Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	Apr. 26, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Entity Registrant Name	Carlyle Group L.P.
Entity Central Index Key	0001527166
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		101,391,063

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 1,068.2	$ 1,000.1
Cash and cash equivalents held at Consolidated Funds	355.9	377.6
Restricted cash	9.8	28.7
Corporate treasury investments	375.9	376.3
Investments, including accrued performance allocations of $3,650.1 million and $3,664.3 million as of March 31, 2018 and December 31, 2017, respectively	5,310.4	5,288.6
Investments of Consolidated Funds	4,995.9	4,534.3
Due from affiliates and other receivables, net	274.0	263.4
Due from affiliates and other receivables of Consolidated Funds, net	180.5	50.8
Fixed assets, net	97.8	100.4
Deposits and other	61.2	54.1
Intangible assets, net	34.0	35.9
Deferred tax assets	178.2	170.4
Total assets	12,941.8	12,280.6
Liabilities and partners’ capital
Debt obligations	1,603.9	1,573.6
Loans payable of Consolidated Funds	4,554.5	4,303.8
Accounts payable, accrued expenses and other liabilities	318.9	355.1
Accrued compensation and benefits	2,149.0	2,222.6
Due to affiliates	178.1	229.9
Deferred revenue	230.7	82.1
Deferred tax liabilities	78.9	75.6
Other liabilities of Consolidated Funds	720.0	422.1
Accrued giveback obligations	64.8	66.8
Total liabilities	9,898.8	9,331.6
Commitments and contingencies
Series A preferred units (16,000,000 units issued and outstanding as of March 31, 2018 and December 31, 2017, respectively)	387.5	387.5
Partners’ capital (common units 101,391,063 and 100,100,650 issued and outstanding as of March 31, 2018 and December 31, 2017, respectively)	729.8	701.8
Accumulated other comprehensive loss	(67.9)	(72.7)
Non-controlling interests in consolidated entities	409.3	404.7
Non-controlling interests in Carlyle Holdings	1,584.3	1,527.7
Total partners’ capital	3,043.0	2,949.0
Total liabilities and partners’ capital	$ 12,941.8	$ 12,280.6

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Accrued performance allocations	$ 3,650.1	$ 3,664.3
Common stock, units issued (in shares)	101,391,063	100,100,650
Common stock, units outstanding (in shares)	101,391,063	100,100,650
Series A Preferred Stock
Preferred units, issued (in shares)	16,000,000	16,000,000
Preferred units, outstanding (in shares)	16,000,000	16,000,000

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Fund management fees	$ 264.5	$ 246.3
Incentive fees	6.3	5.6
Performance allocations
Realized	220.6	77.6
Unrealized	87.5	598.4
Principal investment income (loss)
Realized	27.5	(0.2)
Unrealized	26.6	46.5
Total investment income	362.2	722.3
Interest and other income	22.5	10.4
Interest and other income of Consolidated Funds	47.3	42.9
Revenue of a real estate VIE	0.0	92.6
Total revenues	702.8	1,120.1
Compensation and benefits
Base compensation	187.3	146.0
Equity-based compensation	84.9	72.8
Performance allocations and incentive fee related compensation
Realized	108.4	45.8
Unrealized	49.6	271.3
Total compensation and benefits	430.2	535.9
General, administrative and other expenses	95.0	93.8
Interest	17.9	15.0
Interest and other expenses of Consolidated Funds	35.9	45.2
Interest and other expenses of a real estate VIE and loss on deconsolidation	0.0	119.6
Other non-operating expenses	0.3	0.0
Total expenses	579.3	809.5
Other income
Net investment gains of Consolidated Funds	2.0	17.1
Income before provision for income taxes	125.5	327.7
Provision for income taxes	7.8	5.8
Net income	117.7	321.9
Net income attributable to non-controlling interests in consolidated entities	11.0	3.3
Net income attributable to Carlyle Holdings	106.7	318.6
Net income attributable to non-controlling interests in Carlyle Holdings	67.0	235.6
Net income attributable to The Carlyle Group L.P.	39.7	83.0
Net income attributable to Series A Preferred Unitholders	5.9	0.0
Net income attributable to The Carlyle Group L.P. Common Unitholders	$ 33.8	$ 83.0
Net income attributable to The Carlyle Group L.P. per common unit (see Note 11)
Basic (usd per share)	$ 0.34	$ 0.97
Diluted (usd per share)	$ 0.30	$ 0.90
Weighted-average common units
Basic (in shares)	100,732,493	85,337,534
Diluted (in shares)	111,303,988	91,967,452
Distributions declared per common unit (usd per share)	$ 0.33	$ 0.16

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 117.7	$ 321.9
Other comprehensive income
Foreign currency translation adjustments	30.6	10.1
Defined benefit plans
Unrealized loss for the period	(1.0)	0.0
Less: reclassification adjustment for loss during the period, included in base compensation expense	0.2	0.3
Other comprehensive income	29.8	10.4
Comprehensive income	147.5	332.3
Comprehensive income attributable to non-controlling interests in consolidated entities	(22.3)	(6.9)
Comprehensive income attributable to Carlyle Holdings	125.2	325.4
Comprehensive income attributable to non-controlling interests in Carlyle Holdings	(79.8)	(240.6)
Comprehensive income attributable to The Carlyle Group L.P.	$ 45.4	$ 84.8

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities
Net income	$ 117,700,000	$ 321,900,000
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	10,700,000	10,000,000
Equity-based compensation	84,900,000	72,800,000
Non-cash performance allocations and incentive fees	(71,900,000)	(348,800,000)
Other non-cash amounts	6,900,000	100,000
Consolidated Funds related:
Realized/unrealized (gain) loss on investments of Consolidated Funds	15,400,000	(35,200,000)
Realized/unrealized (gain) loss from loans payable of Consolidated Funds	(17,400,000)	18,100,000
Purchases of investments by Consolidated Funds	(911,100,000)	(691,500,000)
Proceeds from sale and settlements of investments by Consolidated Funds	529,900,000	755,600,000
Non-cash interest income, net	(900,000)	(1,500,000)
Change in cash and cash equivalents held at Consolidated Funds	311,600,000	375,000,000
Change in other receivables held at Consolidated Funds	(128,700,000)	(23,600,000)
Change in other liabilities held at Consolidated Funds	(3,900,000)	(82,100,000)
Principal investment income	(53,800,000)	(44,800,000)
Purchases of investments	(100,700,000)	(56,800,000)
Proceeds from the sale of investments	225,200,000	168,800,000
Payments of contingent consideration	(37,500,000)	(22,500,000)
Deconsolidation of Claren Road	0	(23,300,000)
Changes in deferred taxes, net	(2,800,000)	(3,100,000)
Change in due from affiliates and other receivables	5,100,000	(2,400,000)
Change in receivables and inventory of a real estate VIE	0	(27,900,000)
Change in deposits and other	(12,100,000)	(6,700,000)
Change in other assets of a real estate VIE	0	(1,700,000)
Change in accounts payable, accrued expenses and other liabilities	(38,300,000)	12,600,000
Change in accrued compensation and benefits	(82,900,000)	(159,800,000)
Change in due to affiliates	(15,500,000)	67,100,000
Change in other liabilities of a real estate VIE	0	56,600,000
Change in deferred revenue	147,500,000	188,000,000
Net cash (used in) provided by operating activities	(22,600,000)	514,900,000
Cash flows from investing activities
Purchases of fixed assets, net	(4,700,000)	(3,700,000)
Net cash used in investing activities	(4,700,000)	(3,700,000)
Cash flows from financing activities
Payments on debt obligations	(6,800,000)	0
Proceeds from debt obligations	34,500,000	66,100,000
Net payments on loans payable of a real estate VIE	0	(7,400,000)
Net borrowings (payments) on loans payable of Consolidated Funds	180,600,000	(330,500,000)
Distributions to common unitholders	(33,200,000)	(13,700,000)
Distributions to preferred unitholders	(5,900,000)	0
Distributions to non-controlling interest holders in Carlyle Holdings	(77,500,000)	(38,900,000)
Contributions from non-controlling interest holders	3,400,000	0
Distributions to non-controlling interest holders	(21,100,000)	(38,000,000)
Common units repurchased	0	(200,000)
Change in due to/from affiliates financing activities	(19,200,000)	31,200,000
Net cash provided by (used in) financing activities	54,800,000	(331,400,000)
Effect of foreign exchange rate changes	21,700,000	10,800,000
Increase in cash, cash equivalents and restricted cash	49,200,000	190,600,000
Cash, cash equivalents and restricted cash, beginning of period	1,028,800,000	684,000,000
Cash, cash equivalents and restricted cash, end of period	1,078,000,000	874,600,000
Supplemental non-cash disclosures
Net increase (decrease) in partners’ capital and accumulated other comprehensive income related to reallocation of ownership interest in Carlyle Holdings	(300,000)	1,000,000
Tax effect from acquisition of Carlyle Holdings partnership units:
Deferred tax asset	1,900,000	0
Tax receivable agreement liability	1,500,000	0
Total partners’ capital	400,000	0
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	1,068,200,000	799,200,000
Total cash, cash equivalents and restricted cash, end of period	$ 1,028,800,000	$ 684,000,000

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation The Carlyle Group L.P., together with its consolidated subsidiaries, 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 Carlyle Group L.P. is a Delaware limited partnership formed on July 18, 2011, which 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. Except as otherwise indicated by the context, references to the “Partnership” or “Carlyle” refer to The Carlyle Group L.P., together with its consolidated subsidiaries. Carlyle provides investment management services to, and has transactions with, various private equity funds, real estate funds, private credit funds, collateralized loan obligations (“CLOs”), and other investment products sponsored by the Partnership for the investment of client assets in the normal course of business. Carlyle typically 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, Real Assets, Global Credit, and Investment Solutions (see Note 13). Basis of Presentation The accompanying financial statements include the accounts of the Partnership and its consolidated subsidiaries. In addition, certain Carlyle-affiliated funds, related co-investment entities, certain CLOs managed by the Partnership (collectively the “Consolidated Funds”), and a real estate development company (until its deconsolidation in the third quarter of 2017) 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. The consolidation of the Consolidated Funds generally has a gross-up effect on assets, liabilities and cash flows, and generally has no effect on the net income attributable to the Partnership. The economic ownership interests of the other investors in the Consolidated Funds are reflected as non-controlling interests in consolidated entities in the accompanying condensed consolidated financial statements (see Note 2). The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP 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, 2017 filed with the Securities and Exchange Commission (“SEC”). 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. Certain amounts within the financial statements of each individual prior period presented have been adjusted to reflect the Partnership's change in accounting principle for performance-based capital allocations (see Note 2). Accordingly, the applicable prior period column headings are labeled “As Adjusted.”

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Principles of Consolidation

The Partnership consolidates all entities that it controls either through a majority voting interest or as the primary beneficiary of variable interest entities (“VIEs”).

The Partnership evaluates (1) whether it holds a variable interest in an entity, (2) whether the entity is a VIE, and (3)whether the Partnership's involvement would make it the primary beneficiary. In evaluating whether the Partnership holds a variable interest, fees (including management fees, incentive fees and performance allocations) that are customary and commensurate with the level of services provided, and where the Partnership does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, are not considered variable interests. The Partnership considers all economic interests, including indirect interests, to determine if a fee is considered a variable interest.

For those entities where the Partnership holds a variable interest, the Partnership determines whether each of these entities qualifies as a VIE and, if so, whether or not the Partnership is the primary beneficiary. The assessment of whether the entity is a VIE is generally performed qualitatively, which requires judgment. These judgments include: (a) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the economic performance of the entity, (c) determining whether two or more parties' equity interests should be aggregated, and (d) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity.

For entities that are determined to be VIEs, the Partnership consolidates those entities where it has concluded it is the primary beneficiary. The primary beneficiary is defined as the variable interest holder with (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance 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. 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.

As of March 31, 2018, assets and liabilities of the consolidated VIEs reflected in the unaudited condensed consolidated balance sheets were $5.5 billion and $5.3 billion, respectively. Except to the extent of the consolidated assets of the VIEs, the holders of the consolidated VIEs’ liabilities generally do not have recourse to the Partnership.

Substantially all of our Consolidated Funds are CLOs, which are VIEs that issue loans payable that 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 (primarily because of a retained interest that is significant to the CLO), those management fees have been eliminated as intercompany transactions. As of March 31, 2018, the Partnership held $242.7 million of investments in these consolidated 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.

Entities that do not qualify as VIEs are generally assessed for consolidation as voting interest entities. Under the voting interest entity model, the Partnership consolidates those entities it controls through a majority voting interest.

All significant inter-entity transactions and balances of entities consolidated have been eliminated.

Investments in Unconsolidated Variable Interest Entities

The Partnership holds variable interests in certain VIEs that are not consolidated because the Partnership is not the primary beneficiary, including its investments in certain CLOs and strategic investment in NGP Management Company, L.L.C. (“NGP Management” and, together with its affiliates, “NGP”). Refer to Note 4 for information on the strategic investment in NGP. 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 its variable interests in these unconsolidated entities. The assets recognized in the Partnership’s unaudited condensed consolidated balance sheets related to the Partnership’s variable interests in these non-consolidated VIEs and the Partnership’s maximum exposure to loss relating to unconsolidated VIEs were as follows:



	As of
	March 31, 2018		December 31, 2017
	(Dollars in millions)
Investments	$	1,129.3	$	1,066.2
Due from affiliates, net	0.1		0.1
Maximum Exposure to Loss	$	1,129.4	$	1,066.3

Additionally, as of March 31, 2018, the Partnership had $72.8 million and $10.9 million recognized in the condensed consolidated balance sheet related to accrued performance allocations and management fee receivables, respectively, related to the unconsolidated VIEs.

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.

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 and other income of the Consolidated Funds as well as interest expense and other expenses of the Consolidated Funds are included in the Partnership’s condensed consolidated statements of operations.

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 allocations and incentive fees involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements and the resulting impact on performance allocations and incentive fees. Actual results could differ from these estimates and such differences could be material.

Revenue Recognition

On January 1, 2018, the Partnership adopted ASU 2014-9, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-9”) under the modified retrospective method. ASU 2014-9, and related amendments, provide comprehensive guidance for recognizing revenue from contracts with customers. Revenue is recognized when the entity transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The guidance includes a five-step framework that requires an entity to: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocated the transaction price to the performance obligations in the contract, and (v) recognize revenue when the entity satisfies a performance obligation.

Upon adoption of ASU 2014-9, performance allocations that represent a performance-based capital allocation from fund limited partners to the Partnership (commonly known as “carried interest”, which comprises substantially all of the Partnership's previously reported performance fee revenues) are accounted for as earnings from financial assets within the scope of ASC 323, Investments - Equity Method and Joint Ventures, and therefore are not in the scope of ASU 2014-9. In accordance with ASC 323, the Partnership records equity method income (losses) as a component of investment income based on the change in our proportionate claim on net assets of the investment fund, including performance allocations, assuming the investment fund was liquidated as of each reporting date pursuant to each fund's governing agreements. The Partnership applied this change in accounting principle on a full retrospective basis, which resulted in a reclassification of amounts previously reported as accrued performance fees to investments in the accompanying consolidated balance sheets and amounts previously reported as performance fees to performance allocations within investment income (loss) in the accompanying consolidated statements of operations. See Note 4 for additional information on the components of investments and investment income following this change in accounting principle. Amounts previously reported as performance fees that do not meet the definition of performance-based capital allocations are in the scope of ASU 2014-9 and are included in incentive fees in the consolidated statements of operations. The following table shows the impact of this reclassification to our previously reported amounts in the unaudited condensed consolidated statement of operations for the three months ended March 31, 2017:



	Three Months Ended March 31, 2017
	As Previously Reported			Reclassifications			As Adjusted
	(Dollars in millions)
Performance fees¹
Realized	$	83.2		$	(77.6	)	$	5.6
Unrealized	598.4			(598.4		)	—
Total performance fees¹	$	681.6		$	(676.0	)	$	5.6
Investment income (loss)²
Realized	$	(0.2	)	$	77.6		$	77.4
Unrealized	46.5			598.4			644.9
Total investment income²	$	46.3		$	676.0		$	722.3


(1)	As adjusted, amounts now labeled as incentive fees in the unaudited condensed consolidated statements of operations.


(2)	As adjusted, amounts now labeled as performance allocations and principal investment income within investment income (loss) in the unaudited condensed consolidated statements of operations.

The adoption of ASU 2014-9 did not materially change our historical pattern of recognizing revenue for management fees, incentive fees, and performance allocations (for arrangements within the scope of ASC 323). The Partnership has applied the guidance in ASU 2014-9 only to contracts that are not completed as of January 1, 2018. The Partnership recorded an adjustment of $0.8 million for the cumulative effect of adoption in partners' capital on January 1, 2018, which reduced total partners' capital. Additionally, while the determination of who is the customer in a contractual arrangement will be made on a contract-by-contract basis, the customer will generally be the investment fund for our significant management and advisory contracts. The customer determination impacts the Partnership's analysis of the accounting for contract costs. Also, the recovery of certain costs incurred on behalf of Carlyle funds, primarily travel and entertainment costs, that were previously presented net in our unaudited condensed consolidated statements of operations are presented gross beginning on January 1, 2018 as the Partnership controls the inputs to its investment management performance obligation. For the three months ended March 31, 2018, these costs were approximately $6.1 million and are presented in interest and other income and general, administrative and other expenses in our unaudited condensed consolidated statements of operations.

Fund Management Fees

The Partnership provides management services to funds in which it holds a general partner interest or has a management agreement. The Partnership considers the performance obligations in its contracts with its funds to be the promise to provide (or to arrange for third parties to provide) investment management services related to the management, policies and operations of the funds.

As it relates to the Partnership’s performance obligation to provide investment management services, the Partnership typically satisfies this performance obligation over time as the services are rendered (under the output method described in ASC 606), since the funds simultaneously receive and consume the benefits provided as the Partnership performs the service. The transaction price is the amount of consideration to which the Partnership expects to be entitled in exchange for transferring the promised services to the funds. Management fees earned from each investment management contract over the contract life represent variable consideration because the consideration the Partnership is entitled to varies based on fluctuations in the basis for the management fee, for example fund net asset value ("NAV") or AUM. Given that the management fee basis is susceptible to market factors outside of the Partnership’s influence, management fees are constrained. Accordingly, estimates of future period management fees are generally not included in the transaction price because these estimates are constrained. The transaction price for the investment management services provided is generally the amount determined at the end of the period because that is when the uncertainty for that period is resolved.

For closed-end carry funds in the Corporate Private Equity, Real Assets and Global Credit segments, management fees generally range from 1.0% to 2.0% of commitments during the fund's investment period based on limited partners' capital commitments to the funds. Following the expiration or termination of the investment period, management fees generally are based on the lower of cost or fair value of invested capital and the rate charged may also be reduced to between 0.6% and 2.0%. For certain separately managed accounts and longer-dated carry funds, with expected terms greater than ten years, management fees generally range from 0.2% to 1.0% based on contributions for unrealized investments or the current value of the investment. The Partnership will receive management fees 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 longer-dated carry funds, management fees are called quarterly over the life of the funds.

Within the Global Credit segment, for CLOs and other structured products, management fees generally range from 0.3% to 0.6% based on the total par amounts of assets or the aggregate principal amount of the notes in the CLO and are due quarterly or semi-annually based on the terms and recognized over the respective period. Management fees for the CLOs and other structured products 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. Management fees for the business development companies are due quarterly in arrears at annual rates that range from 0.25% to 1.5% of gross assets, excluding cash and cash equivalents.

Management fees for the Partnership's private equity and real estate carry fund vehicles in the Investment Solutions segment generally range from 0.25% to 1.0% of the vehicle’s capital commitments during the commitment fee period of the relevant fund or the weighted-average investment period of the underlying funds. Following the expiration of the commitment fee period or weighted-average investment period of such funds, the management fees generally range from 0.25% to 1.0% on (i) the lower of cost or fair value of the capital invested, (ii) the net asset value for unrealized investments, or (iii) the contributions for unrealized investments; however, certain separately managed accounts earn management fees at all times on contributions for unrealized investments or on the initial commitment amount. Management fees for the Investment Solutions carry fund vehicles are generally due quarterly and recognized over the related quarter.

As of both March 31, 2018 and December 31, 2017, management fee receivables were $47.7 million and are included in due from affiliates and other receivables, net, in our unaudited condensed consolidated balance sheets.

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 $6.6 million and $11.7 million for the three months ended March 31, 2018 and 2017, respectively, net of any offsets as defined in the respective partnership agreements. Fund management fees generally exclude the reimbursement of any partnership expenses paid by the Partnership on behalf of the Carlyle funds pursuant to the limited partnership agreements, including amounts related to the pursuit of actual, proposed, or unconsummated investments, professional fees, expenses associated with the acquisition, holding and disposition of investments, and other fund administrative expenses. For the professional fees that the Partnership arranges for the investment funds, the Partnership concluded that the nature of its promise is to arrange for the services to be provided and it does not control the services provided by third parties before they are transferred to the customer. Therefore, the Partnership concluded it is acting in the capacity of an agent. Accordingly, the reimbursement for these professional fees paid on behalf of the investment funds is presented on a net basis in general, administrative and other expenses in our unaudited condensed consolidated statements of operations.

The Partnership also incurs certain costs, primarily employee travel and entertainment costs, employee compensation and systems costs, for which it receives reimbursement from the investment funds in connection with its performance obligation to provide investment and management services. For reimbursable travel, compensation and systems costs, the Partnership concluded it controls the services provided by its employees and the resources used to develop applicable systems before they are transferred to the customer and therefore is a principal. Accordingly, the reimbursement for these costs incurred by the Partnership to manage the fund limited partnerships are presented on a gross basis in interest and other income in our unaudited condensed consolidated statements of operations and the expense in general, administrative and other expenses or base compensation in our unaudited condensed consolidated statements of operations.

Incentive Fees

In connection with management contracts from certain of its Global Credit funds, the Partnership is also entitled to receive performance-based incentive fees when the return on assets under management exceeds certain benchmark returns or other performance targets. In such arrangements, incentive fees are recognized when the performance benchmark has been achieved. Incentive fees are variable consideration because they are contingent upon the investment vehicle achieving stipulated investment return hurdles. Investment returns are highly susceptible to market factors outside of the Partnership’s influence. Accordingly, incentive fees are constrained until all uncertainty is resolved. Estimates of future period incentive fees are generally not included in the transaction price because these estimates are constrained. The transaction price for incentive fees is generally the amount determined at the end of each accounting period to which they relate because that is when the uncertainty for that period is resolved, as these fees are not subject to clawback.

Investment Income (Loss), including Performance Allocations

Investment income (loss) represents the unrealized and realized gains and losses resulting from the Partnership's equity method investments, including any associated general partner performance allocations, and other principal investments, including CLOs.

General partner performance allocations consist of the allocation of profits from certain of the funds to which the Partnership is entitled (commonly known as carried interest).

For closed-end carry funds in the Corporate Private Equity, Real Assets and Global Credit segments, the Partnership is generally entitled to a 20% allocation (or 10% to 20% on certain longer-dated carry funds, certain credit funds, and external co-investment vehicles, or approximately 2% to 10% for most of the Investment Solutions segment carry fund vehicles) of the net realized income or gain as a carried interest after returning the invested capital, the allocation of preferred returns of generally 7% to 9% (or 4% to 7% for certain longer-dated carry funds) and return of certain fund costs (generally subject to catch-up provisions as set forth in the fund limited partnership agreement). 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 allocations 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 investment income for performance allocations reflects the Partnership’s share of the gains and losses of the associated funds’ underlying investments measured at their then-current fair values relative to the fair values as of the end of the prior period. 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 allocations are reversed. In all cases, each fund is considered separately in this regard, and for a given fund, performance allocations 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 March 31, 2018 and December 31, 2017, the Partnership has recognized $64.8 million and $66.8 million, respectively, for giveback obligations.

Principal 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, as it relates to its investments in NGP (see Note 4). Principal 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 principal 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. For debt securities representing non-investment grade beneficial interests in securitizations, the effective yield is determined based on the estimated cash flows of the security. Changes in the effective yield of these securities due to changes in estimated cash flows are recognized on a prospective basis as adjustments to interest income in future periods. Interest income earned by the Partnership is included in interest and other income in the accompanying unaudited condensed consolidated statements of operations. Interest income of the Consolidated Funds was $46.0 million and $40.5 million for the three months ended March 31, 2018 and 2017, respectively, and is included in interest and other income of Consolidated Funds in the accompanying unaudited 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. The compensation expense for awards that do not require future service is recognized immediately. Cash settled equity-based awards are classified as liabilities and are re-measured at the end of each reporting period. The compensation expense for awards that contain performance conditions is recognized when it is probable that the performance conditions will be achieved; in certain instances, such compensation expense may be recognized prior to the grant date of the award.

Equity-based awards issued to non-employees are generally recognized as general, administrative and other expenses, except to the extent they are recognized as part of our equity method earnings because they are issued to employees of our equity method investees. 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 non-employees who are not directors 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 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.

The Partnership recognizes equity-based award forfeitures in the period they occur as a reversal of previously recognized compensation expense. The reduction in compensation expense is determined based on the specific awards forfeited during that period. Furthermore, the Partnership recognizes all excess tax benefits and deficiencies as income tax benefit or expense in the unaudited condensed consolidated statement of operations.

Performance Allocations and Incentive Fee Related Compensation – A portion of the performance allocations and incentive 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 allocations and incentive fee revenue and, until paid, are recognized as a component of the accrued compensation and benefits liability. Accordingly, upon a reversal of performance allocations or incentive fee revenue, the related compensation expense, if any, is also reversed. As of both March 31, 2018 and December 31, 2017, the Partnership had recorded a liability of $1.9 billion related to the portion of accrued performance allocations and incentive fees due to employees and advisors, respectively, which was included in accrued compensation and benefits in the accompanying unaudited condensed consolidated balance sheets.

Income Taxes

Certain of the wholly-owned subsidiaries of the Partnership and the Carlyle Holdings partnerships are subject to federal, state, local and foreign 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 unaudited condensed consolidated financial statements. Based on applicable federal, foreign, state and local tax laws, the Partnership records a provision for income taxes for certain entities. Tax positions taken by the Partnership are subject to periodic audit by U.S. federal, state, local and foreign taxing authorities.

The Partnership accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement reporting and the tax basis of assets and liabilities using enacted tax rates in effect for the period in which the difference is expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period of the change in the provision for income taxes. Further, deferred tax assets are recognized for the expected realization of available net operating loss and tax credit carry forwards. A valuation allowance is recorded on the Partnership’s gross deferred tax assets when it is “more likely than not” that such asset 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 unaudited 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 and will assess the probability that the related liability owed under the tax receivable agreement will be paid. 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

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 which occur during the reporting period. Any change in ownership of a subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between the controlling and non-controlling interests. Transaction costs incurred in connection with such changes in ownership of a subsidiary are recorded as a direct charge to partners’ capital.

Non-controlling interests in Carlyle Holdings relate to the ownership interests of the other limited partners of the Carlyle Holdings partnerships. The Partnership, through wholly-owned subsidiaries, is the sole general partner of Carlyle Holdings. Accordingly, the Partnership consolidates Carlyle Holdings into its consolidated financial statements, and the other ownership interests in Carlyle Holdings are reflected as non-controlling interests in the Partnership’s unaudited condensed consolidated financial statements. Any change to the Partnership’s ownership interest in Carlyle Holdings while it retains the controlling financial interest in Carlyle Holdings is accounted for as a transaction within partners’ capital as a reallocation of ownership interests in Carlyle Holdings.

Earnings Per Common Unit

The Partnership computes earnings per common unit in accordance with ASC 260, Earnings Per Share (“ASC 260”). Basic earnings per common unit is calculated by dividing net income (loss) attributable to the common units of 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. Net income (loss) attributable to the common units excludes net income (loss) and dividends attributable to any participating securities under the two-class method of ASC 260.

Investments

Investments include (i) the Partnership’s ownership interests (typically general partner interests) in the Funds, including any associated general partner accrued performance allocations in the Funds, (ii) strategic investments made by the Partnership (both of which are accounted for as equity method investments), (iii) the investments held by the Consolidated Funds (which are presented at fair value in the Partnership’s unaudited condensed consolidated financial statements), and (iv) investments in the CLOs and certain credit-oriented investments (which are accounted for as trading securities).

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.

The fair value of non-equity securities or other investments, 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.

Upon the sale of a security or other investment, the realized net gain or loss is computed on a weighted average cost basis, with the exception of the investments held by 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.

Principal Equity Method Investments

The Partnership accounts for all investments in which it has or is otherwise presumed to have 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 (including performance allocations) 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 investments with original maturities of less than three months when purchased.

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

Restricted cash primarily represents cash held by the Partnership’s foreign subsidiaries due to certain government regulatory capital requirements as well as certain amounts held on behalf of Carlyle funds.

Corporate Treasury Investments

Corporate treasury investments represent investments in U.S. Treasury and government agency obligations, commercial paper, certificates of deposit, other investment grade securities and other investments with original maturities of greater than three months when purchased. These investments are accounted for as trading securities in which changes in the fair value of each investment are recorded through investment income (loss). Any interest earned on debt investments is recorded through interest and other income.

Derivative Instruments

The Partnership uses derivative instruments primarily to reduce its exposure to changes in foreign currency exchange rates. Derivative instruments are recognized at fair value in the unaudited condensed consolidated balance sheets with changes in fair value recognized in the unaudited condensed consolidated statements of operations for all derivatives not designated as hedging instruments.

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 five 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. Intangible asset amortization expense was $2.7 million and $2.5 million during the three months ended March 31, 2018 and 2017, respectively, and is included in general, administrative, and other expenses in the unaudited condensed consolidated statements of operations.

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. The increase in the deferred revenue balance for the three months ended March 31, 2018 was primarily driven by cash payments received in advance of satisfying our performance obligations, partially offset by revenues recognized that were included in the deferred revenue balance at the beginning of the period.

Accumulated Other Comprehensive Loss

The Partnership’s accumulated other comprehensive loss is comprised of foreign currency translation adjustments and gains and losses on defined benefit plans sponsored by AlpInvest. The components of accumulated other comprehensive loss as of March 31, 2018 and December 31, 2017 were as follows:



	As of
	March 31, 2018			December 31, 2017
	(Dollars in millions)
Currency translation adjustments	$	(63.8	)	$	(68.8	)
Unrealized losses on defined benefit plans	(4.1		)	(3.9		)
Total	$	(67.9	)	$	(72.7	)

Foreign Currency Translation

Non-U.S. dollar denominated assets and liabilities are translated at period-end rates of exchange, and the unaudited condensed consolidated statements of operations are translated at rates of exchange in effect throughout the period. Foreign currency losses resulting from transactions outside of the functional currency of an entity of $6.7 million and $3.7 million for the three months ended March 31, 2018 and 2017, respectively, are included in general, administrative and other expenses in the unaudited condensed consolidated statements of operations.

Recent Accounting Pronouncements

In February 2018, the FASB issued ASU 2018-2, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. ASU 2018-2 allows a reclassification from accumulated other comprehensive income to partners’ capital for stranded effects resulting from the Tax Cuts and Jobs Act. The guidance is effective for the Partnership on January 1, 2019, however early adoption is permitted. The Partnership does not expect the impact of this guidance to be material.

In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities. ASU 2017-12, among other things, permits hedge accounting for risk components in hedging relationships to now involve nonfinancial risk components and requires an entity to present the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedge item is reported. The guidance is effective for the Partnership on January 1, 2019 and requires cash flow hedges and net investment hedges existing at the date of adoption to apply a cumulative effect adjustment to eliminate the measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of partners’ capital as of the beginning of the fiscal year that an entity adopts the guidance. The amended presentation and disclosure guidance is required only prospectively. Early adoption is permitted. While the Partnership is still assessing the guidance in ASU 2017-12, it does not expect the impact of this guidance to be material.

In January 2017, the FASB issued ASU 2017-4, Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment. ASU 2017-04 simplifies an entity’s annual goodwill test for impairment by eliminating the requirement to calculate the implied fair value of goodwill, and instead an entity should compare the fair value of a reporting unit with its carrying amount. The impairment charge will then be the amount by which the carrying amount exceeds the reporting unit’s fair value. An entity would still have the option to perform a qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The guidance is effective for the Partnership on January 1, 2020 and requires the guidance to be applied using a prospective transition method. Early adoption is permitted. The Partnership does not expect the impact of this guidance to be material.

In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) - Restricted Cash. ASU 2016-18 clarifies the presentation of restricted cash in the statement of cash flows by requiring the amounts described as restricted cash be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. If cash and cash equivalents and restricted cash are presented separately on the statement of financial position, a reconciliation of these separate line items to the total cash amount included in the statement of cash flows will be required either in the footnotes or on the face of the statement of cash flows. The guidance was effective for the Partnership on January 1, 2018, and ASU 2016-18 required the guidance to be applied using a retrospective transition method. The Partnership reflected this change in presentation of restricted cash in the unaudited condensed consolidated statement of cash flows included in these financial statements.

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 clarifies the classification of several discrete cash flow issues, including the treatment of cash distributions from equity method investments. The guidance was effective for the Partnership on January 1, 2018, and ASU 2016-15 requires the guidance to be applied using a retrospective transition method. The Partnership has determined that the impact of this guidance was not material to its consolidated statements of cash flows.

In June 2016, the FASB issued ASU 2016-13, Accounting for Financial Instruments - Credit Losses (Topic 326). ASU 2016-13 requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Currently, GAAP requires an "incurred loss" methodology that delays recognition until it is probable a loss has been incurred. Under the new standard, the allowance for credit losses must be deducted from the amortized cost of the financial asset to present the net amount expected to be collected. The income statement will reflect the measurement of credit losses for newly recognized financial assets as well as the expected increases or decreases of expected credit losses that have taken place during the period. This provision of the guidance requires a modified retrospective transition method and will result in a cumulative-effect adjustment in retained earnings upon adoption. This guidance is effective for the Partnership on January 1, 2020 and early adoption is permitted. The Partnership is currently assessing the potential impact of this guidance.

In February 2016, the FASB issued ASU 2016-2, Leases (Topic 842). ASU 2016-2 requires lessees to recognize virtually all of their leases on the balance sheet by recording a right-of-use asset and a lease liability. The lease liability will be measured at the present value of lease payments and the right-of-use asset will be based on the lease liability value, subject to adjustments. Leases can be classified as either operating leases or finance leases. Operating leases will result in straight-line lease expense, while finance leases will result in front-loaded expense. This guidance is effective for the Partnership on January 1, 2019 and ASU 2016-2 requires the guidance to be applied using a modified retrospective method. The Partnership is continuing to assess the impact of this guidance, and the Partnership's total assets and total liabilities on its consolidated balance sheet will increase upon adoption of this guidance.

Fair Value Measurement

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

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.

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.

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.

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.

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 March 31, 2018:



(Dollars in millions)	Level I		Level II		Level III		Total
Assets
Investments of Consolidated Funds:
Equity securities	$	—	$	—	$	10.8	$	10.8
Bonds	—		—		486.2		486.2
Loans	—		—		4,498.6		4,498.6
Other	—		—		0.3		0.3
	—		—		4,995.9		4,995.9
Investments in CLOs and other	—		—		454.3		454.3
Corporate treasury investments
Bonds	—		199.3		—		199.3
Commercial paper and other	—		176.6		—		176.6
	—		375.9		—		375.9
Foreign currency forward contracts	—		0.2		—		0.2
Total	$	—	$	376.1	$	5,450.2	$	5,826.3
Liabilities
Loans payable of Consolidated Funds⁽¹⁾	$	—	$	—	$	4,554.5	$	4,554.5
Contingent consideration	—		—		1.1		1.1
Foreign currency forward contracts	—		0.3		—		0.3
Total	$	—	$	0.3	$	4,555.6	$	4,555.9


(1)	Senior and subordinated notes issued by CLO vehicles are classified based on the more observable fair value of the CLO financial assets, less (i) the fair value of any beneficial interests held by the Partnership and (ii) the carrying value of any beneficial interests that represent compensation for services.

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, 2017:



(Dollars in millions)	Level I		Level II		Level III		Total
Assets
Investments of Consolidated Funds:
Equity securities	$	—	$	—	$	7.9	$	7.9
Bonds	—		—		413.4		413.4
Loans	—		—		4,112.7		4,112.7
Other	—		—		0.3		0.3
	—		—		4,534.3		4,534.3
Investments in CLOs and other	—		—		405.4		405.4
Corporate treasury investments
Bonds	—		194.1		—		194.1
Commercial paper and other	—		182.2		—		182.2
	—		376.3		—		376.3
Foreign currency forward contracts	—		0.4		—		0.4
Total	$	—	$	376.7	$	4,939.7	$	5,316.4
Liabilities
Loans payable of Consolidated Funds⁽¹⁾	$	—	$	—	$	4,303.8	$	4,303.8
Contingent consideration	—		—		1.0		1.0
Foreign currency forward contracts	—		1.2		—		1.2
Total	$	—	$	1.2	$	4,304.8	$	4,306.0


(1)	Senior and subordinated notes issued by CLO vehicles are classified based on the more observable fair value of the CLO financial assets, less (i) the fair value of any beneficial interests held by the Partnership and (ii) the carrying value of any beneficial interests that represent compensation for services.

There were no transfers from Level II to Level I during the three months ended March 31, 2018 and 2017.

Investment professionals with responsibility for the underlying investments are responsible for preparing the investment valuations pursuant to the policies, methodologies and templates prepared by the Partnership’s valuation group, which is a team made up of dedicated valuation professionals reporting to the Partnership’s chief accounting officer. The valuation group is responsible for maintaining the Partnership’s valuation policy and related guidance, templates and systems that are designed to be consistent with the guidance found in ASC 820, Fair Value Measurement. These valuations, inputs and preliminary conclusions are reviewed by the fund accounting teams. The valuations are then reviewed and approved by the respective fund valuation subcommittees, which are comprised of the respective fund head(s), segment head, chief financial officer and chief accounting officer, as well as members of the valuation group. The valuation group compiles the aggregate results and significant matters and presents them for review and approval by the global valuation committee, which includes the Partnership’s co-executive chairman of the board, chairman emeritus, co-chief executive officers, chief risk officer, chief financial officer, chief accounting officer, co-chief investment officer and the business segment heads, and observed by the chief compliance officer, the director of internal audit, the Partnership’s audit committee and others. Additionally, each quarter a sample of valuations is reviewed by external valuation firms.

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 and real estate properties, and certain debt positions. The valuation technique for each of these investments is described below:

Private Equity and Real Estate Investments – The fair values of 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 or sales of comparable assets, and other measures which, in many cases, are unaudited at the time received. The methods used to estimate the fair value of real estate investments include the discounted cash flow method and/or capitalization rate (“cap rate”) analysis. Valuations may be derived by reference to observable valuation measures for comparable companies or transactions (e.g., applying a key performance metric of the investment such as EBITDA or net operating income to a relevant valuation multiple or cap rate 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. Adjustments to observable valuation measures are frequently made upon the initial investment to calibrate the initial investment valuation to industry observable inputs. Such adjustments are made to align the investment to observable industry inputs for differences in size, profitability, projected growth rates, geography and capital structure if applicable. The adjustments are reviewed with each subsequent valuation to assess how the investment has evolved relative to the observable inputs. Additionally, the investment may be subject to certain specific risks and/or development milestones which are also taken into account in the valuation assessment. Option pricing models and similar tools do not currently drive a significant portion of private equity or real estate valuations and are used primarily to value warrants, derivatives, certain restrictions and other atypical investment instruments.

Credit-Oriented Investments – The fair values of credit-oriented investments (including corporate treasury investments) are generally determined on the basis of prices 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. 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 measures the financial liabilities of its consolidated CLOs based on the fair value of the financial assets of its consolidated CLOs, as the Partnership believes the fair value of the financial assets are more observable. 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 loan and bond assets of the CLOs are not actively traded and are classified as Level III. The fair values of 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.

The Partnership measures the CLO loan payables held by third party beneficial interest holders on the basis of the fair value of the financial assets of the CLO and the beneficial interests held by the Partnership. The Partnership continues to measure the CLO loans payable that it holds at fair value based on both discounted cash flow analyses and third-party quotes, as described above.

Loans Payable of a Real Estate VIE – Prior to its deconsolidation in 2017, the Partnership elected the fair value option to measure the loans payable of a real estate VIE at fair value. The fair values of the loans were primarily based on discounted cash flows analyses, which considered the liquidity and current financial condition of the real estate VIE. These loans were classified as Level III.

Fund Investments – The Partnership’s investments in external 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 typically has 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 March 31, 2018
	Investments of Consolidated Funds
	Equity securities		Bonds			Loans			Other		Investments in CLOs and other			Total
Balance, beginning of period	$	7.9	$	413.4		$	4,112.7		$	0.3	$	405.4		$	4,939.7
Purchases	—		124.5			786.7			—		45.0			956.2
Sales and distributions	—		(55.4		)	(239.8		)	—		(3.0		)	(298.2		)
Settlements	—		—			(234.8		)	—		—			(234.8		)
Realized and unrealized gains (losses), net
Included in earnings	2.7		(6.8		)	(8.4		)	—		2.1			(10.4		)
Included in other comprehensive income	0.2		10.5			82.2			—		4.8			97.7
Balance, end of period	$	10.8	$	486.2		$	4,498.6		$	0.3	$	454.3		$	5,450.2
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	2.7	$	(6.2	)	$	(8.8	)	$	—	$	2.1		$	(10.2	)



	Financial Assets
	Three Months Ended March 31, 2017
	Investments of Consolidated Funds
	Equity securities		Bonds			Loans			Other		Investments in CLOs and other			Total
Balance, beginning of period	$	10.3	$	396.4		$	3,485.6		$	1.4	$	152.6		$	4,046.3
Purchases	—		66.1			625.4			—		—			691.5
Sales and distributions	—		(56.4		)	(408.1		)	—		(2.1		)	(466.6		)
Settlements	—		—			(291.1		)	—		—			(291.1		)
Realized and unrealized gains (losses), net
Included in earnings	0.3		5.3			31.0			0.1		2.9			39.6
Included in other comprehensive income	0.2		6.2			30.4			—		2.5			39.3
Balance, end of period	$	10.8	$	417.6		$	3,473.2		$	1.5	$	155.9		$	4,059.0
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	0.3	$	5.1		$	28.4		$	0.1	$	2.9		$	36.8



	Financial Liabilities
	Three Months Ended March 31, 2018
	Loans Payable of Consolidated Funds			Contingent Consideration		Total
Balance, beginning of period	$	4,303.8		$	1.0	$	4,304.8
Borrowings	751.4			—		751.4
Paydowns	(570.8		)	—		(570.8		)
Realized and unrealized (gains) losses, net
Included in earnings	(17.5		)	0.1		(17.4		)
Included in other comprehensive income	87.6			—		87.6
Balance, end of period	$	4,554.5		$	1.1	$	4,555.6
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$	(24.5	)	$	0.1	$	(24.4	)



	Financial Liabilities
	Three Months Ended March 31, 2017
	Loans Payable of Consolidated Funds			Contingent Consideration		Loans Payable of a real estate VIE			Total
Balance, beginning of period	$	3,866.3		$	1.5	$	79.4		$	3,947.2
Borrowings	431.5			—		—			431.5
Paydowns	(762.0		)	—		(7.4		)	(769.4		)
Realized and unrealized (gains) losses, net
Included in earnings	18.1			—		5.3			23.4
Included in other comprehensive income	33.6			—		0.5			34.1
Balance, end of period	$	3,587.5		$	1.5	$	77.8		$	3,666.8
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$	26.4		$	—	$	5.3		$	31.7

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

Realized and unrealized gains and losses included in earnings for Level III contingent consideration liabilities are included in other non-operating expense (income), and such gains and losses for loans payable of a real estate VIE (for periods prior to September 30, 2017) are included in interest and other expenses of a real estate VIE and loss on deconsolidation in the unaudited condensed consolidated statement of operations.

Gains and losses included in other comprehensive income for all Level III financial asset and liabilities are included in accumulated other comprehensive loss, non-controlling interests in consolidated entities and non-controlling interests in Carlyle Holdings in the unaudited condensed consolidated balance sheets.

The following table summarizes quantitative information about the Partnership’s Level III inputs as of March 31, 2018:



	Fair Value at		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
(Dollars in millions)	March 31, 2018		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
Assets
Investments of Consolidated Funds:
Equity securities	$	6.7	Discounted Cash Flow	Discount Rates	10% - 10% (10%)
	4.1		Consensus Pricing	Indicative Quotes ($ per share)	0 - 60 (55)

Bonds	486.2		Consensus Pricing	Indicative Quotes (% of Par)	49 - 106 (97)
Loans	4,498.6		Consensus Pricing	Indicative Quotes (% of Par)	69 - 104 (100)
Other	0.3		Counterparty Pricing	Indicative Quotes (% of Notional Amount)	9 - 9 (9)
	4,995.9
Investments in CLOs and other:
Senior secured notes	401.1		Discounted Cash Flow with Consensus Pricing	Discount Rates	1% - 11% (4%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	50% - 73% (60%)
				Indicative Quotes (% of Par)	99 - 102 (101)
Subordinated notes and preferred shares	53.2		Discounted Cash Flow with Consensus Pricing	Discount Rates	8% - 11% (9%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	50% - 73% (60%)
				Indicative Quotes (% of Par)	73 - 97 (83)
Total	$	5,450.2
Liabilities
Loans payable of Consolidated Funds:
Senior secured notes	$	4,334.8	Other	N/A	N/A
Subordinated notes and preferred shares	41.2		Other	N/A	N/A
	178.5		Discounted Cash Flow with Consensus Pricing	Discount Rates	8% - 11% (10%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	50% - 73% (61%)
				Indicative Quotes (% of Par)	78 - 94 (87)
Contingent consideration	1.1		Other	N/A	N/A
Total	$	4,555.6

The following table summarizes quantitative information about the Partnership’s Level III inputs as of December 31, 2017:



	Fair Value at		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
(Dollars in millions)	December 31, 2017		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
Assets
Investments of Consolidated Funds:
Equity securities	$	5.7	Discounted Cash Flow	Discount Rates	10% - 10% (10%)

	2.2		Consensus Pricing	Indicative Quotes ($ per share)	0 - 33 (30)

Bonds	413.4		Consensus Pricing	Indicative Quotes (% of Par)	44 - 107 (98)
Loans	4,112.7		Consensus Pricing	Indicative Quotes (% of Par)	64 - 103 (100)
Other	0.3		Counterparty Pricing	Indicative Quotes (% of Notional Amount)	9 - 9 (9)
	4,534.3
Investments in CLOs and other
Senior secured notes	357.2		Discounted Cash Flow with Consensus Pricing	Discount Rate	1% - 9% (3%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	50% - 70% (60%)
				Indicative Quotes (% of Par)	98 - 104 (101)
Subordinated notes and preferred shares	48.2		Discounted Cash Flow with Consensus Pricing	Discount Rate	8% - 11% (9%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	50% - 70% (60%)
				Indicative Quotes (% of Par)	63 - 97 (81)
Total	$	4,939.7
Liabilities
Loans payable of Consolidated Funds:
Senior secured notes	$	4,100.5	Other	N/A	N/A
Subordinated notes and preferred shares	26.9		Other	N/A	N/A
	176.4		Discounted Cash Flow with Consensus Pricing	Discount Rates	8% - 11% (10%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	50% - 70% (60%)
				Indicative Quotes (% of Par)	79 - 93 (86)
Contingent consideration	1.0		Other	N/A	N/A
Total	$	4,304.8

The significant unobservable inputs used in the fair value measurement of the Partnership’s investments in equity securities include indicative quotes and discount rates. Significant decreases in 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 investments in bonds and loans are indicative quotes. 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 investments in CLOs and other investments include discount rates, default rates, recovery rates and indicative quotes. Significant decreases in recovery rates or indicative quotes in isolation would result in a significantly lower fair value measurement. Significant increases in discount rates or default 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, recovery rates and indicative quotes. 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 or indicative quotes in isolation would result in a significantly higher fair value measurement.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Investments

3 Months Ended

Mar. 31, 2018

Investments [Abstract]

Investments

Investments consist of the following:



	As of
	March 31, 2018		December 31, 2017
	(Dollars in millions)
Accrued performance allocations	$	3,650.1	$	3,664.3
Principal equity method investments, excluding performance allocations	1,205.7		1,218.4
Principal investments in CLOs and other	454.6		405.9
Total investments	$	5,310.4	$	5,288.6

Accrued Performance Allocations

The components of accrued performance allocations are as follows:



	As of
	March 31, 2018		December 31, 2017
	(Dollars in millions)
Corporate Private Equity	$	2,209.0	$	2,272.4
Real Assets	647.9		656.7
Global Credit	50.5		50.6
Investment Solutions	742.7		684.6
Total	$	3,650.1	$	3,664.3

Approximately 20% and 19% of accrued performance allocations at March 31, 2018 and December 31, 2017, respectively, are related to Carlyle Partners VI, L.P., one of the Partnership's Corporate Private Equity funds.

Accrued performance allocations are shown gross of the Partnership’s accrued performance allocations and incentive fee-related compensation (see Note 6), and accrued giveback obligations, which are separately presented in the unaudited condensed consolidated balance sheets. The components of the accrued giveback obligations are as follows:



	As of
	March 31, 2018			December 31, 2017
	(Dollars in millions)
Corporate Private Equity	$	(6.7	)	$	(8.7	)
Real Assets	(58.1		)	(58.1		)
Total	$	(64.8	)	$	(66.8	)

Strategic Investment in NGP

The Partnership’s equity interests in NGP Management Company, L.L.C. (“NGP Management” and, together with its affiliates, “NGP”) entitle the Partnership to an allocation of income equal to 55.0% 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 47.5% of the performance allocations (or carried interest) received by such fund general partners.

The Partnership accounts for its investments in NGP under the equity method of accounting. The Partnership recorded its investments in NGP 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 and the deferred restricted common units (which were granted in 2012 to certain NGP personnel) were deemed to be compensatory arrangements; these elements are recognized as an expense under applicable U.S. GAAP.

The Partnership records investment income (loss) for its equity income allocation from NGP management fees and performance allocations, and also records 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. The net investment income (loss) recognized in the Partnership’s condensed consolidated statements of operations for the three months ended March 31, 2018 and 2017 were as follows:



	Three Months Ended March 31,
	2018			2017
	(Dollars in millions)
Management fees	$	18.9		$	17.6
Performance allocations	12.0			35.6
Investment income	1.3			4.0
Expenses	(2.9		)	(26.0		)
Amortization of basis differences	(1.8		)	(2.1		)
Net investment income	$	27.5		$	29.1

The difference between the Partnership’s remaining carrying value of its investment and its share of the underlying net assets of the investee was $19.5 million and $21.3 million as of March 31, 2018 and December 31, 2017, respectively; these differences are amortized over a period of 10 years ending in 2022.

Principal Investments in CLOs and Other Investments

Principal investments in CLOs and other investments as of March 31, 2018 and December 31, 2017 primarily consisted of $454.6 million and $405.9 million, respectively, of investments in CLO senior and subordinated notes and derivative instruments.

Investment Income (Loss)

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



	Three Months Ended March 31,
	2018		2017
	(Dollars in millions)
Performance allocations	$	308.1	$	676.0
Principal investment income from equity method investments (excluding performance allocations)	53.1		45.4
Principal investment income from investments in CLOs and other investments	1.0		0.9
Total	$	362.2	$	722.3

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



	Three Months Ended March 31,
	2018			2017
	(Dollars in millions)
Corporate Private Equity	$	257.9		$	568.0
Real Assets	(3.3		)	57.8
Global Credit	2.6			14.4
Investment Solutions	50.9			35.8
Total	$	308.1		$	676.0

Approximately 47%, or $143.9 million, of performance allocations for the three months ended March 31, 2018 are related to the following funds along with total revenue recognized (total revenue includes performance allocations, fund management fees, and principal investment income):

•Carlyle Partners V, L.P. (Corporate Private Equity segment) - $41.2 million,

•Carlyle Partners VI, L.P. (Corporate Private Equity segment) - $86.2 million,

•Carlyle Europe Partners IV, L.P. (Corporate Private Equity segment) - $90.0 million,

•Carlyle Realty Partners VII, L.P. (Real Assets segment) - $48.6 million, and

•Carlyle Realty Partners V, L.P. (Real Assets segment) - $(43.2) million.

Approximately 80%, or $537.5 million, of performance allocations for the three months ended March 31, 2017 are related to the following funds along with total revenue recognized (total revenue includes performance allocations, fund management fees, and principal investment income):

•Carlyle Partners V, L.P. (Corporate Private Equity segment) - $184.6 million,

•Carlyle Partners VI, L.P. (Corporate Private Equity segment) - $253.6 million, and

•Carlyle Asia Partners IV, L.P. (Corporate Private Equity segment) - $165.1 million.

Carlyle’s income (loss) from its principal investments consists of:



	Three Months Ended March 31,
	2018		2017
	(Dollars in millions)
Corporate Private Equity	$	16.2	$	7.6
Real Assets	32.7		35.0
Global Credit	0.3		1.3
Investment Solutions	3.9		1.5
Total	$	53.1	$	45.4

Investments of Consolidated Funds

The Partnership consolidates the financial positions and results of operations of certain CLOs in which it is the primary beneficiary. During the three months ended March 31, 2018, the Partnership did not form any CLOs for which the Partnership is the primary beneficiary.

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 March 31,
	2018		2017
	(Dollars in millions)
Interest income from investments	$	46.0	$	40.5
Other income	1.3		2.4
Total	$	47.3	$	42.9

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 March 31,
	2018			2017
	(Dollars in millions)
Gains (losses) from investments of Consolidated Funds	$	(15.4	)	$	35.2
Gains (losses) from liabilities of CLOs	17.4			(18.1		)
Total	$	2.0		$	17.1

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



	Three Months Ended March 31,
	2018			2017
	(Dollars in millions)
Realized losses	$	(2.7	)	$	(2.1	)
Net change in unrealized gains	(12.7		)	37.3
Total	$	(15.4	)	$	35.2

Borrowings

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Borrowings

The Partnership borrows and enters into credit agreements for its general operating and investment purposes. The Partnership’s debt obligations consist of the following (Dollars in millions):



	March 31, 2018				December 31, 2017
	Borrowing Outstanding		Carrying Value		Borrowing Outstanding		Carrying Value
Senior Credit Facility Term Loan Due 5/05/2020	$	25.0	$	24.8	$	25.0	$	24.8
CLO Term Loans(See below)	331.5		331.5		294.5		294.5
3.875% Senior Notes Due 2/01/2023	500.0		497.7		500.0		497.6
5.625% Senior Notes Due 3/30/2043	600.0		600.7		600.0		600.7
Promissory Note Due 1/01/2022	108.8		108.8		108.8		108.8
Promissory Notes Due 7/15/2019	40.4		40.4		47.2		47.2
Total debt obligations	$	1,605.7	$	1,603.9	$	1,575.5	$	1,573.6

Senior Credit Facility

As of March 31, 2018, the senior credit facility included $25.0 million in a term loan and $750.0 million in a revolving credit facility. As of March 31, 2018, the term loan and revolving credit facility were scheduled to mature on May 5, 2020. 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% (at March 31, 2018, the interest rate was 3.13%). There was no amount outstanding under the revolving credit facility at March 31, 2018. Interest expense under the senior credit facility was not significant for the three months ended March 31, 2018 and 2017. The fair value of the outstanding balances of the term loan and revolving credit facility at March 31, 2018 and December 31, 2017 approximated par value based on current market rates for similar debt instruments and are classified as Level III within the fair value hierarchy.

CLO Term Loans

For certain of our CLOs, the Partnership finances a portion of its investment in the CLOs through the proceeds received from term loans with financial institutions. The Partnership's outstanding CLO term loans consist of the following (Dollars in millions):



Formation Date	Borrowing Outstanding March 31, 2018		Borrowing Outstanding December 31, 2017		Maturity Date (1)	Interest Rate as of March 31, 2018
June 7, 2016	$	20.6	$	20.6	July 15, 2027	3.52%	(2)
February 28, 2017	76.2		74.3		September 21, 2029	2.33%	(3)
April 19, 2017	22.8		22.8		April 22, 2031	3.68%	(4) (15)
June 28, 2017	23.1		23.1		July 22, 2031	3.67%	(5) (15)
July 20, 2017	24.4		24.4		April 21, 2027	3.28%	(6) (15)
August 2, 2017	22.8		22.8		July 23, 2029	3.55%	(7) (15)
August 2, 2017	21.4		20.9		August 3, 2022	1.75%	(8)
August 14, 2017	22.6		22.6		August 15, 2030	3.68%	(9) (15)
November 30, 2017	22.7		22.7		January 16, 2030	3.45%	(10) (15)
December 6, 2017	19.1		19.1		October 16, 2030	3.37%	(11) (15)
December 7, 2017	21.2		21.2		January 19, 2029	3.10%	(12) (15)
January 30, 2018	19.2		—		January 22, 2030	3.35%	(13) (15)
March 1, 2018	15.4		—		January 15, 2031	3.27%	(14) (15)
	$	331.5	$	294.5

(1) Maturity date is earlier of date indicated or the date that the CLO is dissolved.


(2)	Incurs interest at the weighted average rate of the underlying senior notes. Interest income on the underlying collateral approximated the amount of interest expense and was not significant for the three months ended March 31, 2018 and 2017.


(3)	Original borrowing of €61.8 million; incurs interest at EURIBOR plus applicable margins as defined in the agreement.


(4)	Incurs interest at LIBOR plus 1.932%.


(5)	Incurs interest at LIBOR plus 1.923%.


(6)	Incurs interest at LIBOR plus 1.536%.


(7)	Incurs interest at LIBOR plus 1.808%.


(8)	Original borrowing of €17.4 million; incurs interest at EURIBOR plus 1.75% and has full recourse to the Partnership.


(9)	Incurs interest at LIBOR plus 1.848%.


(10)	Incurs interest at LIBOR plus 1.7312%.


(11)	Incurs interest at LIBOR plus 1.647%.


(12)	Incurs interest at LIBOR plus 1.365%.


(13)	Incurs interest at LIBOR plus 1.624%.


(14)	Incurs interest at LIBOR plus 1.552%.


(15)	Term loan issued under master credit agreement.

The CLO term loans are secured by the Partnership's investments in the respective CLO, have a general unsecured interest in the Carlyle entity that manages the CLO, and generally do not have recourse to any other Carlyle entity. Interest expense on these term loans was not significant for the three months ended March 31, 2018 and 2017. The fair value of the outstanding balance of the CLO term loans at March 31, 2018 approximated par value based on current market rates for similar debt instruments. These CLO term loans are classified as Level III within the fair value hierarchy.

European CLO Financing - February 28, 2017

On February 28, 2017, a subsidiary of the Partnership entered into a financing agreement with several financial institutions under which these financial institutions provided a €61.8 million term loan ($76.2 million at March 31, 2018) to the Partnership. This term loan is secured by the Partnership’s investments in the retained notes in certain European CLOs that were formed in 2014 and 2015. This term loan will mature on the earlier of September 21, 2029 or the date that the certain European CLO retained notes have been redeemed. The Partnership may prepay the term loan in whole or in part at any time after the third anniversary of the date of issuance without penalty. Prepayment of the term loan within the first three years will incur a penalty based on the prepayment amount. Interest on this term loan accrues at EURIBOR plus applicable margins (2.33% at March 31, 2018).

Master Credit Agreement - Term Loans

In January 2017, the Partnership entered into a master credit agreement with a financial institution under which the financial institution expects to provide term loans to the Partnership for the purchase of eligible interests in CLOs. This agreement will terminate in January 2020. Any term loan to be issued under this master credit agreement will be secured by the Partnership’s investment in the respective CLO as well as any senior management fee and subordinated management fee payable by each CLO. Any term loan will bear interest at LIBOR plus a weighted average spread over LIBOR on the CLO notes and an applicable margin. Interest will be due quarterly.

3.875% Senior Notes

In January 2013, an indirect finance subsidiary of the Partnership issued $500.0 million in aggregate principal amount 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 for both the three months ended March 31, 2018 and 2017. At March 31, 2018 and December 31, 2017, the fair value of the notes, including accrued interest, was approximately $507.1 million and $520.4 million, respectively, based on indicative quotes. The notes are 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 in aggregate principal amount 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.

In March 2014, an indirect finance subsidiary of the Partnership issued $200.0 million of 5.625% Senior Notes due March 30, 2043 at 104.315% of par. These notes were issued as additional 5.625% Senior Notes and are treated as a single class with the already outstanding $400.0 million aggregate principal amount of these senior notes.

Interest expense on the notes was $8.4 million for both the three months ended March 31, 2018 and 2017. At March 31, 2018 and December 31, 2017, the fair value of the notes, including accrued interest, was approximately $655.8 million and $696.3 million, respectively, based on indicative quotes. The notes are classified as Level II within the fair value hierarchy.

Promissory Notes

Promissory Note Due January 1, 2022

On January 1, 2016, the Partnership issued a $120.0 million promissory note to Barclays Natural Resource Investments, a division of Barclays Bank PLC (“BNRI”) as part of the Partnership's strategic investment in NGP. Interest on the promissory note accrues at the three month LIBOR plus 2.50% (4.81% at March 31, 2018). The Partnership may prepay the promissory note in whole or in part at any time without penalty. As a result of prepayments, approximately $108.8 million of the promissory note is outstanding at March 31, 2018 and December 31, 2017. The promissory note is scheduled to mature on January 1, 2022. Interest expense on the promissory note was not significant for the three months ended March 31, 2018 and 2017. The fair value of the outstanding balance of the promissory note at March 31, 2018 and December 31, 2017 approximated par value based on current market rates for similar debt instruments and is classified as Level III within the fair value hierarchy.

Promissory Notes Due July 15, 2019

In June 2017, as part of the settlement with investors in two commodities investment vehicles managed by an affiliate of the Partnership (disclosed in Note 7), the Partnership issued a series of promissory notes, aggregating to $53.9 million, to the investors of these commodities investment vehicles. Interest on these promissory notes accrues at the three month LIBOR plus 2% (3.72% at March 31, 2018). The Partnership may prepay these promissory notes in whole or in part at any time without penalty. Accordingly, as a result of repayments, $40.4 million of these promissory notes are outstanding at March 31, 2018. These promissory notes are scheduled to mature on July 15, 2019. Interest expense on these promissory notes was not significant for the three months ended March 31, 2018. The fair value of the outstanding balance of these promissory notes at March 31, 2018 approximated par value based on current market rates for similar debt instruments and is classified as Level III within the fair value hierarchy.

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 and the indentures governing its senior notes. The Partnership was in compliance with all financial and non-financial covenants under its various loan agreements as of March 31, 2018.

Loans Payable of Consolidated Funds

Loans payable of Consolidated Funds primarily 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 March 31, 2018 and December 31, 2017, the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions):



	As of March 31, 2018
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	4,381.4	$	4,334.8	2.07	%		11.32
Subordinated notes, preferred shares and other	209.9		219.7		N/A		(a)	9.34
Total	$	4,591.3	$	4,554.5



	As of December 31, 2017
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	4,128.3	$	4,100.5	2.16	%		11.44
Subordinated notes, preferred shares and other	195.2		203.3		N/A		(a)	9.85
Total	$	4,323.5	$	4,303.8


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

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 March 31, 2018 and December 31, 2017, the fair value of the CLO assets was $5.4 billion and $4.9 billion, respectively.

Accrued Compensation and Benefits

3 Months Ended

Mar. 31, 2018

Retirement Benefits [Abstract]

Accrued Compensation and Benefits

Accrued compensation and benefits consist of the following:



	As of
	March 31, 2018		December 31, 2017
	(Dollars in millions)
Accrued performance allocations and incentive fee-related compensation	$	1,899.7	$	1,894.8
Accrued bonuses	112.2		202.6
Other	137.1		125.2
Total	$	2,149.0	$	2,222.6

Commitments and Contingencies

3 Months Ended

Mar. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Capital Commitments

The Partnership and its unconsolidated affiliates have unfunded commitments to entities within the following segments as of March 31, 2018 (Dollars in millions):



	Unfunded Commitments
Corporate Private Equity	$	2,368.5
Real Assets	839.3
Global Credit	491.3
Investment Solutions	149.8
Total	$	3,848.9

Of the $3.8 billion of unfunded commitments, approximately $3.4 billion is subscribed individually by senior Carlyle professionals, advisors 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 $11.3 million, and accrues interest at the lower of the prime rate, as defined, or three-month LIBOR plus 3%, reset quarterly (4.70% weighted-average rate at March 31, 2018). As of March 31, 2018 and December 31, 2017, approximately $12.7 million and $13.3 million, respectively, were outstanding under the credit facility and payable by the employees. The amount funded by the Partnership under this guarantee as of March 31, 2018 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 consolidated financial statements.

Certain consolidated subsidiaries of the Partnership are the guarantor of revolving credit facilities for certain funds in the Investment Solutions segment. The guarantee is limited to the lesser of the total amount drawn under the credit facilities or the net asset value of the guarantor subsidiaries, which is approximately $16.6 million as of March 31, 2018. The outstanding balances are secured by uncalled capital commitments from the underlying funds and the Partnership believes the likelihood of any material funding under this guarantee to be remote.

Contingent Obligations (Giveback)

A liability for potential repayment of previously received performance allocations of $64.8 million at March 31, 2018, 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 March 31, 2018. However, the ultimate giveback obligation, if any, generally is not paid until the end of a fund’s life or earlier if the giveback becomes fixed and early payment is agreed upon by the fund's partners (see Note 2). The Partnership has recorded $4.9 million and $5.1 million of unbilled receivables from former and current employees and senior Carlyle professionals as of March 31, 2018 and December 31, 2017, respectively, related to giveback obligations, which are included in due from affiliates and other receivables, net in the accompanying unaudited condensed consolidated balance sheets. The receivables are collateralized by investments made by individual senior Carlyle professionals and employees in Carlyle-sponsored funds. In addition, $248.3 million and $247.6 million have been withheld from distributions of carried interest to senior Carlyle professionals and employees for potential giveback obligations as of March 31, 2018 and December 31, 2017, respectively. Such amounts are held on behalf of the respective current and former Carlyle employees to satisfy any givebacks they may owe and are held by entities not included in the accompanying condensed consolidated balance sheets. Current and former senior Carlyle professionals and employees are personally responsible for their giveback obligations. As of March 31, 2018, approximately $36.8 million of the Partnership's accrued giveback obligation is the responsibility of various current and former senior Carlyle professionals and other limited partners of the Carlyle Holdings partnerships, and the net accrued giveback obligation attributable to Carlyle Holdings is $28.0 million.

If, at March 31, 2018, 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 $0.7 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 2018 through 2032. These leases are accounted for as operating leases. Rent expense was approximately $14.2 million and $14.1 million for the three months ended March 31, 2018 and 2017, 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):



2018	$	36.3
2019	47.8
2020	48.7
2021	44.6
2022	41.4
Thereafter	299.7
	$	518.5

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 $64.8 million and $62.9 million as of March 31, 2018 and December 31, 2017, 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, inquiries, employment-related matters, disputes and other potential claims. Certain of these matters are described below. The Partnership is not currently able to estimate the reasonably possible amount of loss or range of loss, in excess of amounts accrued, for the matters that have not been resolved. 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 in excess of amounts accrued. The Partnership believes that the claims asserted against the Partnership in the pending litigation matters described below are without merit and intends to vigorously contest such allegations.

Along with many other companies and individuals in the financial sector, the Partnership and Carlyle Mezzanine Partners, L.P. (“CMP”) are named as defendants in Foy v. Austin Capital, a case filed in June 2009 in state court in New Mexico, which purports to be a qui tam suit on behalf of the State of New Mexico under the state Fraud Against Taxpayers Act (“FATA”). 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 for lost income, rescission of the investment transactions described in the complaint and disgorgement of all fees received. In September 2017, the Court dismissed the lawsuit and the plaintiffs then filed an appeal seeking to reverse that decision. The Attorney General may also pursue its own recovery from the defendants in the action.

Carlyle Capital Corporation Limited (“CCC”) was a fund sponsored by the Partnership 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. The Guernsey liquidators who took control of CCC in March 2008 filed a suit on July 7, 2010 against the Partnership, certain of its affiliates and the former directors of CCC in the Royal Court of Guernsey seeking more than $1.0 billion in damages in a case styled Carlyle Capital Corporation Limited v. Conway et al. On September 4, 2017, the Royal Court of Guernsey ruled that the Partnership and Directors of CCC acted reasonably and appropriately in the management and governance of CCC and that none of the Partnership, its affiliates or former directors of CCC had any liability. In December 2017, the plaintiff filed a notice of appeal of the trial court decision. A hearing before the Guernsey appellate court is expected to take place in October 2018. The Partnership may be entitled to receive additional amounts from the plaintiff as reimbursement of legal fees and expenses incurred to defend against the claims. In December 2017, the Partnership received approximately $29.8 million from the plaintiff as a deposit towards its obligations to reimburse the Partnership for such expenses, but such amount is subject to repayment pending a final determination of the correct reimbursement amount and the ultimate outcome of the appeal process.

Cobalt International Energy, Inc. ("Cobalt") was a company owned by two of the Legacy Energy funds and funds advised by certain other private equity sponsors. Cobalt and certain of its affiliates filed for bankruptcy protection on December 14, 2017. A federal securities class action against Cobalt (In re Cobalt International Energy, Inc. Securities Litigation) was filed in November 2014 in the U.S. District Court for the Southern District of Texas, seeking monetary damages and alleging that Cobalt and its directors made misrepresentations in certain of Cobalt’s securities offering filings relating to: (i) the value of oil reserves in Angola for which Cobalt had acquired drilling concessions, and (ii) its compliance with the Foreign Corrupt Practices Act regarding its operations in Angola and a U.S. government investigation regarding the same. The securities class action also named as co-defendants certain securities underwriters and the five private equity sponsors of Cobalt, including Riverstone and the Partnership. The class action alleged that the Partnership has liability as a "control person" for the alleged misrepresentations in Cobalt's securities offerings as well as insider trading liability. The federal court dismissed the insider trading claim against the Partnership. In addition to the class action in federal court, derivative claims were also filed in Texas state court in Houston (Ira Gaines v. Joseph Bryant, et al.) on similar grounds, alleging that the private equity sponsors, including the Partnership, breached their fiduciary duties by engaging in insider trading. No Partnership employee served as a director or executive of Cobalt, and we vigorously contest all allegations made against the Partnership. Cobalt's Chapter 11 plan included releases by Cobalt of any claims, including derivative claims, that Cobalt could have brought arising out of Cobalt's affairs. That Chapter 11 plan was approved on April 5, 2018, but the state class action claim against the Partnership has not yet been dismissed.

A Luxembourg subsidiary of CEREP I, a real estate fund, has been involved since 2010 in a tax dispute with the French tax authorities relating to whether gain from the sale of an investment was taxable in France. In April 2015, the French tax court issued an opinion in this matter adverse to CEREP I, holding the Luxembourg subsidiary of CEREP I liable for approximately €105 million (including interest accrued since the beginning of the tax dispute). CEREP I paid approximately €30 million of the tax obligations, and the Partnership paid the remaining approximately €75 million in its capacity as a guarantor. The Partnership appealed the decision of the French tax court. In December 2017, the French appellate court reversed the earlier tax court opinion and awarded the Partnership a refund of the full €105 million of tax and penalties (inclusive of amounts paid by CEREP I) and awarded interest on the refund of €12.5 million, before tax. On February 22, 2018 the French tax authorities appealed the appellate court decision. The Partnership received the refund and has not recognized income in respect of the refund as of March 31, 2018, pending a final determination on any further appeal. The full amount of the refund is held at CEREP I and its subsidiaries. As CEREP I is a consolidated fund, the refund of €117.5 million is recorded in our assets and liabilities of consolidated funds as of March 31, 2018.

The Partnership currently is and expects to continue to be, from time to time, subject to examinations, formal and informal inquiries and investigations by various U.S. and non-U.S. governmental and regulatory agencies, including but not limited to, the SEC, Department of Justice, state attorneys general, FINRA, National Futures Association and the U.K. Financial Conduct Authority. The Partnership routinely cooperates with such examinations, inquiries and investigations, and they may result in the commencement of civil, criminal, or administrative or other proceedings against the Partnership or its personnel. For example, among various other requests for information, the SEC has requested information about: (i) the Partnership's historical practices relating to the acceleration of monitoring fees received from certain of the Partnership's funds' portfolio companies, and (ii) the Partnership's relationship with a third-party investment adviser to a registered investment company that has invested in various investment funds sponsored by the Partnership. The Partnership is cooperating fully with the SEC's inquiries.

During 2017, the Partnership entered into settlement and purchase agreements with investors in a hedge fund and two structured finance vehicles managed by Vermillion related to investments of approximately $400 million in petroleum commodities that the Partnership believes were misappropriated by third parties outside the U.S. In connection with these settlements, the Partnership acquired certain rights to recoveries from certain marine cargo insurance policies and is continuing to undertake efforts to obtain reimbursement for the misappropriation of petroleum. There is no assurance that the Partnership will be successful in any of its recovery efforts and the Partnership will not recognize any amounts in respect of such recoveries until such amounts are probable of payment.

It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings and employment-related matters, and some of the matters discussed above involve claims for potentially large and/or indeterminate amounts of damages. Based on information known by management, management does not believe that as of the date of this filing the final resolutions of the matters above will have a material effect upon the Partnership’s unaudited condensed consolidated financial statements. However, given the potentially large and/or indeterminate amounts of damages sought in certain of these matters and the inherent unpredictability of investigations and litigations, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on the Partnership's financial results in any particular period.

The Partnership accrues an estimated loss contingency liability when it is probable that such a liability has been incurred and the amount of the loss can be reasonably estimated. As of March 31, 2018, the Partnership had recorded liabilities aggregating to approximately $35 million for litigation-related contingencies, regulatory examinations and inquiries, and other matters. The Partnership evaluates its outstanding legal and regulatory proceedings and other matters each quarter to assess its loss contingency accruals, and makes adjustments in such accruals, upward or downward, as appropriate, based on management's best judgment after consultation with counsel. There is no assurance that the Partnership's accruals for loss contingencies will not need to be adjusted in the future or that, in light of the uncertainties involved in such matters, the ultimate resolution of these matters will not significantly exceed the accruals that the Partnership has recorded.

Other Contingency

The Partnership, indirectly through certain Carlyle real estate investment funds, had an investment in Urbplan Desenvolvimento Urbano S.A. (“Urbplan”), a Brazilian residential subdivision and land development company. During 2017, the Partnership disposed of its interests in Urbplan in a transaction with a third party. The third party acquired operational control and all of the economic interests in Urbplan in the transaction. For more information, see Note 15 of our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2017. The Partnership is party to certain claims and litigation relating to UrbPlan, including disputes with creditors and customers. The judicial restructuring of UrbPlan may also trigger additional claims against the Partnership. The Partnership does not believe it is probable that the outcome of any Urbplan-related litigation, disputes or other potential claims will materially affect the Partnership or these consolidated financial statements.

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 Partnership and the funds make investments outside of the United States. Investments outside the United States 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, accounts payable, accrued expenses, other liabilities, loans, senior notes, assets and liabilities of Consolidated Funds and contingent and other consideration for acquisitions to be its financial instruments. Except for the senior notes, the carrying amounts reported in the condensed consolidated balance sheets for these financial instruments equal or closely approximate their fair values. The fair value of the senior notes is disclosed in Note 7.

Related Party Transactions

3 Months Ended

Mar. 31, 2018

Related Party Transactions

Due from Affiliates and Other Receivables, Net

The Partnership had the following due from affiliates and other receivables at March 31, 2018 and December 31, 2017:



	As of
	March 31, 2018		December 31, 2017
	(Dollars in millions)
Accrued incentive fees	$	5.3	$	6.3
Unbilled receivable for giveback obligations from current and former employees	4.9		5.1
Notes receivable and accrued interest from affiliates	7.2		22.8
Management fee, reimbursable expenses and other receivables from unconsolidated funds and affiliates, net	256.6		229.2
Total	$	274.0	$	263.4

Notes receivable represent loans that the Partnership has provided to certain unconsolidated funds to meet short-term obligations to purchase investments. Reimbursable expenses and 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 7.11% as of March 31, 2018. 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 March 31, 2018 and December 31, 2017:



	As of
	March 31, 2018		December 31, 2017
	(Dollars in millions)
Due to non-consolidated affiliates	$	55.4	$	75.7
Performance-based contingent cash consideration related to acquisitions	—		37.5
Amounts owed under the tax receivable agreement	94.1		94.0
Other	28.6		22.7
Total	$	178.1	$	229.9

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 primarily to the acquisition by the Partnership of Carlyle Holdings partnership units in June 2015 and March 2014, respectively, the exchange in May 2012 by CalPERS of its Carlyle Holdings partnership units for Partnership common units, as well as certain unit exchanges by senior Carlyle professionals which began in the second quarter of 2017 (see Note 12).

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 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, which is made at market rates, totaled $1.9 million and $1.2 million for the three months ended March 31, 2018 and 2017, respectively. These fees are included in general, administrative, and other expenses in the unaudited 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 fees or performance allocations, however, Carlyle professionals and employees are required to pay their portion of partnership expenses.

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	3 Months Ended
Income Taxes	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted. The Act includes numerous changes in existing tax law, including a permanent reduction in the federal corporate income tax rate from 35% to 21%. The rate reduction became effective on January 1, 2018. As a result, the provision for income taxes included in the unaudited condensed consolidated statements of operations for the three months ended March 31, 2018 reflects the revised tax rate. Further, the SEC Staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) in December 2017, which allows for reporting provisional amounts during a measurement period until the evaluation is complete. The Partnership assessed the impact of the Act during 2017 and believes the material provisions have been properly considered in that period. However, the Partnership will continue to evaluate the provisions of the Act and the impact of any future authoritative guidance. The Partnership is generally 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 income tax is the responsibility of the unitholders and is paid at that level. For income taxes on income earned for which the Partnership is responsible for the tax liability, the Partnership’s income tax expense was $7.8 million and $5.8 million for the three months ended March 31, 2018 and 2017, respectively. In the normal course of business, the Partnership is subject to examination by federal and certain state, local and foreign tax regulators. With a few exceptions, as of March 31, 2018, the Partnership’s U.S. federal income tax returns for the years 2014 through 2016 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 2013 to 2016. Foreign tax returns are generally subject to audit from 2010 to 2016. Certain of the Partnership’s affiliates are currently under audit by federal, state and foreign tax authorities. Currently, the Internal Revenue Service is examining the tax returns of certain subsidiaries for the 2013, 2014, and 2015 years. 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 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

3 Months Ended

Mar. 31, 2018

Noncontrolling Interest [Abstract]

Non-controlling Interests in Consolidated Entities

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



	As of
	March 31, 2018		December 31, 2017
	(Dollars in millions)
Non-Carlyle interests in Consolidated Funds	$	12.4	$	13.3
Non-Carlyle interests in majority-owned subsidiaries	388.8		386.5
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions	8.1		4.9
Non-controlling interests in consolidated entities	$	409.3	$	404.7

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



	Three Months Ended March 31,
	2018			2017
	(Dollars in millions)
Non-Carlyle interests in Consolidated Funds	$	(0.9	)	$	(0.1	)
Non-Carlyle interests in majority-owned subsidiaries	8.4			0.8
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions	3.5			2.6
Net income attributable to other non-controlling interests in consolidated entities	11.0			3.3
Non-controlling interests in income of consolidated entities	$	11.0		$	3.3

Earnings Per Common Unit

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Earnings Per Common Unit

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



	Three Months Ended March 31, 2018				Three Months Ended March 31, 2017
	Basic		Diluted		Basic		Diluted
Net income attributable to common units	$	33,800,000	$	33,800,000	$	83,000,000	$	83,000,000
Weighted-average common units outstanding	100,732,493		111,303,988		85,337,534		91,967,452
Net income per common unit	$	0.34	$	0.30	$	0.97	$	0.90

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



	Three Months Ended March 31, 2018		Three Months Ended March 31, 2017
	Basic	Diluted	Basic	Diluted
The Carlyle Group L.P. weighted-average common units outstanding	100,732,493	100,732,493	85,337,534	85,337,534
Unvested deferred restricted common units	—	10,170,967	—	6,031,974
Issuable Carlyle Group L.P. common units	—	400,528	—	—
Issuable Carlyle Holdings Partnership units	—	—	—	597,944
Weighted-average common units outstanding	100,732,493	111,303,988	85,337,534	91,967,452

The Carlyle Group L.P. weighted-average common units outstanding includes vested deferred restricted common units and common units associated with acquisitions that have been earned for which issuance of the related common units is deferred until future periods.

The Partnership applies the treasury stock method to determine the dilutive weighted-average common units represented by the unvested deferred restricted common units. Also included in the determination of dilutive weighted-average common units for the three months ended March 31, 2018 are issuable Carlyle Group L.P. common units associated with the Partnership's strategic investments in NGP.

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, 226,590,279 of vested Carlyle Holdings partnership units and 6,034,039 of unvested Carlyle Holdings partnership units for the three months ended March 31, 2018 were antidilutive, and therefore have been excluded.

Further, based on these calculations, 224,675,389 of vested Carlyle Holdings partnership units and 2,991,731 of unvested Carlyle Holdings partnership units for the three months ended March 31, 2017 were antidilutive, and therefore have been excluded.

Equity and Equity-Based Compensation

3 Months Ended

Mar. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Equity and Equity-Based Compensation

Preferred Unit Issuance

On September 13, 2017, the Partnership issued 16,000,000 of 5.875% Series A Preferred Units (the “Preferred Units”) for gross proceeds of $400.0 million, or $387.5 million, net of issuance costs and expenses. The Partnership plans to use the net proceeds from the sale of the Preferred Units for general corporate purposes, including to fund investments.

Distributions on the Preferred Units will be payable quarterly on March 15, June 15, September 15, and December 15 of each year, beginning on December 15, 2017, when, as and if declared by the Board of Directors of the general partner of the Partnership, at a rate per annum of 5.875%. Distributions on the Preferred Units are discretionary and non-cumulative.

Subject to certain exceptions, unless distributions have been declared and paid or declared and set apart for payment on the Preferred Units for a quarterly distribution period, during the remainder of that distribution period, the Partnership may not repurchase any common units or any other units that are junior in rank to the Preferred Units and the Partnership may not declare or pay or set apart payment for distributions on any common or junior units for the remainder of that distribution period, other than (i) distributions of tax distribution amounts received from Carlyle Holdings in accordance with the terms of the partnership agreements of the Carlyle Holdings partnerships as in effect on the date the Preferred Units were first issued, (ii) the net unit settlement of equity-based awards granted under The Carlyle Group L.P. 2012 Equity Incentive Plan (the “Equity Incentive Plan”) (or any successor or any similar plan) in order to satisfy associated tax obligations, or (iii) distributions paid in junior units or options, warrants or rights to subscribe for or purchase other units or with proceeds from the substantially concurrent sale of junior units.

The Preferred Units may be redeemed at the Partnership’s option, in whole or in part, at any time on or after September 15, 2022 at a price of $25.00 per Preferred Unit, plus declared and unpaid distributions to, but excluding, the redemption date, without payment of any undeclared distributions. Holders of the Preferred Units have no right to require the redemption of the Preferred Units and there is no maturity date.

If a change of control event or tax redemption event occurs prior to September 15, 2022, the Partnership may, at its option, redeem the Preferred Units, in whole but not in part, upon at least 30 days’ notice, within 60 days of the occurrence of such change in control event or such tax redemption event, as applicable, at a price of $25.25 per Preferred Unit, plus declared and unpaid distributions to, but excluding, the redemption date, without payment of any undeclared distributions. If (i) a change of control event occurs (whether before, on or after September 15, 2022) and (ii) the Partnership does not give notice prior to the 31^st day following the change in control event to redeem all the outstanding Preferred Units, the distribution rate per annum on the Preferred Units will increase by 5.00%, beginning on the 31^st day following such change in control event.

If a rating agency event occurs prior to September 15, 2022, the Partnership may, at its option, redeem the Preferred Units, in whole but not in part, upon at least 30 days’ notice, within 60 days of the occurrence of such rating agency event, as applicable, at a price of $25.50 per Preferred Unit, plus declared and unpaid distributions to, but excluding, the redemption date, without payment of any undeclared distributions.

The Preferred Units are not convertible into common units or any other class or series of interests or any other security. Holders of the Preferred Units will generally have no voting rights and have none of the voting rights given to holders of the Partnership’s common units, except as otherwise provided in the Partnership's limited partnership agreement.

Unit Repurchase Program

In February 2016, the Board of Directors of the general partner of the Partnership authorized the repurchase of up to $200 million of common units and/or Carlyle Holdings units. Under this unit repurchase program, units may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. No units will be repurchased from the Partnership's executive officers under this program. The timing and actual number of common units and/or Carlyle Holdings units repurchased will depend on a variety of factors, including legal requirements, price, and economic and market conditions. This unit repurchase program may be suspended or discontinued at any time and does not have a specified expiration date. There were no unit repurchases for the three months ended March 31, 2018. Since inception of this program, the Partnership has paid an aggregate of $59.1 million to repurchase and retire 3.7 million units.

Quarterly Unit Exchange Program

Beginning in the second quarter of 2017, current and former senior Carlyle professionals are able to exchange their Carlyle Holdings partnership units for common units on a quarterly basis, subject to the terms of the Exchange Agreement. During the three months ended March 31, 2018, current and former senior Carlyle professionals exchanged 917,549 Carlyle Holdings partnership units for common units, resulting in a reallocation of capital of $6.0 million from non-controlling interests in Carlyle Holdings to partners' capital and accumulated other comprehensive loss. None of Carlyle's named executive officers participated in the quarterly unit exchange.

Equity-Based Compensation

In May 2012, Carlyle Group Management L.L.C., the general partner of the Partnership, adopted the Equity Incentive Plan. The Equity Incentive Plan is a source of 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, 2018, 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 32,645,874.

A summary of the status of the Partnership’s non-vested equity-based awards as of March 31, 2018 and a summary of changes for the three months ended March 31, 2018, are presented below:



	Carlyle Holdings			The Carlyle Group L.P.
				Equity Settled Awards
Unvested Units	Partnership Units	Weighted- Average Grant Date Fair Value		Deferred Restricted Common Units	Weighted- Average Grant Date Fair Value		Unvested Common Units	Weighted- Average Grant Date Fair Value
Balance, December 31, 2017	8,095,015	$	22.03	15,519,591	$	16.25	7,782	$	22.22
Granted	—	$	—	11,287,396	$	21.00	—	$	—
Vested	12,235	$	22.00	471,604	$	22.49	7,782	$	22.22
Forfeited	—	$	—	319,708	$	15.42	—	$	—
Balance, March 31, 2018	8,082,780	$	22.03	26,015,675	$	18.21	—	$	—

The Partnership recorded compensation expense for deferred restricted common units of $39.5 million and $37.5 million for the three months ended March 31, 2018 and 2017, respectively, with $4.0 million and $4.2 million of corresponding deferred tax benefits, respectively. As of March 31, 2018, the total unrecognized equity-based compensation expense related to unvested deferred restricted common units is $327.7 million, which is expected to be recognized over a weighted-average term of 3 years.

Segment Reporting

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

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.

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 Credit – The Global Credit 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, and interest rate products and their derivatives.

Investment Solutions – The Investment Solutions segment advises global private equity fund of funds programs and related co-investment and secondary activities through AlpInvest. This segment also includes Metropolitan, a global manager of real estate fund of funds and related co-investment and secondary activities.

The Partnership’s reportable business segments are differentiated by their various investment focuses and strategies. Overhead costs are generally allocated based on direct base compensation expense for each segment. The Partnership includes adjustments to reflect the Partnership’s 63% economic interests in Claren Road (through January 2017). The Partnership’s earnings from its investment in NGP are presented in the respective operating captions within the Real Assets segment. The net income or loss from the consolidation of Urbplan allocable to the Partnership (after consideration of amounts allocable to non-controlling interests) is presented within investment income in the Real Assets segment until the three months ended September 30, 2017 when Urbplan was deconsolidated from the Partnership's financial results.

Economic Income (“EI”) and its components are key performance measures used by management to make operating decisions and assess the performance of the Partnership’s reportable segments. EI differs from income (loss) before provision for income taxes computed in accordance with U.S. GAAP in that it includes certain tax expenses associated with performance revenues (comprised of performance allocations and incentive fees), and does not include net income (loss) attributable to non-Carlyle interests in consolidated entities 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, changes in the tax receivable agreement liability, amortization and any impairment charges associated with acquired intangible assets, transaction costs associated with acquisitions, charges associated with earnouts and contingent consideration including gains and losses associated with the estimated fair value of contingent consideration issued in conjunction with acquisitions or strategic investments, gains and losses from the retirement of debt, charges associated with contract terminations and employee severance.

Fee Related Earnings (“FRE”) is a component of EI 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 EI and also adjusts EI to exclude net performance revenues, principal investment income from investments in Carlyle funds, equity-based compensation, net interest (interest income less interest expense), and certain general, administrative and other expenses when the timing of any future payment is uncertain.

Distributable Earnings (“DE”) is FRE plus realized net performance revenues, realized principal investment income, and net interest, and is used to assess performance and amounts potentially available for distribution. DE is used by management primarily in making resource deployment and compensation decisions across the Partnership’s four reportable segments. Management also uses Distributable Earnings in our budgeting, forecasting, and the overall management of our 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, the key performance measures discussed above and all segment data exclude the assets, liabilities and operating results related to the Consolidated Funds.

The following table presents the financial data for the Partnership’s four reportable segments for the three months ended March 31, 2018:



	March 31, 2018 and the Three Months Then Ended
	Corporate Private Equity			Real Assets			Global Credit			Investment Solutions			Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	114.1		$	74.4		$	58.7		$	40.3		$	287.5
Portfolio advisory fees, net	3.2			0.3			0.1			—			3.6
Transaction fees, net	0.3			2.7			—			—			3.0
Total fund level fee revenues	117.6			77.4			58.8			40.3			294.1
Performance revenues
Realized	188.0			7.8			1.1			14.1			211.0
Unrealized	64.6			2.4			2.6			36.8			106.4
Total performance revenues	252.6			10.2			3.7			50.9			317.4
Principal investment income (loss)
Realized	7.9			8.2			2.5			0.1			18.7
Unrealized	7.0			0.9			2.0			1.0			10.9
Total principal investment income (loss)	14.9			9.1			4.5			1.1			29.6
Interest income	2.0			0.9			3.3			0.5			6.7
Other income	3.1			1.2			1.6			0.2			6.1
Total revenues	390.2			98.8			71.9			93.0			653.9
Segment Expenses
Compensation and benefits
Direct base compensation	67.1			21.9			26.6			19.8			135.4
Indirect base compensation	30.1			12.8			7.4			3.4			53.7
Equity-based compensation	18.7			10.1			5.9			3.0			37.7
Performance revenues related compensation
Realized	90.7			4.0			0.6			12.6			107.9
Unrealized	26.1			(4.9		)	1.2			27.1			49.5
Total compensation and benefits	232.7			43.9			41.7			65.9			384.2
General, administrative, and other indirect expenses	32.9			18.1			15.8			8.0			74.8
Depreciation and amortization expense	4.0			1.6			1.4			1.1			8.1
Interest expense	7.0			3.9			5.3			1.6			17.8
Total expenses	276.6			67.5			64.2			76.6			484.9
Economic Income	$	113.6		$	31.3		$	7.7		$	16.4		$	169.0
(-) Net Performance Revenues	135.8			11.1			1.9			11.2			160.0
(-) Principal Investment Income	14.9			9.1			4.5			1.1			29.6
(+) Equity-based Compensation	18.7			10.1			5.9			3.0			37.7
(+) Net Interest	5.0			3.0			2.0			1.1			11.1
(=) Fee Related Earnings	$	(13.4	)	$	24.2		$	9.2		$	8.2		$	28.2
(+) Realized Net Performance Revenues	97.3			3.8			0.5			1.5			103.1
(+) Realized Principal Investment Income	7.9			8.2			2.5			0.1			18.7
(+) Net Interest	(5.0		)	(3.0		)	(2.0		)	(1.1		)	(11.1		)
(=) Distributable Earnings	$	86.8		$	33.2		$	10.2		$	8.7		$	138.9
Segment assets as of March 31, 2018	$	3,596.7		$	1,837.3		$	1,098.2		$	1,124.4		$	7,656.6

The following table presents the financial data for the Partnership’s four reportable segments for the three months ended March 31, 2017:



	Three Months Ended March 31, 2017
	Corporate Private Equity			Real Assets			Global Credit			Investment Solutions			Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	115.7		$	56.0		$	48.1		$	35.8		$	255.6
Portfolio advisory fees, net	3.8			0.1			0.1			—			4.0
Transaction fees, net	7.7			—			—			—			7.7
Total fund level fee revenues	127.2			56.1			48.2			35.8			267.3
Performance revenues
Realized	51.3			13.5			5.6			12.6			83.0
Unrealized	515.3			78.7			14.5			23.2			631.7
Total performance revenues	566.6			92.2			20.1			35.8			714.7
Principal investment income (loss)
Realized	0.2			(8.1		)	2.4			0.1			(5.4		)
Unrealized	5.5			5.2			4.2			1.1			16.0
Total principal investment income (loss)	5.7			(2.9		)	6.6			1.2			10.6
Interest income	1.1			0.6			1.6			0.1			3.4
Other income	1.3			0.4			3.4			0.1			5.2
Total revenues	701.9			146.4			79.9			73.0			1,001.2
Segment Expenses
Compensation and benefits
Direct base compensation	55.4			19.7			17.1			16.1			108.3
Indirect base compensation	18.7			10.9			6.6			2.8			39.0
Equity-based compensation	15.0			8.8			4.3			2.0			30.1
Performance revenues related compensation
Realized	26.1			6.8			2.7			12.1			47.7
Unrealized	227.8			19.3			6.8			19.0			272.9
Total compensation and benefits	343.0			65.5			37.5			52.0			498.0
General, administrative, and other indirect expenses	35.0			15.6			23.2			6.8			80.6
Depreciation and amortization expense	3.7			1.8			1.2			0.8			7.5
Interest expense	6.8			4.1			2.6			1.5			15.0
Total expenses	388.5			87.0			64.5			61.1			601.1
Economic Income (Loss)	$	313.4		$	59.4		$	15.4		$	11.9		$	400.1
(-) Net Performance Revenues	312.7			66.1			10.6			4.7			394.1
(-) Principal Investment Income (Loss)	5.7			(2.9		)	6.6			1.2			10.6
(+) Equity-based Compensation	15.0			8.8			4.3			2.0			30.1
(+) Net Interest	5.7			3.5			1.0			1.4			11.6
(=) Fee Related Earnings	$	15.7		$	8.5		$	3.5		$	9.4		$	37.1
(+) Realized Net Performance Revenues	25.2			6.7			2.9			0.5			35.3
(+) Realized Principal Investment Income (Loss)	0.2			(8.1		)	2.4			0.1			(5.4		)
(+) Net Interest	(5.7		)	(3.5		)	(1.0		)	(1.4		)	(11.6		)
(=) Distributable Earnings	$	35.4		$	3.6		$	7.8		$	8.6		$	55.4

The following table reconciles the Total Segments to the Partnership’s Income Before Provision for Taxes for the three months ended March 31, 2018 and 2017, and Total Assets as of March 31, 2018.



	March 31, 2018 and the Three Months Then Ended
	Total Reportable Segments		Consolidated Funds		Reconciling Items				Carlyle Consolidated
	Total Reportable Segments		Consolidated Funds		Reconciling Items				Carlyle Consolidated
	(Dollars in millions)
Revenues	$	653.9	$	47.3	$	1.6		(a)	$	702.8
Expenses	$	484.9	$	44.3	$	50.1		(b)	$	579.3
Other income	$	—	$	2.0	$	—		(c)	$	2.0
Economic income	$	169.0	$	5.0	$	(48.5	)	(d)	$	125.5
Total assets	$	7,656.6	$	5,532.3	$	(247.1	)	(e)	$	12,941.8



	Three Months Ended March 31, 2017
	Total Reportable Segments		Consolidated Funds		Reconciling Items				Carlyle Consolidated
	Total Reportable Segments		Consolidated Funds		Reconciling Items				Carlyle Consolidated
	(Dollars in millions)
Revenues	$	1,001.2	$	42.9	$	76.0		(a)	$	1,120.1
Expenses	$	601.1	$	53.0	$	155.4		(b)	$	809.5
Other loss	$	—	$	17.1	$	—		(c)	$	17.1
Economic income (loss)	$	400.1	$	7.0	$	(79.4	)	(d)	$	327.7

(a)

The Revenues adjustment principally represents fund management fees and performance revenues 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 investments in NGP Management and its affiliates that are included in operating captions or are excluded from the segment results, adjustments to reflect the reimbursement of certain travel and entertainment costs incurred on behalf of Carlyle funds on a net basis, adjustments to reflect the Partnership’s share of Urbplan’s net losses as a component of investment income until Urbplan was deconsolidated during 2017, the inclusion of tax expenses associated with certain performance revenues, and adjustments to reflect the Partnership’s ownership interests in Claren Road (through January 2017) that were included in Revenues in the Partnership’s segment reporting.

The following table reconciles the total segments fund level fee revenue to the most directly comparable U.S. GAAP measure, the Partnership's consolidated fund management fees, for the three months ended March 31, 2018 and 2017.



	Three Months Ended March 31,
	2018			2017
	(Dollars in millions)
Total Reportable Segments - Fund level fee revenues	$	294.1		$	267.3
Adjustments ⁽¹⁾	(29.6		)	(21.0		)
Carlyle Consolidated - Fund management fees	$	264.5		$	246.3

(1) Adjustments represent the reclassification of NGP management fees from principal investment income, the reclassification of certain incentive fees from business development companies, and management fees earned from our consolidated CLOs which were eliminated in consolidation to arrive at the Partnership's fund management fees.

(b)

The Expenses adjustment represents the elimination of intercompany expenses of the Consolidated Funds payable to the Partnership, the inclusion of certain tax expenses associated with performance revenues related compensation, adjustments related to expenses associated with the investment in NGP Management that are included in operating captions, adjustments to reflect the reimbursement of certain travel and entertainment costs incurred on behalf of Carlyle funds on a net basis, adjustments to reflect the Partnership’s share of Urbplan’s net losses as a component of investment income until Urbplan was deconsolidated during 2017, changes in the tax receivable agreement liability, charges and credits associated with Carlyle corporate actions and non-recurring items and adjustments to reflect the Partnership’s economic interests in Claren Road (through January 2017), as detailed below (Dollars in millions):



	Three Months Ended March 31,
	2018			2017
Equity-based compensation issued in conjunction with the initial public offering, acquisitions and strategic investments	$	50.1		$	67.0
Acquisition related charges and amortization of intangibles and impairment	4.6			8.8
Other non-operating expense	0.3			—
Tax expense associated with performance revenues	(2.1		)	(2.9		)
Non-Carlyle economic interests in acquired businesses	4.0			87.5
Severance and other adjustments	1.6			2.8
Elimination of expenses of Consolidated Funds	(8.4		)	(7.8		)
	$	50.1		$	155.4


(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 Income, to Fee Related Earnings, and to Distributable Earnings (Dollars in millions):



	Three Months Ended March 31,
	2018			2017
Income before provision for income taxes	$	125.5		$	327.7
Adjustments:
Equity-based compensation issued in conjunction with the initial public offering, acquisitions and strategic investments	50.1			67.0
Acquisition related charges, including amortization of intangibles and impairment	4.6			8.8
Other non-operating expense	0.3			—
Tax provision associated with performance revenues	(2.1		)	(2.9		)
Net (income) loss attributable to non-controlling interests in consolidated entities	(11.0		)	(3.3		)
Severance and other adjustments	1.6			2.8
Economic Income	$	169.0		$	400.1
Net performance revenues⁽¹⁾	160.0			394.1
Principal investment income ⁽¹⁾	29.6			10.6
Equity-based compensation	37.7			30.1
Net interest	11.1			11.6
Fee Related Earnings	$	28.2		$	37.1
Realized performance revenues, net of related compensation	103.1			35.3
Realized principal investment income (loss)⁽¹⁾	18.7			(5.4		)
Net interest	(11.1		)	(11.6		)
Distributable Earnings	$	138.9		$	55.4

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



	Three Months Ended March 31, 2018
	Carlyle Consolidated		Adjustments ⁽²⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues^(a)
Realized	$	220.6	$	(9.6	)	$	211.0
Unrealized	87.5		18.9			106.4
Total performance revenues^(a)	308.1		9.3			317.4
Performance revenues related compensation expense^(b)
Realized	108.4		(0.5		)	107.9
Unrealized	49.6		(0.1		)	49.5
Total performance revenues related compensation expense^(b)	158.0		(0.6		)	157.4
Net performance revenues
Realized	112.2		(9.1		)	103.1
Unrealized	37.9		19.0			56.9
Total net performance revenues	$	150.1	$	9.9		$	160.0
Principal investment income (loss)
Realized	$	27.5	$	(8.8	)	$	18.7
Unrealized	26.6		(15.7		)	10.9
Total principal investment income (loss)	$	54.1	$	(24.5	)	$	29.6



	Three Months Ended March 31, 2017
	Carlyle Consolidated			Adjustments ⁽²⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues^(a)
Realized	$	77.6		$	5.4		$	83.0
Unrealized	598.4			33.3			631.7
Total performance revenues^(a)	676.0			38.7			714.7
Performance revenues related compensation expense^(b)
Realized	45.8			1.9			47.7
Unrealized	271.3			1.6			272.9
Total performance revenues related compensation expense^(b)	317.1			3.5			320.6
Net performance revenues
Realized	31.8			3.5			35.3
Unrealized	327.1			31.7			358.8
Total net performance revenues	$	358.9		$	35.2		$	394.1
Principal investment income (loss)
Realized	$	(0.2	)	$	(5.2	)	$	(5.4	)
Unrealized	46.5			(30.5		)	16.0
Total principal investment income (loss)	$	46.3		$	(35.7	)	$	10.6

(a) Amounts labeled as performance allocations in the unaudited condensed consolidated statements of operations.

(b) Amounts labeled as performance allocations and incentive fee related compensation in the unaudited condensed consolidated statements of operations.

(2) Adjustments to performance revenues and principal investment income (loss) relate to (i) amounts earned from the Consolidated Funds, which were eliminated in the U.S. GAAP consolidation but were included in the segment results, (ii) amounts attributable to non-controlling interests in consolidated entities, which were excluded from the segment results, (iii) the reclassification of NGP performance revenues, which are included in investment income in U.S. GAAP financial statements, (iv) the reclassification of certain incentive fees from business development companies, which are included in fund management fees in the segment results, and (v) the reclassification of certain tax expenses associated with performance revenues. Adjustments to principal investment income (loss) also include the reclassification of earnings for the investments in NGP Management and its affiliates to the appropriate operating captions for the segment results, the exclusion of charges associated with the investment in NGP Management and its affiliates that are excluded from the segment results, and adjustments to reflect the Partnership’s share of Urbplan’s net losses as investment losses for the segment results until Urbplan was deconsolidated during the third quarter of 2017. Adjustments are also included in these financial statement captions to reflect the Partnership’s economic interests in Claren Road (through January 2017).

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

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In April 2018, the Board of Directors of the general partner of the Partnership declared a quarterly distribution of $0.27 per common unit to common unitholders of record at the close of business on May 11, 2018, payable on May 17, 2018. In April 2018, the Board of Directors of the general partner of the Partnership declared a quarterly distribution of $0.367188 per Preferred Unit to preferred unitholders of record at the close of business on June 1, 2018, payable on June 15, 2018. See Note 12 for more information on the Preferred Units.

Supplemental Financial Information

3 Months Ended

Mar. 31, 2018

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Supplemental Financial Information

The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Partnership’s financial position as of March 31, 2018 and December 31, 2017 and results of operations for the three months ended March 31, 2018 and 2017. The supplemental statement of cash flows is presented without effects of the Consolidated Funds.



	As of March 31, 2018
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	1,068.2		$	—	$	—		$	1,068.2
Cash and cash equivalents held at Consolidated Funds	—			355.9		—			355.9
Restricted cash	9.8			—		—			9.8
Corporate treasury investments	375.9			—		—			375.9
Investments, including performance allocations of $3,650.1 million	5,552.2			—		(241.8		)	5,310.4
Investments of Consolidated Funds	—			4,995.9		—			4,995.9
Due from affiliates and other receivables, net	279.3			—		(5.3		)	274.0
Due from affiliates and other receivables of Consolidated Funds, net	—			180.5		—			180.5
Fixed assets, net	97.8			—		—			97.8
Deposits and other	61.2			—		—			61.2
Intangible assets, net	34.0			—		—			34.0
Deferred tax assets	178.2			—		—			178.2
Total assets	$	7,656.6		$	5,532.3	$	(247.1	)	$	12,941.8
Liabilities and partners’ capital
Debt obligations	$	1,603.9		$	—	$	—		$	1,603.9
Loans payable of Consolidated Funds	—			4,554.5		—			4,554.5
Accounts payable, accrued expenses and other liabilities	318.9			—		—			318.9
Accrued compensation and benefits	2,149.0			—		—			2,149.0
Due to affiliates	178.1			—		—			178.1
Deferred revenue	230.7			—		—			230.7
Deferred tax liabilities	78.9			—		—			78.9
Other liabilities of Consolidated Funds	—			720.0		—			720.0
Accrued giveback obligations	64.8			—		—			64.8
Total liabilities	4,624.3			5,274.5		—			9,898.8
Series A preferred units	387.5			—		—			387.5
Partners’ capital	729.8			68.7		(68.7		)	729.8
Accumulated other comprehensive loss	(67.4		)	5.5		(6.0		)	(67.9		)
Non-controlling interests in consolidated entities	396.9			12.4		—			409.3
Non-controlling interests in Carlyle Holdings	1,585.5			171.2		(172.4		)	1,584.3
Total partners’ capital	3,032.3			257.8		(247.1		)	3,043.0
Total liabilities and partners’ capital	$	7,656.6		$	5,532.3	$	(247.1	)	$	12,941.8



	As of December 31, 2017 (As Adjusted)
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	1,000.1		$	—	$	—		$	1,000.1
Cash and cash equivalents held at Consolidated Funds	—			377.6		—			377.6
Restricted cash	28.7			—		—			28.7
Corporate treasury investments	376.3			—		—			376.3
Investments, including performance allocations of $3,664.3 million	5,508.5			—		(219.9		)	5,288.6
Investments of Consolidated Funds	—			4,534.3		—			4,534.3
Due from affiliates and other receivables, net	268.7			—		(5.3		)	263.4
Due from affiliates and other receivables of Consolidated Funds, net	—			50.8		—			50.8
Fixed assets, net	100.4			—		—			100.4
Deposits and other	54.1			—		—			54.1
Intangible assets, net	35.9			—		—			35.9
Deferred tax assets	170.4			—		—			170.4
Total assets	$	7,543.1		$	4,962.7	$	(225.2	)	$	12,280.6
Liabilities and partners’ capital
Loans payable	$	1,573.6		$	—	$	—		$	1,573.6
Loans payable of Consolidated Funds	—			4,303.8		—			4,303.8
Accounts payable, accrued expenses and other liabilities	355.1			—		—			355.1
Accrued compensation and benefits	2,222.6			—		—			2,222.6
Due to affiliates	229.9			—		—			229.9
Deferred revenue	82.1			—		—			82.1
Deferred tax liabilities	75.6			—		—			75.6
Other liabilities of Consolidated Funds	—			422.1		—			422.1
Accrued giveback obligations	66.8			—		—			66.8
Total liabilities	4,605.7			4,725.9		—			9,331.6
Series A preferred units	387.5			—		—			387.5
Partners’ capital	701.8			62.8		(62.8		)	701.8
Accumulated other comprehensive income (loss)	(72.2		)	4.1		(4.6		)	(72.7		)
Non-controlling interests in consolidated entities	391.4			13.3		—			404.7
Non-controlling interests in Carlyle Holdings	1,528.9			156.6		(157.8		)	1,527.7
Total partners’ capital	2,937.4			236.8		(225.2		)	2,949.0
Total liabilities and partners’ capital	$	7,543.1		$	4,962.7	$	(225.2	)	$	12,280.6



	Three Months Ended March 31, 2018
	Consolidated Operating Entities		Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	270.3	$	—	$	(5.8	)	$	264.5
Incentive fees	6.4		—		(0.1		)	6.3
Investment income
Performance allocations
Realized	220.6		—		—			220.6
Unrealized	87.5		—		—			87.5
Principal investment income
Realized	27.5		—		—			27.5
Unrealized	29.1		—		(2.5		)	26.6
Total investment income	364.7		—		(2.5		)	362.2
Interest and other income	28.5		—		(6.0		)	22.5
Interest and other income of Consolidated Funds	—		47.3		—			47.3
Total revenues	669.9		47.3		(14.4		)	702.8
Expenses
Compensation and benefits
Base compensation	187.3		—		—			187.3
Equity-based compensation	84.9		—		—			84.9
Performance allocations and incentive fee related compensation
Realized	108.4		—		—			108.4
Unrealized	49.6		—		—			49.6
Total compensation and benefits	430.2		—		—			430.2
General, administrative and other expenses	95.0		—		—			95.0
Interest	17.9		—		—			17.9
Interest and other expenses of Consolidated Funds	—		44.3		(8.4		)	35.9
Other non-operating expenses	0.3		—		—			0.3
Total expenses	543.4		44.3		(8.4		)	579.3
Other income
Net investment gains of Consolidated Funds	—		2.0		—			2.0
Income before provision for income taxes	126.5		5.0		(6.0		)	125.5
Provision for income taxes	7.8		—		—			7.8
Net income	118.7		5.0		(6.0		)	117.7
Net income attributable to non-controlling interests in consolidated entities	12.0		—		(1.0		)	11.0
Net income attributable to Carlyle Holdings	106.7		5.0		(5.0		)	106.7
Net income attributable to non-controlling interests in Carlyle Holdings	67.0		—		—			67.0
Net income attributable to The Carlyle Group L.P.	39.7		5.0		(5.0		)	39.7
Net income attributable to Series A Preferred Unitholders	5.9		—		—			5.9
Net income attributable to The Carlyle Group L.P. Common Unitholders	$	33.8	$	5.0	$	(5.0	)	$	33.8



	Three Months Ended March 31, 2017 (As Adjusted)
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	250.3		$	—	$	(4.0	)	$	246.3
Incentive fees	5.6			—		—			5.6
Investment income (loss)
Performance allocations
Realized	77.6			—		—			77.6
Unrealized	598.4			—		—			598.4
Principal investment income
Realized	(0.1		)	—		(0.1		)	(0.2		)
Unrealized	51.8			—		(5.3		)	46.5
Total investment income	727.7			—		(5.4		)	722.3
Interest and other income	15.9			—		(5.5		)	10.4
Interest and other income of Consolidated Funds	—			42.9		—			42.9
Revenue of a real estate VIE	92.6			—		—			92.6
Total revenues	1,092.1			42.9		(14.9		)	1,120.1
Expenses
Compensation and benefits
Base compensation	146.0			—		—			146.0
Equity-based compensation	72.8			—		—			72.8
Performance allocations and incentive fee related compensation
Realized	45.8			—		—			45.8
Unrealized	271.3			—		—			271.3
Total compensation and benefits	535.9			—		—			535.9
General, administrative and other expenses	93.8			—		—			93.8
Interest	15.0			—		—			15.0
Interest and other expenses of Consolidated Funds	—			53.0		(7.8		)	45.2
Interest and other expenses of a real estate VIE and loss on deconsolidation	119.6			—		—			119.6
Total expenses	764.3			53.0		(7.8		)	809.5
Other income
Net investment gains of Consolidated Funds	—			17.1		—			17.1
Income before provision for income taxes	327.8			7.0		(7.1		)	327.7
Provision for income taxes	5.8			—		—			5.8
Net income	322.0			7.0		(7.1		)	321.9
Net income attributable to non-controlling interests in consolidated entities	3.4			—		(0.1		)	3.3
Net income attributable to Carlyle Holdings	318.6			7.0		(7.0		)	318.6
Net income attributable to non-controlling interests in Carlyle Holdings	235.6			—		—			235.6
Net income attributable to The Carlyle Group L.P.	$	83.0		$	7.0	$	(7.0	)	$	83.0



	Three Months Ended March 31,
	2018			2017
	(Dollars in millions)
Cash flows from operating activities
Net income	$	118.7		$	322.0
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	10.7			10.0
Equity-based compensation	84.9			72.8
Non-cash performance allocations and incentive fees	(71.8		)	(348.9		)
Other non-cash amounts	6.9			0.2
Principal investment income	(53.8		)	(48.1		)
Purchases of investments	(117.5		)	(66.1		)
Proceeds from the sale of investments	225.2			168.8
Payments of contingent consideration	(37.5		)	(22.5		)
Deconsolidation of Claren Road	—			(23.3		)
Change in deferred taxes, net	(2.8		)	(3.1		)
Change in due from affiliates and other receivables	5.1			(2.5		)
Change in receivables and inventory of a real estate VIE	—			(27.9		)
Change in deposits and other	(12.1		)	(6.7		)
Change in other assets of a real estate VIE	—			(1.7		)
Change in accounts payable, accrued expenses and other liabilities	(38.3		)	12.6
Change in accrued compensation and benefits	(82.9		)	(159.8		)
Change in due to affiliates	(15.5		)	67.1
Change in other liabilities of a real estate VIE	—			56.6
Change in deferred revenue	147.5			188.0
Net cash provided by operating activities	166.8			187.5
Cash flows from investing activities
Purchases of fixed assets, net	(4.7		)	(3.7		)
Net cash used in investing activities	(4.7		)	(3.7		)
Cash flows from financing activities
Payments on debt obligations	(6.8		)	—
Proceeds from debt obligations	34.5			66.1
Net payments on loans payable of a real estate VIE	—			(7.4		)
Distributions to common unitholders	(33.2		)	(13.7		)
Distributions to preferred unitholders	(5.9		)	—
Distributions to non-controlling interest holders in Carlyle Holdings	(77.5		)	(38.9		)
Contributions from non-controlling interest holders	3.4			—
Distributions to non-controlling interest holders	(21.1		)	(38.0		)
Common units repurchased	—			(0.2		)
Change in due to/from affiliates financing activities	(19.2		)	31.1
Net cash used in financing activities	(125.8		)	(1.0		)
Effect of foreign exchange rate changes	12.9			7.8
Increase in cash, cash equivalents and restricted cash	49.2			190.6
Cash, cash equivalents and restricted cash, beginning of period	1,028.8			684.0
Cash, cash equivalents and restricted cash, end of period	$	1,078.0		$	874.6

Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	$	1,068.2		$	799.2
Restricted cash	9.8			75.4
Total cash, cash equivalents and restricted cash, end of period	$	1,078.0		$	874.6

Cash and cash equivalents held at Consolidated Funds	$	355.9		$	377.6

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2018
Accounting Policies [Abstract]
Principles of Consolidation	Except to the extent of the consolidated assets of the VIEs, the holders of the consolidated VIEs’ liabilities generally do not have recourse to the Partnership. Substantially all of our Consolidated Funds are CLOs, which are VIEs that issue loans payable that 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 (primarily because of a retained interest that is significant to the CLO), those management fees have been eliminated as intercompany transactions. Principles of Consolidation The Partnership consolidates all entities that it controls either through a majority voting interest or as the primary beneficiary of variable interest entities (“VIEs”). The Partnership evaluates (1) whether it holds a variable interest in an entity, (2) whether the entity is a VIE, and (3)whether the Partnership's involvement would make it the primary beneficiary. In evaluating whether the Partnership holds a variable interest, fees (including management fees, incentive fees and performance allocations) that are customary and commensurate with the level of services provided, and where the Partnership does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, are not considered variable interests. The Partnership considers all economic interests, including indirect interests, to determine if a fee is considered a variable interest. For those entities where the Partnership holds a variable interest, the Partnership determines whether each of these entities qualifies as a VIE and, if so, whether or not the Partnership is the primary beneficiary. The assessment of whether the entity is a VIE is generally performed qualitatively, which requires judgment. These judgments include: (a) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the economic performance of the entity, (c) determining whether two or more parties' equity interests should be aggregated, and (d) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity. For entities that are determined to be VIEs, the Partnership consolidates those entities where it has concluded it is the primary beneficiary. The primary beneficiary is defined as the variable interest holder with (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance 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. 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 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. Entities that do not qualify as VIEs are generally assessed for consolidation as voting interest entities. Under the voting interest entity model, the Partnership consolidates those entities it controls through a majority voting interest. All significant inter-entity transactions and balances of entities consolidated have been eliminated.
Investments in Unconsolidated Variable Interest Entities	Investments in Unconsolidated Variable Interest Entities The Partnership holds variable interests in certain VIEs that are not consolidated because the Partnership is not the primary beneficiary, including its investments in certain CLOs and strategic investment in NGP Management Company, L.L.C. (“NGP Management” and, together with its affiliates, “NGP”). Refer to Note 4 for information on the strategic investment in NGP. 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 its variable interests in these unconsolidated entities.
Basis of Accounting	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. 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 and other income of the Consolidated Funds as well as interest expense and other expenses of the Consolidated Funds are included in the Partnership’s condensed consolidated statements of operations.
Use of Estimates	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 allocations and incentive fees involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements and the resulting impact on performance allocations and incentive fees. Actual results could differ from these estimates and such differences could be material.
Revenue Recognition	Revenue Recognition On January 1, 2018, the Partnership adopted ASU 2014-9, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-9”) under the modified retrospective method. ASU 2014-9, and related amendments, provide comprehensive guidance for recognizing revenue from contracts with customers. Revenue is recognized when the entity transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The guidance includes a five-step framework that requires an entity to: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocated the transaction price to the performance obligations in the contract, and (v) recognize revenue when the entity satisfies a performance obligation. Upon adoption of ASU 2014-9, performance allocations that represent a performance-based capital allocation from fund limited partners to the Partnership (commonly known as “carried interest”, which comprises substantially all of the Partnership's previously reported performance fee revenues) are accounted for as earnings from financial assets within the scope of ASC 323, Investments - Equity Method and Joint Ventures, and therefore are not in the scope of ASU 2014-9. In accordance with ASC 323, the Partnership records equity method income (losses) as a component of investment income based on the change in our proportionate claim on net assets of the investment fund, including performance allocations, assuming the investment fund was liquidated as of each reporting date pursuant to each fund's governing agreements. The Partnership applied this change in accounting principle on a full retrospective basis, which resulted in a reclassification of amounts previously reported as accrued performance fees to investments in the accompanying consolidated balance sheets and amounts previously reported as performance fees to performance allocations within investment income (loss) in the accompanying consolidated statements of operations. 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 allocations 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 investment income for performance allocations reflects the Partnership’s share of the gains and losses of the associated funds’ underlying investments measured at their then-current fair values relative to the fair values as of the end of the prior period. 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 allocations are reversed. In all cases, each fund is considered separately in this regard, and for a given fund, performance allocations 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. Fund Management Fees The Partnership provides management services to funds in which it holds a general partner interest or has a management agreement. The Partnership considers the performance obligations in its contracts with its funds to be the promise to provide (or to arrange for third parties to provide) investment management services related to the management, policies and operations of the funds. As it relates to the Partnership’s performance obligation to provide investment management services, the Partnership typically satisfies this performance obligation over time as the services are rendered (under the output method described in ASC 606), since the funds simultaneously receive and consume the benefits provided as the Partnership performs the service. The transaction price is the amount of consideration to which the Partnership expects to be entitled in exchange for transferring the promised services to the funds. Management fees earned from each investment management contract over the contract life represent variable consideration because the consideration the Partnership is entitled to varies based on fluctuations in the basis for the management fee, for example fund net asset value ("NAV") or AUM. Given that the management fee basis is susceptible to market factors outside of the Partnership’s influence, management fees are constrained. Accordingly, estimates of future period management fees are generally not included in the transaction price because these estimates are constrained. The transaction price for the investment management services provided is generally the amount determined at the end of the period because that is when the uncertainty for that period is resolved. 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 generally exclude the reimbursement of any partnership expenses paid by the Partnership on behalf of the Carlyle funds pursuant to the limited partnership agreements, including amounts related to the pursuit of actual, proposed, or unconsummated investments, professional fees, expenses associated with the acquisition, holding and disposition of investments, and other fund administrative expenses. For the professional fees that the Partnership arranges for the investment funds, the Partnership concluded that the nature of its promise is to arrange for the services to be provided and it does not control the services provided by third parties before they are transferred to the customer. Therefore, the Partnership concluded it is acting in the capacity of an agent. Accordingly, the reimbursement for these professional fees paid on behalf of the investment funds is presented on a net basis in general, administrative and other expenses in our unaudited condensed consolidated statements of operations. Incentive Fees In connection with management contracts from certain of its Global Credit funds, the Partnership is also entitled to receive performance-based incentive fees when the return on assets under management exceeds certain benchmark returns or other performance targets. In such arrangements, incentive fees are recognized when the performance benchmark has been achieved. Incentive fees are variable consideration because they are contingent upon the investment vehicle achieving stipulated investment return hurdles. Investment returns are highly susceptible to market factors outside of the Partnership’s influence. Accordingly, incentive fees are constrained until all uncertainty is resolved. Estimates of future period incentive fees are generally not included in the transaction price because these estimates are constrained. The transaction price for incentive fees is generally the amount determined at the end of each accounting period to which they relate because that is when the uncertainty for that period is resolved, as these fees are not subject to clawback. Investment Income (Loss), including Performance Allocations Investment income (loss) represents the unrealized and realized gains and losses resulting from the Partnership's equity method investments, including any associated general partner performance allocations, and other principal investments, including CLOs. General partner performance allocations consist of the allocation of profits from certain of the funds to which the Partnership is entitled (commonly known as carried interest). 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, as it relates to its investments in NGP (see Note 4). Principal 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 principal 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. For debt securities representing non-investment grade beneficial interests in securitizations, the effective yield is determined based on the estimated cash flows of the security. Changes in the effective yield of these securities due to changes in estimated cash flows are recognized on a prospective basis as adjustments to interest income in future periods.
Compensation and Benefits	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. The compensation expense for awards that do not require future service is recognized immediately. Cash settled equity-based awards are classified as liabilities and are re-measured at the end of each reporting period. The compensation expense for awards that contain performance conditions is recognized when it is probable that the performance conditions will be achieved; in certain instances, such compensation expense may be recognized prior to the grant date of the award. Equity-based awards issued to non-employees are generally recognized as general, administrative and other expenses, except to the extent they are recognized as part of our equity method earnings because they are issued to employees of our equity method investees. 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 non-employees who are not directors 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 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. The Partnership recognizes equity-based award forfeitures in the period they occur as a reversal of previously recognized compensation expense. The reduction in compensation expense is determined based on the specific awards forfeited during that period. Furthermore, the Partnership recognizes all excess tax benefits and deficiencies as income tax benefit or expense in the unaudited condensed consolidated statement of operations. Performance Allocations and Incentive Fee Related Compensation – A portion of the performance allocations and incentive 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 allocations and incentive fee revenue and, until paid, are recognized as a component of the accrued compensation and benefits liability. Accordingly, upon a reversal of performance allocations or incentive fee revenue, the related compensation expense, if any, is also reversed.
Income Taxes	Income Taxes Certain of the wholly-owned subsidiaries of the Partnership and the Carlyle Holdings partnerships are subject to federal, state, local and foreign 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 unaudited condensed consolidated financial statements. Based on applicable federal, foreign, state and local tax laws, the Partnership records a provision for income taxes for certain entities. Tax positions taken by the Partnership are subject to periodic audit by U.S. federal, state, local and foreign taxing authorities. The Partnership accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement reporting and the tax basis of assets and liabilities using enacted tax rates in effect for the period in which the difference is expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period of the change in the provision for income taxes. Further, deferred tax assets are recognized for the expected realization of available net operating loss and tax credit carry forwards. A valuation allowance is recorded on the Partnership’s gross deferred tax assets when it is “more likely than not” that such asset 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 unaudited 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	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 and will assess the probability that the related liability owed under the tax receivable agreement will be paid. 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	Non-controlling Interests 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 which occur during the reporting period. Any change in ownership of a subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between the controlling and non-controlling interests. Transaction costs incurred in connection with such changes in ownership of a subsidiary are recorded as a direct charge to partners’ capital. Non-controlling interests in Carlyle Holdings relate to the ownership interests of the other limited partners of the Carlyle Holdings partnerships. The Partnership, through wholly-owned subsidiaries, is the sole general partner of Carlyle Holdings. Accordingly, the Partnership consolidates Carlyle Holdings into its consolidated financial statements, and the other ownership interests in Carlyle Holdings are reflected as non-controlling interests in the Partnership’s unaudited condensed consolidated financial statements. Any change to the Partnership’s ownership interest in Carlyle Holdings while it retains the controlling financial interest in Carlyle Holdings is accounted for as a transaction within partners’ capital as a reallocation of ownership interests in Carlyle Holdings.
Earnings Per Common Unit	Earnings Per Common Unit The Partnership computes earnings per common unit in accordance with ASC 260, Earnings Per Share (“ASC 260”). Basic earnings per common unit is calculated by dividing net income (loss) attributable to the common units of 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. Net income (loss) attributable to the common units excludes net income (loss) and dividends attributable to any participating securities under the two-class method of ASC 260.
Investments and Corporate Treasury Investments	Corporate Treasury Investments Corporate treasury investments represent investments in U.S. Treasury and government agency obligations, commercial paper, certificates of deposit, other investment grade securities and other investments with original maturities of greater than three months when purchased. These investments are accounted for as trading securities in which changes in the fair value of each investment are recorded through investment income (loss). Any interest earned on debt investments is recorded through interest and other income. Investments Investments include (i) the Partnership’s ownership interests (typically general partner interests) in the Funds, including any associated general partner accrued performance allocations in the Funds, (ii) strategic investments made by the Partnership (both of which are accounted for as equity method investments), (iii) the investments held by the Consolidated Funds (which are presented at fair value in the Partnership’s unaudited condensed consolidated financial statements), and (iv) investments in the CLOs and certain credit-oriented investments (which are accounted for as trading securities). 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. The fair value of non-equity securities or other investments, 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. Upon the sale of a security or other investment, the realized net gain or loss is computed on a weighted average cost basis, with the exception of the investments held by 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.
Principal Equity Method Investments	Principal Equity Method Investments The Partnership accounts for all investments in which it has or is otherwise presumed to have 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 (including performance allocations) 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 Cash and cash equivalents include cash held at banks and cash held for distributions, including investments with original maturities of less than three months when purchased.
Cash and Cash Equivalents Held at Consolidated Funds	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	Restricted Cash Restricted cash primarily represents cash held by the Partnership’s foreign subsidiaries due to certain government regulatory capital requirements as well as certain amounts held on behalf of Carlyle funds.
Derivative Instruments	Derivative Instruments The Partnership uses derivative instruments primarily to reduce its exposure to changes in foreign currency exchange rates. Derivative instruments are recognized at fair value in the unaudited condensed consolidated balance sheets with changes in fair value recognized in the unaudited condensed consolidated statements of operations for all derivatives not designated as hedging instruments.
Fixed Assets	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	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 five 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 Deferred revenue represents management fees and other revenue received prior to the balance sheet date, which has not yet been earned. The increase in the deferred revenue balance for the three months ended March 31, 2018 was primarily driven by cash payments received in advance of satisfying our performance obligations, partially offset by revenues recognized that were included in the deferred revenue balance at the beginning of the period.
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The Partnership’s accumulated other comprehensive loss is comprised of foreign currency translation adjustments and gains and losses on defined benefit plans sponsored by AlpInvest.
Foreign Currency Translation	Foreign Currency Translation Non-U.S. dollar denominated assets and liabilities are translated at period-end rates of exchange, and the unaudited condensed consolidated statements of operations are translated at rates of exchange in effect throughout the period.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2018, the FASB issued ASU 2018-2, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. ASU 2018-2 allows a reclassification from accumulated other comprehensive income to partners’ capital for stranded effects resulting from the Tax Cuts and Jobs Act. The guidance is effective for the Partnership on January 1, 2019, however early adoption is permitted. The Partnership does not expect the impact of this guidance to be material. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities. ASU 2017-12, among other things, permits hedge accounting for risk components in hedging relationships to now involve nonfinancial risk components and requires an entity to present the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedge item is reported. The guidance is effective for the Partnership on January 1, 2019 and requires cash flow hedges and net investment hedges existing at the date of adoption to apply a cumulative effect adjustment to eliminate the measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of partners’ capital as of the beginning of the fiscal year that an entity adopts the guidance. The amended presentation and disclosure guidance is required only prospectively. Early adoption is permitted. While the Partnership is still assessing the guidance in ASU 2017-12, it does not expect the impact of this guidance to be material. In January 2017, the FASB issued ASU 2017-4, Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment. ASU 2017-04 simplifies an entity’s annual goodwill test for impairment by eliminating the requirement to calculate the implied fair value of goodwill, and instead an entity should compare the fair value of a reporting unit with its carrying amount. The impairment charge will then be the amount by which the carrying amount exceeds the reporting unit’s fair value. An entity would still have the option to perform a qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The guidance is effective for the Partnership on January 1, 2020 and requires the guidance to be applied using a prospective transition method. Early adoption is permitted. The Partnership does not expect the impact of this guidance to be material. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) - Restricted Cash. ASU 2016-18 clarifies the presentation of restricted cash in the statement of cash flows by requiring the amounts described as restricted cash be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. If cash and cash equivalents and restricted cash are presented separately on the statement of financial position, a reconciliation of these separate line items to the total cash amount included in the statement of cash flows will be required either in the footnotes or on the face of the statement of cash flows. The guidance was effective for the Partnership on January 1, 2018, and ASU 2016-18 required the guidance to be applied using a retrospective transition method. The Partnership reflected this change in presentation of restricted cash in the unaudited condensed consolidated statement of cash flows included in these financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 clarifies the classification of several discrete cash flow issues, including the treatment of cash distributions from equity method investments. The guidance was effective for the Partnership on January 1, 2018, and ASU 2016-15 requires the guidance to be applied using a retrospective transition method. The Partnership has determined that the impact of this guidance was not material to its consolidated statements of cash flows. In June 2016, the FASB issued ASU 2016-13, Accounting for Financial Instruments - Credit Losses (Topic 326). ASU 2016-13 requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Currently, GAAP requires an "incurred loss" methodology that delays recognition until it is probable a loss has been incurred. Under the new standard, the allowance for credit losses must be deducted from the amortized cost of the financial asset to present the net amount expected to be collected. The income statement will reflect the measurement of credit losses for newly recognized financial assets as well as the expected increases or decreases of expected credit losses that have taken place during the period. This provision of the guidance requires a modified retrospective transition method and will result in a cumulative-effect adjustment in retained earnings upon adoption. This guidance is effective for the Partnership on January 1, 2020 and early adoption is permitted. The Partnership is currently assessing the potential impact of this guidance. In February 2016, the FASB issued ASU 2016-2, Leases (Topic 842). ASU 2016-2 requires lessees to recognize virtually all of their leases on the balance sheet by recording a right-of-use asset and a lease liability. The lease liability will be measured at the present value of lease payments and the right-of-use asset will be based on the lease liability value, subject to adjustments. Leases can be classified as either operating leases or finance leases. Operating leases will result in straight-line lease expense, while finance leases will result in front-loaded expense. This guidance is effective for the Partnership on January 1, 2019 and ASU 2016-2 requires the guidance to be applied using a modified retrospective method. The Partnership is continuing to assess the impact of this guidance, and the Partnership's total assets and total liabilities on its consolidated balance sheet will increase upon adoption of this guidance.
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. 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. 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. 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.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Schedule of assets recognized and Partnership's maximum exposure to loss

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



	As of
	March 31, 2018		December 31, 2017
	(Dollars in millions)
Investments	$	1,129.3	$	1,066.2
Due from affiliates, net	0.1		0.1
Maximum Exposure to Loss	$	1,129.4	$	1,066.3

Schedule of new accounting pronouncements and changes in accounting principles

The following table shows the impact of this reclassification to our previously reported amounts in the unaudited condensed consolidated statement of operations for the three months ended March 31, 2017:



	Three Months Ended March 31, 2017
	As Previously Reported			Reclassifications			As Adjusted
	(Dollars in millions)
Performance fees¹
Realized	$	83.2		$	(77.6	)	$	5.6
Unrealized	598.4			(598.4		)	—
Total performance fees¹	$	681.6		$	(676.0	)	$	5.6
Investment income (loss)²
Realized	$	(0.2	)	$	77.6		$	77.4
Unrealized	46.5			598.4			644.9
Total investment income²	$	46.3		$	676.0		$	722.3


(1)	As adjusted, amounts now labeled as incentive fees in the unaudited condensed consolidated statements of operations.


(2)	As adjusted, amounts now labeled as performance allocations and principal investment income within investment income (loss) in the unaudited condensed consolidated statements of operations.

Components of accumulated other comprehensive income (loss)

The components of accumulated other comprehensive loss as of March 31, 2018 and December 31, 2017 were as follows:



	As of
	March 31, 2018			December 31, 2017
	(Dollars in millions)
Currency translation adjustments	$	(63.8	)	$	(68.8	)
Unrealized losses on defined benefit plans	(4.1		)	(3.9		)
Total	$	(67.9	)	$	(72.7	)

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Summary of 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 March 31, 2018:



(Dollars in millions)	Level I		Level II		Level III		Total
Assets
Investments of Consolidated Funds:
Equity securities	$	—	$	—	$	10.8	$	10.8
Bonds	—		—		486.2		486.2
Loans	—		—		4,498.6		4,498.6
Other	—		—		0.3		0.3
	—		—		4,995.9		4,995.9
Investments in CLOs and other	—		—		454.3		454.3
Corporate treasury investments
Bonds	—		199.3		—		199.3
Commercial paper and other	—		176.6		—		176.6
	—		375.9		—		375.9
Foreign currency forward contracts	—		0.2		—		0.2
Total	$	—	$	376.1	$	5,450.2	$	5,826.3
Liabilities
Loans payable of Consolidated Funds⁽¹⁾	$	—	$	—	$	4,554.5	$	4,554.5
Contingent consideration	—		—		1.1		1.1
Foreign currency forward contracts	—		0.3		—		0.3
Total	$	—	$	0.3	$	4,555.6	$	4,555.9


(1)	Senior and subordinated notes issued by CLO vehicles are classified based on the more observable fair value of the CLO financial assets, less (i) the fair value of any beneficial interests held by the Partnership and (ii) the carrying value of any beneficial interests that represent compensation for services.

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, 2017:



(Dollars in millions)	Level I		Level II		Level III		Total
Assets
Investments of Consolidated Funds:
Equity securities	$	—	$	—	$	7.9	$	7.9
Bonds	—		—		413.4		413.4
Loans	—		—		4,112.7		4,112.7
Other	—		—		0.3		0.3
	—		—		4,534.3		4,534.3
Investments in CLOs and other	—		—		405.4		405.4
Corporate treasury investments
Bonds	—		194.1		—		194.1
Commercial paper and other	—		182.2		—		182.2
	—		376.3		—		376.3
Foreign currency forward contracts	—		0.4		—		0.4
Total	$	—	$	376.7	$	4,939.7	$	5,316.4
Liabilities
Loans payable of Consolidated Funds⁽¹⁾	$	—	$	—	$	4,303.8	$	4,303.8
Contingent consideration	—		—		1.0		1.0
Foreign currency forward contracts	—		1.2		—		1.2
Total	$	—	$	1.2	$	4,304.8	$	4,306.0


(1)	Senior and subordinated notes issued by CLO vehicles are classified based on the more observable fair value of the CLO financial assets, less (i) the fair value of any beneficial interests held by the Partnership and (ii) the carrying value of any beneficial interests that represent compensation for services.

Changes in financial assets measured at fair value for which the Partnership has used Level III inputs

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 March 31, 2018
	Investments of Consolidated Funds
	Equity securities		Bonds			Loans			Other		Investments in CLOs and other			Total
Balance, beginning of period	$	7.9	$	413.4		$	4,112.7		$	0.3	$	405.4		$	4,939.7
Purchases	—		124.5			786.7			—		45.0			956.2
Sales and distributions	—		(55.4		)	(239.8		)	—		(3.0		)	(298.2		)
Settlements	—		—			(234.8		)	—		—			(234.8		)
Realized and unrealized gains (losses), net
Included in earnings	2.7		(6.8		)	(8.4		)	—		2.1			(10.4		)
Included in other comprehensive income	0.2		10.5			82.2			—		4.8			97.7
Balance, end of period	$	10.8	$	486.2		$	4,498.6		$	0.3	$	454.3		$	5,450.2
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	2.7	$	(6.2	)	$	(8.8	)	$	—	$	2.1		$	(10.2	)



	Financial Assets
	Three Months Ended March 31, 2017
	Investments of Consolidated Funds
	Equity securities		Bonds			Loans			Other		Investments in CLOs and other			Total
Balance, beginning of period	$	10.3	$	396.4		$	3,485.6		$	1.4	$	152.6		$	4,046.3
Purchases	—		66.1			625.4			—		—			691.5
Sales and distributions	—		(56.4		)	(408.1		)	—		(2.1		)	(466.6		)
Settlements	—		—			(291.1		)	—		—			(291.1		)
Realized and unrealized gains (losses), net
Included in earnings	0.3		5.3			31.0			0.1		2.9			39.6
Included in other comprehensive income	0.2		6.2			30.4			—		2.5			39.3
Balance, end of period	$	10.8	$	417.6		$	3,473.2		$	1.5	$	155.9		$	4,059.0
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	0.3	$	5.1		$	28.4		$	0.1	$	2.9		$	36.8

Changes in financial liabilities measured at fair value for which the Partnership has used Level III inputs



	Financial Liabilities
	Three Months Ended March 31, 2018
	Loans Payable of Consolidated Funds			Contingent Consideration		Total
Balance, beginning of period	$	4,303.8		$	1.0	$	4,304.8
Borrowings	751.4			—		751.4
Paydowns	(570.8		)	—		(570.8		)
Realized and unrealized (gains) losses, net
Included in earnings	(17.5		)	0.1		(17.4		)
Included in other comprehensive income	87.6			—		87.6
Balance, end of period	$	4,554.5		$	1.1	$	4,555.6
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$	(24.5	)	$	0.1	$	(24.4	)



	Financial Liabilities
	Three Months Ended March 31, 2017
	Loans Payable of Consolidated Funds			Contingent Consideration		Loans Payable of a real estate VIE			Total
Balance, beginning of period	$	3,866.3		$	1.5	$	79.4		$	3,947.2
Borrowings	431.5			—		—			431.5
Paydowns	(762.0		)	—		(7.4		)	(769.4		)
Realized and unrealized (gains) losses, net
Included in earnings	18.1			—		5.3			23.4
Included in other comprehensive income	33.6			—		0.5			34.1
Balance, end of period	$	3,587.5		$	1.5	$	77.8		$	3,666.8
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$	26.4		$	—	$	5.3		$	31.7

Summary of quantitative information about Partnership's Level III inputs

The following table summarizes quantitative information about the Partnership’s Level III inputs as of March 31, 2018:



	Fair Value at		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
(Dollars in millions)	March 31, 2018		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
Assets
Investments of Consolidated Funds:
Equity securities	$	6.7	Discounted Cash Flow	Discount Rates	10% - 10% (10%)
	4.1		Consensus Pricing	Indicative Quotes ($ per share)	0 - 60 (55)

Bonds	486.2		Consensus Pricing	Indicative Quotes (% of Par)	49 - 106 (97)
Loans	4,498.6		Consensus Pricing	Indicative Quotes (% of Par)	69 - 104 (100)
Other	0.3		Counterparty Pricing	Indicative Quotes (% of Notional Amount)	9 - 9 (9)
	4,995.9
Investments in CLOs and other:
Senior secured notes	401.1		Discounted Cash Flow with Consensus Pricing	Discount Rates	1% - 11% (4%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	50% - 73% (60%)
				Indicative Quotes (% of Par)	99 - 102 (101)
Subordinated notes and preferred shares	53.2		Discounted Cash Flow with Consensus Pricing	Discount Rates	8% - 11% (9%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	50% - 73% (60%)
				Indicative Quotes (% of Par)	73 - 97 (83)
Total	$	5,450.2
Liabilities
Loans payable of Consolidated Funds:
Senior secured notes	$	4,334.8	Other	N/A	N/A
Subordinated notes and preferred shares	41.2		Other	N/A	N/A
	178.5		Discounted Cash Flow with Consensus Pricing	Discount Rates	8% - 11% (10%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	50% - 73% (61%)
				Indicative Quotes (% of Par)	78 - 94 (87)
Contingent consideration	1.1		Other	N/A	N/A
Total	$	4,555.6

The following table summarizes quantitative information about the Partnership’s Level III inputs as of December 31, 2017:



	Fair Value at		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
(Dollars in millions)	December 31, 2017		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
Assets
Investments of Consolidated Funds:
Equity securities	$	5.7	Discounted Cash Flow	Discount Rates	10% - 10% (10%)

	2.2		Consensus Pricing	Indicative Quotes ($ per share)	0 - 33 (30)

Bonds	413.4		Consensus Pricing	Indicative Quotes (% of Par)	44 - 107 (98)
Loans	4,112.7		Consensus Pricing	Indicative Quotes (% of Par)	64 - 103 (100)
Other	0.3		Counterparty Pricing	Indicative Quotes (% of Notional Amount)	9 - 9 (9)
	4,534.3
Investments in CLOs and other
Senior secured notes	357.2		Discounted Cash Flow with Consensus Pricing	Discount Rate	1% - 9% (3%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	50% - 70% (60%)
				Indicative Quotes (% of Par)	98 - 104 (101)
Subordinated notes and preferred shares	48.2		Discounted Cash Flow with Consensus Pricing	Discount Rate	8% - 11% (9%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	50% - 70% (60%)
				Indicative Quotes (% of Par)	63 - 97 (81)
Total	$	4,939.7
Liabilities
Loans payable of Consolidated Funds:
Senior secured notes	$	4,100.5	Other	N/A	N/A
Subordinated notes and preferred shares	26.9		Other	N/A	N/A
	176.4		Discounted Cash Flow with Consensus Pricing	Discount Rates	8% - 11% (10%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	50% - 70% (60%)
				Indicative Quotes (% of Par)	79 - 93 (86)
Contingent consideration	1.0		Other	N/A	N/A
Total	$	4,304.8

Investments (Tables)

3 Months Ended

Mar. 31, 2018

Investments [Abstract]

Schedule of investments

Investments consist of the following:



	As of
	March 31, 2018		December 31, 2017
	(Dollars in millions)
Accrued performance allocations	$	3,650.1	$	3,664.3
Principal equity method investments, excluding performance allocations	1,205.7		1,218.4
Principal investments in CLOs and other	454.6		405.9
Total investments	$	5,310.4	$	5,288.6

Components of accrued performance fees

The components of accrued performance allocations are as follows:



	As of
	March 31, 2018		December 31, 2017
	(Dollars in millions)
Corporate Private Equity	$	2,209.0	$	2,272.4
Real Assets	647.9		656.7
Global Credit	50.5		50.6
Investment Solutions	742.7		684.6
Total	$	3,650.1	$	3,664.3

Components of accrued giveback obligations

The components of the accrued giveback obligations are as follows:



	As of
	March 31, 2018			December 31, 2017
	(Dollars in millions)
Corporate Private Equity	$	(6.7	)	$	(8.7	)
Real Assets	(58.1		)	(58.1		)
Total	$	(64.8	)	$	(66.8	)

Schedule of equity method investments

Principal investments are related to the following segments:



	As of
	March 31, 2018		December 31, 2017
	(Dollars in millions)
Corporate Private Equity	$	369.9	$	369.5
Real Assets	755.7		775.1
Global Credit	25.1		23.0
Investment Solutions	55.0		50.8
Total	$	1,205.7	$	1,218.4

Schedule of net investment earnings (loss)

The net investment income (loss) recognized in the Partnership’s condensed consolidated statements of operations for the three months ended March 31, 2018 and 2017 were as follows:



	Three Months Ended March 31,
	2018			2017
	(Dollars in millions)
Management fees	$	18.9		$	17.6
Performance allocations	12.0			35.6
Investment income	1.3			4.0
Expenses	(2.9		)	(26.0		)
Amortization of basis differences	(1.8		)	(2.1		)
Net investment income	$	27.5		$	29.1

Components of investment income (loss)

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



	Three Months Ended March 31,
	2018		2017
	(Dollars in millions)
Performance allocations	$	308.1	$	676.0
Principal investment income from equity method investments (excluding performance allocations)	53.1		45.4
Principal investment income from investments in CLOs and other investments	1.0		0.9
Total	$	362.2	$	722.3

Performance fees included in revenues

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



	Three Months Ended March 31,
	2018			2017
	(Dollars in millions)
Corporate Private Equity	$	257.9		$	568.0
Real Assets	(3.3		)	57.8
Global Credit	2.6			14.4
Investment Solutions	50.9			35.8
Total	$	308.1		$	676.0

Schedule of income (loss) from equity-method investments

Carlyle’s income (loss) from its principal investments consists of:



	Three Months Ended March 31,
	2018		2017
	(Dollars in millions)
Corporate Private Equity	$	16.2	$	7.6
Real Assets	32.7		35.0
Global Credit	0.3		1.3
Investment Solutions	3.9		1.5
Total	$	53.1	$	45.4

Components of interest and other income of consolidated funds

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



	Three Months Ended March 31,
	2018		2017
	(Dollars in millions)
Interest income from investments	$	46.0	$	40.5
Other income	1.3		2.4
Total	$	47.3	$	42.9

Components of net investment gains (losses) of consolidated funds

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



	Three Months Ended March 31,
	2018			2017
	(Dollars in millions)
Gains (losses) from investments of Consolidated Funds	$	(15.4	)	$	35.2
Gains (losses) from liabilities of CLOs	17.4			(18.1		)
Total	$	2.0		$	17.1

Schedule of 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 March 31,
	2018			2017
	(Dollars in millions)
Realized losses	$	(2.7	)	$	(2.1	)
Net change in unrealized gains	(12.7		)	37.3
Total	$	(15.4	)	$	35.2

Borrowings (Tables)

3 Months Ended

Mar. 31, 2018

Debt Instrument [Line Items]

Schedule of Partnership's borrowings

The Partnership borrows and enters into credit agreements for its general operating and investment purposes. The Partnership’s debt obligations consist of the following (Dollars in millions):



	March 31, 2018				December 31, 2017
	Borrowing Outstanding		Carrying Value		Borrowing Outstanding		Carrying Value
Senior Credit Facility Term Loan Due 5/05/2020	$	25.0	$	24.8	$	25.0	$	24.8
CLO Term Loans(See below)	331.5		331.5		294.5		294.5
3.875% Senior Notes Due 2/01/2023	500.0		497.7		500.0		497.6
5.625% Senior Notes Due 3/30/2043	600.0		600.7		600.0		600.7
Promissory Note Due 1/01/2022	108.8		108.8		108.8		108.8
Promissory Notes Due 7/15/2019	40.4		40.4		47.2		47.2
Total debt obligations	$	1,605.7	$	1,603.9	$	1,575.5	$	1,573.6

Summary of borrowings outstanding, including preferred shares classified as liabilities

As of March 31, 2018 and December 31, 2017, the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions):



	As of March 31, 2018
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	4,381.4	$	4,334.8	2.07	%		11.32
Subordinated notes, preferred shares and other	209.9		219.7		N/A		(a)	9.34
Total	$	4,591.3	$	4,554.5



	As of December 31, 2017
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	4,128.3	$	4,100.5	2.16	%		11.44
Subordinated notes, preferred shares and other	195.2		203.3		N/A		(a)	9.85
Total	$	4,323.5	$	4,303.8


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

CLO Term Loans

Debt Instrument [Line Items]

Schedule of Partnership's borrowings

The Partnership's outstanding CLO term loans consist of the following (Dollars in millions):



Formation Date	Borrowing Outstanding March 31, 2018		Borrowing Outstanding December 31, 2017		Maturity Date (1)	Interest Rate as of March 31, 2018
June 7, 2016	$	20.6	$	20.6	July 15, 2027	3.52%	(2)
February 28, 2017	76.2		74.3		September 21, 2029	2.33%	(3)
April 19, 2017	22.8		22.8		April 22, 2031	3.68%	(4) (15)
June 28, 2017	23.1		23.1		July 22, 2031	3.67%	(5) (15)
July 20, 2017	24.4		24.4		April 21, 2027	3.28%	(6) (15)
August 2, 2017	22.8		22.8		July 23, 2029	3.55%	(7) (15)
August 2, 2017	21.4		20.9		August 3, 2022	1.75%	(8)
August 14, 2017	22.6		22.6		August 15, 2030	3.68%	(9) (15)
November 30, 2017	22.7		22.7		January 16, 2030	3.45%	(10) (15)
December 6, 2017	19.1		19.1		October 16, 2030	3.37%	(11) (15)
December 7, 2017	21.2		21.2		January 19, 2029	3.10%	(12) (15)
January 30, 2018	19.2		—		January 22, 2030	3.35%	(13) (15)
March 1, 2018	15.4		—		January 15, 2031	3.27%	(14) (15)
	$	331.5	$	294.5

(1) Maturity date is earlier of date indicated or the date that the CLO is dissolved.


(2)	Incurs interest at the weighted average rate of the underlying senior notes. Interest income on the underlying collateral approximated the amount of interest expense and was not significant for the three months ended March 31, 2018 and 2017.


(3)	Original borrowing of €61.8 million; incurs interest at EURIBOR plus applicable margins as defined in the agreement.


(4)	Incurs interest at LIBOR plus 1.932%.


(5)	Incurs interest at LIBOR plus 1.923%.


(6)	Incurs interest at LIBOR plus 1.536%.


(7)	Incurs interest at LIBOR plus 1.808%.


(8)	Original borrowing of €17.4 million; incurs interest at EURIBOR plus 1.75% and has full recourse to the Partnership.


(9)	Incurs interest at LIBOR plus 1.848%.


(10)	Incurs interest at LIBOR plus 1.7312%.


(11)	Incurs interest at LIBOR plus 1.647%.


(12)	Incurs interest at LIBOR plus 1.365%.


(13)	Incurs interest at LIBOR plus 1.624%.


(14)	Incurs interest at LIBOR plus 1.552%.


(15)	Term loan issued under master credit agreement.

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Schedule of unfunded commitments

The Partnership and its unconsolidated affiliates have unfunded commitments to entities within the following segments as of March 31, 2018 (Dollars in millions):



	Unfunded Commitments
Corporate Private Equity	$	2,368.5
Real Assets	839.3
Global Credit	491.3
Investment Solutions	149.8
Total	$	3,848.9

Future minimum commitments for leases

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



2018	$	36.3
2019	47.8
2020	48.7
2021	44.6
2022	41.4
Thereafter	299.7
	$	518.5

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2018

Amounts due from affiliates and other receivables

The Partnership had the following due from affiliates and other receivables at March 31, 2018 and December 31, 2017:



	As of
	March 31, 2018		December 31, 2017
	(Dollars in millions)
Accrued incentive fees	$	5.3	$	6.3
Unbilled receivable for giveback obligations from current and former employees	4.9		5.1
Notes receivable and accrued interest from affiliates	7.2		22.8
Management fee, reimbursable expenses and other receivables from unconsolidated funds and affiliates, net	256.6		229.2
Total	$	274.0	$	263.4

Amounts due to affiliates

The Partnership had the following due to affiliates balances at March 31, 2018 and December 31, 2017:



	As of
	March 31, 2018		December 31, 2017
	(Dollars in millions)
Due to non-consolidated affiliates	$	55.4	$	75.7
Performance-based contingent cash consideration related to acquisitions	—		37.5
Amounts owed under the tax receivable agreement	94.1		94.0
Other	28.6		22.7
Total	$	178.1	$	229.9

Non-controlling Interests in Consolidated Entities (Tables)

3 Months Ended

Mar. 31, 2018

Noncontrolling Interest [Abstract]

Components of 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
	March 31, 2018		December 31, 2017
	(Dollars in millions)
Non-Carlyle interests in Consolidated Funds	$	12.4	$	13.3
Non-Carlyle interests in majority-owned subsidiaries	388.8		386.5
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions	8.1		4.9
Non-controlling interests in consolidated entities	$	409.3	$	404.7

Components of Partnership's non-controlling interests in income (loss) of consolidated entities

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



	Three Months Ended March 31,
	2018			2017
	(Dollars in millions)
Non-Carlyle interests in Consolidated Funds	$	(0.9	)	$	(0.1	)
Non-Carlyle interests in majority-owned subsidiaries	8.4			0.8
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions	3.5			2.6
Net income attributable to other non-controlling interests in consolidated entities	11.0			3.3
Non-controlling interests in income of consolidated entities	$	11.0		$	3.3

Earnings Per Common Unit (Tables)

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Summary of basic and diluted net income per common unit

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



	Three Months Ended March 31, 2018				Three Months Ended March 31, 2017
	Basic		Diluted		Basic		Diluted
Net income attributable to common units	$	33,800,000	$	33,800,000	$	83,000,000	$	83,000,000
Weighted-average common units outstanding	100,732,493		111,303,988		85,337,534		91,967,452
Net income per common unit	$	0.34	$	0.30	$	0.97	$	0.90

Summary of weighted-average common units outstanding, basic and diluted

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



	Three Months Ended March 31, 2018		Three Months Ended March 31, 2017
	Basic	Diluted	Basic	Diluted
The Carlyle Group L.P. weighted-average common units outstanding	100,732,493	100,732,493	85,337,534	85,337,534
Unvested deferred restricted common units	—	10,170,967	—	6,031,974
Issuable Carlyle Group L.P. common units	—	400,528	—	—
Issuable Carlyle Holdings Partnership units	—	—	—	597,944
Weighted-average common units outstanding	100,732,493	111,303,988	85,337,534	91,967,452

Equity and Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2018

Disclosure of Compensation Related Costs, Share-based 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 March 31, 2018 and a summary of changes for the three months ended March 31, 2018, are presented below:



	Carlyle Holdings			The Carlyle Group L.P.
				Equity Settled Awards
Unvested Units	Partnership Units	Weighted- Average Grant Date Fair Value		Deferred Restricted Common Units	Weighted- Average Grant Date Fair Value		Unvested Common Units	Weighted- Average Grant Date Fair Value
Balance, December 31, 2017	8,095,015	$	22.03	15,519,591	$	16.25	7,782	$	22.22
Granted	—	$	—	11,287,396	$	21.00	—	$	—
Vested	12,235	$	22.00	471,604	$	22.49	7,782	$	22.22
Forfeited	—	$	—	319,708	$	15.42	—	$	—
Balance, March 31, 2018	8,082,780	$	22.03	26,015,675	$	18.21	—	$	—

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Reportable segments financial data



	Three Months Ended March 31,
	2018			2017
	(Dollars in millions)
Total Reportable Segments - Fund level fee revenues	$	294.1		$	267.3
Adjustments ⁽¹⁾	(29.6		)	(21.0		)
Carlyle Consolidated - Fund management fees	$	264.5		$	246.3

The following table presents the financial data for the Partnership’s four reportable segments for the three months ended March 31, 2018:



	March 31, 2018 and the Three Months Then Ended
	Corporate Private Equity			Real Assets			Global Credit			Investment Solutions			Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	114.1		$	74.4		$	58.7		$	40.3		$	287.5
Portfolio advisory fees, net	3.2			0.3			0.1			—			3.6
Transaction fees, net	0.3			2.7			—			—			3.0
Total fund level fee revenues	117.6			77.4			58.8			40.3			294.1
Performance revenues
Realized	188.0			7.8			1.1			14.1			211.0
Unrealized	64.6			2.4			2.6			36.8			106.4
Total performance revenues	252.6			10.2			3.7			50.9			317.4
Principal investment income (loss)
Realized	7.9			8.2			2.5			0.1			18.7
Unrealized	7.0			0.9			2.0			1.0			10.9
Total principal investment income (loss)	14.9			9.1			4.5			1.1			29.6
Interest income	2.0			0.9			3.3			0.5			6.7
Other income	3.1			1.2			1.6			0.2			6.1
Total revenues	390.2			98.8			71.9			93.0			653.9
Segment Expenses
Compensation and benefits
Direct base compensation	67.1			21.9			26.6			19.8			135.4
Indirect base compensation	30.1			12.8			7.4			3.4			53.7
Equity-based compensation	18.7			10.1			5.9			3.0			37.7
Performance revenues related compensation
Realized	90.7			4.0			0.6			12.6			107.9
Unrealized	26.1			(4.9		)	1.2			27.1			49.5
Total compensation and benefits	232.7			43.9			41.7			65.9			384.2
General, administrative, and other indirect expenses	32.9			18.1			15.8			8.0			74.8
Depreciation and amortization expense	4.0			1.6			1.4			1.1			8.1
Interest expense	7.0			3.9			5.3			1.6			17.8
Total expenses	276.6			67.5			64.2			76.6			484.9
Economic Income	$	113.6		$	31.3		$	7.7		$	16.4		$	169.0
(-) Net Performance Revenues	135.8			11.1			1.9			11.2			160.0
(-) Principal Investment Income	14.9			9.1			4.5			1.1			29.6
(+) Equity-based Compensation	18.7			10.1			5.9			3.0			37.7
(+) Net Interest	5.0			3.0			2.0			1.1			11.1
(=) Fee Related Earnings	$	(13.4	)	$	24.2		$	9.2		$	8.2		$	28.2
(+) Realized Net Performance Revenues	97.3			3.8			0.5			1.5			103.1
(+) Realized Principal Investment Income	7.9			8.2			2.5			0.1			18.7
(+) Net Interest	(5.0		)	(3.0		)	(2.0		)	(1.1		)	(11.1		)
(=) Distributable Earnings	$	86.8		$	33.2		$	10.2		$	8.7		$	138.9
Segment assets as of March 31, 2018	$	3,596.7		$	1,837.3		$	1,098.2		$	1,124.4		$	7,656.6

The following table presents the financial data for the Partnership’s four reportable segments for the three months ended March 31, 2017:



	Three Months Ended March 31, 2017
	Corporate Private Equity			Real Assets			Global Credit			Investment Solutions			Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	115.7		$	56.0		$	48.1		$	35.8		$	255.6
Portfolio advisory fees, net	3.8			0.1			0.1			—			4.0
Transaction fees, net	7.7			—			—			—			7.7
Total fund level fee revenues	127.2			56.1			48.2			35.8			267.3
Performance revenues
Realized	51.3			13.5			5.6			12.6			83.0
Unrealized	515.3			78.7			14.5			23.2			631.7
Total performance revenues	566.6			92.2			20.1			35.8			714.7
Principal investment income (loss)
Realized	0.2			(8.1		)	2.4			0.1			(5.4		)
Unrealized	5.5			5.2			4.2			1.1			16.0
Total principal investment income (loss)	5.7			(2.9		)	6.6			1.2			10.6
Interest income	1.1			0.6			1.6			0.1			3.4
Other income	1.3			0.4			3.4			0.1			5.2
Total revenues	701.9			146.4			79.9			73.0			1,001.2
Segment Expenses
Compensation and benefits
Direct base compensation	55.4			19.7			17.1			16.1			108.3
Indirect base compensation	18.7			10.9			6.6			2.8			39.0
Equity-based compensation	15.0			8.8			4.3			2.0			30.1
Performance revenues related compensation
Realized	26.1			6.8			2.7			12.1			47.7
Unrealized	227.8			19.3			6.8			19.0			272.9
Total compensation and benefits	343.0			65.5			37.5			52.0			498.0
General, administrative, and other indirect expenses	35.0			15.6			23.2			6.8			80.6
Depreciation and amortization expense	3.7			1.8			1.2			0.8			7.5
Interest expense	6.8			4.1			2.6			1.5			15.0
Total expenses	388.5			87.0			64.5			61.1			601.1
Economic Income (Loss)	$	313.4		$	59.4		$	15.4		$	11.9		$	400.1
(-) Net Performance Revenues	312.7			66.1			10.6			4.7			394.1
(-) Principal Investment Income (Loss)	5.7			(2.9		)	6.6			1.2			10.6
(+) Equity-based Compensation	15.0			8.8			4.3			2.0			30.1
(+) Net Interest	5.7			3.5			1.0			1.4			11.6
(=) Fee Related Earnings	$	15.7		$	8.5		$	3.5		$	9.4		$	37.1
(+) Realized Net Performance Revenues	25.2			6.7			2.9			0.5			35.3
(+) Realized Principal Investment Income (Loss)	0.2			(8.1		)	2.4			0.1			(5.4		)
(+) Net Interest	(5.7		)	(3.5		)	(1.0		)	(1.4		)	(11.6		)
(=) Distributable Earnings	$	35.4		$	3.6		$	7.8		$	8.6		$	55.4

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 March 31, 2018 and 2017, and Total Assets as of March 31, 2018.



	March 31, 2018 and the Three Months Then Ended
	Total Reportable Segments		Consolidated Funds		Reconciling Items				Carlyle Consolidated
	Total Reportable Segments		Consolidated Funds		Reconciling Items				Carlyle Consolidated
	(Dollars in millions)
Revenues	$	653.9	$	47.3	$	1.6		(a)	$	702.8
Expenses	$	484.9	$	44.3	$	50.1		(b)	$	579.3
Other income	$	—	$	2.0	$	—		(c)	$	2.0
Economic income	$	169.0	$	5.0	$	(48.5	)	(d)	$	125.5
Total assets	$	7,656.6	$	5,532.3	$	(247.1	)	(e)	$	12,941.8



	Three Months Ended March 31, 2017
	Total Reportable Segments		Consolidated Funds		Reconciling Items				Carlyle Consolidated
	Total Reportable Segments		Consolidated Funds		Reconciling Items				Carlyle Consolidated
	(Dollars in millions)
Revenues	$	1,001.2	$	42.9	$	76.0		(a)	$	1,120.1
Expenses	$	601.1	$	53.0	$	155.4		(b)	$	809.5
Other loss	$	—	$	17.1	$	—		(c)	$	17.1
Economic income (loss)	$	400.1	$	7.0	$	(79.4	)	(d)	$	327.7

(a)



	Three Months Ended March 31,
	2018			2017
	(Dollars in millions)
Total Reportable Segments - Fund level fee revenues	$	294.1		$	267.3
Adjustments ⁽¹⁾	(29.6		)	(21.0		)
Carlyle Consolidated - Fund management fees	$	264.5		$	246.3

(b)



	Three Months Ended March 31,
	2018			2017
Equity-based compensation issued in conjunction with the initial public offering, acquisitions and strategic investments	$	50.1		$	67.0
Acquisition related charges and amortization of intangibles and impairment	4.6			8.8
Other non-operating expense	0.3			—
Tax expense associated with performance revenues	(2.1		)	(2.9		)
Non-Carlyle economic interests in acquired businesses	4.0			87.5
Severance and other adjustments	1.6			2.8
Elimination of expenses of Consolidated Funds	(8.4		)	(7.8		)
	$	50.1		$	155.4


(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 Income, to Fee Related Earnings, and to Distributable Earnings (Dollars in millions):



	Three Months Ended March 31,
	2018			2017
Income before provision for income taxes	$	125.5		$	327.7
Adjustments:
Equity-based compensation issued in conjunction with the initial public offering, acquisitions and strategic investments	50.1			67.0
Acquisition related charges, including amortization of intangibles and impairment	4.6			8.8
Other non-operating expense	0.3			—
Tax provision associated with performance revenues	(2.1		)	(2.9		)
Net (income) loss attributable to non-controlling interests in consolidated entities	(11.0		)	(3.3		)
Severance and other adjustments	1.6			2.8
Economic Income	$	169.0		$	400.1
Net performance revenues⁽¹⁾	160.0			394.1
Principal investment income ⁽¹⁾	29.6			10.6
Equity-based compensation	37.7			30.1
Net interest	11.1			11.6
Fee Related Earnings	$	28.2		$	37.1
Realized performance revenues, net of related compensation	103.1			35.3
Realized principal investment income (loss)⁽¹⁾	18.7			(5.4		)
Net interest	(11.1		)	(11.6		)
Distributable Earnings	$	138.9		$	55.4

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



	Three Months Ended March 31, 2018
	Carlyle Consolidated		Adjustments ⁽²⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues^(a)
Realized	$	220.6	$	(9.6	)	$	211.0
Unrealized	87.5		18.9			106.4
Total performance revenues^(a)	308.1		9.3			317.4
Performance revenues related compensation expense^(b)
Realized	108.4		(0.5		)	107.9
Unrealized	49.6		(0.1		)	49.5
Total performance revenues related compensation expense^(b)	158.0		(0.6		)	157.4
Net performance revenues
Realized	112.2		(9.1		)	103.1
Unrealized	37.9		19.0			56.9
Total net performance revenues	$	150.1	$	9.9		$	160.0
Principal investment income (loss)
Realized	$	27.5	$	(8.8	)	$	18.7
Unrealized	26.6		(15.7		)	10.9
Total principal investment income (loss)	$	54.1	$	(24.5	)	$	29.6



	Three Months Ended March 31, 2017
	Carlyle Consolidated			Adjustments ⁽²⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues^(a)
Realized	$	77.6		$	5.4		$	83.0
Unrealized	598.4			33.3			631.7
Total performance revenues^(a)	676.0			38.7			714.7
Performance revenues related compensation expense^(b)
Realized	45.8			1.9			47.7
Unrealized	271.3			1.6			272.9
Total performance revenues related compensation expense^(b)	317.1			3.5			320.6
Net performance revenues
Realized	31.8			3.5			35.3
Unrealized	327.1			31.7			358.8
Total net performance revenues	$	358.9		$	35.2		$	394.1
Principal investment income (loss)
Realized	$	(0.2	)	$	(5.2	)	$	(5.4	)
Unrealized	46.5			(30.5		)	16.0
Total principal investment income (loss)	$	46.3		$	(35.7	)	$	10.6

(a) Amounts labeled as performance allocations in the unaudited condensed consolidated statements of operations.

(b) Amounts labeled as performance allocations and incentive fee related compensation in the unaudited condensed consolidated statements of operations.

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

Expenses Adjustment Represents Elimination Of Intercompany Expenses



	Three Months Ended March 31,
	2018			2017
Equity-based compensation issued in conjunction with the initial public offering, acquisitions and strategic investments	$	50.1		$	67.0
Acquisition related charges and amortization of intangibles and impairment	4.6			8.8
Other non-operating expense	0.3			—
Tax expense associated with performance revenues	(2.1		)	(2.9		)
Non-Carlyle economic interests in acquired businesses	4.0			87.5
Severance and other adjustments	1.6			2.8
Elimination of expenses of Consolidated Funds	(8.4		)	(7.8		)
	$	50.1		$	155.4

Reconciliation Of Income Before Provision For Income Taxes


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



	Three Months Ended March 31,
	2018			2017
Income before provision for income taxes	$	125.5		$	327.7
Adjustments:
Equity-based compensation issued in conjunction with the initial public offering, acquisitions and strategic investments	50.1			67.0
Acquisition related charges, including amortization of intangibles and impairment	4.6			8.8
Other non-operating expense	0.3			—
Tax provision associated with performance revenues	(2.1		)	(2.9		)
Net (income) loss attributable to non-controlling interests in consolidated entities	(11.0		)	(3.3		)
Severance and other adjustments	1.6			2.8
Economic Income	$	169.0		$	400.1
Net performance revenues⁽¹⁾	160.0			394.1
Principal investment income ⁽¹⁾	29.6			10.6
Equity-based compensation	37.7			30.1
Net interest	11.1			11.6
Fee Related Earnings	$	28.2		$	37.1
Realized performance revenues, net of related compensation	103.1			35.3
Realized principal investment income (loss)⁽¹⁾	18.7			(5.4		)
Net interest	(11.1		)	(11.6		)
Distributable Earnings	$	138.9		$	55.4

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



	Three Months Ended March 31, 2018
	Carlyle Consolidated		Adjustments ⁽²⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues^(a)
Realized	$	220.6	$	(9.6	)	$	211.0
Unrealized	87.5		18.9			106.4
Total performance revenues^(a)	308.1		9.3			317.4
Performance revenues related compensation expense^(b)
Realized	108.4		(0.5		)	107.9
Unrealized	49.6		(0.1		)	49.5
Total performance revenues related compensation expense^(b)	158.0		(0.6		)	157.4
Net performance revenues
Realized	112.2		(9.1		)	103.1
Unrealized	37.9		19.0			56.9
Total net performance revenues	$	150.1	$	9.9		$	160.0
Principal investment income (loss)
Realized	$	27.5	$	(8.8	)	$	18.7
Unrealized	26.6		(15.7		)	10.9
Total principal investment income (loss)	$	54.1	$	(24.5	)	$	29.6



	Three Months Ended March 31, 2017
	Carlyle Consolidated			Adjustments ⁽²⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues^(a)
Realized	$	77.6		$	5.4		$	83.0
Unrealized	598.4			33.3			631.7
Total performance revenues^(a)	676.0			38.7			714.7
Performance revenues related compensation expense^(b)
Realized	45.8			1.9			47.7
Unrealized	271.3			1.6			272.9
Total performance revenues related compensation expense^(b)	317.1			3.5			320.6
Net performance revenues
Realized	31.8			3.5			35.3
Unrealized	327.1			31.7			358.8
Total net performance revenues	$	358.9		$	35.2		$	394.1
Principal investment income (loss)
Realized	$	(0.2	)	$	(5.2	)	$	(5.4	)
Unrealized	46.5			(30.5		)	16.0
Total principal investment income (loss)	$	46.3		$	(35.7	)	$	10.6

(a) Amounts labeled as performance allocations in the unaudited condensed consolidated statements of operations.

(b) Amounts labeled as performance allocations and incentive fee related compensation in the unaudited condensed consolidated statements of operations.

Adjustments For Performance Fees Performance Fee Related Compensation And Investment Income

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



	Three Months Ended March 31, 2018
	Carlyle Consolidated		Adjustments ⁽²⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues^(a)
Realized	$	220.6	$	(9.6	)	$	211.0
Unrealized	87.5		18.9			106.4
Total performance revenues^(a)	308.1		9.3			317.4
Performance revenues related compensation expense^(b)
Realized	108.4		(0.5		)	107.9
Unrealized	49.6		(0.1		)	49.5
Total performance revenues related compensation expense^(b)	158.0		(0.6		)	157.4
Net performance revenues
Realized	112.2		(9.1		)	103.1
Unrealized	37.9		19.0			56.9
Total net performance revenues	$	150.1	$	9.9		$	160.0
Principal investment income (loss)
Realized	$	27.5	$	(8.8	)	$	18.7
Unrealized	26.6		(15.7		)	10.9
Total principal investment income (loss)	$	54.1	$	(24.5	)	$	29.6



	Three Months Ended March 31, 2017
	Carlyle Consolidated			Adjustments ⁽²⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues^(a)
Realized	$	77.6		$	5.4		$	83.0
Unrealized	598.4			33.3			631.7
Total performance revenues^(a)	676.0			38.7			714.7
Performance revenues related compensation expense^(b)
Realized	45.8			1.9			47.7
Unrealized	271.3			1.6			272.9
Total performance revenues related compensation expense^(b)	317.1			3.5			320.6
Net performance revenues
Realized	31.8			3.5			35.3
Unrealized	327.1			31.7			358.8
Total net performance revenues	$	358.9		$	35.2		$	394.1
Principal investment income (loss)
Realized	$	(0.2	)	$	(5.2	)	$	(5.4	)
Unrealized	46.5			(30.5		)	16.0
Total principal investment income (loss)	$	46.3		$	(35.7	)	$	10.6

(a) Amounts labeled as performance allocations in the unaudited condensed consolidated statements of operations.

(b) Amounts labeled as performance allocations and incentive fee related compensation in the unaudited condensed consolidated statements of operations.

Supplemental Financial Information (Tables)

3 Months Ended

Mar. 31, 2018

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Supplemental financial Position



	As of March 31, 2018
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	1,068.2		$	—	$	—		$	1,068.2
Cash and cash equivalents held at Consolidated Funds	—			355.9		—			355.9
Restricted cash	9.8			—		—			9.8
Corporate treasury investments	375.9			—		—			375.9
Investments, including performance allocations of $3,650.1 million	5,552.2			—		(241.8		)	5,310.4
Investments of Consolidated Funds	—			4,995.9		—			4,995.9
Due from affiliates and other receivables, net	279.3			—		(5.3		)	274.0
Due from affiliates and other receivables of Consolidated Funds, net	—			180.5		—			180.5
Fixed assets, net	97.8			—		—			97.8
Deposits and other	61.2			—		—			61.2
Intangible assets, net	34.0			—		—			34.0
Deferred tax assets	178.2			—		—			178.2
Total assets	$	7,656.6		$	5,532.3	$	(247.1	)	$	12,941.8
Liabilities and partners’ capital
Debt obligations	$	1,603.9		$	—	$	—		$	1,603.9
Loans payable of Consolidated Funds	—			4,554.5		—			4,554.5
Accounts payable, accrued expenses and other liabilities	318.9			—		—			318.9
Accrued compensation and benefits	2,149.0			—		—			2,149.0
Due to affiliates	178.1			—		—			178.1
Deferred revenue	230.7			—		—			230.7
Deferred tax liabilities	78.9			—		—			78.9
Other liabilities of Consolidated Funds	—			720.0		—			720.0
Accrued giveback obligations	64.8			—		—			64.8
Total liabilities	4,624.3			5,274.5		—			9,898.8
Series A preferred units	387.5			—		—			387.5
Partners’ capital	729.8			68.7		(68.7		)	729.8
Accumulated other comprehensive loss	(67.4		)	5.5		(6.0		)	(67.9		)
Non-controlling interests in consolidated entities	396.9			12.4		—			409.3
Non-controlling interests in Carlyle Holdings	1,585.5			171.2		(172.4		)	1,584.3
Total partners’ capital	3,032.3			257.8		(247.1		)	3,043.0
Total liabilities and partners’ capital	$	7,656.6		$	5,532.3	$	(247.1	)	$	12,941.8



	As of December 31, 2017 (As Adjusted)
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	1,000.1		$	—	$	—		$	1,000.1
Cash and cash equivalents held at Consolidated Funds	—			377.6		—			377.6
Restricted cash	28.7			—		—			28.7
Corporate treasury investments	376.3			—		—			376.3
Investments, including performance allocations of $3,664.3 million	5,508.5			—		(219.9		)	5,288.6
Investments of Consolidated Funds	—			4,534.3		—			4,534.3
Due from affiliates and other receivables, net	268.7			—		(5.3		)	263.4
Due from affiliates and other receivables of Consolidated Funds, net	—			50.8		—			50.8
Fixed assets, net	100.4			—		—			100.4
Deposits and other	54.1			—		—			54.1
Intangible assets, net	35.9			—		—			35.9
Deferred tax assets	170.4			—		—			170.4
Total assets	$	7,543.1		$	4,962.7	$	(225.2	)	$	12,280.6
Liabilities and partners’ capital
Loans payable	$	1,573.6		$	—	$	—		$	1,573.6
Loans payable of Consolidated Funds	—			4,303.8		—			4,303.8
Accounts payable, accrued expenses and other liabilities	355.1			—		—			355.1
Accrued compensation and benefits	2,222.6			—		—			2,222.6
Due to affiliates	229.9			—		—			229.9
Deferred revenue	82.1			—		—			82.1
Deferred tax liabilities	75.6			—		—			75.6
Other liabilities of Consolidated Funds	—			422.1		—			422.1
Accrued giveback obligations	66.8			—		—			66.8
Total liabilities	4,605.7			4,725.9		—			9,331.6
Series A preferred units	387.5			—		—			387.5
Partners’ capital	701.8			62.8		(62.8		)	701.8
Accumulated other comprehensive income (loss)	(72.2		)	4.1		(4.6		)	(72.7		)
Non-controlling interests in consolidated entities	391.4			13.3		—			404.7
Non-controlling interests in Carlyle Holdings	1,528.9			156.6		(157.8		)	1,527.7
Total partners’ capital	2,937.4			236.8		(225.2		)	2,949.0
Total liabilities and partners’ capital	$	7,543.1		$	4,962.7	$	(225.2	)	$	12,280.6

Supplemental results of operations



	Three Months Ended March 31, 2018
	Consolidated Operating Entities		Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	270.3	$	—	$	(5.8	)	$	264.5
Incentive fees	6.4		—		(0.1		)	6.3
Investment income
Performance allocations
Realized	220.6		—		—			220.6
Unrealized	87.5		—		—			87.5
Principal investment income
Realized	27.5		—		—			27.5
Unrealized	29.1		—		(2.5		)	26.6
Total investment income	364.7		—		(2.5		)	362.2
Interest and other income	28.5		—		(6.0		)	22.5
Interest and other income of Consolidated Funds	—		47.3		—			47.3
Total revenues	669.9		47.3		(14.4		)	702.8
Expenses
Compensation and benefits
Base compensation	187.3		—		—			187.3
Equity-based compensation	84.9		—		—			84.9
Performance allocations and incentive fee related compensation
Realized	108.4		—		—			108.4
Unrealized	49.6		—		—			49.6
Total compensation and benefits	430.2		—		—			430.2
General, administrative and other expenses	95.0		—		—			95.0
Interest	17.9		—		—			17.9
Interest and other expenses of Consolidated Funds	—		44.3		(8.4		)	35.9
Other non-operating expenses	0.3		—		—			0.3
Total expenses	543.4		44.3		(8.4		)	579.3
Other income
Net investment gains of Consolidated Funds	—		2.0		—			2.0
Income before provision for income taxes	126.5		5.0		(6.0		)	125.5
Provision for income taxes	7.8		—		—			7.8
Net income	118.7		5.0		(6.0		)	117.7
Net income attributable to non-controlling interests in consolidated entities	12.0		—		(1.0		)	11.0
Net income attributable to Carlyle Holdings	106.7		5.0		(5.0		)	106.7
Net income attributable to non-controlling interests in Carlyle Holdings	67.0		—		—			67.0
Net income attributable to The Carlyle Group L.P.	39.7		5.0		(5.0		)	39.7
Net income attributable to Series A Preferred Unitholders	5.9		—		—			5.9
Net income attributable to The Carlyle Group L.P. Common Unitholders	$	33.8	$	5.0	$	(5.0	)	$	33.8



	Three Months Ended March 31, 2017 (As Adjusted)
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	250.3		$	—	$	(4.0	)	$	246.3
Incentive fees	5.6			—		—			5.6
Investment income (loss)
Performance allocations
Realized	77.6			—		—			77.6
Unrealized	598.4			—		—			598.4
Principal investment income
Realized	(0.1		)	—		(0.1		)	(0.2		)
Unrealized	51.8			—		(5.3		)	46.5
Total investment income	727.7			—		(5.4		)	722.3
Interest and other income	15.9			—		(5.5		)	10.4
Interest and other income of Consolidated Funds	—			42.9		—			42.9
Revenue of a real estate VIE	92.6			—		—			92.6
Total revenues	1,092.1			42.9		(14.9		)	1,120.1
Expenses
Compensation and benefits
Base compensation	146.0			—		—			146.0
Equity-based compensation	72.8			—		—			72.8
Performance allocations and incentive fee related compensation
Realized	45.8			—		—			45.8
Unrealized	271.3			—		—			271.3
Total compensation and benefits	535.9			—		—			535.9
General, administrative and other expenses	93.8			—		—			93.8
Interest	15.0			—		—			15.0
Interest and other expenses of Consolidated Funds	—			53.0		(7.8		)	45.2
Interest and other expenses of a real estate VIE and loss on deconsolidation	119.6			—		—			119.6
Total expenses	764.3			53.0		(7.8		)	809.5
Other income
Net investment gains of Consolidated Funds	—			17.1		—			17.1
Income before provision for income taxes	327.8			7.0		(7.1		)	327.7
Provision for income taxes	5.8			—		—			5.8
Net income	322.0			7.0		(7.1		)	321.9
Net income attributable to non-controlling interests in consolidated entities	3.4			—		(0.1		)	3.3
Net income attributable to Carlyle Holdings	318.6			7.0		(7.0		)	318.6
Net income attributable to non-controlling interests in Carlyle Holdings	235.6			—		—			235.6
Net income attributable to The Carlyle Group L.P.	$	83.0		$	7.0	$	(7.0	)	$	83.0

Supplemental statement of cash flows



	Three Months Ended March 31,
	2018			2017
	(Dollars in millions)
Cash flows from operating activities
Net income	$	118.7		$	322.0
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	10.7			10.0
Equity-based compensation	84.9			72.8
Non-cash performance allocations and incentive fees	(71.8		)	(348.9		)
Other non-cash amounts	6.9			0.2
Principal investment income	(53.8		)	(48.1		)
Purchases of investments	(117.5		)	(66.1		)
Proceeds from the sale of investments	225.2			168.8
Payments of contingent consideration	(37.5		)	(22.5		)
Deconsolidation of Claren Road	—			(23.3		)
Change in deferred taxes, net	(2.8		)	(3.1		)
Change in due from affiliates and other receivables	5.1			(2.5		)
Change in receivables and inventory of a real estate VIE	—			(27.9		)
Change in deposits and other	(12.1		)	(6.7		)
Change in other assets of a real estate VIE	—			(1.7		)
Change in accounts payable, accrued expenses and other liabilities	(38.3		)	12.6
Change in accrued compensation and benefits	(82.9		)	(159.8		)
Change in due to affiliates	(15.5		)	67.1
Change in other liabilities of a real estate VIE	—			56.6
Change in deferred revenue	147.5			188.0
Net cash provided by operating activities	166.8			187.5
Cash flows from investing activities
Purchases of fixed assets, net	(4.7		)	(3.7		)
Net cash used in investing activities	(4.7		)	(3.7		)
Cash flows from financing activities
Payments on debt obligations	(6.8		)	—
Proceeds from debt obligations	34.5			66.1
Net payments on loans payable of a real estate VIE	—			(7.4		)
Distributions to common unitholders	(33.2		)	(13.7		)
Distributions to preferred unitholders	(5.9		)	—
Distributions to non-controlling interest holders in Carlyle Holdings	(77.5		)	(38.9		)
Contributions from non-controlling interest holders	3.4			—
Distributions to non-controlling interest holders	(21.1		)	(38.0		)
Common units repurchased	—			(0.2		)
Change in due to/from affiliates financing activities	(19.2		)	31.1
Net cash used in financing activities	(125.8		)	(1.0		)
Effect of foreign exchange rate changes	12.9			7.8
Increase in cash, cash equivalents and restricted cash	49.2			190.6
Cash, cash equivalents and restricted cash, beginning of period	1,028.8			684.0
Cash, cash equivalents and restricted cash, end of period	$	1,078.0		$	874.6

Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	$	1,068.2		$	799.2
Restricted cash	9.8			75.4
Total cash, cash equivalents and restricted cash, end of period	$	1,078.0		$	874.6

Cash and cash equivalents held at Consolidated Funds	$	355.9		$	377.6

Summary of Significant Accounting Policies - Principles of Consolidation (Details) $ in Millions	Mar. 31, 2018 USD ($)
Variable Interest Entity [Line Items]
Consolidated VIEs, assets	$ 5,500.0
Consolidated VIEs, liabilities	5,300.0
Collateralized Loan Obligations
Variable Interest Entity [Line Items]
Investments in CLOs	$ 242.7

Summary of Significant Accounting Policies - Investments in Unconsolidated Variable Interest Entities (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Investments	$ 5,310.4	$ 5,288.6
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Investments	1,129.3	1,066.2
Due from affiliates, net	0.1	0.1
Maximum Exposure to Loss	1,129.4	$ 1,066.3
Amount of variable interests in unconsolidated VIEs related to performance fees	72.8
Amount of variable interests in unconsolidated VIEs related to management fees	$ 10.9

Summary of Significant Accounting Policies - Effect of Topic 606 Adoption (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Performance fees
Realized		$ 5.6
Unrealized		0.0
Total performance fees	$ 6.3	5.6
Principal investment income (loss)
Realized		77.4
Unrealized		644.9
Total investment income	$ 362.2	722.3
As Previously Reported
Performance fees
Realized		83.2
Unrealized		598.4
Total performance fees		681.6
Principal investment income (loss)
Realized		(0.2)
Unrealized		46.5
Total investment income		46.3
Reclassifications \| Reclassifications
Performance fees
Realized		(77.6)
Unrealized		(598.4)
Total performance fees		(676.0)
Principal investment income (loss)
Realized		77.6
Unrealized		598.4
Total investment income		$ 676.0

Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Jan. 01, 2018	Dec. 31, 2017
Fund Management Fees
Partners' capital	$ 3,043.0			$ 2,949.0
Period of time for which management fees will be received by partners from the initial closing date (in years)	10 years
Subsequent period in which management fees are recognized after these fees are called (in months)	6 months
Management fee receivable	$ 47.7			47.7
Transaction and advisory fees	6.6	$ 11.7
Travel and entertainment expense	$ 6.1
Performance Fees
Performance fees allocation percentage to partnership	20.00%
Accrued giveback obligations	$ 64.8			$ 66.8
Interest Income
Interest income of Consolidated Funds	$ 46.0	$ 40.5
Minimum
Fund Management Fees
Percentage of management fees earned	1.00%
Percentage of management fees earned on unrealized investments after termination of the investment period	0.60%
Extension period for fund closing (in years)	1 year
Percentage of management fees for CLOs on the total par amount of assets in the fund	0.30%
Period of management fees related to collateralized loan obligation (in years)	5 years
Percentage of management fees for business development companies	0.25%
Percentage of management fees from fund of funds following the expiration of the weighted-average investment period	0.25%
Performance Fees
External coinvestment vehicles (as a percent)	10.00%
Percentage of allocation based performance fees related to fund of funds vehicles	2.00%
Percent of preferred returns	7.00%
Minimum \| Certain Open-ended and Longer-dated Carry Funds
Performance Fees
Percent of preferred returns	4.00%
Minimum \| Managed Accounts and Longer-dated Carry Funds
Fund Management Fees
Percentage of management fees earned	0.20%
Minimum \| Private Equity And Real Estate Fund
Fund Management Fees
Percentage of management fees from funds of funds during the commitment fee period	0.25%
Maximum
Fund Management Fees
Percentage of management fees earned	2.00%
Percentage of management fees earned on unrealized investments after termination of the investment period	2.00%
Extension period for fund closing (in years)	2 years
Percentage of management fees for CLOs on the total par amount of assets in the fund	0.60%
Period of management fees related to collateralized loan obligation (in years)	10 years
Percentage of management fees for business development companies	1.50%
Percentage of management fees from fund of funds following the expiration of the weighted-average investment period	1.00%
Performance Fees
External coinvestment vehicles (as a percent)	20.00%
Percentage of allocation based performance fees related to fund of funds vehicles	10.00%
Percent of preferred returns	9.00%
Maximum \| Certain Open-ended and Longer-dated Carry Funds
Performance Fees
Percent of preferred returns	7.00%
Maximum \| Managed Accounts and Longer-dated Carry Funds
Fund Management Fees
Percentage of management fees earned	1.00%
Maximum \| Private Equity And Real Estate Fund
Fund Management Fees
Percentage of management fees from funds of funds during the commitment fee period	1.00%
Reclassifications \| Reclassifications
Fund Management Fees
Partners' capital			$ 0.8

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Accounting Policies [Abstract]
Accrued performance allocations and incentive fee-related compensation	$ 1,899.7		$ 1,894.8
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%
Foreign currency transaction (gain) loss	$ 6.7	$ 3.7

Summary of Significant Accounting Policies - Fixed Assets (Details)	3 Months Ended
	Mar. 31, 2018
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of other fixed assets (in years)	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of other fixed assets (in years)	7 years

Summary of Significant Accounting Policies - Intangible Assets and Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Intangible asset amortization expense, excluding impairment losses	$ 2.7	$ 2.5
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of finite lived intangible assets (in years)	5 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of finite lived intangible assets (in years)	10 years

Summary of Significant Accounting Policies - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total	$ (63.8)	$ (68.8)
Unrealized losses on defined benefit plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total	(4.1)	(3.9)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total	$ (67.9)	$ (72.7)

Fair Value Measurement - Partnership's Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Assets
Investments at fair value	$ 5,826.3	$ 5,316.4
Liabilities
Loans payable of Consolidated Funds	4,554.5	4,303.8
Contingent consideration	1.1	1.0
Foreign currency forward contracts	0.3	1.2
Total Liabilities	4,555.9	4,306.0
Equity securities
Assets
Investments at fair value	10.8	7.9
Bonds
Assets
Investments at fair value	486.2	413.4
Loans
Assets
Investments at fair value	4,498.6	4,112.7
Other
Assets
Investments at fair value	0.3	0.3
Investments of Consolidated Funds
Assets
Investments at fair value	4,995.9	4,534.3
Investments in CLOs and other
Assets
Investments at fair value	454.3	405.4
Bonds
Assets
Investments at fair value	199.3	194.1
Commercial paper and other
Assets
Investments at fair value	176.6	182.2
Corporate treasury investments
Assets
Investments at fair value	375.9	376.3
Foreign currency forward contracts
Assets
Investments at fair value	0.2	0.4
Level I
Assets
Investments at fair value	0.0	0.0
Liabilities
Loans payable of Consolidated Funds	0.0	0.0
Contingent consideration	0.0	0.0
Foreign currency forward contracts	0.0	0.0
Total Liabilities	0.0	0.0
Level I \| Equity securities
Assets
Investments at fair value	0.0	0.0
Level I \| Bonds
Assets
Investments at fair value	0.0	0.0
Level I \| Loans
Assets
Investments at fair value	0.0	0.0
Level I \| Other
Assets
Investments at fair value	0.0	0.0
Level I \| Investments of Consolidated Funds
Assets
Investments at fair value	0.0	0.0
Level I \| Investments in CLOs and other
Assets
Investments at fair value	0.0	0.0
Level I \| Bonds
Assets
Investments at fair value	0.0	0.0
Level I \| Commercial paper and other
Assets
Investments at fair value	0.0	0.0
Level I \| Corporate treasury investments
Assets
Investments at fair value	0.0	0.0
Level I \| Foreign currency forward contracts
Assets
Investments at fair value	0.0	0.0
Level II
Assets
Investments at fair value	376.1	376.7
Liabilities
Loans payable of Consolidated Funds	0.0	0.0
Contingent consideration	0.0	0.0
Foreign currency forward contracts	0.3	1.2
Total Liabilities	0.3	1.2
Level II \| Equity securities
Assets
Investments at fair value	0.0	0.0
Level II \| Bonds
Assets
Investments at fair value	0.0	0.0
Level II \| Loans
Assets
Investments at fair value	0.0	0.0
Level II \| Other
Assets
Investments at fair value	0.0	0.0
Level II \| Investments of Consolidated Funds
Assets
Investments at fair value	0.0	0.0
Level II \| Investments in CLOs and other
Assets
Investments at fair value	0.0	0.0
Level II \| Bonds
Assets
Investments at fair value	199.3	194.1
Level II \| Commercial paper and other
Assets
Investments at fair value	176.6	182.2
Level II \| Corporate treasury investments
Assets
Investments at fair value	375.9	376.3
Level II \| Foreign currency forward contracts
Assets
Investments at fair value	0.2	0.4
Level III
Assets
Investments at fair value	5,450.2	4,939.7
Liabilities
Loans payable of Consolidated Funds	4,554.5	4,303.8
Contingent consideration	1.1	1.0
Foreign currency forward contracts	0.0	0.0
Total Liabilities	4,555.6	4,304.8
Level III \| Equity securities
Assets
Investments at fair value	10.8	7.9
Level III \| Bonds
Assets
Investments at fair value	486.2	413.4
Level III \| Loans
Assets
Investments at fair value	4,498.6	4,112.7
Level III \| Other
Assets
Investments at fair value	0.3	0.3
Level III \| Investments of Consolidated Funds
Assets
Investments at fair value	4,995.9	4,534.3
Level III \| Investments in CLOs and other
Assets
Investments at fair value	454.3	405.4
Level III \| Bonds
Assets
Investments at fair value	0.0	0.0
Level III \| Commercial paper and other
Assets
Investments at fair value	0.0	0.0
Level III \| Corporate treasury investments
Assets
Investments at fair value	0.0	0.0
Level III \| Foreign currency forward contracts
Assets
Investments at fair value	$ 0.0	$ 0.0

Fair Value Measurement - Financial Assets Measured at Fair Value (Details) - Level III - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 4,939.7	$ 4,046.3
Purchases	956.2	691.5
Sales and distributions	(298.2)	(466.6)
Settlements	(234.8)	(291.1)
Realized and unrealized gains (losses), net
Included in earnings	(10.4)	39.6
Included in other comprehensive income	97.7	39.3
Balance, end of period	5,450.2	4,059.0
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	(10.2)	36.8
Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	7.9	10.3
Purchases	0.0	0.0
Sales and distributions	0.0	0.0
Settlements	0.0	0.0
Realized and unrealized gains (losses), net
Included in earnings	2.7	0.3
Included in other comprehensive income	0.2	0.2
Balance, end of period	10.8	10.8
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	2.7	0.3
Bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	413.4	396.4
Purchases	124.5	66.1
Sales and distributions	(55.4)	(56.4)
Settlements	0.0	0.0
Realized and unrealized gains (losses), net
Included in earnings	(6.8)	5.3
Included in other comprehensive income	10.5	6.2
Balance, end of period	486.2	417.6
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	(6.2)	5.1
Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	4,112.7	3,485.6
Purchases	786.7	625.4
Sales and distributions	(239.8)	(408.1)
Settlements	(234.8)	(291.1)
Realized and unrealized gains (losses), net
Included in earnings	(8.4)	31.0
Included in other comprehensive income	82.2	30.4
Balance, end of period	4,498.6	3,473.2
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	(8.8)	28.4
Other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	0.3	1.4
Purchases	0.0	0.0
Sales and distributions	0.0	0.0
Settlements	0.0	0.0
Realized and unrealized gains (losses), net
Included in earnings	0.0	0.1
Included in other comprehensive income	0.0	0.0
Balance, end of period	0.3	1.5
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	0.0	0.1
Investments in CLOs and other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	405.4	152.6
Purchases	45.0	0.0
Sales and distributions	(3.0)	(2.1)
Settlements	0.0	0.0
Realized and unrealized gains (losses), net
Included in earnings	2.1	2.9
Included in other comprehensive income	4.8	2.5
Balance, end of period	454.3	155.9
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$ 2.1	$ 2.9

Fair Value Measurement - Financial Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Borrowings	$ 34.5	$ 66.1
Level III
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	4,304.8	3,947.2
Borrowings	751.4	431.5
Paydowns	(570.8)	(769.4)
Realized and unrealized (gains) losses, net
Included in earnings	(17.4)	23.4
Included in other comprehensive income	87.6	34.1
Balance, end of period	4,555.6	3,666.8
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	(24.4)	31.7
Level III \| Loans Payable of Consolidated Funds
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	4,303.8	3,866.3
Borrowings	751.4	431.5
Paydowns	(570.8)	(762.0)
Realized and unrealized (gains) losses, net
Included in earnings	(17.5)	18.1
Included in other comprehensive income	87.6	33.6
Balance, end of period	4,554.5	3,587.5
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	(24.5)	26.4
Level III \| Contingent Consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	1.0	1.5
Borrowings	0.0	0.0
Paydowns	0.0	0.0
Realized and unrealized (gains) losses, net
Included in earnings	0.1	0.0
Included in other comprehensive income	0.0	0.0
Balance, end of period	1.1	1.5
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$ 0.1	0.0
Level III \| Loans Payable of a real estate VIE
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period		79.4
Borrowings		0.0
Paydowns		(7.4)
Realized and unrealized (gains) losses, net
Included in earnings		5.3
Included in other comprehensive income		0.5
Balance, end of period		77.8
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date		$ 5.3

Investments - Schedule of Investments (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Investments [Abstract]
Accrued performance allocations	$ 3,650.1	$ 3,664.3
Principal equity method investments, excluding performance allocations	1,205.7	1,218.4
Principal investments in CLOs and other	454.6	405.9
Total investments	$ 5,310.4	$ 5,288.6

Investments - Investment Components of Accrued Performance Fees (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Accrued performance allocations	$ 3,650.1	$ 3,664.3
Corporate Private Equity
Segment Reporting Information [Line Items]
Accrued performance allocations	2,209.0	2,272.4
Real Assets
Segment Reporting Information [Line Items]
Accrued performance allocations	647.9	656.7
Global Credit
Segment Reporting Information [Line Items]
Accrued performance allocations	50.5	50.6
Investment Solutions
Segment Reporting Information [Line Items]
Accrued performance allocations	$ 742.7	$ 684.6

Investments - Additional Information, Accrued Performance Fees (Details) - fund	Mar. 31, 2018	Dec. 31, 2017
Investments [Abstract]
Percentage of accrued performance fees related to certain Corporate Private Equity funds (percent)	20.00%	19.00%
Number of Partnership's Corporate Private Equity funds related to accrued performance fees	1

Investments - Components of Accrued Giveback Obligations (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Accrued giveback obligations	$ (64.8)	$ (66.8)
Corporate Private Equity
Segment Reporting Information [Line Items]
Accrued giveback obligations	(6.7)	(8.7)
Real Assets
Segment Reporting Information [Line Items]
Accrued giveback obligations	$ (58.1)	$ (58.1)

Investments - Principal Investments (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total	$ 1,205.7	$ 1,218.4
Corporate Private Equity
Segment Reporting Information [Line Items]
Total	369.9	369.5
Real Assets
Segment Reporting Information [Line Items]
Total	755.7	775.1
Global Credit
Segment Reporting Information [Line Items]
Total	25.1	23.0
Investment Solutions
Segment Reporting Information [Line Items]
Total	$ 55.0	$ 50.8

Investments - Strategic Investment in NGP (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Percentage of carried interest income allocated to partnership for future carry funds	47.50%
Basis difference	$ 19.5	$ 21.3
Amortization period of basis difference	10 years
Management Fee Related Revenues
Schedule of Equity Method Investments [Line Items]
Percentage of income allocated under partnership investment	55.00%

Investments - Schedule of Net Investment Earnings (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Investments [Abstract]
Management fees	$ 18.9	$ 17.6
Performance allocations	12.0	35.6
Investment income	1.3	4.0
Expenses	(2.9)	(26.0)
Amortization of basis differences	(1.8)	(2.1)
Net investment income	$ 27.5	$ 29.1

Investments - Components of Investment Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Investments [Abstract]
Performance allocations	$ 308.1	$ 676.0
Principal investment income from equity method investments (excluding performance allocations)	53.1	45.4
Principal investment income from investments in CLOs and other investments	1.0	0.9
Total investment income	$ 362.2	$ 722.3

- Definition

This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any gains (losses) realized during the period from the sale of investments accounted for under the cost method of accounting and losses recognized for other than temporary impairments (OTTI) of the subject investments.

+ References + Details

Investments - Schedule of Performance Allocations Included in Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Schedule of Investments [Line Items]
Total	$ 308.1	$ 676.0
Corporate Private Equity
Schedule of Investments [Line Items]
Total	257.9	568.0
Real Assets
Schedule of Investments [Line Items]
Total	(3.3)	57.8
Global Credit
Schedule of Investments [Line Items]
Total	2.6	14.4
Investment Solutions
Schedule of Investments [Line Items]
Total	$ 50.9	$ 35.8

Investments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Percentage of accrued performance fees related to certain Corporate Private Equity funds (percent)	20.00%		19.00%
Performance fees	$ 308.1	$ 676.0
Performance Fee Revenue \| Customer Concentration Risk
Segment Reporting Information [Line Items]
Percentage of performance fees related to certain Corporate Private Equity funds (percent)	47.00%	80.00%
Performance fees	$ 143.9	$ 537.5
Performance Fee Revenue \| Customer Concentration Risk \| Carlyle Partners V, L.P.
Segment Reporting Information [Line Items]
Performance fees	41.2	184.6
Performance Fee Revenue \| Customer Concentration Risk \| Carlyle Partners VI, L.P.
Segment Reporting Information [Line Items]
Performance fees	86.2	253.6
Performance Fee Revenue \| Customer Concentration Risk \| Carlyle Europe Partners IV L.P.
Segment Reporting Information [Line Items]
Performance fees	90.0
Performance Fee Revenue \| Customer Concentration Risk \| Carlyle Realty Partners VII, L.P.
Segment Reporting Information [Line Items]
Performance fees	48.6
Performance Fee Revenue \| Customer Concentration Risk \| Carlyle Realty Partners V, L.P.
Segment Reporting Information [Line Items]
Performance fees	$ (43.2)
Performance Fee Revenue \| Customer Concentration Risk \| Carlyle Asia Partners IV, L.P.
Segment Reporting Information [Line Items]
Performance fees		$ 165.1

Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Schedule of Investments [Line Items]
Principal investment income from equity method investments (excluding performance allocations)	$ 53.1	$ 45.4
Operating Segments \| Corporate Private Equity
Schedule of Investments [Line Items]
Principal investment income from equity method investments (excluding performance allocations)	16.2	7.6
Operating Segments \| Real Assets
Schedule of Investments [Line Items]
Principal investment income from equity method investments (excluding performance allocations)	32.7	35.0
Operating Segments \| Global Credit
Schedule of Investments [Line Items]
Principal investment income from equity method investments (excluding performance allocations)	0.3	1.3
Operating Segments \| Investment Solutions
Schedule of Investments [Line Items]
Principal investment income from equity method investments (excluding performance allocations)	$ 3.9	$ 1.5

Investments - Investments in CLO and Other Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Minimum percent of aggregate assets for individual investments with fair value	500.00%
Corporate Mezzanine Securities Bonds And Warrants
Schedule of Equity Method Investments [Line Items]
Trading securities, other	$ 454.6	$ 405.9

Investments - Interest and Other Income of Consolidated Funds (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Investments [Abstract]
Interest income from investments	$ 46.0	$ 40.5
Other income	1.3	2.4
Total	$ 47.3	$ 42.9

Investments - Net Investment Gains (Losses) of Consolidated Funds (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Investments [Abstract]
Gains (losses) from investments of Consolidated Funds	$ (15.4)	$ 35.2
Gains (losses) from liabilities of CLOs	17.4	(18.1)
Total	$ 2.0	$ 17.1

Investments - Realized and Unrealized Gains (Losses) Earned from Investments of Consolidated Funds (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Investments [Abstract]
Realized losses	$ (2.7)	$ (2.1)
Net change in unrealized gains	(12.7)	37.3
Total	$ (15.4)	$ 35.2

Borrowings - Partnership's Borrowings (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017	Jun. 30, 2017
Debt Instrument [Line Items]
Borrowing Outstanding	$ 1,605,700,000	$ 1,575,500,000
Carrying Value	1,603,900,000	1,573,600,000
Senior Credit Facility Term Loan Due 5/05/2020
Debt Instrument [Line Items]
Borrowing Outstanding	25,000,000.0	25,000,000
Carrying Value	24,800,000	24,800,000
CLO Term Loans
Debt Instrument [Line Items]
Borrowing Outstanding	331,500,000	294,500,000
Carrying Value	331,500,000	294,500,000
3.875% Senior Notes Due 2/01/2023
Debt Instrument [Line Items]
Borrowing Outstanding	500,000,000	500,000,000
Carrying Value	$ 497,700,000	497,600,000
Interest rate on senior notes (as a percent)	3.875%
5.625% Senior Notes Due 3/30/2043
Debt Instrument [Line Items]
Borrowing Outstanding	$ 600,000,000	600,000,000
Carrying Value	$ 600,700,000	600,700,000
Interest rate on senior notes (as a percent)	5.625%
Promissory Notes Due 7/15/2019
Debt Instrument [Line Items]
Carrying Value	$ 40,400,000
LIBOR \| Promissory Note Due 1/01/2022
Debt Instrument [Line Items]
Borrowing Outstanding	108,800,000	108,800,000
Carrying Value	108,800,000	108,800,000
LIBOR \| Promissory Notes Due 7/15/2019
Debt Instrument [Line Items]
Borrowing Outstanding	$ 40,400,000	47,200,000	$ 53,900,000
Carrying Value		$ 47,200,000

Borrowings - Additional Information (Details)		1 Months Ended		3 Months Ended
Borrowings - Additional Information (Details)	Mar. 31, 2018 USD ($)	Mar. 31, 2013 USD ($)	Jan. 31, 2013 USD ($)	Mar. 31, 2018 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)	Jun. 30, 2017 USD ($) vehicle	Feb. 28, 2017 EUR (€)	Jan. 01, 2016 USD ($)	Mar. 31, 2014 USD ($)
Debt Instrument [Line Items]
Debt principal amount	$ 1,605,700,000			$ 1,605,700,000		$ 1,575,500,000
Interest expense				17,900,000	$ 15,000,000
Term loan carrying value	1,603,900,000			1,603,900,000		1,573,600,000
Derivatives, number of commodities investment vehicles settled \| vehicle							2
Fair value of collateralized loan obligation assets	5,400,000,000			5,400,000,000		4,900,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity	750,000,000.0			750,000,000.0
Outstanding borrowings under credit facility	0			0
Interest expense				0	0
Senior Notes
Debt Instrument [Line Items]
Debt principal amount			$ 500,000,000.0
Interest expense				5,000,000	5,000,000
Interest rate on senior notes (as a percent)			3.875%
Senior notes percentage of par value (percent)			99.966%
Senior notes redemption terms percentage to principal amount			100.00%
Fair value of notes payable	507,100,000			507,100,000		520,400,000
Senior Notes \| Treasury Rate
Debt Instrument [Line Items]
Interest rate spread on term loan to fund investment in a CLO (as a percent)			0.30%
5.625% Senior Notes Due 3/30/2043
Debt Instrument [Line Items]
Debt principal amount		$ 400,000,000.0								$ 200,000,000.0
Interest expense				8,400,000	8,400,000
Interest rate on senior notes (as a percent)		5.625%								5.625%
Senior notes percentage of par value (percent)		99.583%								104.315%
Senior notes redemption terms percentage to principal amount		100.00%
Fair value of notes payable	655,800,000			655,800,000		696,300,000
5.625% Senior Notes Due 3/30/2043 \| Treasury Rate
Debt Instrument [Line Items]
Interest rate spread on term loan to fund investment in a CLO (as a percent)		0.40%
CLO Term Loans
Debt Instrument [Line Items]
Debt principal amount	331,500,000			331,500,000		294,500,000
Interest expense				0	0
Term loan carrying value	331,500,000			331,500,000		294,500,000
Senior Credit Facility Term Loan Due 5/05/2020
Debt Instrument [Line Items]
Debt principal amount	25,000,000.0			25,000,000.0		25,000,000
Term loan carrying value	$ 24,800,000			$ 24,800,000		24,800,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum percentage of applicable margin in addition to base rate (percent)	0.75%			0.75%
Maximum percentage of applicable margin (percent)	1.75%			1.75%
Actual percentage at period end (percent)				3.13%
Euro CLO Financing
Debt Instrument [Line Items]
Debt principal amount \| €								€ 61,800,000.0
Term loan carrying value	$ 76,200,000			$ 76,200,000
Repayment with penalty period				3 years
Euro CLO Financing \| Euribor
Debt Instrument [Line Items]
Weighted-average rate under credit facility (as a percent)	2.33%			2.33%
5.625% Senior Notes Due 3/30/2043
Debt Instrument [Line Items]
Debt principal amount	$ 600,000,000			$ 600,000,000		600,000,000
Term loan carrying value	$ 600,700,000			$ 600,700,000		600,700,000
Interest rate on senior notes (as a percent)	5.625%			5.625%
Promissory Note Due 1/01/2022
Debt Instrument [Line Items]
Actual percentage at period end (percent)				4.81%
Interest expense				$ 0	0
Amount of promissory note for strategic investment contingent consideration									$ 120,000,000.0
Basis spread of variable rate promissory note (as a percent)				2.50%
Promissory Note Due 1/01/2022 \| LIBOR
Debt Instrument [Line Items]
Debt principal amount	$ 108,800,000			$ 108,800,000		108,800,000
Term loan carrying value	108,800,000			108,800,000		108,800,000
Promissory Notes Due 7/15/2019
Debt Instrument [Line Items]
Interest expense				0	$ 0
Term loan carrying value	$ 40,400,000			40,400,000
Promissory Notes Due 7/15/2019 \| LIBOR
Debt Instrument [Line Items]
Interest rate spread on term loan to fund investment in a CLO (as a percent)	2.00%
Debt principal amount	$ 40,400,000			40,400,000		47,200,000	$ 53,900,000
Actual percentage at period end (percent)	3.72%
Term loan carrying value						47,200,000
Commercial Paper \| Promissory Note Maturing January 1, 2022
Debt Instrument [Line Items]
Long-term debt outstanding	$ 108,800,000			$ 108,800,000		$ 108,800,000

Borrowings - CLO Term Loans (Details) $ in Millions	Mar. 01, 2018	Jan. 30, 2018	Dec. 07, 2017	Dec. 06, 2017	Nov. 30, 2017	Aug. 14, 2017	Aug. 02, 2017 EUR (€)	Jul. 20, 2017	Jun. 28, 2017	Apr. 19, 2017	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Feb. 28, 2017 EUR (€)
Debt Instrument [Line Items]
Debt principal amount											$ 1,605.7	$ 1,575.5
CLO Term Loan Maturing July 2027
Debt Instrument [Line Items]
Debt principal amount											$ 20.6	20.6
Effective interest rate (percent)											3.52%
CLO Term Loan Maturing September 2029
Debt Instrument [Line Items]
Debt principal amount \| €													€ 61,800,000.0
CLO Term Loans
Debt Instrument [Line Items]
Debt principal amount											$ 331.5	294.5
Euro CLO Financing
Debt Instrument [Line Items]
Debt principal amount \| €													€ 61,800,000.0
Euribor \| CLO Term Loan Maturing September 2029
Debt Instrument [Line Items]
Debt principal amount											$ 76.2	74.3
Effective interest rate (percent)											2.33%
Euribor \| CLO Term Loan Maturing August 2022
Debt Instrument [Line Items]
Debt principal amount							€ 17,400,000.0				$ 21.4	20.9
Effective interest rate (percent)											1.75%
Margin interest rate (as a percent)							1.75%
Euribor \| Euro CLO Financing
Debt Instrument [Line Items]
Weighted-average rate under credit facility (as a percent)											2.33%
LIBOR \| CLO Term Loan Maturing April 2031
Debt Instrument [Line Items]
Debt principal amount											$ 22.8	22.8
Effective interest rate (percent)											3.68%
Margin interest rate (as a percent)										1.932%
LIBOR \| CLO Term Loan Maturing July 2031
Debt Instrument [Line Items]
Debt principal amount											$ 23.1	23.1
Effective interest rate (percent)											3.67%
Margin interest rate (as a percent)									1.923%
LIBOR \| CLO Term Loan Maturing April 2027
Debt Instrument [Line Items]
Debt principal amount											$ 24.4	24.4
Effective interest rate (percent)											3.28%
Margin interest rate (as a percent)								1.536%
LIBOR \| CLO Term Loan Maturing July 2029
Debt Instrument [Line Items]
Debt principal amount											$ 22.8	22.8
Effective interest rate (percent)											3.55%
Margin interest rate (as a percent)							1.808%
LIBOR \| CLO Term Loan Maturing August 2030
Debt Instrument [Line Items]
Debt principal amount											$ 22.6	22.6
Effective interest rate (percent)											3.68%
Margin interest rate (as a percent)						1.848%
LIBOR \| CLO Term Loan Maturing January 2030
Debt Instrument [Line Items]
Debt principal amount											$ 22.7	22.7
Effective interest rate (percent)											3.45%
Margin interest rate (as a percent)					1.7312%
LIBOR \| CLO Term Loan Maturing October 2030
Debt Instrument [Line Items]
Debt principal amount											$ 19.1	19.1
Effective interest rate (percent)											3.37%
Margin interest rate (as a percent)				1.647%
LIBOR \| CLO Term Loan Maturing January 2029
Debt Instrument [Line Items]
Debt principal amount											$ 21.2	21.2
Effective interest rate (percent)											3.10%
Margin interest rate (as a percent)			1.365%
LIBOR \| CLO Term Loan Maturing January 22 2030
Debt Instrument [Line Items]
Debt principal amount											$ 19.2	0.0
Effective interest rate (percent)											3.35%
Margin interest rate (as a percent)		1.624%
LIBOR \| CLO Term Loan Maturing January 2031
Debt Instrument [Line Items]
Debt principal amount											$ 15.4	$ 0.0
Effective interest rate (percent)											3.27%
Margin interest rate (as a percent)	1.552%

Borrowings - Outstanding Loans Payable of Consolidated Funds (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2016	Dec. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	$ 4,591.3		$ 4,323.5
Fair Value	4,554.5		4,303.8
Senior secured notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	4,381.4		4,128.3
Fair Value	$ 4,334.8		$ 4,100.5
Weighted Average Interest Rate	2.07%		2.16%
Weighted Average Remaining Maturity in Years	11 years 3 months 25 days	11 years 5 months 8 days
Subordinated notes, preferred shares and other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	$ 209.9		$ 195.2
Fair Value	$ 219.7		$ 203.3
Weighted Average Remaining Maturity in Years	9 years 4 months 2 days	9 years 10 months 6 days

Accrued Compensation and Benefits (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Retirement Benefits [Abstract]
Accrued performance allocations and incentive fee-related compensation	$ 1,899.7	$ 1,894.8
Accrued bonuses	112.2	202.6
Other	137.1	125.2
Total	$ 2,149.0	$ 2,222.6

Commitments and Contingencies - Unfunded Commitments (Details) $ in Millions	Mar. 31, 2018 USD ($)
Segment Reporting Information [Line Items]
Unfunded Commitments	$ 3,848.9
Unfunded commitment subscribed individually by senior Carlyle professionals, operating executives and other professionals	3,400.0
Corporate Private Equity
Segment Reporting Information [Line Items]
Unfunded Commitments	2,368.5
Real Assets
Segment Reporting Information [Line Items]
Unfunded Commitments	839.3
Global Credit
Segment Reporting Information [Line Items]
Unfunded Commitments	491.3
Investment Solutions
Segment Reporting Information [Line Items]
Unfunded Commitments	$ 149.8

Commitments and Contingencies - Additional Information (Details) € in Millions			1 Months Ended		3 Months Ended
	Jul. 07, 2010 USD ($)	Aug. 04, 2001 USD ($)	Dec. 31, 2017 USD ($) vehicle	Apr. 30, 2015 EUR (€)	Mar. 31, 2018 USD ($)	Mar. 31, 2017 USD ($)	Mar. 31, 2018 EUR (€)	Dec. 31, 2017 EUR (€) vehicle
Guarantor Obligations [Line Items]
Liability for potential repayment of previously received performance fees			$ 66,800,000		$ 64,800,000
Amount of accrued giveback obligation of various current and former senior Carlyle professionals and other limited partners of Carlyle Holdings partnerships					36,800,000
Amount of net accrued giveback obligation attributable to Carlyle Holdings					28,000,000
Rent expense					14,200,000	$ 14,100,000
Deferred rent payable			62,900,000		64,800,000
Maximum amount of potential damages according to the liquidator’s expert report (more than)	$ 1,000,000,000.0
Amount received from the plaintiff			$ 29,800,000
Number of structured finance vehicles invested In petroleum commodities believed stolen \| vehicle			2					2
Loss contingency accrual					$ 35,000,000
Vermillion Legal Matter
Guarantor Obligations [Line Items]
Amount of investment in petroleum commodities believed stolen			$ 400,000,000
Guaranteed Loans
Guarantor Obligations [Line Items]
Aggregate annual incremental borrowings		$ 11,300,000
Margin interest rate (as a percent)		3.00%
Weighted-average rate under credit facility (as a percent)					4.70%		4.70%
Outstanding borrowings under credit facility			13,300,000		$ 12,700,000
Guarantor obligations, current carrying value					16,600,000
Contingent Obligations (Giveback)
Guarantor Obligations [Line Items]
Unbilled receivable for giveback obligations from current and former employees			5,100,000		4,900,000
Cash withheld from carried interest distributions for potential giveback obligations			$ 247,600,000		248,300,000
Amount of realized and distributed carried interest subject to potential giveback on after-tax basis					$ 700,000,000
Ministry of the Economy, Finance and Industry, France
Guarantor Obligations [Line Items]
Maximum amount of potential damages according to the liquidator’s expert report (more than) \| €				€ 105.0
Payments for legal settlements \| €				75.0
Liability (refund) adjustment from settlement with taxing authority \| €								€ 105.0
Liability refund adjustment from settlement with taxing authority, before tax \| €							€ 117.5	€ 12.5
CEREP I \| Ministry of the Economy, Finance and Industry, France
Guarantor Obligations [Line Items]
Payments for legal settlements \| €				€ 30.0

Commitments and Contingencies - Future Minimum Commitments for Leases (Details) $ in Millions	Mar. 31, 2018 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2018	$ 36.3
2019	47.8
2020	48.7
2021	44.6
2022	41.4
Thereafter	299.7
Future minimum commitments for leases, total	$ 518.5

Related Party Transactions - Due from Affiliates and Other Receivables (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Accrued incentive fees	$ 5.3	$ 6.3
Notes receivable and accrued interest from affiliates	7.2	22.8
Management fee, reimbursable expenses and other receivables from unconsolidated funds and affiliates, net	256.6	229.2
Total	274.0	263.4
Contingent Obligations (Giveback)
Related Party Transaction [Line Items]
Unbilled receivable for giveback obligations from current and former employees	$ 4.9	$ 5.1

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Related Party Transactions [Abstract]
Maximum percentage of interest on amounts due from affiliates (percent)	7.11%
Payment of aircraft related expenses	$ 1.9	$ 1.2

Related Party Transactions - Due to Affiliates (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Related Party Transactions [Abstract]
Due to non-consolidated affiliates	$ 55.4	$ 75.7
Performance-based contingent cash consideration related to acquisitions	0.0	37.5
Amounts owed under the tax receivable agreement	94.1	94.0
Other	28.6	22.7
Total	$ 178.1	$ 229.9

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2018	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 7.8	$ 5.8

Non-controlling Interests in Consolidated Entities - Partnership's Non-Controlling Interests in Consolidated Entities (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated entities	$ 409.3	$ 404.7
Non-Carlyle interests in Consolidated Funds
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated entities	12.4	13.3
Non-Carlyle interests in majority-owned subsidiaries
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated entities	388.8	386.5
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated entities	$ 8.1	$ 4.9

Non-controlling Interests in Consolidated Entities - Partnership's Non-Controlling Interests in Income (Loss) of Consolidated Entities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Noncontrolling Interest [Line Items]
Net income attributable to other non-controlling interests in consolidated entities	$ 11.0	$ 3.3
Non-controlling interests in income of consolidated entities	11.0	3.3
Non-Carlyle interests in Consolidated Funds
Noncontrolling Interest [Line Items]
Net income attributable to other non-controlling interests in consolidated entities	(0.9)	(0.1)
Non-Carlyle interests in majority-owned subsidiaries
Noncontrolling Interest [Line Items]
Net income attributable to other non-controlling interests in consolidated entities	8.4	0.8
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions
Noncontrolling Interest [Line Items]
Net income attributable to other non-controlling interests in consolidated entities	$ 3.5	$ 2.6

Earnings Per Common Unit - Basic and Diluted Net Income Per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Basic
Net income attributable to common units	$ 33,800	$ 83,000
Weighted-average common units outstanding (in shares)	100,732,493	85,337,534
Net income per common unit (usd per share)	$ 0.34	$ 0.97
Diluted
Net income attributable to common units	$ 33,800	$ 83,000
Weighted-average common units outstanding (in shares)	111,303,988	91,967,452
Net income per common unit (usd per share)	$ 0.30	$ 0.90

Earnings Per Common Unit - Weighted-Average Common Units Outstanding, Basic and Diluted (Details) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average common units outstanding, basic (in shares)	100,732,493	85,337,534
Weighted-average common units outstanding, diluted (in shares)	111,303,988	91,967,452
The Carlyle Group L.P.
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average common units outstanding, basic (in shares)	100,732,493	85,337,534
Weighted-average common units outstanding, diluted (in shares)	100,732,493	85,337,534
Unvested deferred restricted common units
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average common units outstanding, basic (in shares)	0	0
Weighted-average common units outstanding, diluted (in shares)	10,170,967	6,031,974
Issuable Carlyle Group L.P. common units
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average common units outstanding, basic (in shares)	0	0
Weighted-average common units outstanding, diluted (in shares)	400,528	0
Issuable Carlyle Holdings Partnership units
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average common units outstanding, basic (in shares)	0	0
Weighted-average common units outstanding, diluted (in shares)	0	597,944

Earnings Per Common Unit - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Unvested Carlyle Holdings Partnership units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	226,590,279	2,991,731
Weighted-average vested Carlyle Holdings Partnership units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	6,034,039	224,675,389

Equity and Equity-Based Compensation - Preferred Unit Issuance (Details) - Series A Preferred Stock - USD ($) $ / shares in Units, $ in Millions	Sep. 13, 2017	Mar. 31, 2018	Dec. 31, 2017
Preferred Units [Line Items]
Preferred units, issued (in shares)	16,000,000	16,000,000	16,000,000
Dividend rate, percentage	5.875%
Proceeds from issuance of redeemable preferred stock, gross	$ 400.0
Proceeds from issuance of preferred units, net of offering costs and expenses	$ 387.5
Redemption price per share (in usd per share)	$ 25.00
Minimum redemption notice period	30 days
Redemption period window	60 days
Redemption price per share in the event of change of control or tax redemption (in dollars per share)	$ 25.25
31 Day Following Change Of Control
Preferred Units [Line Items]
Minimum redemption notice period	30 days
Redemption period window	60 days
Redemption price per share in the event of change of control or tax redemption (in dollars per share)	$ 25.50
Distribution increase, percent	5.00%

Equity and Equity-Based Compensation - Additional Information (Details) - USD ($)	3 Months Ended		26 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Jan. 01, 2018	Feb. 29, 2016	May 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for repurchase					$ 200,000,000
Payments to repurchase units	$ 0	$ 200,000	$ 59,100,000
Units repurchased (in shares)			3,700,000
Number of partnership units exchanged for common units (in shares)	917,549
Capital reallocated from non-controlling interests	$ 6,000,000
Number of the Partnership's common units and Carlyle Holdings partnership units available for grant under the Equity Incentive Plan (in shares)				32,645,874		30,450,000
Deferred Restricted Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation expense	39,500,000	37,500,000
Tax benefits related to equity-based compensation expense	4,000,000	$ 4,200,000
Unrecognized equity-based compensation expense	$ 327,700,000		$ 327,700,000
Weighted-average term for unrecognized compensation expense to be recognized (in years)	3 years

Equity and Equity-Based Compensation - Summary of Status of Non-Vested Equity-Based Awards (Details)	3 Months Ended
	Mar. 31, 2018 $ / shares shares
Carlyle Holdings
Unvested Units
Beginning balance (in shares) \| shares	8,095,015
Granted (in shares) \| shares	0
Vested (in shares) \| shares	12,235
Forfeited (in shares) \| shares	0
Ending balance (in shares) \| shares	8,082,780
Weighted- Average Grant Date Fair Value
Beginning balance (usd per share) \| $ / shares	$ 22.03
Granted (usd per share) \| $ / shares	0.00
Vested (usd per share) \| $ / shares	22.00
Forfeited (usd per share) \| $ / shares	0.00
Ending balance (usd per share) \| $ / shares	$ 22.03
The Carlyle Group L.P. \| Equity Settled Awards \| Deferred Restricted Common Units
Unvested Units
Beginning balance (in shares) \| shares	15,519,591
Granted (in shares) \| shares	11,287,396
Vested (in shares) \| shares	471,604
Forfeited (in shares) \| shares	319,708
Ending balance (in shares) \| shares	26,015,675
Weighted- Average Grant Date Fair Value
Beginning balance (usd per share) \| $ / shares	$ 16.25
Granted (usd per share) \| $ / shares	21.00
Vested (usd per share) \| $ / shares	22.49
Forfeited (usd per share) \| $ / shares	15.42
Ending balance (usd per share) \| $ / shares	$ 18.21
The Carlyle Group L.P. \| Equity Settled Awards \| Unvested Common Units
Unvested Units
Beginning balance (in shares) \| shares	7,782
Granted (in shares) \| shares	0
Vested (in shares) \| shares	7,782
Forfeited (in shares) \| shares	0
Ending balance (in shares) \| shares	0
Weighted- Average Grant Date Fair Value
Beginning balance (usd per share) \| $ / shares	$ 22.22
Granted (usd per share) \| $ / shares	0.00
Vested (usd per share) \| $ / shares	22.22
Forfeited (usd per share) \| $ / shares	0.00
Ending balance (usd per share) \| $ / shares	$ 0.00

Segment Reporting - Additional Information (Details) - segment	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information [Line Items]
Number of reportable segments	4	4
Claren Road
Segment Reporting Information [Line Items]
Revised ownership interest (percent)	63.00%

Segment Reporting - Reportable Segments Financial Data (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Fund level fee revenues
Fund management fees	$ 264.5	$ 246.3
Performance revenues
Realized	220.6	77.6
Unrealized	87.5	598.4
Total performance revenues	308.1	676.0
Principal investment income (loss)
Realized	27.5	(0.2)
Unrealized	26.6	46.5
Total investment income	54.1	46.3
Other income	1.3	2.4
Total revenues	702.8	1,120.1
Performance revenues related compensation
Realized	108.4	45.8
Unrealized	49.6	271.3
Total compensation and benefits	430.2	535.9
General, administrative, and other indirect expenses	95.0	93.8
Interest expense	17.9	15.0
Total expenses	579.3	809.5
Net performance revenues	150.1	358.9
Principal Investment Income (Loss)	53.8	44.8
Assets	12,941.8		$ 12,280.6
Operating Segments
Fund level fee revenues
Fund management fees	287.5	255.6
Portfolio advisory fees, net	3.6	4.0
Transaction fees, net	3.0	7.7
Total fund level fee revenues	294.1	267.3
Performance revenues
Realized	211.0	83.0
Unrealized	106.4	631.7
Total performance revenues	317.4	714.7
Principal investment income (loss)
Realized	18.7	(5.4)
Unrealized	10.9	16.0
Total investment income	29.6	10.6
Interest income	6.7	3.4
Other income	6.1	5.2
Total revenues	653.9	1,001.2
Compensation and benefits
Direct base compensation	135.4	108.3
Indirect base compensation	53.7	39.0
Equity-based compensation	37.7	30.1
Performance revenues related compensation
Realized	107.9	47.7
Unrealized	49.5	272.9
Total compensation and benefits	384.2	498.0
General, administrative, and other indirect expenses	74.8	80.6
Depreciation and amortization expense	8.1	7.5
Interest expense	17.8	15.0
Total expenses	484.9	601.1
Economic Income	169.0	400.1
Net performance revenues	160.0	394.1
Principal Investment Income (Loss)	29.6	10.6
Equity-based compensation	37.7	30.1
Net Interest	11.1	11.6
Fee Related Earnings	28.2	37.1
Realized net performance revenues	103.1	35.3
Realized Principal Investment Income (Loss)	18.7	(5.4)
Net Interest	(11.1)	(11.6)
Distributable Earnings	138.9	55.4
Assets	7,656.6
Operating Segments \| Corporate Private Equity
Fund level fee revenues
Fund management fees	114.1	115.7
Portfolio advisory fees, net	3.2	3.8
Transaction fees, net	0.3	7.7
Total fund level fee revenues	117.6	127.2
Performance revenues
Realized	188.0	51.3
Unrealized	64.6	515.3
Total performance revenues	252.6	566.6
Principal investment income (loss)
Realized	7.9	0.2
Unrealized	7.0	5.5
Total investment income	14.9	5.7
Interest income	2.0	1.1
Other income	3.1	1.3
Total revenues	390.2	701.9
Compensation and benefits
Direct base compensation	67.1	55.4
Indirect base compensation	30.1	18.7
Equity-based compensation	18.7	15.0
Performance revenues related compensation
Realized	90.7	26.1
Unrealized	26.1	227.8
Total compensation and benefits	232.7	343.0
General, administrative, and other indirect expenses	32.9	35.0
Depreciation and amortization expense	4.0	3.7
Interest expense	7.0	6.8
Total expenses	276.6	388.5
Economic Income	113.6	313.4
Net performance revenues	135.8	312.7
Principal Investment Income (Loss)	14.9	5.7
Equity-based compensation	18.7	15.0
Net Interest	5.0	5.7
Fee Related Earnings	(13.4)	15.7
Realized net performance revenues	97.3	25.2
Realized Principal Investment Income (Loss)	7.9	0.2
Net Interest	(5.0)	(5.7)
Distributable Earnings	86.8	35.4
Assets	3,596.7
Operating Segments \| Real Assets
Fund level fee revenues
Fund management fees	74.4	56.0
Portfolio advisory fees, net	0.3	0.1
Transaction fees, net	2.7	0.0
Total fund level fee revenues	77.4	56.1
Performance revenues
Realized	7.8	13.5
Unrealized	2.4	78.7
Total performance revenues	10.2	92.2
Principal investment income (loss)
Realized	8.2	(8.1)
Unrealized	0.9	5.2
Total investment income	9.1	(2.9)
Interest income	0.9	0.6
Other income	1.2	0.4
Total revenues	98.8	146.4
Compensation and benefits
Direct base compensation	21.9	19.7
Indirect base compensation	12.8	10.9
Equity-based compensation	10.1	8.8
Performance revenues related compensation
Realized	4.0	6.8
Unrealized	(4.9)	19.3
Total compensation and benefits	43.9	65.5
General, administrative, and other indirect expenses	18.1	15.6
Depreciation and amortization expense	1.6	1.8
Interest expense	3.9	4.1
Total expenses	67.5	87.0
Economic Income	31.3	59.4
Net performance revenues	11.1	66.1
Principal Investment Income (Loss)	9.1	(2.9)
Equity-based compensation	10.1	8.8
Net Interest	3.0	3.5
Fee Related Earnings	24.2	8.5
Realized net performance revenues	3.8	6.7
Realized Principal Investment Income (Loss)	8.2	(8.1)
Net Interest	(3.0)	(3.5)
Distributable Earnings	33.2	3.6
Assets	1,837.3
Operating Segments \| Global Credit
Fund level fee revenues
Fund management fees	58.7	48.1
Portfolio advisory fees, net	0.1	0.1
Transaction fees, net	0.0	0.0
Total fund level fee revenues	58.8	48.2
Performance revenues
Realized	1.1	5.6
Unrealized	2.6	14.5
Total performance revenues	3.7	20.1
Principal investment income (loss)
Realized	2.5	2.4
Unrealized	2.0	4.2
Total investment income	4.5	6.6
Interest income	3.3	1.6
Other income	1.6	3.4
Total revenues	71.9	79.9
Compensation and benefits
Direct base compensation	26.6	17.1
Indirect base compensation	7.4	6.6
Equity-based compensation	5.9	4.3
Performance revenues related compensation
Realized	0.6	2.7
Unrealized	1.2	6.8
Total compensation and benefits	41.7	37.5
General, administrative, and other indirect expenses	15.8	23.2
Depreciation and amortization expense	1.4	1.2
Interest expense	5.3	2.6
Total expenses	64.2	64.5
Economic Income	7.7	15.4
Net performance revenues	1.9	10.6
Principal Investment Income (Loss)	4.5	6.6
Equity-based compensation	5.9	4.3
Net Interest	2.0	1.0
Fee Related Earnings	9.2	3.5
Realized net performance revenues	0.5	2.9
Realized Principal Investment Income (Loss)	2.5	2.4
Net Interest	(2.0)	(1.0)
Distributable Earnings	10.2	7.8
Assets	1,098.2
Operating Segments \| Investment Solutions
Fund level fee revenues
Fund management fees	40.3	35.8
Portfolio advisory fees, net	0.0	0.0
Transaction fees, net	0.0	0.0
Total fund level fee revenues	40.3	35.8
Performance revenues
Realized	14.1	12.6
Unrealized	36.8	23.2
Total performance revenues	50.9	35.8
Principal investment income (loss)
Realized	0.1	0.1
Unrealized	1.0	1.1
Total investment income	1.1	1.2
Interest income	0.5	0.1
Other income	0.2	0.1
Total revenues	93.0	73.0
Compensation and benefits
Direct base compensation	19.8	16.1
Indirect base compensation	3.4	2.8
Equity-based compensation	3.0	2.0
Performance revenues related compensation
Realized	12.6	12.1
Unrealized	27.1	19.0
Total compensation and benefits	65.9	52.0
General, administrative, and other indirect expenses	8.0	6.8
Depreciation and amortization expense	1.1	0.8
Interest expense	1.6	1.5
Total expenses	76.6	61.1
Economic Income	16.4	11.9
Net performance revenues	11.2	4.7
Principal Investment Income (Loss)	1.1	1.2
Equity-based compensation	3.0	2.0
Net Interest	1.1	1.4
Fee Related Earnings	8.2	9.4
Realized net performance revenues	1.5	0.5
Realized Principal Investment Income (Loss)	0.1	0.1
Net Interest	(1.1)	(1.4)
Distributable Earnings	8.7	$ 8.6
Assets	$ 1,124.4

Segment Reporting - Total Segments to Partnership Income before Provision for Taxes Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Revenues	$ 702.8	$ 1,120.1
Expenses	579.3	809.5
Other income	2.0	17.1
Economic income (loss)	125.5	327.7
Total assets	12,941.8		$ 12,280.6
Total Reportable Segments
Segment Reporting Information [Line Items]
Revenues	653.9	1,001.2
Expenses	484.9	601.1
Other income	0.0	0.0
Economic income (loss)	169.0	400.1
Total assets	7,656.6
Reconciling Items
Segment Reporting Information [Line Items]
Revenues	1.6	76.0
Expenses	50.1	155.4
Other income	0.0	0.0
Economic income (loss)	(48.5)	(79.4)
Total assets	(247.1)
Consolidated Funds \| Consolidated Funds
Segment Reporting Information [Line Items]
Revenues	47.3	42.9
Expenses	44.3	53.0
Other income	2.0	17.1
Economic income (loss)	5.0	$ 7.0
Total assets	$ 5,532.3		$ 4,962.7

Segment Reporting - Schedule of Fund Level Fee Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information [Line Items]
Carlyle Consolidated - Fund management fees	$ 264.5	$ 246.3
Operating Segments
Segment Reporting Information [Line Items]
Total Reportable Segments - Fund level fee revenues	294.1	267.3
Carlyle Consolidated - Fund management fees	287.5	255.6
Adjustments
Segment Reporting Information [Line Items]
Adjustments	(29.6)	(21.0)
Carlyle Consolidated - Fund management fees	$ (5.8)	$ (4.0)

Segment Reporting - Expenses Adjustment Represents Elimination of Intercompany Expenses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information [Line Items]
Other non-operating expense	$ 0.3	$ 0.0
Total expenses adjustment	579.3	809.5
Reconciling Items
Segment Reporting Information [Line Items]
Equity-based compensation issued in conjunction with the initial public offering, acquisitions and strategic investments	50.1	67.0
Acquisition related charges, including amortization of intangibles and impairment	4.6	8.8
Other non-operating expense	0.3	0.0
Tax expense associated with performance revenues	(2.1)	(2.9)
Non-Carlyle economic interests in acquired businesses	4.0	87.5
Severance and other adjustments	1.6	2.8
Total expenses adjustment	50.1	155.4
Elimination of expenses of Consolidated Funds
Segment Reporting Information [Line Items]
Other non-operating expense	0.0
Total expenses adjustment	$ (8.4)	$ (7.8)

Segment Reporting - Reconciliation of Income Before Provision for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information [Line Items]
Income before provision for income taxes	$ 125.5	$ 327.7
Adjustments:
Other non-operating expenses	0.3	0.0
Net (income) loss attributable to non-controlling interests in consolidated entities	(11.0)	(3.3)
Net performance revenues	150.1	358.9
Principal investment income	53.8	44.8
Reconciling Items
Adjustments:
Equity-based compensation issued in conjunction with the initial public offering, acquisitions and strategic investments	50.1	67.0
Acquisition related charges, including amortization of intangibles and impairment	4.6	8.8
Other non-operating expenses	0.3	0.0
Tax expense associated with performance revenues	(2.1)	(2.9)
Net (income) loss attributable to non-controlling interests in consolidated entities	(11.0)	(3.3)
Severance and other adjustments	1.6	2.8
Net performance revenues	9.9	35.2
Operating Segments
Adjustments:
Economic Income	169.0	400.1
Net performance revenues	160.0	394.1
Principal investment income	29.6	10.6
Equity-based compensation	37.7	30.1
Net Interest	11.1	11.6
Fee Related Earnings	28.2	37.1
Realized performance revenues, net of related compensation	103.1	35.3
Realized principal investment income (loss)	18.7	(5.4)
Net Interest	(11.1)	(11.6)
Distributable Earnings	$ 138.9	$ 55.4

Segment Reporting - Adjustments for Performance Fees, Performance Fee Related Compensation and Investment Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Performance revenues
Realized	$ 220.6	$ 77.6
Unrealized	87.5	598.4
Total performance revenues	308.1	676.0
Performance revenues related compensation expense(b)
Realized	108.4	45.8
Unrealized	49.6	271.3
Total performance revenues related compensation expense(b)	158.0	317.1
Net performance revenues
Realized	112.2	31.8
Unrealized	37.9	327.1
Total net performance revenues	150.1	358.9
Principal investment income (loss)
Realized	27.5	(0.2)
Unrealized	26.6	46.5
Total investment income	54.1	46.3
Adjustments
Performance revenues
Realized	(9.6)	5.4
Unrealized	18.9	33.3
Total performance revenues	9.3	38.7
Performance revenues related compensation expense(b)
Realized	(0.5)	1.9
Unrealized	(0.1)	1.6
Total performance revenues related compensation expense(b)	(0.6)	3.5
Net performance revenues
Realized	(9.1)	3.5
Unrealized	19.0	31.7
Total net performance revenues	9.9	35.2
Principal investment income (loss)
Realized	(8.8)	(5.2)
Unrealized	(15.7)	(30.5)
Total investment income	(24.5)	(35.7)
Total Reportable Segments
Performance revenues
Realized	211.0	83.0
Unrealized	106.4	631.7
Total performance revenues	317.4	714.7
Performance revenues related compensation expense(b)
Realized	107.9	47.7
Unrealized	49.5	272.9
Total performance revenues related compensation expense(b)	157.4	320.6
Net performance revenues
Realized	103.1	35.3
Unrealized	56.9	358.8
Total net performance revenues	160.0	394.1
Principal investment income (loss)
Realized	18.7	(5.4)
Unrealized	10.9	16.0
Total investment income	$ 29.6	$ 10.6

Subsequent Events (Details) - Subsequent Event	Apr. 30, 2018 $ / shares
Subsequent Event [Line Items]
Distribution per common unit (usd per share)	$ 0.27
Series A Preferred Stock
Subsequent Event [Line Items]
Distribution per common unit (usd per share)	$ 0.367188

Supplemental Financial Information - Supplemental Financial Position (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Assets
Cash and cash equivalents	$ 1,068.2	$ 1,000.1	$ 799.2
Cash and cash equivalents held at Consolidated Funds	355.9	377.6
Restricted cash	9.8	28.7
Corporate treasury investments	375.9	376.3
Investments, including performance allocations	5,310.4	5,288.6
Accrued performance allocations	3,650.1	3,664.3
Investments of Consolidated Funds	4,995.9	4,534.3
Due from affiliates and other receivables, net	274.0	263.4
Due from affiliates and other receivables of Consolidated Funds, net	180.5	50.8
Fixed assets, net	97.8	100.4
Deposits and other	61.2	54.1
Intangible assets, net	34.0	35.9
Deferred tax assets	178.2	170.4
Total assets	12,941.8	12,280.6
Liabilities and partners’ capital
Debt obligations	1,603.9	1,573.6
Loans payable of Consolidated Funds	4,554.5	4,303.8
Accounts payable, accrued expenses and other liabilities	318.9	355.1
Accrued compensation and benefits	2,149.0	2,222.6
Due to affiliates	178.1	229.9
Deferred revenue	230.7	82.1
Deferred tax liabilities	78.9	75.6
Other liabilities of Consolidated Funds	720.0	422.1
Accrued giveback obligations	64.8	66.8
Total liabilities	9,898.8	9,331.6
Series A preferred units	387.5	387.5
Partners’ capital	729.8	701.8
Accumulated other comprehensive income (loss)	(67.9)	(72.7)
Non-controlling interests in consolidated entities	409.3	404.7
Non-controlling interests in Carlyle Holdings	1,584.3	1,527.7
Total partners’ capital	3,043.0	2,949.0
Total liabilities and partners’ capital	12,941.8	12,280.6
Consolidated Entities and Consolidated Funds \| Consolidated Operating Entities
Assets
Cash and cash equivalents	1,068.2	1,000.1
Cash and cash equivalents held at Consolidated Funds	0.0	0.0
Restricted cash	9.8	28.7
Corporate treasury investments	375.9	376.3
Investments, including performance allocations	5,552.2	5,508.5
Investments of Consolidated Funds	0.0	0.0
Due from affiliates and other receivables, net	279.3	268.7
Due from affiliates and other receivables of Consolidated Funds, net	0.0	0.0
Fixed assets, net	97.8	100.4
Deposits and other	61.2	54.1
Intangible assets, net	34.0	35.9
Deferred tax assets	178.2	170.4
Total assets	7,656.6	7,543.1
Liabilities and partners’ capital
Debt obligations	1,603.9	1,573.6
Loans payable of Consolidated Funds	0.0	0.0
Accounts payable, accrued expenses and other liabilities	318.9	355.1
Accrued compensation and benefits	2,149.0	2,222.6
Due to affiliates	178.1	229.9
Deferred revenue	230.7	82.1
Deferred tax liabilities	78.9	75.6
Other liabilities of Consolidated Funds	0.0	0.0
Accrued giveback obligations	64.8	66.8
Total liabilities	4,624.3	4,605.7
Series A preferred units	387.5	387.5
Partners’ capital	729.8	701.8
Accumulated other comprehensive income (loss)	(67.4)	(72.2)
Non-controlling interests in consolidated entities	396.9	391.4
Non-controlling interests in Carlyle Holdings	1,585.5	1,528.9
Total partners’ capital	3,032.3	2,937.4
Total liabilities and partners’ capital	7,656.6	7,543.1
Consolidated Entities and Consolidated Funds \| Consolidated Funds
Assets
Cash and cash equivalents	0.0	0.0
Cash and cash equivalents held at Consolidated Funds	355.9	377.6
Restricted cash	0.0	0.0
Corporate treasury investments	0.0	0.0
Investments, including performance allocations	0.0	0.0
Investments of Consolidated Funds	4,995.9	4,534.3
Due from affiliates and other receivables, net	0.0	0.0
Due from affiliates and other receivables of Consolidated Funds, net	180.5	50.8
Fixed assets, net	0.0	0.0
Deposits and other	0.0	0.0
Intangible assets, net	0.0	0.0
Deferred tax assets	0.0	0.0
Total assets	5,532.3	4,962.7
Liabilities and partners’ capital
Debt obligations	0.0	0.0
Loans payable of Consolidated Funds	4,554.5	4,303.8
Accounts payable, accrued expenses and other liabilities	0.0	0.0
Accrued compensation and benefits	0.0	0.0
Due to affiliates	0.0	0.0
Deferred revenue	0.0	0.0
Deferred tax liabilities	0.0	0.0
Other liabilities of Consolidated Funds	720.0	422.1
Accrued giveback obligations	0.0	0.0
Total liabilities	5,274.5	4,725.9
Series A preferred units	0.0	0.0
Partners’ capital	68.7	62.8
Accumulated other comprehensive income (loss)	5.5	4.1
Non-controlling interests in consolidated entities	12.4	13.3
Non-controlling interests in Carlyle Holdings	171.2	156.6
Total partners’ capital	257.8	236.8
Total liabilities and partners’ capital	5,532.3	4,962.7
Eliminations
Assets
Cash and cash equivalents	0.0	0.0
Cash and cash equivalents held at Consolidated Funds	0.0	0.0
Restricted cash	0.0	0.0
Corporate treasury investments	0.0	0.0
Investments, including performance allocations	(241.8)	(219.9)
Investments of Consolidated Funds	0.0	0.0
Due from affiliates and other receivables, net	(5.3)	(5.3)
Due from affiliates and other receivables of Consolidated Funds, net	0.0	0.0
Fixed assets, net	0.0	0.0
Deposits and other	0.0	0.0
Intangible assets, net	0.0	0.0
Deferred tax assets	0.0	0.0
Total assets	(247.1)	(225.2)
Liabilities and partners’ capital
Debt obligations	0.0	0.0
Loans payable of Consolidated Funds	0.0	0.0
Accounts payable, accrued expenses and other liabilities	0.0	0.0
Accrued compensation and benefits	0.0	0.0
Due to affiliates	0.0	0.0
Deferred revenue	0.0	0.0
Deferred tax liabilities	0.0	0.0
Other liabilities of Consolidated Funds	0.0	0.0
Accrued giveback obligations	0.0	0.0
Total liabilities	0.0	0.0
Series A preferred units	0.0	0.0
Partners’ capital	(68.7)	(62.8)
Accumulated other comprehensive income (loss)	(6.0)	(4.6)
Non-controlling interests in consolidated entities	0.0	0.0
Non-controlling interests in Carlyle Holdings	(172.4)	(157.8)
Total partners’ capital	(247.1)	(225.2)
Total liabilities and partners’ capital	$ (247.1)	$ (225.2)

Supplemental Financial Information - Supplemental Results of Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Fund management fees	$ 264.5	$ 246.3
Incentive fees	6.3	5.6
Performance revenues
Realized	220.6	77.6
Realized		5.6
Unrealized	87.5	598.4
Principal investment income (loss)
Realized	27.5	(0.2)
Unrealized	26.6	46.5
Total investment income	362.2	722.3
Interest and other income	22.5	10.4
Interest and other income of Consolidated Funds	47.3	42.9
Revenue of a real estate VIE	0.0	92.6
Total revenues	702.8	1,120.1
Compensation and benefits
Base compensation	187.3	146.0
Equity-based compensation	84.9	72.8
Performance allocations and incentive fee related compensation
Realized	108.4	45.8
Unrealized	49.6	271.3
Total compensation and benefits	430.2	535.9
General, administrative and other expenses	95.0	93.8
Interest	17.9	15.0
Interest and other expenses of Consolidated Funds	35.9	45.2
Interest and other expenses of a real estate VIE and loss on deconsolidation	0.0	119.6
Other non-operating expenses	0.3	0.0
Total expenses	579.3	809.5
Other income
Net investment gains of Consolidated Funds	2.0	17.1
Income before provision for income taxes	125.5	327.7
Provision for income taxes	7.8	5.8
Net income	117.7	321.9
Net loss attributable to non-controlling interests in consolidated entities	11.0	3.3
Net income attributable to Carlyle Holdings	106.7	318.6
Net income attributable to non-controlling interests in Carlyle Holdings	67.0	235.6
Net income attributable to The Carlyle Group L.P.	39.7	83.0
Net income attributable to Series A Preferred Unitholders	5.9	0.0
Net income attributable to The Carlyle Group L.P. Common Unitholders	33.8	83.0
Unrealized		0.0
Consolidated Entities and Consolidated Funds \| Consolidated Operating Entities
Revenues
Fund management fees	270.3	250.3
Incentive fees	6.4	5.6
Performance revenues
Realized	220.6	77.6
Unrealized	87.5	598.4
Principal investment income (loss)
Realized	27.5	(0.1)
Unrealized	29.1	51.8
Total investment income	364.7	727.7
Interest and other income	28.5	15.9
Interest and other income of Consolidated Funds	0.0	0.0
Revenue of a real estate VIE		92.6
Total revenues	669.9	1,092.1
Compensation and benefits
Base compensation	187.3	146.0
Equity-based compensation	84.9	72.8
Performance allocations and incentive fee related compensation
Realized	108.4	45.8
Unrealized	49.6	271.3
Total compensation and benefits	430.2	535.9
General, administrative and other expenses	95.0	93.8
Interest	17.9	15.0
Interest and other expenses of Consolidated Funds	0.0	0.0
Interest and other expenses of a real estate VIE and loss on deconsolidation		119.6
Other non-operating expenses	0.3
Total expenses	543.4	764.3
Other income
Net investment gains of Consolidated Funds	0.0	0.0
Income before provision for income taxes	126.5	327.8
Provision for income taxes	7.8	5.8
Net income	118.7	322.0
Net loss attributable to non-controlling interests in consolidated entities	12.0	3.4
Net income attributable to Carlyle Holdings	106.7	318.6
Net income attributable to non-controlling interests in Carlyle Holdings	67.0	235.6
Net income attributable to The Carlyle Group L.P.	39.7	83.0
Net income attributable to Series A Preferred Unitholders	5.9
Net income attributable to The Carlyle Group L.P. Common Unitholders	33.8
Consolidated Entities and Consolidated Funds \| Consolidated Funds
Revenues
Fund management fees	0.0	0.0
Incentive fees	0.0	0.0
Performance revenues
Realized	0.0	0.0
Unrealized	0.0	0.0
Principal investment income (loss)
Realized	0.0	0.0
Unrealized	0.0	0.0
Total investment income	0.0	0.0
Interest and other income	0.0	0.0
Interest and other income of Consolidated Funds	47.3	42.9
Revenue of a real estate VIE		0.0
Total revenues	47.3	42.9
Compensation and benefits
Base compensation	0.0	0.0
Equity-based compensation	0.0	0.0
Performance allocations and incentive fee related compensation
Realized	0.0	0.0
Unrealized	0.0	0.0
Total compensation and benefits	0.0	0.0
General, administrative and other expenses	0.0	0.0
Interest	0.0	0.0
Interest and other expenses of Consolidated Funds	44.3	53.0
Interest and other expenses of a real estate VIE and loss on deconsolidation		0.0
Other non-operating expenses	0.0
Total expenses	44.3	53.0
Other income
Net investment gains of Consolidated Funds	2.0	17.1
Income before provision for income taxes	5.0	7.0
Provision for income taxes	0.0	0.0
Net income	5.0	7.0
Net loss attributable to non-controlling interests in consolidated entities	0.0	0.0
Net income attributable to Carlyle Holdings	5.0	7.0
Net income attributable to non-controlling interests in Carlyle Holdings	0.0	0.0
Net income attributable to The Carlyle Group L.P.	5.0	7.0
Net income attributable to Series A Preferred Unitholders	0.0
Net income attributable to The Carlyle Group L.P. Common Unitholders	5.0
Eliminations
Revenues
Fund management fees	(5.8)	(4.0)
Incentive fees	(0.1)	0.0
Performance revenues
Realized	0.0	0.0
Unrealized	0.0	0.0
Principal investment income (loss)
Realized	0.0	(0.1)
Unrealized	(2.5)	(5.3)
Total investment income	(2.5)	(5.4)
Interest and other income	(6.0)	(5.5)
Interest and other income of Consolidated Funds	0.0	0.0
Revenue of a real estate VIE		0.0
Total revenues	(14.4)	(14.9)
Compensation and benefits
Base compensation	0.0	0.0
Equity-based compensation	0.0	0.0
Performance allocations and incentive fee related compensation
Realized	0.0	0.0
Unrealized	0.0	0.0
Total compensation and benefits	0.0	0.0
General, administrative and other expenses	0.0	0.0
Interest	0.0	0.0
Interest and other expenses of Consolidated Funds	(8.4)	(7.8)
Interest and other expenses of a real estate VIE and loss on deconsolidation		0.0
Other non-operating expenses	0.0
Total expenses	(8.4)	(7.8)
Other income
Net investment gains of Consolidated Funds	0.0	0.0
Income before provision for income taxes	(6.0)	(7.1)
Provision for income taxes	0.0	0.0
Net income	(6.0)	(7.1)
Net loss attributable to non-controlling interests in consolidated entities	(1.0)	(0.1)
Net income attributable to Carlyle Holdings	(5.0)	(7.0)
Net income attributable to non-controlling interests in Carlyle Holdings	0.0	0.0
Net income attributable to The Carlyle Group L.P.	(5.0)	$ (7.0)
Net income attributable to Series A Preferred Unitholders	0.0
Net income attributable to The Carlyle Group L.P. Common Unitholders	$ (5.0)

Supplemental Financial Information - Supplemental Statement of Cash Flows (Details) - USD ($)	3 Months Ended		26 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Cash and cash equivalents held at Consolidated Funds				$ 355,900,000	$ 377,600,000
Cash flows from operating activities
Net income	$ 118,700,000	$ 322,000,000
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	10,700,000	10,000,000
Equity-based compensation	84,900,000	72,800,000
Non-cash performance allocations and incentive fees	(71,800,000)	(348,900,000)
Other non-cash amounts	6,900,000	200,000
Principal investment income	(53,800,000)	(48,100,000)
Purchases of investments	(117,500,000)	(66,100,000)
Proceeds from the sale of investments	225,200,000	168,800,000
Payments of contingent consideration	(37,500,000)	(22,500,000)
Deconsolidation of Claren Road	0	(23,300,000)
Change in deferred taxes, net	(2,800,000)	(3,100,000)
Change in due from affiliates and other receivables	5,100,000	(2,500,000)
Change in receivables and inventory of a real estate VIE	0	(27,900,000)
Change in deposits and other	(12,100,000)	(6,700,000)
Change in other assets of a real estate VIE	0	(1,700,000)
Change in accounts payable, accrued expenses and other liabilities	(38,300,000)	12,600,000
Change in accrued compensation and benefits	(82,900,000)	(159,800,000)
Change in due to affiliates	(15,500,000)	67,100,000
Change in other liabilities of a real estate VIE	0	56,600,000
Change in deferred revenue	147,500,000	188,000,000
Net cash provided by operating activities	166,800,000	187,500,000
Cash flows from investing activities
Purchases of fixed assets, net	(4,700,000)	(3,700,000)
Net cash used in investing activities	(4,700,000)	(3,700,000)
Cash flows from financing activities
Payments on debt obligations	(6,800,000)	0
Proceeds from debt obligations	34,500,000	66,100,000
Net payments on loans payable of a real estate VIE	0	(7,400,000)
Distributions to common unitholders	(33,200,000)	(13,700,000)
Distributions to preferred unitholders	(5,900,000)	0
Distributions to non-controlling interest holders in Carlyle Holdings	(77,500,000)	(38,900,000)
Contributions from non-controlling interest holders	3,400,000	0
Distributions to non-controlling interest holders	(21,100,000)	(38,000,000)
Common units repurchased	0	(200,000)	$ (59,100,000)
Change in due to/from affiliates financing activities	(19,200,000)	31,100,000
Net cash used in financing activities	(125,800,000)	(1,000,000)
Effect of foreign exchange rate changes	12,900,000	7,800,000
Increase in cash, cash equivalents and restricted cash	49,200,000	190,600,000
Cash, cash equivalents and restricted cash, beginning of period	1,028,800,000	684,000,000
Cash, cash equivalents and restricted cash, end of period	1,078,000,000	874,600,000	1,078,000,000
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	1,000,100,000
Restricted cash				9,800,000		$ 75,400,000
Total cash, cash equivalents and restricted cash, end of period	$ 1,028,800,000	$ 684,000,000	$ 1,078,000,000	$ 1,078,000,000	$ 1,028,800,000	$ 874,600,000

Fair Value Measurement - Summary of Quantitative Information about Partnership's Level III Inputs (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of liabilities	$ 4,555.9	$ 4,306.0
Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of liabilities	4,555.6	4,304.8
Investments of Consolidated Funds \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	4,995.9	4,534.3
Investments in CLOs and other \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	5,450.2	4,939.7
Discounted Cash Flow \| Equity securities \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	6.7	5.7
Consensus Pricing \| Equity securities \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	4.1	2.2
Consensus Pricing \| Bonds \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	486.2	413.4
Consensus Pricing \| Loans \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	4,498.6	4,112.7
Counterparty Pricing \| Other \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	0.3	0.3
Discounted Cash Flow with Consensus Pricing \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	$ 401.1	357.2
Discounted Cash Flow with Consensus Pricing \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets		$ 48.2
Minimum \| Discounted Cash Flow \| Equity securities \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)	10.00%	10.00%
Minimum \| Consensus Pricing \| Equity securities \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes ($ per share)	$ 0	$ 0
Minimum \| Consensus Pricing \| Bonds \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Par)	49.00%	44.00%
Minimum \| Consensus Pricing \| Loans \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Par)	69.00%	64.00%
Minimum \| Counterparty Pricing \| Other \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Notional Amount)	9.00%	9.00%
Minimum \| Discounted Cash Flow with Consensus Pricing \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)	1.00%	1.00%
Indicative Quotes (% of Par)	99.00%	98.00%
Default Rates (as a percent)	1.00%	1.00%
Recovery Rates (as a percent)	50.00%	50.00%
Minimum \| Discounted Cash Flow with Consensus Pricing \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)	8.00%	8.00%
Indicative Quotes (% of Par)	73.00%	63.00%
Default Rates (as a percent)	1.00%	1.00%
Recovery Rates (as a percent)	50.00%	50.00%
Maximum \| Discounted Cash Flow \| Equity securities \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)	10.00%	10.00%
Maximum \| Consensus Pricing \| Equity securities \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes ($ per share)	$ 60	$ 33
Maximum \| Consensus Pricing \| Bonds \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Par)	106.00%	107.00%
Maximum \| Consensus Pricing \| Loans \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Par)	104.00%	103.00%
Maximum \| Counterparty Pricing \| Other \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Notional Amount)	9.00%	9.00%
Maximum \| Discounted Cash Flow with Consensus Pricing \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)	11.00%	9.00%
Indicative Quotes (% of Par)	102.00%	104.00%
Default Rates (as a percent)	3.00%	3.00%
Recovery Rates (as a percent)	73.00%	70.00%
Maximum \| Discounted Cash Flow with Consensus Pricing \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)	11.00%	11.00%
Indicative Quotes (% of Par)	97.00%	97.00%
Default Rates (as a percent)	3.00%	3.00%
Recovery Rates (as a percent)	73.00%	70.00%
Weighted Average \| Discounted Cash Flow \| Equity securities \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)	10.00%	10.00%
Weighted Average \| Consensus Pricing \| Equity securities \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes ($ per share)	$ 55	$ 30
Weighted Average \| Consensus Pricing \| Bonds \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Par)	97.00%	98.00%
Weighted Average \| Consensus Pricing \| Loans \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Par)	100.00%	100.00%
Weighted Average \| Counterparty Pricing \| Other \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Notional Amount)	9.00%	9.00%
Weighted Average \| Discounted Cash Flow with Consensus Pricing \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)	4.00%	3.00%
Indicative Quotes (% of Par)	101.00%	101.00%
Default Rates (as a percent)	2.00%	2.00%
Recovery Rates (as a percent)	60.00%	60.00%
Weighted Average \| Discounted Cash Flow with Consensus Pricing \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)	9.00%	9.00%
Indicative Quotes (% of Par)	83.00%	81.00%
Default Rates (as a percent)	2.00%	2.00%
Recovery Rates (as a percent)	60.00%	60.00%
Senior secured notes \| Other \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of liabilities	$ 4,334.8	$ 4,100.5
Subordinated notes and preferred shares \| Discounted Cash Flow with Consensus Pricing \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	53.2
Fair value of liabilities	178.5	176.4
Subordinated notes and preferred shares \| Other \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of liabilities	$ 41.2	$ 26.9
Subordinated notes and preferred shares \| Minimum \| Discounted Cash Flow with Consensus Pricing \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)	8.00%	8.00%
Indicative Quotes (% of Par)	78.00%	79.00%
Default Rates (as a percent)	1.00%	1.00%
Recovery Rates (as a percent)	50.00%	50.00%
Subordinated notes and preferred shares \| Maximum \| Discounted Cash Flow with Consensus Pricing \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)	11.00%	11.00%
Indicative Quotes (% of Par)	94.00%	93.00%
Default Rates (as a percent)	3.00%	3.00%
Recovery Rates (as a percent)	73.00%	70.00%
Subordinated notes and preferred shares \| Weighted Average \| Discounted Cash Flow with Consensus Pricing \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)	10.00%	10.00%
Indicative Quotes (% of Par)	87.00%	86.00%
Default Rates (as a percent)	2.00%	2.00%
Recovery Rates (as a percent)	61.00%	60.00%
Contingent consideration \| Other \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of liabilities	$ 1.1	$ 1.0

Fair Value Measurement - Additional Information (Details)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Maximum lag period for which the partnership investments in funds are valued (in days)	90 days