital	9,868.1	10,695.4
Total liabilities and partners' capital	33,787.2	31,566.6
Consolidated Operating Entities [Member]
Assets
Cash and cash equivalents	572.9	567.1
Restricted cash	41.0	34.5
Accrued performance fees	2,680.8	2,204.9
Investments	892.5	932.6
Due from affiliates and other receivables, net	195.8	201.5
Fixed assets, net	62.7	63.6
Deposits and other	44.2	44.2
Intangible assets, net	624.6	691.1
Deferred tax assets	60.7	67.1
Total assets	5,175.2	4,806.6
Liabilities and partners' capital
Loans payable	25.0	886.3
3.875% senior notes due 2023	499.8
5.625% senior notes due 2043	398.4
Accounts payable, accrued expenses and other liabilities	223.7	215.0
Accrued compensation and benefits	1,554.0	1,318.2
Due to affiliates	282.9	290.4
Deferred revenue	55.6	57.9
Deferred tax liabilities	78.2	61.1
Accrued giveback obligations	59.3	79.0
Total liabilities	3,176.9	2,907.9
Redeemable non-controlling interests in consolidated entities	7.1	6.0
Partners' capital	265.2	235.1
Accumulated other comprehensive loss	(11.0)	(5.0)
Non-controlling interests in consolidated entities	329.5	300.9
Non-controlling interests in Carlyle Holdings	1,407.5	1,361.7
Total partners' capital	1,991.2	1,892.7
Total liabilities and partners' capital	5,175.2	4,806.6
Consolidated Funds [Member]
Assets
Cash and cash equivalents held at Consolidated Funds	2,205.5	1,646.6
Restricted cash and securities of Consolidated Funds	29.2	36.3
Investments of Consolidated Funds	26,068.1	24,815.7
Due from affiliates and other receivables of Consolidated Funds, net	431.6	331.8
Deposits and other	3.7	4.2
Total assets	28,738.1	26,834.6
Liabilities and partners' capital
Loans payable of Consolidated Funds	15,089.3	13,708.2
Due to affiliates	59.4	42.1
Deferred revenue	1.5	1.5
Other liabilities of Consolidated Funds	1,781.8	1,405.0
Total liabilities	16,932.0	15,156.8
Redeemable non-controlling interests in consolidated entities	3,934.4	2,881.4
Partners' capital	(6.6)	(4.7)
Partners' capital appropriated for Consolidated Funds	438.5	837.2
Non-controlling interests in consolidated entities	7,439.8	7,963.9
Total partners' capital	7,871.7	8,796.4
Total liabilities and partners' capital	28,738.1	26,834.6
Eliminations [Member]
Assets
Accrued performance fees	(33.9)	(12.4)
Investments	(81.3)	(51.4)
Due from affiliates and other receivables, net	(10.9)	(10.8)
Total assets	(126.1)	(74.6)
Liabilities and partners' capital
Loans payable of Consolidated Funds	(69.5)	(51.5)
Due to affiliates	(0.5)	(0.4)
Other liabilities of Consolidated Funds	(51.6)	(19.2)
Accrued giveback obligations	(9.7)	(9.8)
Total liabilities	(131.3)	(80.9)
Partners' capital	6.6	4.7
Accumulated other comprehensive loss	(1.1)	0.2
Partners' capital appropriated for Consolidated Funds	(0.3)	1.4
Total partners' capital	5.2	6.3
Total liabilities and partners' capital	$ (126.1)	$ (74.6)

Supplemental Financial Information - Supplemental Financial Position (Parenthetical) (Detail)	Jun. 30, 2013
3.875% Senior Notes Due 2023 [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Senior notes percentage	3.875%
5.625% Senior Notes Due 2043 [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Senior notes percentage	5.625%
Consolidated Operating Entities [Member] \| 3.875% Senior Notes Due 2023 [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Senior notes percentage	3.875%
Consolidated Operating Entities [Member] \| 5.625% Senior Notes Due 2043 [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Senior notes percentage	5.625%

Supplemental Financial Information - Supplemental Result of Operations (Detail) (USD $) In Millions, unless otherwise specified	2 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Revenues
Fund management fees		$ 242.2	$ 239.9	$ 473.6	$ 474.3
Performance fees
Realized		203.2	116.7	456.0	397.3
Unrealized		55.9	(337.1)	445.5	23.1
Total performance fees		259.1	(220.4)	901.5	420.4
Investment income
Realized		12.7	2.4	8.5	1.6
Unrealized		(1.7)	4.6	2.9	26.9
Total investment income		11.0	7.0	11.4	28.5
Interest and other income		4.1	2.7	6.5	5.4
Interest and other income of Consolidated Funds		252.9	219.2	521.3	430.7
Total revenues		769.3	248.4	1,914.3	1,359.3
Compensation and benefits
Base compensation		173.6	149.9	352.1	256.0
Equity-based compensation		126.0	94.2	178.3	94.2
Performance fee related
Realized		78.1	32.1	186.8	66.4
Unrealized		66.0	(97.7)	261.0	(42.9)
Total compensation and benefits		443.7	178.5	978.2	373.7
General, administrative and other expenses		120.3	84.0	231.7	175.2
Interest		11.6	6.2	22.1	16.6
Interest and other expenses of Consolidated Funds		201.7	179.5	451.8	364.0
Other non-operating expense		(3.3)	0.7	(5.7)	(3.4)
Total expenses		774.0	448.9	1,678.1	926.1
Other income
Net investment gains of Consolidated Funds		290.6	386.6	502.1	1,258.7
Income (loss) before provision for income taxes		285.9	186.1	738.3	1,691.9
Provision for income taxes		16.6	10.6	41.5	22.3
Net income		269.3	175.5	696.8	1,669.6
Net income (loss) attributable to non-controlling interests in consolidated entities		300.0	357.9	468.0	1,222.8
Net income (loss) attributable to Carlyle Holdings		(30.7)	(182.4)	228.8	446.8
Net income (loss) attributable to non-controlling interests in Carlyle Holdings		(27.4)	(172.1)	198.3	457.1
Net income (loss) attributable to The Carlyle Group L.P.	(10.3)	(3.3)	(10.3)	30.5	(10.3)
Consolidated Operating Entities [Member]
Revenues
Fund management fees		285.8	275.9	560.0	540.1
Performance fees
Realized		205.3	124.6	459.6	408.8
Unrealized		66.9	(345.5)	491.7	17.3
Total performance fees		272.2	(220.9)	951.3	426.1
Investment income
Realized		15.0	6.3	12.6	8.7
Unrealized		(8.9)	4.4	(3.2)	28.3
Total investment income		6.1	10.7	9.4	37.0
Interest and other income		4.1	2.6	6.5	5.4
Total revenues		568.2	68.3	1,527.2	1,008.6
Compensation and benefits
Base compensation		173.6	149.9	352.1	256.0
Equity-based compensation		126.0	94.2	178.3	94.2
Performance fee related
Realized		78.1	32.1	186.8	66.4
Unrealized		66.0	(97.7)	261.0	(42.9)
Total compensation and benefits		443.7	178.5	978.2	373.7
General, administrative and other expenses		120.3	87.3	230.3	176.4
Interest		11.6	6.2	22.1	16.6
Other non-operating expense		(3.3)	0.7	(5.7)	(3.4)
Total expenses		572.3	272.7	1,224.9	563.3
Other income
Income (loss) before provision for income taxes		(4.1)	(204.4)	302.3	445.3
Provision for income taxes		16.6	10.6	41.5	22.3
Net income		(20.7)	(215.0)	260.8	423.0
Net income (loss) attributable to non-controlling interests in consolidated entities		10.0	(32.6)	32.0	(23.8)
Net income (loss) attributable to Carlyle Holdings		(30.7)	(182.4)	228.8	446.8
Net income (loss) attributable to non-controlling interests in Carlyle Holdings		(27.4)	(172.1)	198.3	457.1
Net income (loss) attributable to The Carlyle Group L.P.		(3.3)	(10.3)	30.5	(10.3)
Consolidated Funds [Member]
Investment income
Interest and other income of Consolidated Funds		252.9	219.2	521.3	430.7
Total revenues		252.9	219.2	521.3	430.7
Performance fee related
Interest and other expenses of Consolidated Funds		268.3	217.0	601.5	437.2
Total expenses		268.3	217.0	601.5	437.2
Other income
Net investment gains of Consolidated Funds		296.2	385.9	508.8	1,256.4
Income (loss) before provision for income taxes		280.8	388.1	428.6	1,249.9
Net income		280.8	388.1	428.6	1,249.9
Net income (loss) attributable to Carlyle Holdings		280.8	388.1	428.6	1,249.9
Net income (loss) attributable to The Carlyle Group L.P.		280.8	388.1	428.6	1,249.9
Eliminations [Member]
Revenues
Fund management fees		(43.6)	(36.0)	(86.4)	(65.8)
Performance fees
Realized		(2.1)	(7.9)	(3.6)	(11.5)
Unrealized		(11.0)	8.4	(46.2)	5.8
Total performance fees		(13.1)	0.5	(49.8)	(5.7)
Investment income
Realized		(2.3)	(3.9)	(4.1)	(7.1)
Unrealized		7.2	0.2	6.1	(1.4)
Total investment income		4.9	(3.7)	2.0	(8.5)
Interest and other income			0.1
Total revenues		(51.8)	(39.1)	(134.2)	(80.0)
Performance fee related
General, administrative and other expenses			(3.3)	1.4	(1.2)
Interest and other expenses of Consolidated Funds		(66.6)	(37.5)	(149.7)	(73.2)
Total expenses		(66.6)	(40.8)	(148.3)	(74.4)
Other income
Net investment gains of Consolidated Funds		(5.6)	0.7	(6.7)	2.3
Income (loss) before provision for income taxes		9.2	2.4	7.4	(3.3)
Net income		9.2	2.4	7.4	(3.3)
Net income (loss) attributable to non-controlling interests in consolidated entities		290.0	390.5	436.0	1,246.6
Net income (loss) attributable to Carlyle Holdings		(280.8)	(388.1)	(428.6)	(1,249.9)
Net income (loss) attributable to The Carlyle Group L.P.		$ (280.8)	$ (388.1)	$ (428.6)	$ (1,249.9)

Supplemental Financial Information - Supplemental Cash Flows Informations (Detail) (USD $) In Millions, unless otherwise specified	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2012	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Cash flows from operating activities
Net income				$ 260.8	$ 423.0
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization				76.4	48.2
Amortization of deferred financing fees				0.7	0.8
Equity-based compensation		126.0	94.2	178.3	94.2
Excess tax benefits related to equity-based compensation				(1.7)
Non-cash performance fees				(560.0)	(55.2)
Other non-cash amounts				1.8	(3.4)
Investment income				12.0	(31.5)
Purchases of investments				(92.1)	(20.3)
Proceeds from the sale of investments				189.1	159.2
Purchases of trading securities				(30.3)	(10.1)
Proceeds from the sale of trading securities				18.7
Change in deferred taxes				23.6	0.1
Change in due from affiliates and other receivables				(21.7)	(1.8)
Change in deposits and other				4.2	2.3
Change in accounts payable, accrued expenses and other liabilities				15.4	(7.2)
Change in accrued compensation and benefits				248.4	(127.0)
Change in due to affiliates				9.3	(3.8)
Change in deferred revenue				(0.6)	(28.4)
Net cash provided by operating activities				332.3	439.1
Cash flows from investing activities
Change in restricted cash				(6.9)	(5.1)
Purchases of fixed assets, net				(12.3)	(18.3)
Purchases of intangible assets					(41.0)
Net cash used in investing activities				(19.2)	(64.4)
Cash flows from financing activities
Borrowings under credit facility					433.7
Repayments under credit facility				(386.3)	(744.6)
Issuance of 3.875% senior notes due 2023, net of financing costs				495.3
Issuance of 5.625% senior notes due 2043, net of financing costs				394.1
Payments on loans payable				(475.0)	(310.0)
Payments of contingent consideration				(10.9)
Net proceeds from issuance of common units in initial public offering	615.8				615.8
Excess tax benefits related to equity-based compensation				1.7
Distributions to common unitholders				(44.1)
Contributions from predecessor owners					9.3
Distributions to predecessor owners					(452.3)
Contributions from non-controlling interest holders				53.5	19.6
Distributions to non-controlling interest holders				(341.5)	(25.4)
Change in due to/from affiliates financing activities				12.0	17.3
Net cash used in financing activities				(301.2)	(436.6)
Effect of foreign exchange rate changes				(6.1)	1.8
Increase (decrease) in cash and cash equivalents				5.8	(60.1)
Cash and cash equivalents, beginning of period				567.1	509.6
Cash and cash equivalents, end of period		$ 572.9	$ 449.5	$ 572.9	$ 449.5

Supplemental Financial Information - Supplemental Cash Flows Informations (Parenthetical) (Detail)	Jun. 30, 2013
3.875% Senior Notes Due 2023 [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Senior notes percentage	3.875%
5.625% Senior Notes Due 2043 [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Senior notes percentage	5.625%

Fair Value Measurement - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2013
Fair Value Disclosures [Abstract]
Maximum lag period for which the partnership investments in funds are valued	90 days