Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2019	Jul. 26, 2019
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Entity File Number	001-35538
Document Transition Report	false
Entity Registrant Name	Carlyle Group L.P.
Entity Central Index Key	0001527166
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-2832612
Entity Address, Address Line One	1001 Pennsylvania Avenue, NW
Entity Address, City or Town	Washington
Entity Address, State or Province	DC
Entity Address, Postal Zip Code	20004-2505
City Area Code	202
Local Phone Number	729-5626
Entity Common Stock, Shares Outstanding		110,680,002
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Common units representing limited partner interests
Entity Information [Line Items]
Title of 12(b) Security	Common units representing limited partner interests
Trading Symbol	CG
Security Exchange Name	NASDAQ
5.875% Series A Preferred Units
Entity Information [Line Items]
Title of 12(b) Security	5.875% Series A Preferred Units
Trading Symbol	TCGP
Security Exchange Name	NASDAQ

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 669.2	$ 629.6
Cash and cash equivalents held at Consolidated Funds	214.3	247.5
Restricted cash	14.4	8.7
Restricted cash		8.7
Corporate treasury investments	0.0	51.7
Investments, including accrued performance allocations of $3,907.1 million and $3,480.0 million as of June 30, 2019 and December 31, 2018, respectively	6,707.0	5,697.5
Investments of Consolidated Funds	4,759.6	5,286.6
Due from affiliates and other receivables, net	313.2	441.1
Due from affiliates and other receivables of Consolidated Funds, net	81.8	135.4
Fixed assets, net	106.1	95.1
Lease right-of-use assets, net	231.3	0.0
Deposits and other	62.6	49.3
Intangible assets, net	70.3	77.3
Deferred tax assets	171.0	194.4
Total assets	13,400.8	12,914.2
Liabilities and partners’ capital
Debt obligations	1,531.8	1,550.4
Loans payable of Consolidated Funds	4,506.3	4,840.1
Accounts payable, accrued expenses and other liabilities	337.5	442.2
Accrued compensation and benefits	2,413.4	2,222.3
Due to affiliates	192.1	174.0
Deferred revenue	91.5	111.3
Deferred tax liabilities	60.7	64.3
Other liabilities of Consolidated Funds	278.1	610.1
Lease liabilities	307.9	0.0
Accrued giveback obligations	63.2	63.2
Total liabilities	9,782.5	10,077.9
Commitments and contingencies
Series A preferred units (16,000,000 units issued and outstanding as of June 30, 2019 and December 31, 2018, respectively)	387.5	387.5
Partners’ capital (common units 110,680,002 and 107,746,443 issued and outstanding as of June 30, 2019 and December 31, 2018, respectively)	921.2	673.4
Accumulated other comprehensive loss	(77.8)	(83.3)
Non-controlling interests in consolidated entities	308.5	324.2
Non-controlling interests in Carlyle Holdings	2,078.9	1,534.5
Total partners’ capital	3,618.3	2,836.3
Total liabilities and partners’ capital	$ 13,400.8	$ 12,914.2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Accrued performance allocations	$ 3,907.1	$ 3,480.0
Common stock, units issued (in shares)	110,680,002	107,746,443
Common stock, units outstanding (in shares)	110,680,002	107,746,443
5.875% Series A Preferred Units
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 - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues
Investment income (loss)	$ 589.6	$ 503.3	$ 1,240.5	$ 865.5
Interest and other income	26.0	28.0	48.2	50.5
Interest and other income of Consolidated Funds	45.8	53.6	98.2	100.9
Total revenues	1,061.1	893.6	2,148.1	1,596.4
Compensation and benefits
Cash-based compensation and benefits	221.4	176.0	431.9	363.3
Equity-based compensation	35.2	64.9	71.2	149.8
Performance allocations and incentive fee related compensation	113.6	222.0	299.0	380.0
Total compensation and benefits	370.2	462.9	802.1	893.1
General, administrative and other expenses	110.7	126.8	223.2	221.8
Interest	19.5	18.4	39.2	36.3
Interest and other expenses of Consolidated Funds	27.5	45.3	65.6	81.2
Other non-operating expenses	0.4	0.3	0.7	0.6
Total expenses	528.3	653.7	1,130.8	1,233.0
Other income
Net investment gains of Consolidated Funds	9.2	12.9	(5.0)	14.9
Income before provision for income taxes	542.0	252.8	1,012.3	378.3
Provision for income taxes	15.5	11.6	39.5	19.4
Net income	526.5	241.2	972.8	358.9
Net income attributable to non-controlling interests in consolidated entities	39.8	16.7	35.3	27.7
Net income attributable to Carlyle Holdings	486.7	224.5	937.5	331.2
Net income attributable to non-controlling interests in Carlyle Holdings	332.6	155.1	640.5	222.1
Net income attributable to The Carlyle Group L.P.	154.1	69.4	297.0	109.1
Net income attributable to Series A Preferred Unitholders	5.9	5.9	11.8	11.8
Net income attributable to The Carlyle Group L.P. Common Unitholders	$ 148.2	$ 63.5	$ 285.2	$ 97.3
Net income attributable to The Carlyle Group L.P. per common unit (see Note 11)
Basic (usd per share)	$ 1.34	$ 0.62	$ 2.60	$ 0.96
Diluted (usd per share)	$ 1.23	$ 0.56	$ 2.41	$ 0.87
Weighted-average common units
Basic (in shares)	110,440,227	102,465,109	109,828,740	101,603,587
Diluted (in shares)	120,920,439	112,582,728	118,372,885	111,948,144
Fund management fees
Revenues
Fund management fees	$ 390.9	$ 301.3	$ 744.3	$ 565.8
Incentive fees
Revenues
Investment income (loss)	8.8	7.4	16.9	13.7
Performance allocations
Revenues
Investment income (loss)	247.6	425.1	596.7	733.2
Principal investment income
Revenues
Investment income (loss)	$ 342.0	$ 78.2	$ 643.8	$ 132.3

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 526.5	$ 241.2	$ 972.8	$ 358.9
Other comprehensive income (loss)
Foreign currency translation adjustments	(0.7)	(56.3)	1.2	(25.7)
Unrealized gains on Fortitude Re available-for-sale securities	6.8	0.0	12.4	0.0
Defined benefit plans
Unrealized gain (loss) for the period	0.3	0.7	2.0	(0.3)
Less: reclassification adjustment for gain during the period, included in cash-based compensation and benefits expense	0.2	0.3	0.5	0.5
Other comprehensive income (loss)	6.6	(55.3)	16.1	(25.5)
Comprehensive income	533.1	185.9	988.9	333.4
Comprehensive (income) loss attributable to non-controlling interests in consolidated entities	(33.7)	1.8	(29.5)	(20.5)
Comprehensive income attributable to Carlyle Holdings	499.4	187.7	959.4	312.9
Comprehensive income attributable to non-controlling interests in Carlyle Holdings	(341.3)	(129.5)	(655.3)	(209.3)
Comprehensive income attributable to The Carlyle Group L.P.	$ 158.1	$ 58.2	$ 304.1	$ 103.6

Condensed Consolidated Statements of Changes in Partners' Capital - USD ($) shares in Millions, $ in Millions	Total	Common Units	Preferred Equity	Partners’ Capital	Accumulated Other Comprehensive Income (Loss)	Non- controlling Interests in Consolidated Entities	Non- controlling Interests in Carlyle Holdings
Beginning Balance (in units) at Dec. 31, 2017		100.1
Beginning Balance at Dec. 31, 2017	$ 2,949.0		$ 387.5	$ 701.8	$ (72.7)	$ 404.7	$ 1,527.7
Increase (Decrease) in Partners' Capital [Roll Forward]
Reallocation of ownership interests in Carlyle Holdings				(0.9)	(0.2)		1.1
Exchange of Carlyle Holdings units for common units (in units)		1.6
Exchange of Carlyle Holdings units for common units				12.1	(1.2)		(10.9)
Units repurchased (in units)		(2.3)
Units repurchased	(51.0)			(51.0)
Deferred tax effects resulting from acquisition of interests in Carlyle Holdings	0.9			0.9
Equity-based compensation	152.0			40.7			111.3
Issuances of common units for equity-based awards (in units)		2.7
Contributions	8.9					8.9
Distributions	(265.0)		(11.8)	(61.0)		(51.8)	(140.4)
Net income	358.9		11.8	97.3		27.7	222.1
Foreign currency translation adjustments	(25.7)				(5.6)	(7.2)	(12.9)
Unrealized gains on Fortitude Re available-for-sale securities	0.0
Defined benefit plans, net	0.2				0.1		0.1
Ending Balance (in units) at Jun. 30, 2018		102.1
Ending Balance at Jun. 30, 2018	3,123.3		387.5	738.4	(79.6)	382.3	1,694.7
Beginning Balance (in units) at Mar. 31, 2018		101.4
Beginning Balance at Mar. 31, 2018	3,043.0		387.5	729.8	(67.9)	409.3	1,584.3
Increase (Decrease) in Partners' Capital [Roll Forward]
Reallocation of ownership interests in Carlyle Holdings				(0.8)	0.0		0.8
Exchange of Carlyle Holdings units for common units (in units)		0.7
Exchange of Carlyle Holdings units for common units				5.5	(0.5)		(5.0)
Units repurchased (in units)		(2.3)
Units repurchased	(51.0)			(51.0)
Deferred tax effects resulting from acquisition of interests in Carlyle Holdings	0.5			0.5
Equity-based compensation	66.7			18.7			48.0
Issuances of common units for equity-based awards (in units)		2.3
Contributions	5.5					5.5
Distributions	(127.3)		(5.9)	(27.8)		(30.7)	(62.9)
Net income	241.2		5.9	63.5		16.7	155.1
Foreign currency translation adjustments	(56.3)				(11.5)	(18.5)	(26.3)
Unrealized gains on Fortitude Re available-for-sale securities	0.0
Defined benefit plans, net	1.0				0.3		0.7
Ending Balance (in units) at Jun. 30, 2018		102.1
Ending Balance at Jun. 30, 2018	3,123.3		387.5	738.4	(79.6)	382.3	1,694.7
Beginning Balance (in units) at Dec. 31, 2018		107.7
Beginning Balance at Dec. 31, 2018	$ 2,836.3		387.5	673.4	(83.3)	324.2	1,534.5
Increase (Decrease) in Partners' Capital [Roll Forward]
Reallocation of ownership interests in Carlyle Holdings				15.4	(1.3)		(14.1)
Exchange of Carlyle Holdings units for common units (in units)		0.4
Exchange of Carlyle Holdings units for common units				3.3	(0.3)		(3.0)
Units repurchased (in units)	(0.7)	(0.6)
Units repurchased	$ (12.0)			(12.0)
Deferred tax effects resulting from acquisition of interests in Carlyle Holdings	0.4			0.4
Equity-based compensation	74.1			24.2			49.9
Issuances of common units for equity-based awards (in units)		3.2
Contributions	9.1					9.1
Distributions	(277.8)		(11.8)	(68.5)		(54.3)	(143.2)
Net income	972.8		11.8	285.2		35.3	640.5
Foreign currency translation adjustments	1.2				2.3	(5.8)	4.7
Unrealized gains on Fortitude Re available-for-sale securities	12.4				4.0		8.4
Defined benefit plans, net	2.5				0.8		1.7
Ending Balance (in units) at Jun. 30, 2019		110.7
Ending Balance at Jun. 30, 2019	3,618.3		387.5	921.2	(77.8)	308.5	2,078.9
Beginning Balance (in units) at Mar. 31, 2019		110.1
Beginning Balance at Mar. 31, 2019	$ 3,135.8		387.5	779.2	(81.5)	290.0	1,760.6
Increase (Decrease) in Partners' Capital [Roll Forward]
Reallocation of ownership interests in Carlyle Holdings				2.1	(0.2)		(1.9)
Exchange of Carlyle Holdings units for common units (in units)		0.2
Exchange of Carlyle Holdings units for common units				1.9	(0.1)		(1.8)
Units repurchased (in units)	(0.1)
Units repurchased	$ (1.6)			(1.6)
Deferred tax effects resulting from acquisition of interests in Carlyle Holdings	0.3			0.3
Equity-based compensation	36.7			12.2			24.5
Issuances of common units for equity-based awards (in units)		0.4
Contributions	6.9					6.9
Distributions	(92.9)		(5.9)	(21.1)		(22.1)	(43.8)
Net income	526.5		5.9	148.2		39.8	332.6
Foreign currency translation adjustments	(0.7)				1.6	(6.1)	3.8
Unrealized gains on Fortitude Re available-for-sale securities	6.8				2.2		4.6
Defined benefit plans, net	0.5				0.2		0.3
Ending Balance (in units) at Jun. 30, 2019		110.7
Ending Balance at Jun. 30, 2019	$ 3,618.3		$ 387.5	$ 921.2	$ (77.8)	$ 308.5	$ 2,078.9

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities
Net income	$ 972.8	$ 358.9
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	28.8	21.9
Equity-based compensation	71.2	149.8
Non-cash performance allocations and incentive fees	(268.3)	(215.6)
Non-cash principal investment income	(640.7)	(131.1)
Other non-cash amounts	4.6	4.7
Consolidated Funds related:
Realized/unrealized (gain) loss on investments of Consolidated Funds	(18.2)	41.5
Realized/unrealized (gain) loss from loans payable of Consolidated Funds	23.2	(56.4)
Purchases of investments by Consolidated Funds	(827.2)	(2,137.0)
Proceeds from sale and settlements of investments by Consolidated Funds	1,032.8	1,261.2
Non-cash interest income, net	(1.8)	(1.9)
Change in cash and cash equivalents held at Consolidated Funds	27.4	256.8
Change in other receivables held at Consolidated Funds	55.3	(74.8)
Change in other liabilities held at Consolidated Funds	(251.1)	(12.6)
Purchases of investments	(107.0)	(228.9)
Proceeds from the sale of investments	214.6	379.8
Payments of contingent consideration	0.0	(37.5)
Changes in deferred taxes, net	20.3	(2.6)
Change in due from affiliates and other receivables	30.8	(48.3)
Change in deposits and other	(13.9)	(12.1)
Change in accounts payable, accrued expenses and other liabilities	(44.4)	0.8
Change in accrued compensation and benefits	(23.2)	(8.9)
Change in due to affiliates	(1.2)	(26.6)
Change in lease right-of-use assets and lease liabilities	2.9	0.0
Change in deferred revenue	(18.7)	(19.3)
Net cash provided by (used in) operating activities	269.0	(538.2)
Cash flows from investing activities
Purchases of fixed assets, net	(23.7)	(12.5)
Net cash used in investing activities	(23.7)	(12.5)
Cash flows from financing activities
Repayment of term loan	(25.0)	0.0
Payments on debt obligations	(13.6)	(13.8)
Proceeds from debt obligations, net of financing costs	20.4	34.5
Net borrowings (payments) on loans payable of Consolidated Funds	(40.3)	694.5
Distributions to common unitholders	(68.5)	(61.0)
Distributions to preferred unitholders	(11.8)	(11.8)
Distributions to non-controlling interest holders in Carlyle Holdings	(143.2)	(140.4)
Contributions from non-controlling interest holders	9.1	8.9
Distributions to non-controlling interest holders	(31.9)	(51.8)
Common units repurchased	(12.0)	(51.0)
Change in due to/from affiliates financing activities	114.5	4.0
Net cash (used in) provided by financing activities	(202.3)	412.1
Effect of foreign exchange rate changes	2.3	(11.7)
Increase (decrease) in cash, cash equivalents and restricted cash	45.3	(150.3)
Cash, cash equivalents and restricted cash, beginning of period	638.3	1,028.8
Cash, cash equivalents and restricted cash, end of period	683.6	878.5
Supplemental non-cash disclosures
Net increase (decrease) in partners’ capital and accumulated other comprehensive income related to reallocation of ownership interest in Carlyle Holdings	14.1	(1.0)
Non-cash distributions to non-controlling interest holders	(22.4)	0.0
Net asset impact of deconsolidation of Consolidated Funds	(13.1)	0.0
Tax effect from acquisition of Carlyle Holdings partnership units:
Deferred tax asset	1.5	4.6
Tax receivable agreement liability	1.1	3.7
Total partners’ capital	0.4	0.9
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	669.2	876.8
Total cash, cash equivalents and restricted cash, end of period	638.3	1,028.8
Consolidated Operating Entities
Cash flows from operating activities
Net income	961.6	364.0
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	28.8	21.9
Equity-based compensation	71.2	149.8
Non-cash performance allocations and incentive fees	(268.3)	(215.6)
Other non-cash amounts	4.6	4.7
Consolidated Funds related:
Proceeds from the sale of investments	231.0	393.0
Payments of contingent consideration	0.0	(37.5)
Changes in deferred taxes, net	20.3	(2.6)
Change in due from affiliates and other receivables	31.8	(48.6)
Change in deposits and other	(13.9)	(12.1)
Change in accounts payable, accrued expenses and other liabilities	(44.4)	0.8
Change in accrued compensation and benefits	(23.2)	(8.9)
Change in due to affiliates	(1.2)	(26.6)
Change in lease right-of-use assets and lease liabilities	2.9	0.0
Change in deferred revenue	(18.7)	(19.3)
Net cash provided by (used in) operating activities	233.8	153.6
Cash flows from investing activities
Purchases of fixed assets, net	(23.7)	(12.5)
Net cash used in investing activities	(23.7)	(12.5)
Cash flows from financing activities
Repayment of term loan	(25.0)	0.0
Payments on debt obligations	(13.6)	(13.8)
Proceeds from debt obligations, net of financing costs	20.4	34.5
Distributions to common unitholders	(68.5)	(61.0)
Distributions to preferred unitholders	(11.8)	(11.8)
Distributions to non-controlling interest holders in Carlyle Holdings	(143.2)	(140.4)
Contributions from non-controlling interest holders	9.1	8.9
Distributions to non-controlling interest holders	(31.9)	(51.8)
Common units repurchased	(12.0)	(51.0)
Change in due to/from affiliates financing activities	114.5	4.0
Net cash (used in) provided by financing activities	(162.0)	(282.4)
Effect of foreign exchange rate changes	(2.8)	(9.0)
Increase (decrease) in cash, cash equivalents and restricted cash	45.3	(150.3)
Cash, cash equivalents and restricted cash, beginning of period	638.3	1,028.8
Cash, cash equivalents and restricted cash, end of period	683.6	878.5
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	669.2	876.8
Total cash, cash equivalents and restricted cash, end of period	$ 638.3	$ 1,028.8

Organization and Basis of Presentation	6 Months Ended
Organization and Basis of Presentation	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	1. Organization and Basis of Presentation The Carlyle Group L.P., together with its consolidated subsidiaries, is one of the world’s largest global investment 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 14). Basis of Presentation The accompanying condensed consolidated 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”) have been consolidated in the accompanying condensed consolidated 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, 2018 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.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Principles of Consolidation

The Partnership consolidates all entities that it controls 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 June 30, 2019, assets and liabilities of the consolidated VIEs reflected in the unaudited condensed consolidated balance sheets were $5.1 billion and $4.8 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 the Partnership’s 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 June 30, 2019, the Partnership held $183.4 million of investments in these CLOs which represents its maximum risk of loss. The Partnership’s investments in these CLOs are generally subordinated to other interests in the entities and entitle the Partnership to receive a pro rata portion of the residual cash flows, if any, from the entities. Investors in the CLOs have no recourse against the Partnership for any losses sustained in the CLO structure.

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 consolidated balance sheets related to the Partnership's variable interests in these non-consolidated VIEs were as follows:



	As of
	June 30, 2019		December 31, 2018
	(Dollars in millions)
Investments	$	1,147.3	$	1,152.4
Performance allocations	146.9		121.2
Management fee arrangements	28.4		15.1
Total	$	1,322.6	$	1,288.7

These amounts represent the Partnership's maximum exposure to loss related to the unconsolidated VIEs as of June 30, 2019 and December 31, 2018.

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 unaudited 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 unaudited 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 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.

Business Combinations

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

Revenue Recognition

The Partnership recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. Revenue is recognized when the Partnership transfers promised goods or services to customers in an amount that reflects the consideration to which the Partnership expects to be entitled to in exchange for those goods or services. ASC 606 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) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when the entity satisfies a performance obligation.

The Partnership accounts for 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) 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 ASC 606. In accordance with ASC 323, the Partnership records equity method income (losses) as a component of investment income based on the change in its 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. See Note 4 for additional information on the components of investments and investment income. Performance fees that do not meet the definition of performance-based capital allocations are in the scope of ASC 606 and are included in incentive fees in the consolidated statements of operations.

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 the Partnership’s 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, are presented gross in the unaudited condensed consolidated statements of operations, as the Partnership controls the inputs to its investment management performance 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, 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 and, therefore, estimates of future period management fees are generally not included in the transaction price. Revenue recognized 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 0.4% to 0.5% 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 1.25% of invested capital 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 June 30, 2019 and December 31, 2018, management fee receivables were $99.6 million and $76.2 million, respectively, and are included in due from affiliates and other receivables, net, in the 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 performance obligation has been satisfied and collection is reasonably assured. Transaction fees also include underwriting fees from the Partnership’s loan syndication and capital markets business, Carlyle Capital Solutions (“CCS”). Fund management fees includes transaction and portfolio advisory fees of $14.2 million and $7.0 million for the three months ended June 30, 2019 and 2018, respectively, and $23.1 million and $13.6 million for the six months ended June 30, 2019 and 2018, respectively, net of any offsets as defined in the respective partnership agreements.

Fund management fees 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 the 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 the unaudited condensed consolidated statements of operations and the expense in general, administrative and other expenses or cash-based compensation and benefits expenses in the 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 the 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, up to 25% on certain Corporate Private Equity funds in the event performance benchmarks are achieved, 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.

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. Principal investment income (loss) also includes

the Partnership’s allocation of earnings from its investments in Fortitude Re and, as it relates to the Partnership’s investments in NGP (see Note 4), 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. 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 $43.7 million and $52.0 million for the three months ended June 30, 2019 and 2018, respectively, $94.7 million and $98.0 million for the six months ended June 30, 2019 and 2018, respectively, and is included in interest and other income of Consolidated Funds in the accompanying unaudited condensed consolidated statements of operations.

Compensation and Benefits

Cash-based Compensation and Benefits – Cash-based compensation and benefits 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. In June 2018, the Partnership adopted ASU 2018-7, Improvements to Nonemployee Share-Based Payment Accounting, which aligned the accounting for non-employee equity-based awards with the accounting for employee equity-based awards, retroactive to January 1, 2018. 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. The compensation expense for awards that contain market conditions is based on a grant-date fair value that factors in the probability that the market conditions will be achieved and is recognized over the requisite service period on a straight-line basis.

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 the Partnership’s equity method earnings because they are issued to employees of equity method investees.

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 June 30, 2019 and December 31, 2018, the Partnership had recorded a liability of $2.0 billion and $1.8 billion, respectively, 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.

See Note 15 for changes to the tax receivable agreement subsequent to June 30, 2019.

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, (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) certain credit-oriented investments, including investments in the CLOs (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.

Securities Sold Under Agreements to Repurchase

As it relates to certain European CLOs sponsored by the Partnership, securities sold under agreements to repurchase (“repurchase agreements”) are accounted for as collateralized financing transactions. The Partnership provides securities to counterparties to collateralize amounts borrowed under repurchase agreements on terms that permit the counterparties to repledge or resell the securities to others. As of June 30, 2019, $21.1 million of securities were transferred to counterparties under repurchase agreements and are included within investments in the condensed consolidated balance sheets. Cash received under repurchase agreements is recognized as a liability within debt obligations in the condensed consolidated balance sheets. Interest expense is recognized on an effective yield basis and is included within interest expense in the condensed consolidated statements of operations. See Note 5 for additional information.

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.

Leases

On January 1, 2019, the Partnership adopted ASU 2016-2, Leases (Topic 842) under the modified retrospective method. ASU 2016-2, and related amendments, requires lessees to recognize virtually all of their leases on the balance sheet by recording right-of-use assets and lease liabilities. The lease liability is measured at the present value of lease payments and the right-of-use asset is based on the lease liability value, subject to adjustments for deferred rent, lease incentives, unamortized initial direct costs, or impairment. As of December 31, 2018, there was $65.2 million of deferred rent and lease incentives that was reclassified from accounts payable, accrued expenses and other liabilities into right-of-use assets upon the adoption of ASU 2016-2. 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. The adoption of this guidance did not have a material impact on operating results. The Partnership elected the transition option provided by the FASB, which allows entities to not apply

ASC 842 in the comparative periods presented in the financial statements in the year of adoption. The Partnership also elected to use the practical expedients available under the transition provisions under which the Partnership did not need to reassess whether an arrangement is or contains a lease, lease classification, and the accounting for initial direct costs.

The Partnership recognizes a lease liability and right-of-use asset in the condensed consolidated balance sheet for contracts that it determines are leases or contain a lease. The Partnership’s leases primarily consist of operating leases for office space in various countries around the world. The Partnership also has operating leases for office equipment and vehicles, which are not significant. The Partnership does not separate non-lease components from lease components for its office space and equipment operating leases and instead accounts for each separate lease component and its associated non-lease component as a single lease component. Right-of-use assets represent the Partnership’s right to use an underlying asset for the lease term and lease liabilities represent the Partnership’s obligation to make lease payments arising from the leases. The Partnership’s right-of-use assets and lease liabilities are recognized at lease commencement based on the present value of lease payments over the lease term. Lease right-of-use assets include initial direct costs incurred by the Partnership and are presented net of deferred rent and lease incentives. Absent an implicit interest rate in the lease, the Partnership uses its incremental borrowing rate, adjusted for the effects of collateralization, based on the information available at commencement in determining the present value of lease payments. The Partnership’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Partnership will exercise those options. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

The Partnership does not recognize a lease liability or right-of-use asset on the balance sheet for short-term leases. Instead, the Partnership recognizes short-term lease payments as an expense on a straight-line basis over the lease term. A short-term lease is defined as a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. When determining whether a lease qualifies as a short-term lease, the Partnership evaluates the lease term and the purchase option in the same manner as all other leases.

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 four 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 $3.9 million and $2.6 million during the three months ended June 30, 2019 and 2018, respectively, and $7.7 million and $5.3 million during the six months ended June 30, 2019 and 2018, 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 decrease in the deferred revenue balance for the six months ended June 30, 2019 was primarily driven by revenues recognized that were included in the deferred revenue balance at the beginning of the period.

Accumulated Other Comprehensive Income (Loss)

The Partnership’s accumulated other comprehensive income (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 income (loss) as of June 30, 2019 and December 31, 2018 were as follows:



	As of
	June 30, 2019			December 31, 2018
	(Dollars in millions)
Currency translation adjustments	$	(79.0	)	$	(79.7	)
Unrealized losses on defined benefit plans	(3.8		)	(4.6		)
Fortitude Re available-for-sale securities	5.0			1.0
Total	$	(77.8	)	$	(83.3	)

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 gains (losses) resulting from transactions outside of the functional currency of an entity of $7.0 million and $5.1 million for the three months ended June 30, 2019 and 2018, respectively, and $(5.7) million and $(1.6) million for the six months ended June 30, 2019 and 2018, respectively, are included in general, administrative and other expenses in the unaudited condensed consolidated statements of operations.

Recent Accounting Pronouncements

In August 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification. The amendments became effective on November 5, 2018. Among the amendments is the requirement to present the changes in shareholders’ equity in the interim financial statements (either in a separate statement or footnote) in quarterly reports on Form 10-Q. The Partnership included a separate statement of changes in partners’ capital in these condensed consolidated financial statements.

Recently Issued Accounting Standards Adopted as of January 1, 2019

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 was effective for the Partnership on January 1, 2019 and the Partnership adopted this guidance on that date. The impact of this guidance was not material to the Partnership.

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 was 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. The Partnership adopted this guidance on January 1, 2019 and the impact was not material.

Recently Issued Accounting Standards Effective on January 1, 2020

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 eliminates, adds and modifies certain disclosure requirements for fair value measurements. 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 to the fair value disclosures.

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 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.

Fair Value Measurement

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurement

3. Fair Value Measurement

The fair value measurement accounting guidance establishes a hierarchical 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 types of financial instruments in this category include unrestricted securities, such as 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 types of financial instruments in this category include 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. The types of financial instruments 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 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 June 30, 2019:



(Dollars in millions)	Level I		Level II		Level III		Total
Assets
Investments of Consolidated Funds:
Equity securities	$	—	$	—	$	2.6	$	2.6
Bonds	—		—		632.0		632.0
Loans	—		—		4,125.0		4,125.0
	—		—		4,759.6		4,759.6
Investments in CLOs and other	—		—		477.3		477.3
Foreign currency forward contracts	—		1.3		—		1.3
Total	$	—	$	1.3	$	5,236.9	$	5,238.2
Liabilities
Loans payable of Consolidated Funds⁽¹⁾	$	—	$	—	$	4,506.3	$	4,506.3
Foreign currency forward contracts	—		2.8		—		2.8
Total	$	—	$	2.8	$	4,506.3	$	4,509.1


(1)	Senior and subordinated notes issued by CLO vehicles are valued 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, 2018:



(Dollars in millions)	Level I		Level II		Level III		Total
Assets
Investments of Consolidated Funds:
Bonds	$	—	$	—	$	690.1	$	690.1
Loans	—		—		4,596.5		4,596.5
	—		—		5,286.6		5,286.6
Investments in CLOs and other	—		—		446.4		446.4
Corporate treasury investments
Bonds	—		29.2		—		29.2
Commercial paper and other	—		22.5		—		22.5
Total	$	—	$	51.7	$	5,733.0	$	5,784.7
Liabilities
Loans payable of Consolidated Funds⁽¹⁾	$	—	$	—	$	4,840.1	$	4,840.1
Foreign currency forward contracts	—		1.4		—		1.4
Total	$	—	$	1.4	$	4,840.1	$	4,841.5


(1)	Senior and subordinated notes issued by CLO vehicles are valued 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 six months ended June 30, 2019 and 2018.

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 include 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 chairmen of the board, chairman emeritus, co-chief executive officers, chief risk officer, chief financial officer, chief accounting officer, co-chief investment officers 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 involve 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 performs certain procedures to ensure the reliability of the quotations from pricing services. Generally, the loan and bond assets of the CLOs are not publicly 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 loans payable 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.

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 June 30, 2019
	Investments of Consolidated Funds
	Equity securities		Bonds			Loans			Investments in CLOs and other			Total
Balance, beginning of period	$	—	$	653.4		$	3,377.6		$	472.3		$	4,503.3
Consolidation of funds ⁽¹⁾	—		—			588.9			(4.4		)	584.5
Purchases	1.8		74.8			440.2			4.4			521.2
Sales and distributions	—		(109.8		)	(183.9		)	(4.6		)	(298.3		)
Settlements	—		—			(140.3		)	—			(140.3		)
Realized and unrealized gains (losses), net
Included in earnings	0.8		5.7			0.3			13.8			20.6
Included in other comprehensive income	—		7.9			42.2			(4.2		)	45.9
Balance, end of period	$	2.6	$	632.0		$	4,125.0		$	477.3		$	5,236.9
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	0.8	$	3.1		$	(4.2	)	$	13.8		$	13.5

	Financial Assets
	Six Months Ended June 30, 2019
	Investments of Consolidated Funds
	Equity securities		Bonds			Loans			Investments in CLOs and other			Total
Balance, beginning of period	$	—	$	690.1		$	4,596.5		$	446.4		$	5,733.0
Deconsolidation/consolidation of funds ⁽¹⁾	—		—			(294.8		)	(2.7		)	(297.5		)
Purchases	1.8		144.3			681.1			34.1			861.3
Sales and distributions	—		(210.1		)	(552.1		)	(8.6		)	(770.8		)
Settlements	—		—			(270.6		)	—			(270.6		)
Realized and unrealized gains (losses), net
Included in earnings	0.8		13.3			(5.5		)	9.7			18.3
Included in other comprehensive income	—		(5.6		)	(29.6		)	(1.6		)	(36.8		)
Balance, end of period	$	2.6	$	632.0		$	4,125.0		$	477.3		$	5,236.9
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	0.8	$	9.6		$	(16.7	)	$	9.7		$	3.4

(1) As a result of the consolidation of one CLO during the three months ended June 30, 2019, the investment that the Partnership held in that CLO is now eliminated in consolidation and no longer included in investments in CLOs and other. As a result of the deconsolidation of two CLOs during the six months ended June 30, 2019, the investments that the Partnership held in those CLOs are no longer eliminated in consolidation and are now included in investments in CLOs and other.



	Financial Assets
	Three Months Ended June 30, 2018
	Investments of Consolidated Funds
	Equity securities			Bonds			Loans			Other			Investments in CLOs and other			Total
Balance, beginning of period	$	10.8		$	486.2		$	4,498.6		$	0.3		$	454.3		$	5,450.2
Purchases	—			262.5			963.3			—			—			1,225.8
Sales and distributions	—			(72.0		)	(457.8		)	(0.4		)	(3.5		)	(533.7		)
Settlements	—			—			(201.0		)	—			—			(201.0		)
Realized and unrealized gains (losses), net
Included in earnings	0.7			(11.0		)	(15.8		)	0.1			3.7			(22.3		)
Included in other comprehensive income	(0.4		)	(25.6		)	(190.2		)	—			(7.8		)	(224.0		)
Balance, end of period	$	11.1		$	640.1		$	4,597.1		$	—		$	446.7		$	5,695.0
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	0.7		$	(14.1	)	$	(10.6	)	$	—		$	3.6		$	(20.4	)

	Financial Assets
	Six Months Ended June 30, 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	—			387.0			1,750.0			—			45.0			2,182.0
Sales and distributions	—			(127.4		)	(697.6		)	(0.4		)	(6.5		)	(831.9		)
Settlements	—			—			(435.8		)	—			—			(435.8		)
Realized and unrealized gains (losses), net
Included in earnings	3.4			(17.8		)	(24.2		)	0.1			5.8			(32.7		)
Included in other comprehensive income	(0.2		)	(15.1		)	(108.0		)	—			(3.0		)	(126.3		)
Balance, end of period	$	11.1		$	640.1		$	4,597.1		$	—		$	446.7		$	5,695.0
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	3.4		$	(18.4	)	$	(12.1	)	$	—		$	5.8		$	(21.3	)



	Financial Liabilities
	Loans Payable of Consolidated Funds
	Three Months Ended June 30,
	2019			2018
Balance, beginning of period	$	3,750.0		$	4,554.5
Consolidation of funds	584.7			—
Borrowings	118.1			1,264.1
Paydowns	(1.3		)	(750.2		)
Realized and unrealized (gains) losses, net
Included in earnings	19.9			(38.9		)
Included in other comprehensive income	34.9			(194.4		)
Balance, end of period	$	4,506.3		$	4,835.1
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$	7.8		$	(41.0	)


	Financial Liabilities
	Loans Payable of Consolidated Funds
	Six Months Ended June 30,
	2019			2018
Balance, beginning of period	$	4,840.1		$	4,303.8
Deconsolidation/consolidation of funds	(285.9		)	—
Borrowings	260.5			2,015.5
Paydowns	(300.8		)	(1,321.0		)
Realized and unrealized (gains) losses, net
Included in earnings	35.1			(56.4		)
Included in other comprehensive income	(42.7		)	(106.8		)
Balance, end of period	$	4,506.3		$	4,835.1
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$	1.2		$	(63.2	)

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 unaudited condensed consolidated statements 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 June 30, 2019:



	Fair Value at		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
(Dollars in millions)	June 30, 2019		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
Assets
Investments of Consolidated Funds:
Equity securities	$	2.6	Consensus Pricing	Indicative Quotes ($ per share)	0.03 - 60.00 (0.07)

Bonds	632.0		Consensus Pricing	Indicative Quotes (% of Par)	78 - 106 (96)
Loans	4,125.0		Consensus Pricing	Indicative Quotes (% of Par)	46 - 102 (98)
	4,759.6
Investments in CLOs and other:
Senior secured notes	415.1		Discounted Cash Flow with Consensus Pricing	Discount Margins (Basis Points)	40 - 1,150 (180)
				Default Rates	1% - 3% (2%)
				Recovery Rates	45% - 75% (58%)
				Indicative Quotes (% of Par)	87 - 101 (99)
Subordinated notes and preferred shares	62.2		Discounted Cash Flow with Consensus Pricing	Discount Rates	10% - 13% (11%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	45% - 75% (57%)
				Indicative Quotes (% of Par)	47 - 101 (71)
Total	$	5,236.9
Liabilities
Loans payable of Consolidated Funds:
Senior secured notes	$	4,291.4	Other ⁽¹⁾	N/A	N/A
Subordinated notes and preferred shares	214.9		Discounted Cash Flow with Consensus Pricing	Discount Rates	10% - 13% (12%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	45% - 75% (61%)
				Indicative Quotes (% of Par)	61 - 88 (74)
Total	$	4,506.3


(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 quantitative information about the Partnership’s Level III inputs as of December 31, 2018:



	Fair Value at		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
(Dollars in millions)	December 31, 2018		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
Assets
Investments of Consolidated Funds:
Bonds	$	690.1	Consensus Pricing	Indicative Quotes (% of Par)	50 - 104 (94)
Loans	4,596.5		Consensus Pricing	Indicative Quotes (% of Par)	73 - 102 (98)
	5,286.6
Investments in CLOs and other
Senior secured notes	392.8		Discounted Cash Flow with Consensus Pricing	Discount Margins (Basis Points)	70 - 1,100 (182)
				Default Rates	1% - 3% (2%)
				Recovery Rates	45% - 73% (57%)
				Indicative Quotes (% of Par)	86 - 101 (99)
Subordinated notes and preferred shares	53.6		Discounted Cash Flow with Consensus Pricing	Discount Rate	10% - 12% (11%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	45% - 73% (56%)
				Indicative Quotes (% of Par)	45 - 106 (75)
Total	$	5,733.0
Liabilities
Loans payable of Consolidated Funds:
Senior secured notes	$	4,607.2	Other⁽¹⁾	N/A	N/A
Subordinated notes and preferred shares	232.9		Discounted Cash Flow with Consensus Pricing	Discount Rates	10% - 12% (11%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	45% - 73% (60%)
				Indicative Quotes (% of Par)	68 - 94 (81)
Total	$	4,840.1


(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 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 margins, 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 margins, 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. Significant decreases in recovery rates or indicative quotes in isolation would result in a significantly lower 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

6 Months Ended

Jun. 30, 2019

Investments [Abstract]

Investments

4. Investments

Investments consist of the following:



	As of
	June 30, 2019		December 31, 2018
	(Dollars in millions)
Accrued performance allocations	$	3,907.1	$	3,480.0
Principal equity method investments, excluding performance allocations	2,311.4		1,765.8
Principal investments in CLOs and other	488.5		451.7
Total investments	$	6,707.0	$	5,697.5

Accrued Performance Allocations

The components of accrued performance allocations are as follows:



	As of
	June 30, 2019		December 31, 2018
	(Dollars in millions)
Corporate Private Equity	$	2,149.3	$	1,990.2
Real Assets	861.7		654.2
Global Credit	123.3		99.3
Investment Solutions	772.8		736.3
Total	$	3,907.1	$	3,480.0

Approximately 23% and 24% of accrued performance allocations at June 30, 2019 and December 31, 2018, 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
	June 30, 2019			December 31, 2018
	(Dollars in millions)
Corporate Private Equity	$	(5.0	)	$	(5.0	)
Real Assets	(58.2		)	(58.2		)
Total	$	(63.2	)	$	(63.2	)

Principal Equity Method Investments, Excluding Performance Allocations

The Partnership’s principal equity method investments (excluding performance allocations) include its fund investments in Corporate Private Equity, Real Assets, Global Credit, and Investment Solutions, typically as general partner interests, and its strategic investments in Fortitude Re (included within Global Credit) and NGP (included within Real Assets), which are not consolidated. Principal investments are related to the following segments:



	As of
	June 30, 2019		December 31, 2018
	(Dollars in millions)
Corporate Private Equity	$	394.2	$	374.7
Real Assets	730.5		770.0
Global Credit	1,092.2		545.0
Investment Solutions	94.5		76.1
Total	$	2,311.4	$	1,765.8

Strategic Investment in Fortitude Re (f/k/a DSA Re)

On November 13, 2018, the Partnership acquired a 19.9% interest in Fortitude Group Holdings, LLC (“Fortitude Holdings”), a wholly owned subsidiary of American International Group, Inc. (“AIG”) (“the Transaction”). Fortitude Holdings owns 100% of the outstanding common shares of Fortitude Reinsurance Company Ltd., a Bermuda domiciled reinsurer (“Fortitude Re”, f/k/a “DSA Re”) established to reinsure a portfolio of AIG’s legacy life, annuity and property and casualty liabilities. Fortitude Re had approximately $35 billion in reserves as of December 31, 2018.

Pursuant to the Membership Interest Purchase Agreement, the Partnership entered into a strategic asset management relationship with Fortitude Re pursuant to which Fortitude Re, together with certain AIG-affiliated ceding companies it has reinsured, committed to allocate assets in asset management strategies and vehicles of the Partnership and its affiliates. If Fortitude Re, together with AIG and its affiliates, fails to allocate an agreed upon amount of assets to the Partnership’s asset management strategies and vehicles within 30 to 36 months of the closing of the transaction, the Partnership may be entitled to certain payments from AIG based on the commitment shortfall and assumed customary fee rates.

The Partnership paid $381 million in cash at closing (the “Initial Purchase Price”) and expects to pay up to $95 million in additional deferred consideration following December 31, 2023. If Fortitude Re is unable to distribute a planned non-pro rata dividend to AIG within 18 months following closing, then the Initial Purchase Price may be adjusted upward by up to $100 million to account for the increased value of Fortitude Re’s equity. AIG also agreed to a post-closing purchase price adjustment pursuant to which AIG will pay affiliates of the Partnership in respect of certain adverse reserve development in Fortitude Re’s property and casualty insurance business, based on an agreed methodology, that occur on or prior to December 31, 2023, up to the value of the Partnership’s investment. The Partnership incurred approximately $17.9 million in transaction costs, which are included in the carrying value of the investment.

In connection with the Transaction, the Partnership also entered into an operating agreement that governs its rights and obligations as an equity holder of Fortitude Re and entitles the Partnership to customary minority protections contingent upon the Partnership maintaining agreed upon ownership percentages of Fortitude Re.

The Partnership’s investment is accounted for under the equity method of accounting and the investment is included in the Global Credit segment. Separately, income from the assets managed by the Partnership is included in the segment of the relevant investment fund. The Partnership’s net investment earnings (loss) from its investment are included in principal investment income in the unaudited condensed consolidated statements of operations.

As of June 30, 2019 and December 31, 2018, the Partnership’s investment in Fortitude Re is $999.5 million and $460.2 million, respectively. The Partnership’s earnings from its investment for the three and six months ended June 30, 2019 were $271.0 million and $527.3 million, respectively, which represents 19.9% of Fortitude Re's estimated net income for the respective periods. These amounts are inclusive of $230.9 million and $460.2 million, respectively, of unrealized gains related to the change in fair value of embedded derivatives related to certain reinsurance contracts included in Fortitude Re’s U.S. GAAP financial statements. Modified coinsurance is subject to the general accounting principles for hedging, specifically the guidance originally issued as Derivatives Implementation Group Issue No. B36: Embedded Derivatives: Modified Coinsurance Agreements and Debt Instruments That Incorporate Credit Risk Exposures That Are Unrelated or Only Partially Related to the Creditworthiness of the Obligor under Those Instruments (“DIG B36”).

Estimated summarized financial information of Fortitude Re is presented below:



	Three Months Ended June 30,		Six Months Ended June 30,
	2019		2019
	(Dollars in millions)
Revenues	$	567.0	$	1,161.0
Expenses	448.0		888.0
Operating income	119.0		273.0
Net realized and unrealized gains	1,603.0		3,092.0
Income tax expense	360.0		705.0
Net income	$	1,362.0	$	2,660.0

Strategic Investment in NGP

The Partnership has equity interests in NGP Management Company, L.L.C. (“NGP Management”), the general partners of certain carry funds advised by NGP, and principal investments in certain NGP funds. The Partnership accounts for its investments in NGP under the equity method of accounting, and includes these investments in the Real Assets segment. These interests entitle the Partnership to an allocation of income equal to 55.0% of the management fee-related revenues of NGP Management which serves as the investment advisor to certain NGP funds as well as 47.5% of the performance allocations received by certain current and future NGP fund general partners.

The Partnership’s investments in NGP as of June 30, 2019 and December 31, 2018 are as follows:



	As of
	June 30, 2019		December 31, 2018
	(Dollars in millions)
Investment in NGP Management	$	389.3	$	394.6
Investments in NGP general partners - accrued performance allocations	121.2		151.0
Principal investments in NGP funds	71.8		77.6
Total investments in NGP	$	582.3	$	623.2

Investment in NGP Management. The Partnership's equity interests in NGP Management entitle the Partnership to an allocation of income equal to 55.0% of the management fee-related revenues of NGP Management, which serves as the investment advisor to the NGP Energy Funds. Management fees are generally calculated as 1.0% to 2.0% of the limited partners’ commitments during the fund’s investment period, and 0.6% to 2.0% based on the lower of cost or fair market value of invested capital following the expiration or termination of the investment period. Management fee-related revenues from NGP Management are primarily driven by NGP XI, NGP XII and NGP X during the three and six months ended June 30, 2019 and 2018.

The Partnership records investment income (loss) for its equity income allocation from NGP management fee-related revenues and also records its share of any allocated expenses from NGP Management, expenses associated with the compensatory elements of the strategic investment, and the amortization of the basis differences related to the definite-lived identifiable intangible assets of NGP Management. The net investment income (loss) recognized in the Partnership’s unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2019 and 2018 were as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
	(Dollars in millions)
Management fee-related revenues from NGP Management	$	26.4		$	24.7		$	51.6		$	43.6
Expenses related to the investment in NGP Management	(2.7		)	(3.1		)	(5.2		)	(6.0		)
Amortization of basis differences from the investment in NGP Management	(1.4		)	(1.8		)	(2.8		)	(3.6		)
Net investment income from NGP Management	$	22.3		$	19.8		$	43.6		$	34.0

The difference between the Partnership’s remaining carrying value of its investment and its share of the underlying net assets of the investee was $11.3 million and $14.2 million as of June 30, 2019 and December 31, 2018, respectively; these differences are amortized over a period of 10 years from the initial investment date.

Investment in the General Partners of NGP Carry Funds. The Partnership’s investment in the general partners of the NGP Carry Funds entitle it to 47.5% of the performance allocations received by certain current and future NGP fund general partners. The Partnership records investment income for its equity income allocation from these performance allocations. The Partnership recognized net investment earnings (losses) related to these performance allocations in its unaudited condensed consolidated statements of operations of $(34.6) million and $39.9 million for the three months ended June 30, 2019 and 2018, respectively, and $(29.9) million and $51.9 million for the six months ended June 30, 2019 and 2018, respectively.

Principal Investments in NGP Funds. The Partnership also holds principal investments in the NGP Carry Funds. The Partnership recognized net investment earnings (losses) related to principal investment income in its unaudited condensed consolidated statements of operations of $(4.0) million and $5.7 million for the three months ended June 30, 2019 and 2018, respectively, and $(3.6) million and $7.0 million for the six months ended June 30, 2019 and 2018, respectively.

Principal Investments in CLOs and Other Investments

Principal investments in CLOs and other investments as of June 30, 2019 and December 31, 2018 primarily consisted of $488.5 million and $451.7 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 June 30,					Six Months Ended June 30,
	2019		2018			2019		2018
	(Dollars in millions)
Performance allocations
Realized	$	41.6	$	97.4		$	71.4	$	318.0
Unrealized	206.0		327.7			525.3		415.2
	247.6		425.1			596.7		733.2
Principal investment income from equity method investments (excluding performance allocations)
Realized	95.2		36.1			126.5		63.2
Unrealized	242.7		42.3			514.0		68.3
	337.9		78.4			640.5		131.5
Principal investment income (loss) from investments in CLOs and other investments
Realized	0.2		0.2			1.1		0.6
Unrealized	3.9		(0.4		)	2.2		0.2
	4.1		(0.2		)	3.3		0.8
Total	$	589.6	$	503.3		$	1,240.5	$	865.5

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



	Three Months Ended June 30,					Six Months Ended June 30,
	2019			2018		2019		2018
	(Dollars in millions)
Corporate Private Equity	$	82.5		$	210.7	$	215.3	$	468.6
Real Assets	149.6			138.4		259.0		135.1
Global Credit	(5.5		)	12.3		24.1		14.9
Investment Solutions	21.0			63.7		98.3		114.6
Total	$	247.6		$	425.1	$	596.7	$	733.2

Approximately 54%, or $133.3 million, of performance allocations for the three months ended June 30, 2019 are related to the following funds along with total revenue recognized (total revenue includes performance allocations, fund management fees, and principal investment income):

•Carlyle Realty Partners V, L.P. (Real Assets segment) - $104.9 million,

•Carlyle Asia Partners IV, L.P. (Corporate Private Equity segment) - $70.6 million,

•Carlyle Realty Partners VII, L.P. (Real Assets segment) - $33.4 million,


•	AlpInvest Coinvest & Secondary Investments 2006-2008 (Investment Solutions segment) - $(25.2) million, and

•Carlyle Partners VI, L.P. (Corporate Private Equity segment) - $(16.2) million.

Approximately 28%, or $164.2 million, of performance allocations for the six months ended June 30, 2019 are related to the following fund along with total revenue recognized (total revenue includes performance allocations, fund management fees, and principal investment income):

•Carlyle Realty Partners V, L.P. (Real Assets segment) - $167.1 million.

Approximately 40%, or $168.6 million, of performance allocations for the three months ended June 30, 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 VI, L.P. (Corporate Private Equity segment) - $152.0 million, and

•Carlyle International Energy Partners. L.P. (Real Assets segment) - $61.4 million.

Approximately 49%, or $355.8 million, of performance allocations for the six months ended June 30, 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 VI, L.P. (Corporate Private Equity segment) - $238.2 million,

•Carlyle Europe Partners IV, L.P. (Corporate Private Equity segment) - $146.2 million, and

•Carlyle Realty Partners VII, L.P. (Real Assets segment) - $101.5 million.

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



	Three Months Ended June 30,					Six Months Ended June 30,
	2019		2018			2019		2018
	(Dollars in millions)
Corporate Private Equity	$	3.5	$	7.8		$	11.7	$	24.0
Real Assets	60.4		72.5			93.9		105.2
Global Credit	269.0		(4.0		)	525.9		(3.7		)
Investment Solutions	5.0		2.1			9.0		6.0
Total	$	337.9	$	78.4		$	640.5	$	131.5

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 six months ended June 30, 2019, the Partnership formed two new CLOs for which the Partnership is not the primary beneficiary. Furthermore, during the six months ended June 30, 2019, the Partnership consolidated one CLO and deconsolidated two CLOs as a result of a change in the Partnership’s direct interest in the CLOs.

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 June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(Dollars in millions)
Interest income from investments	$	43.7	$	52.0	$	94.7	$	98.0
Other income	2.1		1.6		3.5		2.9
Total	$	45.8	$	53.6	$	98.2	$	100.9

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 June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
	(Dollars in millions)
Gains (losses) from investments of Consolidated Funds	$	17.1		$	(26.1	)	$	18.2		$	(41.5	)
Gains (losses) from liabilities of CLOs	(7.9		)	39.0			(23.2		)	56.4
Total	$	9.2		$	12.9		$	(5.0	)	$	14.9

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



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
	(Dollars in millions)
Realized gains (losses)	$	(3.4	)	$	(1.6	)	$	(11.4	)	$	(4.3	)
Net change in unrealized gains (losses)	20.5			(24.5		)	29.6			(37.2		)
Total	$	17.1		$	(26.1	)	$	18.2		$	(41.5	)

Borrowings

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Borrowings

5. 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):



	June 30, 2019				December 31, 2018
	Borrowing Outstanding		Carrying Value		Borrowing Outstanding		Carrying Value
Senior Credit Facility Term Loan Due 2/11/2024	$	—	$	—	$	25.0	$	24.9
CLO Borrowings(See below)	329.9		329.4		309.9		309.9
3.875% Senior Notes Due 2/01/2023	250.0		249.2		250.0		249.0
5.625% Senior Notes Due 3/30/2043	600.0		600.7		600.0		600.7
5.650% Senior Notes Due 9/15/2048	350.0		345.8		350.0		345.7
Promissory Notes Due 7/15/2019	6.7		6.7		20.2		20.2
Total debt obligations	$	1,536.6	$	1,531.8	$	1,555.1	$	1,550.4

Senior Credit Facility

On February 11, 2019, the Partnership entered into an amendment and restatement of its senior credit facility. In connection with this amendment and restatement, the capacity under the revolving credit facility was increased to $775.0 million from $750.0 million, the term was extended to February 11, 2024, and the $25.0 million term loan was repaid. Principal amounts outstanding under the amended and restated 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 0.50% per annum, or (b) at LIBOR plus an applicable margin not to exceed 1.50% per annum (at June 30, 2019, the interest rate was 3.65%). There was no amount outstanding under the revolving credit facility at June 30, 2019. Interest expense under the senior credit facility was not significant for the three and six months ended June 30, 2019 and 2018. The fair value of the outstanding balances of the term loan and revolving credit facility at June 30, 2019 and December 31, 2018 approximated par value based on current market rates for similar debt instruments and are classified as Level III within the fair value hierarchy.

Global Credit Revolving Credit Facility

On December 17, 2018, certain subsidiaries of the Partnership established a $250.0 million revolving line of credit, primarily intended to support certain lending activities within the Global Credit segment. The credit facility includes a $125.0 million line of credit with a one-year term, and a $125.0 million line of credit with a three-year term. Principal amounts outstanding under the facility accrued interest, at the option of the borrowers, either (a) at an alternate base rate plus an applicable margin not to exceed 1.00%, or (b) at the Eurocurrency rate plus an applicable margin, not to exceed 2.00%.

In April 2019, the Partnership borrowed and repaid $17.0 million under this facility. There was no amount outstanding under the facility as of June 30, 2019. Interest expense under this facility was not significant for the three and six months ended June 30, 2019.

CLO Borrowings

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



Formation Date	Borrowing Outstanding June 30, 2019		Borrowing Outstanding December 31, 2018		Maturity Date (1)	Interest Rate as of June 30, 2019
February 28, 2017	$	76.3	$	77.0	November 17, 2031	2.33%	(2)
April 19, 2017	22.9		22.9		April 22, 2031	4.52%	(3) (15)
June 28, 2017	22.9		23.0		July 22, 2031	4.51%	(4) (15)
July 20, 2017	24.4		24.4		April 21, 2027	4.13%	(5) (15)
August 2, 2017	22.8		22.8		July 23, 2029	4.40%	(6) (15)
August 2, 2017	19.8		19.9		August 3, 2022	1.75%	(7)
August 14, 2017	22.5		22.5		August 15, 2030	4.38%	(8) (15)
November 30, 2017	22.7		22.7		January 16, 2030	4.33%	(9) (15)
December 6, 2017	19.1		19.1		October 16, 2030	4.24%	(10) (15)
December 7, 2017	20.9		21.1		January 19, 2029	3.97%	(11) (15)
January 30, 2018	19.2		19.2		January 22, 2030	4.22%	(12) (15)
March 1, 2018	15.3		15.3		January 15, 2031	4.15%	(13) (15)
March 15, 2019	21.1		—		March 15, 2032	2.56%	(14)
	$	329.9	$	309.9

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


(2)	Outstanding borrowing of €67.2 million; incurs interest at EURIBOR plus applicable margins as defined in the agreement.


(3)	Incurs interest at LIBOR plus 1.932%.


(4)	Incurs interest at LIBOR plus 1.923%.


(5)	Incurs interest at LIBOR plus 1.536%. This term loan was paid off in July 2019.


(6)	Incurs interest at LIBOR plus 1.808%.


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


(8)	Incurs interest at LIBOR plus 1.848%.


(9)	Incurs interest at LIBOR plus 1.7312%.


(10)	Incurs interest at LIBOR plus 1.647%.


(11)	Incurs interest at LIBOR plus 1.365%.


(12)	Incurs interest at LIBOR plus 1.624%.


(13)	Incurs interest at LIBOR plus 1.552%.

(14) Incurs interest at the average effective interest rate of each class of purchased securities plus 0.50% spread percentage and 0.08% class A-1 periodic adjustment rate up to €54,120.


(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 and six months ended June 30, 2019 and 2018. The fair value of the outstanding balance of the CLO term loans at June 30, 2019 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 have provided a €67.2 million term loan ($76.3 million at June 30, 2019) 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 November 17, 2031 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 June 30, 2019).

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 bears interest at LIBOR plus a weighted average spread over LIBOR on the CLO notes and an applicable margin. Interest is due quarterly.

CLO Repurchase Agreements

On February 5, 2019, the Partnership entered into a €100.0 million master credit facility agreement (the “CLO Financing Facility”) to finance a portion of the risk retention investments in certain European CLOs managed by the Partnership. Subject to the terms and conditions of the CLO Financing Facility, the Partnership and the counterparty may enter into repurchase agreements on such terms agreed upon by the parties. Each transaction entered into under the CLO Financing Facility will bear interest at a rate based on the weighted average effective interest rate of each class of securities that have been sold plus a spread to be agreed upon by the parties. As of June 30, 2019, €81.5 million of the CLO Financing Facility remained available.

Each transaction entered into under the CLO Financing Facility provides for payment netting and, in the case of a default or similar event with respect to the counterparty to the CLO Financing Facility, provides for netting across transactions. Generally, upon a counterparty default, the Partnership can terminate all transactions under the CLO Financing Facility and offset amounts it owes in respect of any one transaction against collateral, if any, or other amounts it has received in respect of any other transactions under the CLO Financing Facility; provided, however, that in the case of certain defaults, the Partnership may only be able to terminate and offset solely with respect to the transaction affected by the default. During the term of a transaction entered into under the CLO Financing Facility, the Partnership will deliver cash or additional securities acceptable to the counterparty if the securities sold are in default. Upon termination of a transaction, the Partnership will repurchase the previously sold securities from the counterparty at a previously determined repurchase price. The CLO Financing Facility may be terminated at any time upon certain defaults or circumstances agreed upon by the parties.

The repurchase agreements may result in credit exposure in the event the counterparty to the transaction is unable to fulfill its contractual obligations. The Partnership minimizes the credit risk associated with these activities by monitoring counterparty credit exposure and collateral values. Other than margin requirements, the Partnership is not subject to additional terms or contingencies which would expose the Partnership to additional obligations based upon the performance of the securities pledged as collateral.

Senior Notes

Certain indirect subsidiaries of the the Partnership have issued long term borrowings in the form of senior notes, on which interest is payable semi-annually in arrears. The following table provides information regarding these senior notes (Dollars in millions):



							Interest Expense
			Fair Value (1) As of				Three Months Ended June 30,				Six Months Ended June 30,
	Aggregate Principal Amount		June 30, 2019		December 31, 2018		2019		2018		2019		2018
3.875% Senior Notes Due 2/1/2023 (2)(5)	$	250.0	$	262.0	$	255.5	$	2.4	$	4.9	$	4.8	$	9.9
5.625% Senior Notes Due 3/30/2043 (3)	600.0		659.4		604.1		8.4		8.5		16.8		16.9
5.650% Senior Notes due 9/15/2048 (4)	350.0		385.2		354.4		4.9		—		9.9		—
							$	15.7	$	13.4	$	31.5	$	26.8

(1) Including accrued interest. Fair value is based on indicative quotes and the notes are classified as Level II within the fair value hierarchy.

(2) Issued in January 2013 at 99.966% of par.

(3) Issued $400.0 million in aggregate principal at 99.583% of par in March 2013. An additional $200.0 million in aggregate principal was issued at 104.315% of par in March 2014, and is treated as a single class with the outstanding $400.0 million in senior notes previously issued.

(4) Issued in September 2018 at 99.914% of par.

(5) In September 2018, the Partnership completed a tender offer to re-purchase $250.0 million in aggregate principal amount of the 3.875% senior notes. As a result of this repurchase, the Partnership recognized $6.9 million of costs in interest expense and $0.9 million of costs in general, administrative and other expenses upon early extinguishment of the debt.

The issuers 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 (i) 100% of the principal amount of the notes being redeemed and (ii) 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 semiannual basis at the Treasury Rate plus 40 basis points (30 basis points in the case of the 3.875% senior notes), plus in each case accrued and unpaid interest on the principal amounts being redeemed.

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 accrued at the three month LIBOR plus 2.50%. In September 2018, the Partnership prepaid the $108.8 million outstanding promissory note, plus $1.2 million of accrued and unpaid interest. Interest expense on the promissory note was not significant for the six months ended June 30, 2018.

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% (4.60% at June 30, 2019). The Partnership may prepay these promissory notes in whole or in part at any time without penalty. Through June 30, 2019, the Partnership has repaid $47.2 million of these promissory notes. Accordingly, $6.7 million of these promissory notes were outstanding at June 30, 2019. These promissory notes matured on July 15, 2019 and were fully repaid as of that date. Interest expense on these promissory notes was not significant for the three and six months ended June 30, 2019 and 2018. The fair value of the outstanding balance of these promissory notes at June 30, 2019 and December 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 June 30, 2019.

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 unaudited condensed consolidated balance sheets.

As of June 30, 2019 and December 31, 2018, the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions):



	As of June 30, 2019
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	4,378.0	$	4,291.4	1.95	%		11.24
Subordinated notes, preferred shares and other	174.4		214.9		N/A		(1)	11.40
Total	$	4,552.4	$	4,506.3



	As of December 31, 2018
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	4,723.4	$	4,607.2	1.94	%		10.70
Subordinated notes, preferred shares and other	178.5		232.9		N/A		(1)	9.95
Total	$	4,901.9	$	4,840.1


(1)	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 June 30, 2019 and December 31, 2018, the fair value of the CLO assets was $4.9 billion and $5.5 billion, respectively.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

7. Commitments and Contingencies

Capital Commitments

The Partnership and its unconsolidated affiliates have unfunded commitments to entities within the following segments as of June 30, 2019 (Dollars in millions):



	Unfunded Commitments
Corporate Private Equity	$	2,473.8
Real Assets	969.2
Global Credit	444.6
Investment Solutions	125.0
Total	$	4,012.6

Of the $4.0 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 (5.60% weighted-average rate at June 30, 2019). As of June 30, 2019 and December 31, 2018, approximately $9.5 million and $10.3 million, respectively, were outstanding under the credit facility and payable by the employees. The amount funded by the Partnership under this guarantee as of June 30, 2019 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 unaudited condensed 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 $18.6 million as of June 30, 2019. 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 $63.2 million at June 30, 2019 is shown as accrued giveback obligations in the unaudited condensed consolidated balance sheets, representing the giveback obligation that would need to be paid if the funds were liquidated at their current fair values at June 30, 2019. 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 $1.5 million and $1.4 million of unbilled receivables from former and current employees and senior Carlyle professionals as of June 30, 2019 and December 31, 2018, 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, $175.3 million and $176.1 million have been withheld from distributions of carried interest to senior Carlyle professionals and employees for potential giveback obligations as of June 30, 2019 and December 31, 2018, 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 June 30, 2019, approximately $36.0 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 $27.2 million.

If, at June 30, 2019, 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 $0.4 billion, on an after-tax basis where applicable.

Leases

The Partnership’s leases primarily consist of operating leases for office space in various countries around the world, including its headquarters in Washington, D.C. These leases have remaining lease terms of 1 year to 15 years, some of which include options to extend for up to 5 years and some of which include an option to terminate the leases within 1 year. The Partnership also has operating leases for office equipment and vehicles, which are not significant.

In June 2018, the Partnership entered into an amended non-cancelable lease agreement expiring on March 31, 2030 for its Washington, D.C. office. In connection with the amended lease, the Partnership exercised an option to terminate its office lease in Arlington, Virginia at the end of 2019. The Partnership will be relocating one of its New York City offices in late 2020 to new office space in Midtown New York. The new lease was signed in July 2018 and expires in 2036. In connection with this new lease, the Partnership incurred a charge of $63.5 million (including transaction costs) during the third quarter of 2018 related to the assignment of an existing office lease in New York City. The charge is expected to be paid over approximately 15 years beginning in 2021. This charge (excluding $3.5 million of transaction costs paid) was accounted for as a lease incentive, and is included in accounts payable, accrued expenses and other liabilities in the accompanying unaudited condensed consolidated balance sheets, since the lease has not yet commenced.

The following table summarizes the Partnership’s lease cost, cash flows and other supplemental information related to its operating leases (Dollars in millions):



	Three Months Ended June 30,			Six Months Ended June 30,
	2019			2019
Operating lease cost	$	12.8		$	24.3
Sublease income	(0.7		)	(1.0		)
Total operating lease cost	$	12.1		$	23.3

Cash paid for amounts included in the measurement of operating lease liabilities	$	16.8		$	30.1

Weighted-average remaining lease term				9.9 Years
Weighted-average discount rate				5.3		%

Maturities of lease liabilities related to operating leases were as follows (Dollars in millions):



Year ending December 31,
2019 (excluding the six months ended June 30, 2019)	$	32.8
2020	55.6
2021	41.2
2022	52.9
2023	48.4
Thereafter	452.1
Total lease payments	$	683.0
Less payments for leases that have not yet commenced	(284.1		)
Less imputed interest	(91.0		)
Total lease liabilities	$	307.9

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 matters described below are without merit.

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. That appeal is pending. The Attorney General may also separately pursue its own recovery from 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 took place from October 8 through October 18, 2018. On April 12, 2019 the Guernsey Court of Appeal dismissed the appeal and affirmed the trial court’s decision. On July 31, 2019, the plaintiffs filed a notice of appeal with the Judicial Committee of the Privy Council. To date, the Partnership has received approximately £23.3 million ($29.6 million as of June 30, 2019) from the plaintiff as a deposit towards their obligation to reimburse the Partnership for legal fees and expenses incurred to defend against the claims. The Partnership has not recognized income in respect of the reimbursement as of June 30, 2019, as such amount is subject to adjustment pending a final determination of the correct reimbursement amount.

A Luxembourg subsidiary of CEREP I, a real estate fund, has been involved since 2010 in a tax dispute with the French 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. The French government appealed the decision. In July 2019, the parties agreed to settle this matter by reducing the tax claim to €37.1 million of French tax and interest. The remaining €80.5 million will be retained by the Partnership and CEREP I. Accordingly, the Partnership recognized $71.5 million in principal investment income in the three months ended June 30, 2019.

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.

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 total, the Partnership paid $265 million ($165 million of which was paid in 2017 with the remaining $100 million paid in 2016) to fully resolve all claims related to these matters, and issued promissory notes in aggregate amount of $54 million to repurchase the investors' interests in the two structured finance vehicles. 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. During the fourth quarter of 2018, the Partnership reached an agreement with the primary underwriters in the marine cargo insurance policies for $55 million, of which the Partnership recognized approximately $32 million in insurance proceeds during the year ended December 31, 2018, with the remaining proceeds to be distributed to former investors. Although additional recovery efforts continue, there is no assurance that the Partnership will be successful in any of these 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 June 30, 2019, 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.

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, equity method investments, 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 unaudited 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 5.

Related Party Transactions

6 Months Ended

Jun. 30, 2019

Related Party Transactions

8. Related Party Transactions

Due from Affiliates and Other Receivables, Net

The Partnership had the following due from affiliates and other receivables at June 30, 2019 and December 31, 2018:



	As of
	June 30, 2019		December 31, 2018
	(Dollars in millions)
Accrued incentive fees	$	8.0	$	7.1
Unbilled receivable for giveback obligations from current and former employees	1.5		1.4
Notes receivable and accrued interest from affiliates	12.0		14.4
Management fee, reimbursable expenses and other receivables from unconsolidated funds and affiliates, net	291.7		418.2
Total	$	313.2	$	441.1

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 7.55% as of June 30, 2019. The accrued and charged interest to the affiliates was not significant for any period presented.

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

Due to Affiliates

The Partnership had the following due to affiliates balances at June 30, 2019 and December 31, 2018:



	As of
	June 30, 2019		December 31, 2018
	(Dollars in millions)
Due to non-consolidated affiliates	$	33.4	$	27.6
Amounts owed under the tax receivable agreement	103.0		101.9
Other	55.7		44.5
Total	$	192.1	$	174.0

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 $2.8 million and $1.6 million for the three months ended June 30, 2019 and 2018, respectively, and $3.5 million and $3.4 million for the six months

ended June 30, 2019 and 2018, 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.

Earnings Per Common Unit

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Earnings Per Common Unit

11. Earnings Per Common Unit

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



	Three Months Ended June 30, 2019				Six Months Ended June 30, 2019
	Basic		Diluted		Basic		Diluted
Net income attributable to common units	$	148,200,000	$	148,200,000	$	285,200,000	$	285,200,000
Weighted-average common units outstanding	110,440,227		120,920,439		109,828,740		118,372,885
Net income per common unit	$	1.34	$	1.23	$	2.60	$	2.41



	Three Months Ended June 30, 2018				Six Months Ended June 30, 2018
	Basic		Diluted		Basic		Diluted
Net income attributable to common units	$	63,500,000	$	63,500,000	$	97,300,000	$	97,300,000
Weighted-average common units outstanding	102,465,109		112,582,728		101,603,587		111,948,144
Net income per common unit	$	0.62	$	0.56	$	0.96	$	0.87

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



	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
	Basic	Diluted	Basic	Diluted
The Carlyle Group L.P. weighted-average common units outstanding	110,440,227	110,440,227	109,828,740	109,828,740
Unvested deferred restricted common units	—	9,531,711	—	7,595,644
Issuable Carlyle Group L.P. common units	—	948,501	—	948,501
Weighted-average common units outstanding	110,440,227	120,920,439	109,828,740	118,372,885



	Three Months Ended June 30, 2018		Six Months Ended June 30, 2018
	Basic	Diluted	Basic	Diluted
The Carlyle Group L.P. weighted-average common units outstanding	102,465,109	102,465,109	101,603,587	101,603,587
Unvested deferred restricted common units	—	9,717,091	—	9,944,029
Issuable Carlyle Group L.P. common units	—	400,528	—	400,528
Weighted-average common units outstanding	102,465,109	112,582,728	101,603,587	111,948,144

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 are issuable and contingently issuable Carlyle Holdings partnership units and common units associated with the Partnership’s acquisitions, strategic investments in NGP and performance-vesting deferred restricted common units.

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, 230,681,668 of vested Carlyle Holdings partnership units and 3,112 of unvested Carlyle Holdings partnership units for the three months ended June 30, 2019 and 230,784,908 of vested Carlyle Holdings partnership units and 1,556 of unvested Carlyle Holdings partnership units for the six months ended June 30, 2019 were antidilutive, and therefore have been excluded.

Further, based on these calculations, 230,870,928 of vested Carlyle Holdings partnership units and 2,511,832 of unvested Carlyle Holdings partnership units for the three months ended June 30, 2018 and 228,742,429 of vested Carlyle Holdings partnership units and 4,272,936 of unvested Carlyle Holdings partnership units for the six months ended June 30, 2018 were antidilutive, and therefore have been excluded.

Equity

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Equity

12. Equity

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.

Distributions on the Preferred Units are 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.

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 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.

At any time, or from time to time, on or after September 15, 2022, the Partnership may, at its option, redeem the Preferred Units, in whole or in part, at a price of $25.00 per Preferred Unit plus declared and unpaid distributions, if any. If a Change of Control Event or a Tax Redemption Event (each as defined in the Partnership's limited partnership agreement) occurs prior to September 15, 2022, the Partnership may, at its option, redeem the Preferred Units, in whole but not in part, at a price of $25.25 per Preferred Unit plus declared and unpaid distributions, if any. If a Rating Agency Event (as defined in the Partnership's limited partnership agreement) occurs prior to September 15, 2022, the Partnership may, at its option, redeem the Preferred Units, in whole but not in part, at a price of $25.50 per Preferred Unit plus declared and unpaid dividends, if any.

Unit Repurchase Program

In December 2018, the Board of Directors of the general partner of the Partnership authorized the repurchase of up to $200.0 million of common units and/or Carlyle Holdings units, inclusive of amounts remaining as originally authorized in February 2016. Under this new unit repurchase program, which became effective January 1, 2019, units may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The Partnership expects that the majority of repurchases under this program will be done via open market and brokered transactions. 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. During the three and six months ended June 30, 2019, the Partnership paid an aggregate of $1.5 million and $12.0 million, respectively, to repurchase and retire approximately 0.1 million units and 0.7 million units, respectively, with all of the repurchases done via open market and brokered transactions.

Quarterly Unit Exchange Program

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 and six months ended June 30, 2019, current and former senior Carlyle professionals exchanged 231,089 and 413,753, respectively, Carlyle Holdings partnership units for common units, resulting in a reallocation of capital of $1.8 million and $3.0 million, respectively, from non-controlling interests in Carlyle Holdings to partners’ capital and accumulated other comprehensive loss.

Distributions

The table below presents information regarding the quarterly distributions on the common units, which were made at the sole discretion of the general partner of the Partnership. Because certain wholly owned subsidiaries of the Partnership must pay taxes and make payments under the tax receivable agreement, the amounts ultimately distributed to the common unitholders may be less, on a per unit basis, than the amounts distributed by the Carlyle Holdings partnerships to the other limited partners of the Carlyle Holdings partnerships in respect of their Carlyle Holdings partnership units.



Distribution Record Date	Distribution Payment Date	Distribution per Common Unit		Distribution to Common Unitholders
		(Dollars in millions, except per unit data)
May 11, 2018	May 17, 2018	$	0.27	$	27.8
August 13, 2018	August 17, 2018	0.22		23.3
November 13, 2018	November 20, 2018	0.42		45.5
February 19, 2019	February 26, 2019	0.43		47.5
Total 2018 Distribution Year		$	1.34	$	144.1

May 13, 2019	May 20, 2019	$	0.19	$	21.0
August 12, 2019	August 19, 2019	0.43		49.9
Total 2019 Distribution Year (through Q2 2019)		$	0.62	$	70.9

The general partner will take into account general economic and business conditions, as well as the Partnership’s strategic plans and prospects, business and investment opportunities, financial condition and obligations, legal, tax and regulatory restrictions, other constraints on the payment of distributions by the Partnership to its common unitholders or by subsidiaries to the Partnership, and other such factors as the general partner may deem relevant.

Under the Delaware Limited Partnership Act, the Partnership may not make a distribution to a partner if after the distribution all of the Partnership's liabilities, other than liabilities to partners on account of their partnership interest and liabilities for which the recourse of creditors is limited to specific property of the partnership, would exceed the fair value of the Partnership's assets. If the Partnership were to make such an impermissible distribution, any limited partner who received a distribution and knew at the time of the distribution that the distribution was in violation of the Delaware Limited Partnership Act would be liable to the Partnership for the amount of the distribution for three years. In addition, the terms of the Partnership’s senior credit facility provide certain limits on its ability to make distributions.

Equity-Based Compensation

6 Months Ended

Jun. 30, 2019

Share-based Payment Arrangement [Abstract]

Equity-Based Compensation

13. 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, 2019, 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 33,872,427.

A summary of the status of the Partnership’s non-vested equity-based awards as of June 30, 2019 and a summary of changes for the six months ended June 30, 2019, are presented below:



	Carlyle Holdings			The Carlyle Group L.P.
Unvested Units	Partnership Units	Weighted- Average Grant Date Fair Value		Deferred Restricted Common Units	Weighted- Average Grant Date Fair Value
Balance, December 31, 2018	9,387	$	28.26	19,123,700	$	18.73
Granted	—	$	—	5,490,376	$	15.13
Vested	—	$	—	3,163,665	$	21.16
Forfeited	—	$	—	648,856	$	17.65
Balance, June 30, 2019	9,387	$	28.26	20,801,555	$	17.44

The Partnership recorded compensation expense for deferred restricted common units of $35.2 million and $49.8 million for the three months ended June 30, 2019 and 2018, respectively, with $3.2 million and $4.2 million of corresponding deferred tax benefits, respectively. The Partnership recorded compensation expense for deferred restricted common units of $71.1 million and $94.2 million for the six months ended June 30, 2019 and 2018, respectively, with $6.7 million and $8.2 million of corresponding deferred tax benefits, respectively. As of June 30, 2019, the total unrecognized equity-based compensation expense related to unvested deferred restricted common units is $231.4 million, which is expected to be recognized over a weighted-average term of 2.5 years.

Segment Reporting

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Segment Reporting

14. 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, middle market 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, including loans & structured credit, direct lending, opportunistic credit, energy credit, distressed credit and aviation finance.

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 cash-based compensation and benefits expense for each segment. The Partnership’s earnings from its investment in NGP are presented in the respective operating captions within the Real Assets segment.

Distributable Earnings. Distributable Earnings, or “DE,” is a key performance benchmark used in the Partnership’s industry and is evaluated regularly by management in making resource deployment and compensation decisions and in assessing performance of the Partnership’s four reportable segments. Management also uses DE in budgeting, forecasting, and the overall management of the Partnership's segments. Management believes that reporting DE is helpful to understanding the Partnership's business and that investors should review the same supplemental financial measure that management uses to analyze the Partnership's segment performance. DE is intended to show the amount of net realized earnings without the effects of the consolidation of the Consolidated Funds. DE is derived from the Partnership's segment reported results and is used to assess performance and determine amounts potentially available for distribution from Carlyle Holdings to its unitholders.

Distributable Earnings 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 unrealized performance allocations and related compensation expense, unrealized principal investment income, equity-based compensation expense, 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 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 considerations issued in conjunction with acquisitions or strategic investments, impairment charges associated with lease right-of-use assets, gains and losses from the retirement of debt, charges associated with contract terminations and employee severance. Management believes the inclusion or exclusion of these items provides investors with a meaningful indication of the Partnership’s core operating performance.

Fee Related Earnings. Fee Related Earnings, or “FRE,” 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 DE and also adjusts DE to exclude net realized performance revenues, realized principal investment income, net interest (interest income less interest expense), and certain general, administrative and other expenses when the timing of any future payment is uncertain.

In connection with a change to the Partnership's chief operating decision makers, management has reevaluated the manner in which it makes operational and resource deployment decisions and assesses the overall performance of the Partnership’s business. Effective with the three months ended December 31, 2018, DE and FRE are the performance measures for the Partnership’s profitability used by management in making operational and resource deployment decisions. Previously, Economic Income (“EI”) was also a key performance measure. The key distinction between DE and EI is that DE reflects the earnings of the Partnership excluding unrealized performance revenues and related compensation expense, and unrealized principal investment income.

In connection with this modification, segment information as of June 30, 2018 has been presented in this Quarterly Report on Form 10-Q to conform to the Partnership’s current segment presentation for comparability purposes. Consequently, this information will be different from the historical segment financial results reported by the Partnership in its reports filed with the SEC.

The following table presents the financial data for the Partnership’s four reportable segments for the three and six months ended June 30, 2019:



	Three Months Ended June 30, 2019
	Corporate Private Equity		Real Assets		Global Credit		Investment Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	190.3	$	105.8	$	79.2	$	39.2	$	414.5
Portfolio advisory fees, net and other	3.6		0.5		1.2		—		5.3
Transaction fees, net	7.4		—		2.2		—		9.6
Total fund level fee revenues	201.3		106.3		82.6		39.2		429.4
Realized performance revenues	11.2		24.6		0.1		6.0		41.9
Realized principal investment income (loss)	1.0		70.1		1.4		1.4		73.9
Interest income	1.2		0.7		3.4		0.2		5.5
Total revenues	214.7		201.7		87.5		46.8		550.7
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	101.1		34.0		49.5		22.5		207.1
Realized performance revenues related compensation	5.4		11.2		—		4.5		21.1
Total compensation and benefits	106.5		45.2		49.5		27.0		228.2
General, administrative, and other indirect expenses	33.3		17.0		20.5		9.2		80.0
Depreciation and amortization expense	4.5		1.8		2.0		1.3		9.6
Interest expense	7.9		3.1		6.7		1.8		19.5
Total expenses	152.2		67.1		78.7		39.3		337.3
Distributable Earnings	$	62.5	$	134.6	$	8.8	$	7.5	$	213.4
(-) Realized Net Performance Revenues	5.8		13.4		0.1		1.5		20.8
(-) Realized Principal Investment Income	1.0		70.1		1.4		1.4		73.9
(+) Net Interest	6.7		2.4		3.3		1.6		14.0
(=) Fee Related Earnings	$	62.4	$	53.5	$	10.6	$	6.2	$	132.7



	Six Months Ended June 30, 2019
	Corporate Private Equity			Real Assets		Global Credit		Investment Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	380.3		$	183.2	$	154.0	$	78.6	$	796.1
Portfolio advisory fees, net and other	7.1			1.4		2.3		—		10.8
Transaction fees, net	7.7			2.4		4.0		—		14.1
Total fund level fee revenues	395.1			187.0		160.3		78.6		821.0
Realized performance revenues	34.6			29.5		0.1		26.9		91.1
Realized principal investment income (loss)	(1.3		)	71.7		6.0		1.6		78.0
Interest income	2.4			1.2		7.2		0.7		11.5
Total revenues	430.8			289.4		173.6		107.8		1,001.6
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	197.8			69.8		96.1		45.7		409.4
Realized performance revenues related compensation	15.8			23.2		—		24.3		63.3
Total compensation and benefits	213.6			93.0		96.1		70.0		472.7
General, administrative, and other indirect expenses	67.4			33.8		37.0		17.5		155.7
Depreciation and amortization expense	9.4			3.7		4.1		2.7		19.9
Interest expense	15.8			6.2		13.4		3.7		39.1
Total expenses	306.2			136.7		150.6		93.9		687.4
Distributable Earnings	$	124.6		$	152.7	$	23.0	$	13.9	$	314.2
(-) Realized Net Performance Revenues	18.8			6.3		0.1		2.6		27.8
(-) Realized Principal Investment Income (Loss)	(1.3		)	71.7		6.0		1.6		78.0
(+) Net Interest	13.4			5.0		6.2		3.0		27.6
(=) Fee Related Earnings	120.5			79.7		23.1		12.7		236.0
Segment assets as of June 30, 2019	$	3,193.0		$	2,032.1	$	2,301.1	$	1,079.6	$	8,605.8

The following table presents the financial data for the Partnership’s four reportable segments for the three and six months ended June 30, 2018:



	Three Months Ended June 30, 2018
	Corporate Private Equity		Real Assets		Global Credit		Investment Solutions			Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	148.0	$	78.7	$	59.8	$	41.6		$	328.1
Portfolio advisory fees, net and other	3.4		1.1		1.0		0.1			5.6
Transaction fees, net	3.6		0.1		0.1		—			3.8
Total fund level fee revenues	155.0		79.9		60.9		41.7			337.5
Realized performance revenues	52.0		33.6		4.7		9.2			99.5
Realized principal investment income (loss)	12.3		3.1		2.4		(0.1		)	17.7
Interest income	2.5		1.2		3.9		0.3			7.9
Total revenues	221.8		117.8		71.9		51.1			462.6
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	90.5		29.3		30.5		22.0			172.3
Realized performance revenues related compensation	24.0		15.0		2.1		8.8			49.9
Total compensation and benefits	114.5		44.3		32.6		30.8			222.2
General, administrative, and other indirect expenses	56.5		15.9		17.3		9.2			98.9
Depreciation and amortization expense	4.2		1.6		1.6		1.1			8.5
Interest expense	7.1		4.1		5.8		1.5			18.5
Total expenses	182.3		65.9		57.3		42.6			348.1
Distributable Earnings	$	39.5	$	51.9	$	14.6	$	8.5		$	114.5
(-) Realized Net Performance Revenues	28.0		18.6		2.6		0.4			49.6
(-) Realized Principal Investment Income (Loss)	12.3		3.1		2.4		(0.1		)	17.7
(+) Net Interest	4.6		2.9		1.9		1.2			10.6
(=) Fee Related Earnings	$	3.8	$	33.1	$	11.5	$	9.4		$	57.8



	Six Months Ended June 30, 2018
	Corporate Private Equity			Real Assets		Global Credit		Investment Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	262.1		$	153.1	$	118.5	$	81.9	$	615.6
Portfolio advisory fees, net and other	9.7			2.6		2.7		0.3		15.3
Transaction fees, net	3.9			2.8		0.1		—		6.8
Total fund level fee revenues	275.7			158.5		121.3		82.2		637.7
Realized performance revenues	240.0			41.4		5.8		23.3		310.5
Realized principal investment income	20.2			11.3		4.9		—		36.4
Interest income	4.5			2.1		7.2		0.8		14.6
Total revenues	540.4			213.3		139.2		106.3		999.2
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	187.7			64.0		64.5		45.2		361.4
Realized performance revenues related compensation	114.7			19.0		2.7		21.4		157.8
Total compensation and benefits	302.4			83.0		67.2		66.6		519.2
General, administrative, and other indirect expenses	89.4			34.0		33.1		17.2		173.7
Depreciation and amortization expense	8.2			3.2		3.0		2.2		16.6
Interest expense	14.1			8.0		11.1		3.1		36.3
Total expenses	414.1			128.2		114.4		89.1		745.8
Distributable Earnings	$	126.3		$	85.1	$	24.8	$	17.2	$	253.4
(-) Realized Net Performance Revenues	125.3			22.4		3.1		1.9		152.7
(-) Realized Principal Investment Income	20.2			11.3		4.9		—		36.4
(+) Net Interest	9.6			5.9		3.9		2.3		21.7
(=) Fee Related Earnings	$	(9.6	)	$	57.3	$	20.7	$	17.6	$	86.0

The following table reconciles the Total Segments to the Partnership’s Income Before Provision for Taxes for the three months ended June 30, 2019 and 2018.



	Three Months Ended June 30, 2019
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated
	(Dollars in millions)
Revenues	$	550.7	$	45.8	$	464.6	(a)	$	1,061.1
Expenses	$	337.3	$	36.8	$	154.2	(b)	$	528.3
Other income	$	—	$	9.2	$	—	(c)	$	9.2
Distributable earnings	$	213.4	$	18.2	$	310.4	(d)	$	542.0



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

The following table reconciles the Total Segments to the Partnership’s Income Before Provision for Taxes for the six months ended June 30, 2019 and 2018, and Total Assets as of June 30, 2019.



	Six Months Ended June 30, 2019
	Total Reportable Segments		Consolidated Funds			Reconciling Items				Carlyle Consolidated
	Total Reportable Segments		Consolidated Funds			Reconciling Items				Carlyle Consolidated
	(Dollars in millions)
Revenues	$	1,001.6	$	98.2		$	1,048.3		(a)	$	2,148.1
Expenses	$	687.4	$	80.5		$	362.9		(b)	$	1,130.8
Other income	$	—	$	(5.0	)	$	—		(c)	$	(5.0	)
Distributable earnings	$	314.2	$	12.7		$	685.4		(d)	$	1,012.3
Total assets	$	8,605.8	$	5,055.7		$	(260.7	)	(e)	$	13,400.8



	Six Months Ended June 30, 2018
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated
	(Dollars in millions)
Revenues	$	999.2	$	100.9	$	496.3	(a)	$	1,596.4
Expenses	$	745.8	$	106.3	$	380.9	(b)	$	1,233.0
Other income	$	—	$	14.9	$	—	(c)	$	14.9
Distributable earnings	$	253.4	$	9.5	$	115.4	(d)	$	378.3

(a)

The Revenues adjustment principally represents unrealized performance revenues, unrealized principal investment income, 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 costs

incurred on behalf of Carlyle funds on a net basis, and the inclusion of tax expenses associated with certain performance revenues, as detailed below (Dollars in millions):



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Unrealized performance revenues	$	167.3		$	370.0		$	469.1		$	476.4
Unrealized principal investment income	234.9			7.6			473.5			18.5
Adjusted unrealized principal investment income from investment in Fortitude Re	40.1			—			67.1			—
Adjustments related to expenses associated with investments in NGP Management and its affiliates	(4.1		)	(4.9		)	(8.1		)	(9.6		)
Tax expense associated with performance revenues	—			(5.5		)	—			(5.0		)
Non-Carlyle economic interests in acquired businesses and other adjustments to present certain costs on a net basis	42.7			35.5			63.1			55.7
Elimination of expenses of Consolidated Funds	(16.3		)	(25.3		)	(16.4		)	(39.7		)
	$	464.6		$	377.4		$	1,048.3		$	496.3

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 and six months ended June 30, 2019 and 2018.



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
	(Dollars in millions)
Total Reportable Segments - Fund level fee revenues	$	429.4		$	337.5		$	821.0		$	637.7
Adjustments ⁽¹⁾	(38.5		)	(36.2		)	(76.7		)	(71.9		)
Carlyle Consolidated - Fund management fees	$	390.9		$	301.3		$	744.3		$	565.8

(1) Adjustments represent the reclassification of NGP management fees from principal investment income, the reclassification of certain incentive fees from business development companies and other credit products, management fees earned from consolidated CLOs which were eliminated in consolidation to arrive at the Partnership's fund management fees, and the reclassification of certain amounts included in portfolio advisory fees, net and other in the segment results that are included in interest and other income in the U.S. GAAP results.

(b)

The Expenses adjustment represents the elimination of intercompany expenses of the Consolidated Funds payable to the Partnership, the inclusion of equity-based compensation, certain tax expenses associated with realized performance revenues related compensation, and unrealized 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 costs incurred on behalf of Carlyle funds on a net basis, changes in the tax receivable agreement liability, and charges and credits associated with Carlyle corporate actions and non-recurring items, as detailed below (Dollars in millions):



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Unrealized performance revenues related compensation	$	84.9		$	170.0		$	230.9		$	219.5
Equity-based compensation	38.3			68.4			77.7			156.2
Acquisition related charges and amortization of intangibles and impairment	15.4			9.2			27.4			13.8
Other non-operating expense	0.4			0.3			0.7			0.6
Tax expense associated with performance revenues related compensation	3.6			(1.7		)	(2.5		)	(3.3		)
Non-Carlyle economic interests in acquired businesses and other adjustments to present certain costs on a net basis	10.0			9.8			30.9			13.3
Severance and other adjustments	10.9			4.3			12.7			5.9
Elimination of expenses of Consolidated Funds	(9.3		)	(16.7		)	(14.9		)	(25.1		)
	$	154.2		$	243.6		$	362.9		$	380.9


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



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Income before provision for income taxes	$	542.0		$	252.8		$	1,012.3		$	378.3
Adjustments:
Net unrealized performance revenues	(82.4		)	(200.0		)	(238.2		)	(256.9		)
Unrealized principal investment income	(234.9		)	(7.6		)	(473.5		)	(18.5		)
Adjusted unrealized principal investment income from investment in Fortitude Re	(40.1		)	—			(67.1		)	—
Equity-based compensation ⁽¹⁾	38.3			68.4			77.7			156.2
Acquisition related charges, including amortization of intangibles and impairment	15.4			9.2			27.4			13.8
Other non-operating expense	0.4			0.3			0.7			0.6
Tax expense associated with performance revenues	3.6			3.8			(2.5		)	1.7
Net (income) loss attributable to non-controlling interests in consolidated entities	(39.8		)	(16.7		)	(35.3		)	(27.7		)
Severance and other adjustments	10.9			4.3			12.7			5.9
Distributable Earnings	$	213.4		$	114.5		$	314.2		$	253.4
Realized performance revenues, net of related compensation ⁽²⁾	20.8			49.6			27.8			152.7
Realized principal investment income ⁽²⁾	73.9			17.7			78.0			36.4
Net interest	14.0			10.6			27.6			21.7
Fee Related Earnings	$	132.7		$	57.8		$	236.0		$	86.0

(1)

Equity-based compensation for the three months ended June 30, 2019 includes $3.6 million which is included in principal investment income and general, administrative and other expenses in our U.S. GAAP statement of operations, as well as $0.1 million related to units issued in conjunction with a previous acquisition. Equity-based compensation for the six months ended June 30, 2019 includes $7.6 million which is included in principal investment income and general, administrative and other expenses in our U.S. GAAP statement of operations, as well as $0.1 million related to units issued in conjunction with a previous acquisition.

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



	Three Months Ended June 30, 2019
	Carlyle Consolidated		Adjustments ⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	247.6	$	(205.7	)	$	41.9
Performance revenues related compensation expense	113.6		(92.5		)	21.1
Net performance revenues	$	134.0	$	(113.2	)	$	20.8

Principal investment income (loss)	$	342.0	$	(268.1	)	$	73.9



	Six Months Ended June 30, 2019
	Carlyle Consolidated		Adjustments ⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	596.7	$	(505.6	)	$	91.1
Performance revenues related compensation expense	299.0		(235.7		)	63.3
Net performance revenues	$	297.7	$	(269.9	)	$	27.8

Principal investment income (loss)	$	643.8	$	(565.8	)	$	78.0



	Three Months Ended June 30, 2018
	Carlyle Consolidated		Adjustments⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	425.1	$	(325.6	)	$	99.5
Performance revenues related compensation expense	222.0		(172.1		)	49.9
Net performance revenues	$	203.1	$	(153.5	)	$	49.6

Principal investment income (loss)	$	78.2	$	(60.5	)	$	17.7



	Six Months Ended June 30, 2018
	Carlyle Consolidated		Adjustments ⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	733.2	$	(422.7	)	$	310.5
Performance revenues related compensation expense	380.0		(222.2		)	157.8
Net performance revenues	$	353.2	$	(200.5	)	$	152.7

Principal investment income (loss)	$	132.3	$	(95.9	)	$	36.4

(3) Adjustments to performance revenues and principal investment income (loss) relate to (i) unrealized performance allocations net of related compensation expense and unrealized principal investment income, which are excluded from the segment results, (ii) amounts earned from the Consolidated Funds, which were eliminated in the U.S. GAAP consolidation but were included in the segment results, (iii) amounts attributable to non-controlling interests in consolidated entities, which were excluded from the segment results, (iv) the reclassification of NGP

performance revenues, which are included in investment income in U.S. GAAP financial statements, (v) the reclassification of certain incentive fees from business development companies, which are included in fund management fees in the segment results, and (vi) 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, and the exclusion of charges associated with the investment in NGP Management and its affiliates that are excluded from the segment results.

(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.

Supplemental Financial Information

6 Months Ended

Jun. 30, 2019

Condensed Financial Information Disclosure [Abstract]

Supplemental Financial Information

16. Supplemental Financial Information

The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Partnership’s financial position as of June 30, 2019 and December 31, 2018 and results of operations for the three and six months ended June 30, 2019 and 2018. The supplemental statement of cash flows is presented without effects of the Consolidated Funds.



	As of June 30, 2019
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	669.2		$	—	$	—		$	669.2
Cash and cash equivalents held at Consolidated Funds	—			214.3		—			214.3
Restricted cash	14.4			—		—			14.4
Investments, including performance allocations of $3,907.1 million	6,891.0			—		(184.0		)	6,707.0
Investments of Consolidated Funds	—			4,759.6		—			4,759.6
Due from affiliates and other receivables, net	389.9			—		(76.7		)	313.2
Due from affiliates and other receivables of Consolidated Funds, net	—			81.8		—			81.8
Fixed assets, net	106.1			—		—			106.1
Lease right-of-use assets, net	231.3			—		—			231.3
Deposits and other	62.6			—		—			62.6
Intangible assets, net	70.3			—		—			70.3
Deferred tax assets	171.0			—		—			171.0
Total assets	$	8,605.8		$	5,055.7	$	(260.7	)	$	13,400.8
Liabilities and partners’ capital
Debt obligations	$	1,531.8		$	—	$	—		$	1,531.8
Loans payable of Consolidated Funds	—			4,506.3		—			4,506.3
Accounts payable, accrued expenses and other liabilities	337.5			—		—			337.5
Accrued compensation and benefits	2,413.4			—		—			2,413.4
Due to affiliates	192.1			71.5		(71.5		)	192.1
Deferred revenue	91.5			—		—			91.5
Deferred tax liabilities	60.7			—		—			60.7
Other liabilities of Consolidated Funds	—			278.1		—			278.1
Lease liabilities	307.9			—		—			307.9
Accrued giveback obligations	63.2			—		—			63.2
Total liabilities	4,998.1			4,855.9		(71.5		)	9,782.5
Series A preferred units	387.5			—		—			387.5
Partners’ capital	921.2			60.1		(60.1		)	921.2
Accumulated other comprehensive income (loss)	(77.1		)	0.6		(1.3		)	(77.8		)
Non-controlling interests in consolidated entities	296.0			12.5		—			308.5
Non-controlling interests in Carlyle Holdings	2,080.1			126.6		(127.8		)	2,078.9
Total partners’ capital	3,607.7			199.8		(189.2		)	3,618.3
Total liabilities and partners’ capital	$	8,605.8		$	5,055.7	$	(260.7	)	$	13,400.8



	As of December 31, 2018
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	629.6		$	—	$	—		$	629.6
Cash and cash equivalents held at Consolidated Funds	—			247.5		—			247.5
Restricted cash	8.7			—		—			8.7
Corporate treasury investments	51.7			—		—			51.7
Investments, including performance allocations of $3,480.0 million	5,917.8			—		(220.3		)	5,697.5
Investments of Consolidated Funds	—			5,286.6		—			5,286.6
Due from affiliates and other receivables, net	446.8			—		(5.7		)	441.1
Due from affiliates and other receivables of Consolidated Funds, net	—			135.4		—			135.4
Fixed assets, net	95.1			—		—			95.1
Deposits and other	49.3			—		—			49.3
Intangible assets, net	77.3			—		—			77.3
Deferred tax assets	194.4			—		—			194.4
Total assets	$	7,470.7		$	5,669.5	$	(226.0	)	$	12,914.2
Liabilities and partners’ capital
Loans payable	$	1,550.4		$	—	$	—		$	1,550.4
Loans payable of Consolidated Funds	—			4,840.1		—			4,840.1
Accounts payable, accrued expenses and other liabilities	442.2			—		—			442.2
Accrued compensation and benefits	2,222.3			—		—			2,222.3
Due to affiliates	174.0			—		—			174.0
Deferred revenue	111.3			—		—			111.3
Deferred tax liabilities	64.3			—		—			64.3
Other liabilities of Consolidated Funds	—			610.1		—			610.1
Accrued giveback obligations	63.2			—		—			63.2
Total liabilities	4,627.7			5,450.2		—			10,077.9
Series A preferred units	387.5			—		—			387.5
Partners’ capital	673.4			68.2		(68.2		)	673.4
Accumulated other comprehensive income (loss)	(80.7		)	1.1		(3.7		)	(83.3		)
Non-controlling interests in consolidated entities	323.0			1.2		—			324.2
Non-controlling interests in Carlyle Holdings	1,539.8			148.8		(154.1		)	1,534.5
Total partners’ capital	2,843.0			219.3		(226.0		)	2,836.3
Total liabilities and partners’ capital	$	7,470.7		$	5,669.5	$	(226.0	)	$	12,914.2



	Three Months Ended June 30, 2019
	Consolidated Operating Entities		Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	396.4	$	—	$	(5.5	)	$	390.9
Incentive fees	8.8		—		—			8.8
Investment income (loss)
Performance allocations	247.6		—		—			247.6
Principal investment income	346.2		—		(4.2		)	342.0
Total investment income	593.8		—		(4.2		)	589.6
Interest and other income	32.6		—		(6.6		)	26.0
Interest and other income of Consolidated Funds	—		45.8		—			45.8
Total revenues	1,031.6		45.8		(16.3		)	1,061.1
Expenses
Compensation and benefits
Cash-based compensation and benefits	221.4		—		—			221.4
Equity-based compensation	35.2		—		—			35.2
Performance allocations and incentive fee related compensation	113.6		—		—			113.6
Total compensation and benefits	370.2		—		—			370.2
General, administrative and other expenses	110.7		—		—			110.7
Interest	19.5		—		—			19.5
Interest and other expenses of Consolidated Funds	—		36.8		(9.3		)	27.5
Other non-operating expenses	0.4		—		—			0.4
Total expenses	500.8		36.8		(9.3		)	528.3
Other income
Net investment losses of Consolidated Funds	—		9.2		—			9.2
Income before provision for income taxes	530.8		18.2		(7.0		)	542.0
Provision for income taxes	15.5		—		—			15.5
Net income	515.3		18.2		(7.0		)	526.5
Net income attributable to non-controlling interests in consolidated entities	28.6		—		11.2			39.8
Net income attributable to Carlyle Holdings	486.7		18.2		(18.2		)	486.7
Net income attributable to non-controlling interests in Carlyle Holdings	332.6		—		—			332.6
Net income attributable to The Carlyle Group L.P.	154.1		18.2		(18.2		)	154.1
Net income attributable to Series A Preferred Unitholders	5.9		—		—			5.9
Net income attributable to The Carlyle Group L.P. Common Unitholders	$	148.2	$	18.2	$	(18.2	)	$	148.2



	Six Months Ended June 30, 2019
	Consolidated Operating Entities		Consolidated Funds			Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	755.1	$	—		$	(10.8	)	$	744.3
Incentive fees	16.9		—			—			16.9
Investment income (loss)
Performance allocations	596.7		—			—			596.7
Principal investment income	635.8		—			8.0			643.8
Total investment income	1,232.5		—			8.0			1,240.5
Interest and other income	61.8		—			(13.6		)	48.2
Interest and other income of Consolidated Funds	—		98.2			—			98.2
Total revenues	2,066.3		98.2			(16.4		)	2,148.1
Expenses
Compensation and benefits
Cash-based compensation and benefits	431.9		—			—			431.9
Equity-based compensation	71.2		—			—			71.2
Performance allocations and incentive fee related compensation	299.0		—			—			299.0
Total compensation and benefits	802.1		—			—			802.1
General, administrative and other expenses	223.2		—			—			223.2
Interest	39.2		—			—			39.2
Interest and other expenses of Consolidated Funds	—		80.5			(14.9		)	65.6
Other non-operating expenses	0.7		—			—			0.7
Total expenses	1,065.2		80.5			(14.9		)	1,130.8
Other income
Net investment losses of Consolidated Funds	—		(5.0		)	—			(5.0		)
Income before provision for income taxes	1,001.1		12.7			(1.5		)	1,012.3
Provision for income taxes	39.5		—			—			39.5
Net income	961.6		12.7			(1.5		)	972.8
Net income attributable to non-controlling interests in consolidated entities	24.1		—			11.2			35.3
Net income attributable to Carlyle Holdings	937.5		12.7			(12.7		)	937.5
Net income attributable to non-controlling interests in Carlyle Holdings	640.5		—			—			640.5
Net income attributable to The Carlyle Group L.P.	297.0		12.7			(12.7		)	297.0
Net income attributable to Series A Preferred Unitholders	11.8		—			—			11.8
Net income attributable to The Carlyle Group L.P. Common Unitholders	$	285.2	$	12.7		$	(12.7	)	$	285.2



	Three months ended June 30, 2018
	Consolidated Operating Entities		Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	307.4	$	—	$	(6.1	)	$	301.3
Incentive fees	7.3		—		0.1			7.4
Investment income (loss)
Performance allocations	425.1		—		—			425.1
Principal investment income	92.0		—		(13.8		)	78.2
Total investment income	517.1		—		(13.8		)	503.3
Interest and other income	33.5		—		(5.5		)	28.0
Interest and other income of Consolidated Funds	—		53.6		—			53.6
Total revenues	865.3		53.6		(25.3		)	893.6
Expenses
Compensation and benefits
Cash-based compensation and benefits	176.0		—		—			176.0
Equity-based compensation	64.9		—		—			64.9
Performance allocations and incentive fee related compensation	222.0		—		—			222.0
Total compensation and benefits	462.9		—		—			462.9
General, administrative and other expenses	126.8		—		—			126.8
Interest	18.4		—		—			18.4
Interest and other expenses of Consolidated Funds	—		62.0		(16.7		)	45.3
Other non-operating expenses	0.3		—		—			0.3
Total expenses	608.4		62.0		(16.7		)	653.7
Other income
Net investment gains of Consolidated Funds	—		12.9		—			12.9
Income before provision for income taxes	256.9		4.5		(8.6		)	252.8
Provision for income taxes	11.6		—		—			11.6
Net income	245.3		4.5		(8.6		)	241.2
Net income attributable to non-controlling interests in consolidated entities	20.8		—		(4.1		)	16.7
Net income attributable to Carlyle Holdings	224.5		4.5		(4.5		)	224.5
Net income attributable to non-controlling interests in Carlyle Holdings	155.1		—		—			155.1
Net income attributable to The Carlyle Group L.P.	69.4		4.5		(4.5		)	69.4
Net income attributable to Series A Preferred Unitholders	5.9		—		—			5.9
Net income attributable to The Carlyle Group L.P. Common Unitholders	$	63.5	$	4.5	$	(4.5	)	$	63.5



	Six months ended June 30, 2018
	Consolidated Operating Entities		Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	577.7	$	—	$	(11.9	)	$	565.8
Incentive fees	13.7		—		—			13.7
Investment income (loss)
Performance allocations	733.2		—		—			733.2
Principal investment income	148.6		—		(16.3		)	132.3
Total investment income	881.8		—		(16.3		)	865.5
Interest and other income	62.0		—		(11.5		)	50.5
Interest and other income of Consolidated Funds	—		100.9		—			100.9
Total revenues	1,535.2		100.9		(39.7		)	1,596.4
Expenses
Compensation and benefits
Cash-based compensation and benefits	363.3		—		—			363.3
Equity-based compensation	149.8		—		—			149.8
Performance allocations and incentive fee related compensation	380.0		—		—			380.0
Total compensation and benefits	893.1		—		—			893.1
General, administrative and other expenses	221.8		—		—			221.8
Interest	36.3		—		—			36.3
Interest and other expenses of Consolidated Funds	—		106.3		(25.1		)	81.2
Other non-operating expenses	0.6		—		—			0.6
Total expenses	1,151.8		106.3		(25.1		)	1,233.0
Other income
Net investment gains of Consolidated Funds	—		14.9		—			14.9
Income before provision for income taxes	383.4		9.5		(14.6		)	378.3
Provision for income taxes	19.4		—		—			19.4
Net income	364.0		9.5		(14.6		)	358.9
Net income attributable to non-controlling interests in consolidated entities	32.8		—		(5.1		)	27.7
Net income attributable to Carlyle Holdings	331.2		9.5		(9.5		)	331.2
Net income attributable to non-controlling interests in Carlyle Holdings	222.1		—		—			222.1
Net income attributable to The Carlyle Group L.P.	109.1		9.5		(9.5		)	109.1
Net income attributable to Series A Preferred Unitholders	11.8		—		—			11.8
Net income attributable to The Carlyle Group L.P. Common Unitholders	$	97.3	$	9.5	$	(9.5	)	$	97.3



	Six Months Ended June 30,
	2019			2018
	(Dollars in millions)
Cash flows from operating activities
Net income	$	961.6		$	364.0
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	28.8			21.9
Equity-based compensation	71.2			149.8
Non-cash performance allocations and incentive fees	(268.3		)	(215.6		)
Non-cash principal investment income	(628.3		)	(134.5		)
Other non-cash amounts	4.6			4.7
Purchases of investments	(120.4		)	(274.9		)
Proceeds from the sale of investments	231.0			393.0
Payments of contingent consideration	—			(37.5		)
Change in deferred taxes, net	20.3			(2.6		)
Change in due from affiliates and other receivables	31.8			(48.6		)
Change in deposits and other	(13.9		)	(12.1		)
Change in accounts payable, accrued expenses and other liabilities	(44.4		)	0.8
Change in accrued compensation and benefits	(23.2		)	(8.9		)
Change in due to affiliates	(1.2		)	(26.6		)
Change in lease right-of-use asset and lease liability	2.9			—
Change in deferred revenue	(18.7		)	(19.3		)
Net cash provided by operating activities	233.8			153.6
Cash flows from investing activities
Purchases of fixed assets, net	(23.7		)	(12.5		)
Net cash used in investing activities	(23.7		)	(12.5		)
Cash flows from financing activities
Repayment of term loan	(25.0		)	—
Payments on debt obligations	(13.6		)	(13.8		)
Proceeds from debt obligations	20.4			34.5
Distributions to common unitholders	(68.5		)	(61.0		)
Distributions to preferred unitholders	(11.8		)	(11.8		)
Distributions to non-controlling interest holders in Carlyle Holdings	(143.2		)	(140.4		)
Contributions from non-controlling interest holders	9.1			8.9
Distributions to non-controlling interest holders	(31.9		)	(51.8		)
Common units repurchased	(12.0		)	(51.0		)
Change in due to/from affiliates financing activities	114.5			4.0
Net cash used in financing activities	(162.0		)	(282.4		)
Effect of foreign exchange rate changes	(2.8		)	(9.0		)
Increase (decrease) in cash, cash equivalents and restricted cash	45.3			(150.3		)
Cash, cash equivalents and restricted cash, beginning of period	638.3			1,028.8
Cash, cash equivalents and restricted cash, end of period	$	683.6		$	878.5

Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	$	669.2		$	876.8
Restricted cash	14.4			1.7
Total cash, cash equivalents and restricted cash, end of period	$	683.6		$	878.5

Cash and cash equivalents held at Consolidated Funds	$	214.3		$	395.3

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2019
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 the Partnership’s 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.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. 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.
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 unaudited 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 unaudited 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 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.
Business Combinations	Business Combinations The Partnership accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. Contingent consideration obligations that are elements of consideration transferred are recognized as of the acquisition date as part of the fair value transferred in exchange for the acquired business. Acquisition-related costs incurred in connection with a business combination are expensed as incurred.
Revenue Recognition and Deferred Revenue	Fund management fees 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 the 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 the unaudited condensed consolidated statements of operations and the expense in general, administrative and other expenses or cash-based compensation and benefits expenses in the 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 the 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, up to 25% on certain Corporate Private Equity funds in the event performance benchmarks are achieved, 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. 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. Principal investment income (loss) also includes the Partnership’s allocation of earnings from its investments in Fortitude Re and, as it relates to the Partnership’s investments in NGP (see Note 4), 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. 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 $43.7 million and $52.0 million for the three months ended June 30, 2019 and 2018, respectively, $94.7 million and $98.0 million for the six months ended June 30, 2019 and 2018, respectively, and is included in interest and other income of Consolidated Funds in the accompanying 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, 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 and, therefore, estimates of future period management fees are generally not included in the transaction price. Revenue recognized 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 0.4% to 0.5% 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 1.25% of invested capital 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 June 30, 2019 and December 31, 2018, management fee receivables were $99.6 million and $76.2 million, respectively, and are included in due from affiliates and other receivables, net, in the unaudited condensed consolidated balance sheets. Revenue Recognition The Partnership recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. Revenue is recognized when the Partnership transfers promised goods or services to customers in an amount that reflects the consideration to which the Partnership expects to be entitled to in exchange for those goods or services. ASC 606 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) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when the entity satisfies a performance obligation. The Partnership accounts for 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) 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 ASC 606. In accordance with ASC 323, the Partnership records equity method income (losses) as a component of investment income based on the change in its 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. See Note 4 for additional information on the components of investments and investment income. Performance fees that do not meet the definition of performance-based capital allocations are in the scope of ASC 606 and are included in incentive fees in the consolidated statements of operations. 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 the Partnership’s 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, are presented gross in the unaudited condensed consolidated statements of operations, as the Partnership controls the inputs to its investment management performance obligation. Deferred Revenue Deferred revenue represents management fees and other revenue received prior to the balance sheet date, which has not yet been earned. The decrease in the deferred revenue balance for the six months ended June 30, 2019 was primarily driven by revenues recognized that were included in the deferred revenue balance at the beginning of the period. 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 performance obligation has been satisfied and collection is reasonably assured.
Compensation and Benefits	Compensation and Benefits Cash-based Compensation and Benefits – Cash-based compensation and benefits 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. In June 2018, the Partnership adopted ASU 2018-7, Improvements to Nonemployee Share-Based Payment Accounting, which aligned the accounting for non-employee equity-based awards with the accounting for employee equity-based awards, retroactive to January 1, 2018. 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. The compensation expense for awards that contain market conditions is based on a grant-date fair value that factors in the probability that the market conditions will be achieved and is recognized over the requisite service period on a straight-line basis. 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 the Partnership’s equity method earnings because they are issued to employees of equity method investees. 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	Investments Investments include (i) the Partnership’s ownership interests (typically general partner interests) 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) certain credit-oriented investments, including investments in the CLOs (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. 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.
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.
Securities Sold Under Agreements to Repurchase	Securities Sold Under Agreements to Repurchase As it relates to certain European CLOs sponsored by the Partnership, securities sold under agreements to repurchase (“repurchase agreements”) are accounted for as collateralized financing transactions. The Partnership provides securities to counterparties to collateralize amounts borrowed under repurchase agreements on terms that permit the counterparties to repledge or resell the securities to others. As of June 30, 2019, $21.1 million of securities were transferred to counterparties under repurchase agreements and are included within investments in the condensed consolidated balance sheets. Cash received under repurchase agreements is recognized as a liability within debt obligations in the condensed consolidated balance sheets. Interest expense is recognized on an effective yield basis and is included within interest expense in the condensed consolidated statements of operations.
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.
Leases	Leases On January 1, 2019, the Partnership adopted ASU 2016-2, Leases (Topic 842) under the modified retrospective method. ASU 2016-2, and related amendments, requires lessees to recognize virtually all of their leases on the balance sheet by recording right-of-use assets and lease liabilities. The lease liability is measured at the present value of lease payments and the right-of-use asset is based on the lease liability value, subject to adjustments for deferred rent, lease incentives, unamortized initial direct costs, or impairment. As of December 31, 2018, there was $65.2 million of deferred rent and lease incentives that was reclassified from accounts payable, accrued expenses and other liabilities into right-of-use assets upon the adoption of ASU 2016-2. 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. The adoption of this guidance did not have a material impact on operating results. The Partnership elected the transition option provided by the FASB, which allows entities to not apply ASC 842 in the comparative periods presented in the financial statements in the year of adoption. The Partnership also elected to use the practical expedients available under the transition provisions under which the Partnership did not need to reassess whether an arrangement is or contains a lease, lease classification, and the accounting for initial direct costs. The Partnership recognizes a lease liability and right-of-use asset in the condensed consolidated balance sheet for contracts that it determines are leases or contain a lease. The Partnership’s leases primarily consist of operating leases for office space in various countries around the world. The Partnership also has operating leases for office equipment and vehicles, which are not significant. The Partnership does not separate non-lease components from lease components for its office space and equipment operating leases and instead accounts for each separate lease component and its associated non-lease component as a single lease component. Right-of-use assets represent the Partnership’s right to use an underlying asset for the lease term and lease liabilities represent the Partnership’s obligation to make lease payments arising from the leases. The Partnership’s right-of-use assets and lease liabilities are recognized at lease commencement based on the present value of lease payments over the lease term. Lease right-of-use assets include initial direct costs incurred by the Partnership and are presented net of deferred rent and lease incentives. Absent an implicit interest rate in the lease, the Partnership uses its incremental borrowing rate, adjusted for the effects of collateralization, based on the information available at commencement in determining the present value of lease payments. The Partnership’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Partnership will exercise those options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Partnership does not recognize a lease liability or right-of-use asset on the balance sheet for short-term leases. Instead, the Partnership recognizes short-term lease payments as an expense on a straight-line basis over the lease term. A short-term lease is defined as a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. When determining whether a lease qualifies as a short-term lease, the Partnership evaluates the lease term and the purchase option in the same manner as all other leases.
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 four 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.
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The Partnership’s accumulated other comprehensive income (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 August 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification. The amendments became effective on November 5, 2018. Among the amendments is the requirement to present the changes in shareholders’ equity in the interim financial statements (either in a separate statement or footnote) in quarterly reports on Form 10-Q. The Partnership included a separate statement of changes in partners’ capital in these condensed consolidated financial statements. Recently Issued Accounting Standards Adopted as of January 1, 2019 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 was effective for the Partnership on January 1, 2019 and the Partnership adopted this guidance on that date. The impact of this guidance was not material to the Partnership. 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 was 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. The Partnership adopted this guidance on January 1, 2019 and the impact was not material. Recently Issued Accounting Standards Effective on January 1, 2020 In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 eliminates, adds and modifies certain disclosure requirements for fair value measurements. 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 to the fair value disclosures. 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 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.
Fair Value Measurement	The fair value measurement accounting guidance establishes a hierarchical 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 types of financial instruments in this category include unrestricted securities, such as 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 types of financial instruments in this category include 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. The types of financial instruments 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 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)

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Assets recognized in consolidated balance sheets related to non-consolidated VIEs

The assets recognized in the Partnership's consolidated balance sheets related to the Partnership's variable interests in these non-consolidated VIEs were as follows:



	As of
	June 30, 2019		December 31, 2018
	(Dollars in millions)
Investments	$	1,147.3	$	1,152.4
Performance allocations	146.9		121.2
Management fee arrangements	28.4		15.1
Total	$	1,322.6	$	1,288.7

Components of accumulated other comprehensive income (loss)

The components of accumulated other comprehensive income (loss) as of June 30, 2019 and December 31, 2018 were as follows:



	As of
	June 30, 2019			December 31, 2018
	(Dollars in millions)
Currency translation adjustments	$	(79.0	)	$	(79.7	)
Unrealized losses on defined benefit plans	(3.8		)	(4.6		)
Fortitude Re available-for-sale securities	5.0			1.0
Total	$	(77.8	)	$	(83.3	)

- 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)

6 Months Ended

Jun. 30, 2019

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 June 30, 2019:



(Dollars in millions)	Level I		Level II		Level III		Total
Assets
Investments of Consolidated Funds:
Equity securities	$	—	$	—	$	2.6	$	2.6
Bonds	—		—		632.0		632.0
Loans	—		—		4,125.0		4,125.0
	—		—		4,759.6		4,759.6
Investments in CLOs and other	—		—		477.3		477.3
Foreign currency forward contracts	—		1.3		—		1.3
Total	$	—	$	1.3	$	5,236.9	$	5,238.2
Liabilities
Loans payable of Consolidated Funds⁽¹⁾	$	—	$	—	$	4,506.3	$	4,506.3
Foreign currency forward contracts	—		2.8		—		2.8
Total	$	—	$	2.8	$	4,506.3	$	4,509.1


(1)	Senior and subordinated notes issued by CLO vehicles are valued 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, 2018:



(Dollars in millions)	Level I		Level II		Level III		Total
Assets
Investments of Consolidated Funds:
Bonds	$	—	$	—	$	690.1	$	690.1
Loans	—		—		4,596.5		4,596.5
	—		—		5,286.6		5,286.6
Investments in CLOs and other	—		—		446.4		446.4
Corporate treasury investments
Bonds	—		29.2		—		29.2
Commercial paper and other	—		22.5		—		22.5
Total	$	—	$	51.7	$	5,733.0	$	5,784.7
Liabilities
Loans payable of Consolidated Funds⁽¹⁾	$	—	$	—	$	4,840.1	$	4,840.1
Foreign currency forward contracts	—		1.4		—		1.4
Total	$	—	$	1.4	$	4,840.1	$	4,841.5


(1)	Senior and subordinated notes issued by CLO vehicles are valued 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 June 30, 2019
	Investments of Consolidated Funds
	Equity securities		Bonds			Loans			Investments in CLOs and other			Total
Balance, beginning of period	$	—	$	653.4		$	3,377.6		$	472.3		$	4,503.3
Consolidation of funds ⁽¹⁾	—		—			588.9			(4.4		)	584.5
Purchases	1.8		74.8			440.2			4.4			521.2
Sales and distributions	—		(109.8		)	(183.9		)	(4.6		)	(298.3		)
Settlements	—		—			(140.3		)	—			(140.3		)
Realized and unrealized gains (losses), net
Included in earnings	0.8		5.7			0.3			13.8			20.6
Included in other comprehensive income	—		7.9			42.2			(4.2		)	45.9
Balance, end of period	$	2.6	$	632.0		$	4,125.0		$	477.3		$	5,236.9
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	0.8	$	3.1		$	(4.2	)	$	13.8		$	13.5

	Financial Assets
	Six Months Ended June 30, 2019
	Investments of Consolidated Funds
	Equity securities		Bonds			Loans			Investments in CLOs and other			Total
Balance, beginning of period	$	—	$	690.1		$	4,596.5		$	446.4		$	5,733.0
Deconsolidation/consolidation of funds ⁽¹⁾	—		—			(294.8		)	(2.7		)	(297.5		)
Purchases	1.8		144.3			681.1			34.1			861.3
Sales and distributions	—		(210.1		)	(552.1		)	(8.6		)	(770.8		)
Settlements	—		—			(270.6		)	—			(270.6		)
Realized and unrealized gains (losses), net
Included in earnings	0.8		13.3			(5.5		)	9.7			18.3
Included in other comprehensive income	—		(5.6		)	(29.6		)	(1.6		)	(36.8		)
Balance, end of period	$	2.6	$	632.0		$	4,125.0		$	477.3		$	5,236.9
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	0.8	$	9.6		$	(16.7	)	$	9.7		$	3.4



	Financial Assets
	Three Months Ended June 30, 2018
	Investments of Consolidated Funds
	Equity securities			Bonds			Loans			Other			Investments in CLOs and other			Total
Balance, beginning of period	$	10.8		$	486.2		$	4,498.6		$	0.3		$	454.3		$	5,450.2
Purchases	—			262.5			963.3			—			—			1,225.8
Sales and distributions	—			(72.0		)	(457.8		)	(0.4		)	(3.5		)	(533.7		)
Settlements	—			—			(201.0		)	—			—			(201.0		)
Realized and unrealized gains (losses), net
Included in earnings	0.7			(11.0		)	(15.8		)	0.1			3.7			(22.3		)
Included in other comprehensive income	(0.4		)	(25.6		)	(190.2		)	—			(7.8		)	(224.0		)
Balance, end of period	$	11.1		$	640.1		$	4,597.1		$	—		$	446.7		$	5,695.0
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	0.7		$	(14.1	)	$	(10.6	)	$	—		$	3.6		$	(20.4	)

	Financial Assets
	Six Months Ended June 30, 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	—			387.0			1,750.0			—			45.0			2,182.0
Sales and distributions	—			(127.4		)	(697.6		)	(0.4		)	(6.5		)	(831.9		)
Settlements	—			—			(435.8		)	—			—			(435.8		)
Realized and unrealized gains (losses), net
Included in earnings	3.4			(17.8		)	(24.2		)	0.1			5.8			(32.7		)
Included in other comprehensive income	(0.2		)	(15.1		)	(108.0		)	—			(3.0		)	(126.3		)
Balance, end of period	$	11.1		$	640.1		$	4,597.1		$	—		$	446.7		$	5,695.0
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	3.4		$	(18.4	)	$	(12.1	)	$	—		$	5.8		$	(21.3	)

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



	Financial Liabilities
	Loans Payable of Consolidated Funds
	Three Months Ended June 30,
	2019			2018
Balance, beginning of period	$	3,750.0		$	4,554.5
Consolidation of funds	584.7			—
Borrowings	118.1			1,264.1
Paydowns	(1.3		)	(750.2		)
Realized and unrealized (gains) losses, net
Included in earnings	19.9			(38.9		)
Included in other comprehensive income	34.9			(194.4		)
Balance, end of period	$	4,506.3		$	4,835.1
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$	7.8		$	(41.0	)


	Financial Liabilities
	Loans Payable of Consolidated Funds
	Six Months Ended June 30,
	2019			2018
Balance, beginning of period	$	4,840.1		$	4,303.8
Deconsolidation/consolidation of funds	(285.9		)	—
Borrowings	260.5			2,015.5
Paydowns	(300.8		)	(1,321.0		)
Realized and unrealized (gains) losses, net
Included in earnings	35.1			(56.4		)
Included in other comprehensive income	(42.7		)	(106.8		)
Balance, end of period	$	4,506.3		$	4,835.1
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$	1.2		$	(63.2	)

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 June 30, 2019:



	Fair Value at		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
(Dollars in millions)	June 30, 2019		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
Assets
Investments of Consolidated Funds:
Equity securities	$	2.6	Consensus Pricing	Indicative Quotes ($ per share)	0.03 - 60.00 (0.07)

Bonds	632.0		Consensus Pricing	Indicative Quotes (% of Par)	78 - 106 (96)
Loans	4,125.0		Consensus Pricing	Indicative Quotes (% of Par)	46 - 102 (98)
	4,759.6
Investments in CLOs and other:
Senior secured notes	415.1		Discounted Cash Flow with Consensus Pricing	Discount Margins (Basis Points)	40 - 1,150 (180)
				Default Rates	1% - 3% (2%)
				Recovery Rates	45% - 75% (58%)
				Indicative Quotes (% of Par)	87 - 101 (99)
Subordinated notes and preferred shares	62.2		Discounted Cash Flow with Consensus Pricing	Discount Rates	10% - 13% (11%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	45% - 75% (57%)
				Indicative Quotes (% of Par)	47 - 101 (71)
Total	$	5,236.9
Liabilities
Loans payable of Consolidated Funds:
Senior secured notes	$	4,291.4	Other ⁽¹⁾	N/A	N/A
Subordinated notes and preferred shares	214.9		Discounted Cash Flow with Consensus Pricing	Discount Rates	10% - 13% (12%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	45% - 75% (61%)
				Indicative Quotes (% of Par)	61 - 88 (74)
Total	$	4,506.3


(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 quantitative information about the Partnership’s Level III inputs as of December 31, 2018:



	Fair Value at		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
(Dollars in millions)	December 31, 2018		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
Assets
Investments of Consolidated Funds:
Bonds	$	690.1	Consensus Pricing	Indicative Quotes (% of Par)	50 - 104 (94)
Loans	4,596.5		Consensus Pricing	Indicative Quotes (% of Par)	73 - 102 (98)
	5,286.6
Investments in CLOs and other
Senior secured notes	392.8		Discounted Cash Flow with Consensus Pricing	Discount Margins (Basis Points)	70 - 1,100 (182)
				Default Rates	1% - 3% (2%)
				Recovery Rates	45% - 73% (57%)
				Indicative Quotes (% of Par)	86 - 101 (99)
Subordinated notes and preferred shares	53.6		Discounted Cash Flow with Consensus Pricing	Discount Rate	10% - 12% (11%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	45% - 73% (56%)
				Indicative Quotes (% of Par)	45 - 106 (75)
Total	$	5,733.0
Liabilities
Loans payable of Consolidated Funds:
Senior secured notes	$	4,607.2	Other⁽¹⁾	N/A	N/A
Subordinated notes and preferred shares	232.9		Discounted Cash Flow with Consensus Pricing	Discount Rates	10% - 12% (11%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	45% - 73% (60%)
				Indicative Quotes (% of Par)	68 - 94 (81)
Total	$	4,840.1


(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.

Investments (Tables)

6 Months Ended

Jun. 30, 2019

Investments [Abstract]

Schedule of investments

Investments consist of the following:



	As of
	June 30, 2019		December 31, 2018
	(Dollars in millions)
Accrued performance allocations	$	3,907.1	$	3,480.0
Principal equity method investments, excluding performance allocations	2,311.4		1,765.8
Principal investments in CLOs and other	488.5		451.7
Total investments	$	6,707.0	$	5,697.5

Components of accrued performance fees

The components of accrued performance allocations are as follows:



	As of
	June 30, 2019		December 31, 2018
	(Dollars in millions)
Corporate Private Equity	$	2,149.3	$	1,990.2
Real Assets	861.7		654.2
Global Credit	123.3		99.3
Investment Solutions	772.8		736.3
Total	$	3,907.1	$	3,480.0

Components of accrued giveback obligations

The components of the accrued giveback obligations are as follows:



	As of
	June 30, 2019			December 31, 2018
	(Dollars in millions)
Corporate Private Equity	$	(5.0	)	$	(5.0	)
Real Assets	(58.2		)	(58.2		)
Total	$	(63.2	)	$	(63.2	)

Schedule of equity method investments

Principal investments are related to the following segments:



	As of
	June 30, 2019		December 31, 2018
	(Dollars in millions)
Corporate Private Equity	$	394.2	$	374.7
Real Assets	730.5		770.0
Global Credit	1,092.2		545.0
Investment Solutions	94.5		76.1
Total	$	2,311.4	$	1,765.8

The Partnership’s investments in NGP as of June 30, 2019 and December 31, 2018 are as follows:



	As of
	June 30, 2019		December 31, 2018
	(Dollars in millions)
Investment in NGP Management	$	389.3	$	394.6
Investments in NGP general partners - accrued performance allocations	121.2		151.0
Principal investments in NGP funds	71.8		77.6
Total investments in NGP	$	582.3	$	623.2

Estimated summarized financial information of Fortitude Re is presented below:



	Three Months Ended June 30,		Six Months Ended June 30,
	2019		2019
	(Dollars in millions)
Revenues	$	567.0	$	1,161.0
Expenses	448.0		888.0
Operating income	119.0		273.0
Net realized and unrealized gains	1,603.0		3,092.0
Income tax expense	360.0		705.0
Net income	$	1,362.0	$	2,660.0

Schedule of net investment earnings (loss)

The net investment income (loss) recognized in the Partnership’s unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2019 and 2018 were as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
	(Dollars in millions)
Management fee-related revenues from NGP Management	$	26.4		$	24.7		$	51.6		$	43.6
Expenses related to the investment in NGP Management	(2.7		)	(3.1		)	(5.2		)	(6.0		)
Amortization of basis differences from the investment in NGP Management	(1.4		)	(1.8		)	(2.8		)	(3.6		)
Net investment income from NGP Management	$	22.3		$	19.8		$	43.6		$	34.0

Components of investment income (loss)

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



	Three Months Ended June 30,					Six Months Ended June 30,
	2019		2018			2019		2018
	(Dollars in millions)
Performance allocations
Realized	$	41.6	$	97.4		$	71.4	$	318.0
Unrealized	206.0		327.7			525.3		415.2
	247.6		425.1			596.7		733.2
Principal investment income from equity method investments (excluding performance allocations)
Realized	95.2		36.1			126.5		63.2
Unrealized	242.7		42.3			514.0		68.3
	337.9		78.4			640.5		131.5
Principal investment income (loss) from investments in CLOs and other investments
Realized	0.2		0.2			1.1		0.6
Unrealized	3.9		(0.4		)	2.2		0.2
	4.1		(0.2		)	3.3		0.8
Total	$	589.6	$	503.3		$	1,240.5	$	865.5

Performance allocations included in revenues

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



	Three Months Ended June 30,					Six Months Ended June 30,
	2019			2018		2019		2018
	(Dollars in millions)
Corporate Private Equity	$	82.5		$	210.7	$	215.3	$	468.6
Real Assets	149.6			138.4		259.0		135.1
Global Credit	(5.5		)	12.3		24.1		14.9
Investment Solutions	21.0			63.7		98.3		114.6
Total	$	247.6		$	425.1	$	596.7	$	733.2

Schedule of income (loss) from principal investments

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



	Three Months Ended June 30,					Six Months Ended June 30,
	2019		2018			2019		2018
	(Dollars in millions)
Corporate Private Equity	$	3.5	$	7.8		$	11.7	$	24.0
Real Assets	60.4		72.5			93.9		105.2
Global Credit	269.0		(4.0		)	525.9		(3.7		)
Investment Solutions	5.0		2.1			9.0		6.0
Total	$	337.9	$	78.4		$	640.5	$	131.5

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 June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(Dollars in millions)
Interest income from investments	$	43.7	$	52.0	$	94.7	$	98.0
Other income	2.1		1.6		3.5		2.9
Total	$	45.8	$	53.6	$	98.2	$	100.9

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 June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
	(Dollars in millions)
Gains (losses) from investments of Consolidated Funds	$	17.1		$	(26.1	)	$	18.2		$	(41.5	)
Gains (losses) from liabilities of CLOs	(7.9		)	39.0			(23.2		)	56.4
Total	$	9.2		$	12.9		$	(5.0	)	$	14.9

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 June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
	(Dollars in millions)
Realized gains (losses)	$	(3.4	)	$	(1.6	)	$	(11.4	)	$	(4.3	)
Net change in unrealized gains (losses)	20.5			(24.5		)	29.6			(37.2		)
Total	$	17.1		$	(26.1	)	$	18.2		$	(41.5	)

Borrowings (Tables)

6 Months Ended

Jun. 30, 2019

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):



	June 30, 2019				December 31, 2018
	Borrowing Outstanding		Carrying Value		Borrowing Outstanding		Carrying Value
Senior Credit Facility Term Loan Due 2/11/2024	$	—	$	—	$	25.0	$	24.9
CLO Borrowings(See below)	329.9		329.4		309.9		309.9
3.875% Senior Notes Due 2/01/2023	250.0		249.2		250.0		249.0
5.625% Senior Notes Due 3/30/2043	600.0		600.7		600.0		600.7
5.650% Senior Notes Due 9/15/2048	350.0		345.8		350.0		345.7
Promissory Notes Due 7/15/2019	6.7		6.7		20.2		20.2
Total debt obligations	$	1,536.6	$	1,531.8	$	1,555.1	$	1,550.4

Summary of borrowings outstanding, including preferred shares classified as liabilities

As of June 30, 2019 and December 31, 2018, the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions):



	As of June 30, 2019
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	4,378.0	$	4,291.4	1.95	%		11.24
Subordinated notes, preferred shares and other	174.4		214.9		N/A		(1)	11.40
Total	$	4,552.4	$	4,506.3



	As of December 31, 2018
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	4,723.4	$	4,607.2	1.94	%		10.70
Subordinated notes, preferred shares and other	178.5		232.9		N/A		(1)	9.95
Total	$	4,901.9	$	4,840.1

(1)

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 borrowings consist of the following (Dollars in millions):



Formation Date	Borrowing Outstanding June 30, 2019		Borrowing Outstanding December 31, 2018		Maturity Date (1)	Interest Rate as of June 30, 2019
February 28, 2017	$	76.3	$	77.0	November 17, 2031	2.33%	(2)
April 19, 2017	22.9		22.9		April 22, 2031	4.52%	(3) (15)
June 28, 2017	22.9		23.0		July 22, 2031	4.51%	(4) (15)
July 20, 2017	24.4		24.4		April 21, 2027	4.13%	(5) (15)
August 2, 2017	22.8		22.8		July 23, 2029	4.40%	(6) (15)
August 2, 2017	19.8		19.9		August 3, 2022	1.75%	(7)
August 14, 2017	22.5		22.5		August 15, 2030	4.38%	(8) (15)
November 30, 2017	22.7		22.7		January 16, 2030	4.33%	(9) (15)
December 6, 2017	19.1		19.1		October 16, 2030	4.24%	(10) (15)
December 7, 2017	20.9		21.1		January 19, 2029	3.97%	(11) (15)
January 30, 2018	19.2		19.2		January 22, 2030	4.22%	(12) (15)
March 1, 2018	15.3		15.3		January 15, 2031	4.15%	(13) (15)
March 15, 2019	21.1		—		March 15, 2032	2.56%	(14)
	$	329.9	$	309.9

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


(2)	Outstanding borrowing of €67.2 million; incurs interest at EURIBOR plus applicable margins as defined in the agreement.


(3)	Incurs interest at LIBOR plus 1.932%.


(4)	Incurs interest at LIBOR plus 1.923%.


(5)	Incurs interest at LIBOR plus 1.536%. This term loan was paid off in July 2019.


(6)	Incurs interest at LIBOR plus 1.808%.


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


(8)	Incurs interest at LIBOR plus 1.848%.


(9)	Incurs interest at LIBOR plus 1.7312%.


(10)	Incurs interest at LIBOR plus 1.647%.


(11)	Incurs interest at LIBOR plus 1.365%.


(12)	Incurs interest at LIBOR plus 1.624%.


(13)	Incurs interest at LIBOR plus 1.552%.

(14) Incurs interest at the average effective interest rate of each class of purchased securities plus 0.50% spread percentage and 0.08% class A-1 periodic adjustment rate up to €54,120.

(15)

Term loan issued under master credit agreement.

Senior Notes

Debt Instrument [Line Items]

Schedule of Partnership's borrowings

Senior Notes



							Interest Expense
			Fair Value (1) As of				Three Months Ended June 30,				Six Months Ended June 30,
	Aggregate Principal Amount		June 30, 2019		December 31, 2018		2019		2018		2019		2018
3.875% Senior Notes Due 2/1/2023 (2)(5)	$	250.0	$	262.0	$	255.5	$	2.4	$	4.9	$	4.8	$	9.9
5.625% Senior Notes Due 3/30/2043 (3)	600.0		659.4		604.1		8.4		8.5		16.8		16.9
5.650% Senior Notes due 9/15/2048 (4)	350.0		385.2		354.4		4.9		—		9.9		—
							$	15.7	$	13.4	$	31.5	$	26.8

(1) Including accrued interest. Fair value is based on indicative quotes and the notes are classified as Level II within the fair value hierarchy.

(2) Issued in January 2013 at 99.966% of par.

(4) Issued in September 2018 at 99.914% of par.

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2019

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 June 30, 2019 (Dollars in millions):



	Unfunded Commitments
Corporate Private Equity	$	2,473.8
Real Assets	969.2
Global Credit	444.6
Investment Solutions	125.0
Total	$	4,012.6

Lease cost, cash flows and other supplemental information related to operating leases

The following table summarizes the Partnership’s lease cost, cash flows and other supplemental information related to its operating leases (Dollars in millions):



	Three Months Ended June 30,			Six Months Ended June 30,
	2019			2019
Operating lease cost	$	12.8		$	24.3
Sublease income	(0.7		)	(1.0		)
Total operating lease cost	$	12.1		$	23.3

Cash paid for amounts included in the measurement of operating lease liabilities	$	16.8		$	30.1

Weighted-average remaining lease term				9.9 Years
Weighted-average discount rate				5.3		%

Maturities of operating lease liabilities

as follows (Dollars in millions):



Year ending December 31,
2019 (excluding the six months ended June 30, 2019)	$	32.8
2020	55.6
2021	41.2
2022	52.9
2023	48.4
Thereafter	452.1
Total lease payments	$	683.0
Less payments for leases that have not yet commenced	(284.1		)
Less imputed interest	(91.0		)
Total lease liabilities	$	307.9

Earnings Per Common Unit (Tables)

6 Months Ended

Jun. 30, 2019

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 June 30, 2019				Six Months Ended June 30, 2019
	Basic		Diluted		Basic		Diluted
Net income attributable to common units	$	148,200,000	$	148,200,000	$	285,200,000	$	285,200,000
Weighted-average common units outstanding	110,440,227		120,920,439		109,828,740		118,372,885
Net income per common unit	$	1.34	$	1.23	$	2.60	$	2.41



	Three Months Ended June 30, 2018				Six Months Ended June 30, 2018
	Basic		Diluted		Basic		Diluted
Net income attributable to common units	$	63,500,000	$	63,500,000	$	97,300,000	$	97,300,000
Weighted-average common units outstanding	102,465,109		112,582,728		101,603,587		111,948,144
Net income per common unit	$	0.62	$	0.56	$	0.96	$	0.87

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 June 30, 2019		Six Months Ended June 30, 2019
	Basic	Diluted	Basic	Diluted
The Carlyle Group L.P. weighted-average common units outstanding	110,440,227	110,440,227	109,828,740	109,828,740
Unvested deferred restricted common units	—	9,531,711	—	7,595,644
Issuable Carlyle Group L.P. common units	—	948,501	—	948,501
Weighted-average common units outstanding	110,440,227	120,920,439	109,828,740	118,372,885



	Three Months Ended June 30, 2018		Six Months Ended June 30, 2018
	Basic	Diluted	Basic	Diluted
The Carlyle Group L.P. weighted-average common units outstanding	102,465,109	102,465,109	101,603,587	101,603,587
Unvested deferred restricted common units	—	9,717,091	—	9,944,029
Issuable Carlyle Group L.P. common units	—	400,528	—	400,528
Weighted-average common units outstanding	102,465,109	112,582,728	101,603,587	111,948,144

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Reportable segments financial data

The following table presents the financial data for the Partnership’s four reportable segments for the three and six months ended June 30, 2019:



	Three Months Ended June 30, 2019
	Corporate Private Equity		Real Assets		Global Credit		Investment Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	190.3	$	105.8	$	79.2	$	39.2	$	414.5
Portfolio advisory fees, net and other	3.6		0.5		1.2		—		5.3
Transaction fees, net	7.4		—		2.2		—		9.6
Total fund level fee revenues	201.3		106.3		82.6		39.2		429.4
Realized performance revenues	11.2		24.6		0.1		6.0		41.9
Realized principal investment income (loss)	1.0		70.1		1.4		1.4		73.9
Interest income	1.2		0.7		3.4		0.2		5.5
Total revenues	214.7		201.7		87.5		46.8		550.7
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	101.1		34.0		49.5		22.5		207.1
Realized performance revenues related compensation	5.4		11.2		—		4.5		21.1
Total compensation and benefits	106.5		45.2		49.5		27.0		228.2
General, administrative, and other indirect expenses	33.3		17.0		20.5		9.2		80.0
Depreciation and amortization expense	4.5		1.8		2.0		1.3		9.6
Interest expense	7.9		3.1		6.7		1.8		19.5
Total expenses	152.2		67.1		78.7		39.3		337.3
Distributable Earnings	$	62.5	$	134.6	$	8.8	$	7.5	$	213.4
(-) Realized Net Performance Revenues	5.8		13.4		0.1		1.5		20.8
(-) Realized Principal Investment Income	1.0		70.1		1.4		1.4		73.9
(+) Net Interest	6.7		2.4		3.3		1.6		14.0
(=) Fee Related Earnings	$	62.4	$	53.5	$	10.6	$	6.2	$	132.7



	Six Months Ended June 30, 2019
	Corporate Private Equity			Real Assets		Global Credit		Investment Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	380.3		$	183.2	$	154.0	$	78.6	$	796.1
Portfolio advisory fees, net and other	7.1			1.4		2.3		—		10.8
Transaction fees, net	7.7			2.4		4.0		—		14.1
Total fund level fee revenues	395.1			187.0		160.3		78.6		821.0
Realized performance revenues	34.6			29.5		0.1		26.9		91.1
Realized principal investment income (loss)	(1.3		)	71.7		6.0		1.6		78.0
Interest income	2.4			1.2		7.2		0.7		11.5
Total revenues	430.8			289.4		173.6		107.8		1,001.6
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	197.8			69.8		96.1		45.7		409.4
Realized performance revenues related compensation	15.8			23.2		—		24.3		63.3
Total compensation and benefits	213.6			93.0		96.1		70.0		472.7
General, administrative, and other indirect expenses	67.4			33.8		37.0		17.5		155.7
Depreciation and amortization expense	9.4			3.7		4.1		2.7		19.9
Interest expense	15.8			6.2		13.4		3.7		39.1
Total expenses	306.2			136.7		150.6		93.9		687.4
Distributable Earnings	$	124.6		$	152.7	$	23.0	$	13.9	$	314.2
(-) Realized Net Performance Revenues	18.8			6.3		0.1		2.6		27.8
(-) Realized Principal Investment Income (Loss)	(1.3		)	71.7		6.0		1.6		78.0
(+) Net Interest	13.4			5.0		6.2		3.0		27.6
(=) Fee Related Earnings	120.5			79.7		23.1		12.7		236.0
Segment assets as of June 30, 2019	$	3,193.0		$	2,032.1	$	2,301.1	$	1,079.6	$	8,605.8

The following table presents the financial data for the Partnership’s four reportable segments for the three and six months ended June 30, 2018:



	Three Months Ended June 30, 2018
	Corporate Private Equity		Real Assets		Global Credit		Investment Solutions			Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	148.0	$	78.7	$	59.8	$	41.6		$	328.1
Portfolio advisory fees, net and other	3.4		1.1		1.0		0.1			5.6
Transaction fees, net	3.6		0.1		0.1		—			3.8
Total fund level fee revenues	155.0		79.9		60.9		41.7			337.5
Realized performance revenues	52.0		33.6		4.7		9.2			99.5
Realized principal investment income (loss)	12.3		3.1		2.4		(0.1		)	17.7
Interest income	2.5		1.2		3.9		0.3			7.9
Total revenues	221.8		117.8		71.9		51.1			462.6
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	90.5		29.3		30.5		22.0			172.3
Realized performance revenues related compensation	24.0		15.0		2.1		8.8			49.9
Total compensation and benefits	114.5		44.3		32.6		30.8			222.2
General, administrative, and other indirect expenses	56.5		15.9		17.3		9.2			98.9
Depreciation and amortization expense	4.2		1.6		1.6		1.1			8.5
Interest expense	7.1		4.1		5.8		1.5			18.5
Total expenses	182.3		65.9		57.3		42.6			348.1
Distributable Earnings	$	39.5	$	51.9	$	14.6	$	8.5		$	114.5
(-) Realized Net Performance Revenues	28.0		18.6		2.6		0.4			49.6
(-) Realized Principal Investment Income (Loss)	12.3		3.1		2.4		(0.1		)	17.7
(+) Net Interest	4.6		2.9		1.9		1.2			10.6
(=) Fee Related Earnings	$	3.8	$	33.1	$	11.5	$	9.4		$	57.8



	Six Months Ended June 30, 2018
	Corporate Private Equity			Real Assets		Global Credit		Investment Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	262.1		$	153.1	$	118.5	$	81.9	$	615.6
Portfolio advisory fees, net and other	9.7			2.6		2.7		0.3		15.3
Transaction fees, net	3.9			2.8		0.1		—		6.8
Total fund level fee revenues	275.7			158.5		121.3		82.2		637.7
Realized performance revenues	240.0			41.4		5.8		23.3		310.5
Realized principal investment income	20.2			11.3		4.9		—		36.4
Interest income	4.5			2.1		7.2		0.8		14.6
Total revenues	540.4			213.3		139.2		106.3		999.2
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	187.7			64.0		64.5		45.2		361.4
Realized performance revenues related compensation	114.7			19.0		2.7		21.4		157.8
Total compensation and benefits	302.4			83.0		67.2		66.6		519.2
General, administrative, and other indirect expenses	89.4			34.0		33.1		17.2		173.7
Depreciation and amortization expense	8.2			3.2		3.0		2.2		16.6
Interest expense	14.1			8.0		11.1		3.1		36.3
Total expenses	414.1			128.2		114.4		89.1		745.8
Distributable Earnings	$	126.3		$	85.1	$	24.8	$	17.2	$	253.4
(-) Realized Net Performance Revenues	125.3			22.4		3.1		1.9		152.7
(-) Realized Principal Investment Income	20.2			11.3		4.9		—		36.4
(+) Net Interest	9.6			5.9		3.9		2.3		21.7
(=) Fee Related Earnings	$	(9.6	)	$	57.3	$	20.7	$	17.6	$	86.0



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
	(Dollars in millions)
Total Reportable Segments - Fund level fee revenues	$	429.4		$	337.5		$	821.0		$	637.7
Adjustments ⁽¹⁾	(38.5		)	(36.2		)	(76.7		)	(71.9		)
Carlyle Consolidated - Fund management fees	$	390.9		$	301.3		$	744.3		$	565.8

Revenues adjustments

The following table reconciles the Total Segments to the Partnership’s Income Before Provision for Taxes for the three months ended June 30, 2019 and 2018.



	Three Months Ended June 30, 2019
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated
	(Dollars in millions)
Revenues	$	550.7	$	45.8	$	464.6	(a)	$	1,061.1
Expenses	$	337.3	$	36.8	$	154.2	(b)	$	528.3
Other income	$	—	$	9.2	$	—	(c)	$	9.2
Distributable earnings	$	213.4	$	18.2	$	310.4	(d)	$	542.0



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

The following table reconciles the Total Segments to the Partnership’s Income Before Provision for Taxes for the six months ended June 30, 2019 and 2018, and Total Assets as of June 30, 2019.



	Six Months Ended June 30, 2019
	Total Reportable Segments		Consolidated Funds			Reconciling Items				Carlyle Consolidated
	Total Reportable Segments		Consolidated Funds			Reconciling Items				Carlyle Consolidated
	(Dollars in millions)
Revenues	$	1,001.6	$	98.2		$	1,048.3		(a)	$	2,148.1
Expenses	$	687.4	$	80.5		$	362.9		(b)	$	1,130.8
Other income	$	—	$	(5.0	)	$	—		(c)	$	(5.0	)
Distributable earnings	$	314.2	$	12.7		$	685.4		(d)	$	1,012.3
Total assets	$	8,605.8	$	5,055.7		$	(260.7	)	(e)	$	13,400.8



	Six Months Ended June 30, 2018
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated
	(Dollars in millions)
Revenues	$	999.2	$	100.9	$	496.3	(a)	$	1,596.4
Expenses	$	745.8	$	106.3	$	380.9	(b)	$	1,233.0
Other income	$	—	$	14.9	$	—	(c)	$	14.9
Distributable earnings	$	253.4	$	9.5	$	115.4	(d)	$	378.3

(a)

incurred on behalf of Carlyle funds on a net basis, and the inclusion of tax expenses associated with certain performance revenues, as detailed below (Dollars in millions):



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Unrealized performance revenues	$	167.3		$	370.0		$	469.1		$	476.4
Unrealized principal investment income	234.9			7.6			473.5			18.5
Adjusted unrealized principal investment income from investment in Fortitude Re	40.1			—			67.1			—
Adjustments related to expenses associated with investments in NGP Management and its affiliates	(4.1		)	(4.9		)	(8.1		)	(9.6		)
Tax expense associated with performance revenues	—			(5.5		)	—			(5.0		)
Non-Carlyle economic interests in acquired businesses and other adjustments to present certain costs on a net basis	42.7			35.5			63.1			55.7
Elimination of expenses of Consolidated Funds	(16.3		)	(25.3		)	(16.4		)	(39.7		)
	$	464.6		$	377.4		$	1,048.3		$	496.3

Expenses adjustments



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Unrealized performance revenues related compensation	$	84.9		$	170.0		$	230.9		$	219.5
Equity-based compensation	38.3			68.4			77.7			156.2
Acquisition related charges and amortization of intangibles and impairment	15.4			9.2			27.4			13.8
Other non-operating expense	0.4			0.3			0.7			0.6
Tax expense associated with performance revenues related compensation	3.6			(1.7		)	(2.5		)	(3.3		)
Non-Carlyle economic interests in acquired businesses and other adjustments to present certain costs on a net basis	10.0			9.8			30.9			13.3
Severance and other adjustments	10.9			4.3			12.7			5.9
Elimination of expenses of Consolidated Funds	(9.3		)	(16.7		)	(14.9		)	(25.1		)
	$	154.2		$	243.6		$	362.9		$	380.9


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



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Income before provision for income taxes	$	542.0		$	252.8		$	1,012.3		$	378.3
Adjustments:
Net unrealized performance revenues	(82.4		)	(200.0		)	(238.2		)	(256.9		)
Unrealized principal investment income	(234.9		)	(7.6		)	(473.5		)	(18.5		)
Adjusted unrealized principal investment income from investment in Fortitude Re	(40.1		)	—			(67.1		)	—
Equity-based compensation ⁽¹⁾	38.3			68.4			77.7			156.2
Acquisition related charges, including amortization of intangibles and impairment	15.4			9.2			27.4			13.8
Other non-operating expense	0.4			0.3			0.7			0.6
Tax expense associated with performance revenues	3.6			3.8			(2.5		)	1.7
Net (income) loss attributable to non-controlling interests in consolidated entities	(39.8		)	(16.7		)	(35.3		)	(27.7		)
Severance and other adjustments	10.9			4.3			12.7			5.9
Distributable Earnings	$	213.4		$	114.5		$	314.2		$	253.4
Realized performance revenues, net of related compensation ⁽²⁾	20.8			49.6			27.8			152.7
Realized principal investment income ⁽²⁾	73.9			17.7			78.0			36.4
Net interest	14.0			10.6			27.6			21.7
Fee Related Earnings	$	132.7		$	57.8		$	236.0		$	86.0

(1)

Reconciliation of total segments to income before provision for taxes and total assets

The following table reconciles the Total Segments to the Partnership’s Income Before Provision for Taxes for the six months ended June 30, 2019 and 2018, and Total Assets as of June 30, 2019.



	Six Months Ended June 30, 2019
	Total Reportable Segments		Consolidated Funds			Reconciling Items				Carlyle Consolidated
	Total Reportable Segments		Consolidated Funds			Reconciling Items				Carlyle Consolidated
	(Dollars in millions)
Revenues	$	1,001.6	$	98.2		$	1,048.3		(a)	$	2,148.1
Expenses	$	687.4	$	80.5		$	362.9		(b)	$	1,130.8
Other income	$	—	$	(5.0	)	$	—		(c)	$	(5.0	)
Distributable earnings	$	314.2	$	12.7		$	685.4		(d)	$	1,012.3
Total assets	$	8,605.8	$	5,055.7		$	(260.7	)	(e)	$	13,400.8



	Six Months Ended June 30, 2018
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated
	(Dollars in millions)
Revenues	$	999.2	$	100.9	$	496.3	(a)	$	1,596.4
Expenses	$	745.8	$	106.3	$	380.9	(b)	$	1,233.0
Other income	$	—	$	14.9	$	—	(c)	$	14.9
Distributable earnings	$	253.4	$	9.5	$	115.4	(d)	$	378.3

(a)

incurred on behalf of Carlyle funds on a net basis, and the inclusion of tax expenses associated with certain performance revenues, as detailed below (Dollars in millions):



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Unrealized performance revenues	$	167.3		$	370.0		$	469.1		$	476.4
Unrealized principal investment income	234.9			7.6			473.5			18.5
Adjusted unrealized principal investment income from investment in Fortitude Re	40.1			—			67.1			—
Adjustments related to expenses associated with investments in NGP Management and its affiliates	(4.1		)	(4.9		)	(8.1		)	(9.6		)
Tax expense associated with performance revenues	—			(5.5		)	—			(5.0		)
Non-Carlyle economic interests in acquired businesses and other adjustments to present certain costs on a net basis	42.7			35.5			63.1			55.7
Elimination of expenses of Consolidated Funds	(16.3		)	(25.3		)	(16.4		)	(39.7		)
	$	464.6		$	377.4		$	1,048.3		$	496.3



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
	(Dollars in millions)
Total Reportable Segments - Fund level fee revenues	$	429.4		$	337.5		$	821.0		$	637.7
Adjustments ⁽¹⁾	(38.5		)	(36.2		)	(76.7		)	(71.9		)
Carlyle Consolidated - Fund management fees	$	390.9		$	301.3		$	744.3		$	565.8

(b)



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Unrealized performance revenues related compensation	$	84.9		$	170.0		$	230.9		$	219.5
Equity-based compensation	38.3			68.4			77.7			156.2
Acquisition related charges and amortization of intangibles and impairment	15.4			9.2			27.4			13.8
Other non-operating expense	0.4			0.3			0.7			0.6
Tax expense associated with performance revenues related compensation	3.6			(1.7		)	(2.5		)	(3.3		)
Non-Carlyle economic interests in acquired businesses and other adjustments to present certain costs on a net basis	10.0			9.8			30.9			13.3
Severance and other adjustments	10.9			4.3			12.7			5.9
Elimination of expenses of Consolidated Funds	(9.3		)	(16.7		)	(14.9		)	(25.1		)
	$	154.2		$	243.6		$	362.9		$	380.9


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



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Income before provision for income taxes	$	542.0		$	252.8		$	1,012.3		$	378.3
Adjustments:
Net unrealized performance revenues	(82.4		)	(200.0		)	(238.2		)	(256.9		)
Unrealized principal investment income	(234.9		)	(7.6		)	(473.5		)	(18.5		)
Adjusted unrealized principal investment income from investment in Fortitude Re	(40.1		)	—			(67.1		)	—
Equity-based compensation ⁽¹⁾	38.3			68.4			77.7			156.2
Acquisition related charges, including amortization of intangibles and impairment	15.4			9.2			27.4			13.8
Other non-operating expense	0.4			0.3			0.7			0.6
Tax expense associated with performance revenues	3.6			3.8			(2.5		)	1.7
Net (income) loss attributable to non-controlling interests in consolidated entities	(39.8		)	(16.7		)	(35.3		)	(27.7		)
Severance and other adjustments	10.9			4.3			12.7			5.9
Distributable Earnings	$	213.4		$	114.5		$	314.2		$	253.4
Realized performance revenues, net of related compensation ⁽²⁾	20.8			49.6			27.8			152.7
Realized principal investment income ⁽²⁾	73.9			17.7			78.0			36.4
Net interest	14.0			10.6			27.6			21.7
Fee Related Earnings	$	132.7		$	57.8		$	236.0		$	86.0

(1)

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



	Three Months Ended June 30, 2019
	Carlyle Consolidated		Adjustments ⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	247.6	$	(205.7	)	$	41.9
Performance revenues related compensation expense	113.6		(92.5		)	21.1
Net performance revenues	$	134.0	$	(113.2	)	$	20.8

Principal investment income (loss)	$	342.0	$	(268.1	)	$	73.9



	Six Months Ended June 30, 2019
	Carlyle Consolidated		Adjustments ⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	596.7	$	(505.6	)	$	91.1
Performance revenues related compensation expense	299.0		(235.7		)	63.3
Net performance revenues	$	297.7	$	(269.9	)	$	27.8

Principal investment income (loss)	$	643.8	$	(565.8	)	$	78.0



	Three Months Ended June 30, 2018
	Carlyle Consolidated		Adjustments⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	425.1	$	(325.6	)	$	99.5
Performance revenues related compensation expense	222.0		(172.1		)	49.9
Net performance revenues	$	203.1	$	(153.5	)	$	49.6

Principal investment income (loss)	$	78.2	$	(60.5	)	$	17.7



	Six Months Ended June 30, 2018
	Carlyle Consolidated		Adjustments ⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	733.2	$	(422.7	)	$	310.5
Performance revenues related compensation expense	380.0		(222.2		)	157.8
Net performance revenues	$	353.2	$	(200.5	)	$	152.7

Principal investment income (loss)	$	132.3	$	(95.9	)	$	36.4

(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.

Reconciliation of income before provision for income taxes

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



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Income before provision for income taxes	$	542.0		$	252.8		$	1,012.3		$	378.3
Adjustments:
Net unrealized performance revenues	(82.4		)	(200.0		)	(238.2		)	(256.9		)
Unrealized principal investment income	(234.9		)	(7.6		)	(473.5		)	(18.5		)
Adjusted unrealized principal investment income from investment in Fortitude Re	(40.1		)	—			(67.1		)	—
Equity-based compensation ⁽¹⁾	38.3			68.4			77.7			156.2
Acquisition related charges, including amortization of intangibles and impairment	15.4			9.2			27.4			13.8
Other non-operating expense	0.4			0.3			0.7			0.6
Tax expense associated with performance revenues	3.6			3.8			(2.5		)	1.7
Net (income) loss attributable to non-controlling interests in consolidated entities	(39.8		)	(16.7		)	(35.3		)	(27.7		)
Severance and other adjustments	10.9			4.3			12.7			5.9
Distributable Earnings	$	213.4		$	114.5		$	314.2		$	253.4
Realized performance revenues, net of related compensation ⁽²⁾	20.8			49.6			27.8			152.7
Realized principal investment income ⁽²⁾	73.9			17.7			78.0			36.4
Net interest	14.0			10.6			27.6			21.7
Fee Related Earnings	$	132.7		$	57.8		$	236.0		$	86.0

(1)

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



	Three Months Ended June 30, 2019
	Carlyle Consolidated		Adjustments ⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	247.6	$	(205.7	)	$	41.9
Performance revenues related compensation expense	113.6		(92.5		)	21.1
Net performance revenues	$	134.0	$	(113.2	)	$	20.8

Principal investment income (loss)	$	342.0	$	(268.1	)	$	73.9



	Six Months Ended June 30, 2019
	Carlyle Consolidated		Adjustments ⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	596.7	$	(505.6	)	$	91.1
Performance revenues related compensation expense	299.0		(235.7		)	63.3
Net performance revenues	$	297.7	$	(269.9	)	$	27.8

Principal investment income (loss)	$	643.8	$	(565.8	)	$	78.0



	Three Months Ended June 30, 2018
	Carlyle Consolidated		Adjustments⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	425.1	$	(325.6	)	$	99.5
Performance revenues related compensation expense	222.0		(172.1		)	49.9
Net performance revenues	$	203.1	$	(153.5	)	$	49.6

Principal investment income (loss)	$	78.2	$	(60.5	)	$	17.7



	Six Months Ended June 30, 2018
	Carlyle Consolidated		Adjustments ⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	733.2	$	(422.7	)	$	310.5
Performance revenues related compensation expense	380.0		(222.2		)	157.8
Net performance revenues	$	353.2	$	(200.5	)	$	152.7

Principal investment income (loss)	$	132.3	$	(95.9	)	$	36.4

(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.

Adjustments for performance fees, performance fee related compensation and investment income



	Three Months Ended June 30, 2019
	Carlyle Consolidated		Adjustments ⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	247.6	$	(205.7	)	$	41.9
Performance revenues related compensation expense	113.6		(92.5		)	21.1
Net performance revenues	$	134.0	$	(113.2	)	$	20.8

Principal investment income (loss)	$	342.0	$	(268.1	)	$	73.9



	Six Months Ended June 30, 2019
	Carlyle Consolidated		Adjustments ⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	596.7	$	(505.6	)	$	91.1
Performance revenues related compensation expense	299.0		(235.7		)	63.3
Net performance revenues	$	297.7	$	(269.9	)	$	27.8

Principal investment income (loss)	$	643.8	$	(565.8	)	$	78.0



	Three Months Ended June 30, 2018
	Carlyle Consolidated		Adjustments⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	425.1	$	(325.6	)	$	99.5
Performance revenues related compensation expense	222.0		(172.1		)	49.9
Net performance revenues	$	203.1	$	(153.5	)	$	49.6

Principal investment income (loss)	$	78.2	$	(60.5	)	$	17.7



	Six Months Ended June 30, 2018
	Carlyle Consolidated		Adjustments ⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	733.2	$	(422.7	)	$	310.5
Performance revenues related compensation expense	380.0		(222.2		)	157.8
Net performance revenues	$	353.2	$	(200.5	)	$	152.7

Principal investment income (loss)	$	132.3	$	(95.9	)	$	36.4

Supplemental Financial Information (Tables)

6 Months Ended

Jun. 30, 2019

Condensed Financial Information Disclosure [Abstract]

Supplemental financial position



	As of June 30, 2019
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	669.2		$	—	$	—		$	669.2
Cash and cash equivalents held at Consolidated Funds	—			214.3		—			214.3
Restricted cash	14.4			—		—			14.4
Investments, including performance allocations of $3,907.1 million	6,891.0			—		(184.0		)	6,707.0
Investments of Consolidated Funds	—			4,759.6		—			4,759.6
Due from affiliates and other receivables, net	389.9			—		(76.7		)	313.2
Due from affiliates and other receivables of Consolidated Funds, net	—			81.8		—			81.8
Fixed assets, net	106.1			—		—			106.1
Lease right-of-use assets, net	231.3			—		—			231.3
Deposits and other	62.6			—		—			62.6
Intangible assets, net	70.3			—		—			70.3
Deferred tax assets	171.0			—		—			171.0
Total assets	$	8,605.8		$	5,055.7	$	(260.7	)	$	13,400.8
Liabilities and partners’ capital
Debt obligations	$	1,531.8		$	—	$	—		$	1,531.8
Loans payable of Consolidated Funds	—			4,506.3		—			4,506.3
Accounts payable, accrued expenses and other liabilities	337.5			—		—			337.5
Accrued compensation and benefits	2,413.4			—		—			2,413.4
Due to affiliates	192.1			71.5		(71.5		)	192.1
Deferred revenue	91.5			—		—			91.5
Deferred tax liabilities	60.7			—		—			60.7
Other liabilities of Consolidated Funds	—			278.1		—			278.1
Lease liabilities	307.9			—		—			307.9
Accrued giveback obligations	63.2			—		—			63.2
Total liabilities	4,998.1			4,855.9		(71.5		)	9,782.5
Series A preferred units	387.5			—		—			387.5
Partners’ capital	921.2			60.1		(60.1		)	921.2
Accumulated other comprehensive income (loss)	(77.1		)	0.6		(1.3		)	(77.8		)
Non-controlling interests in consolidated entities	296.0			12.5		—			308.5
Non-controlling interests in Carlyle Holdings	2,080.1			126.6		(127.8		)	2,078.9
Total partners’ capital	3,607.7			199.8		(189.2		)	3,618.3
Total liabilities and partners’ capital	$	8,605.8		$	5,055.7	$	(260.7	)	$	13,400.8



	As of December 31, 2018
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	629.6		$	—	$	—		$	629.6
Cash and cash equivalents held at Consolidated Funds	—			247.5		—			247.5
Restricted cash	8.7			—		—			8.7
Corporate treasury investments	51.7			—		—			51.7
Investments, including performance allocations of $3,480.0 million	5,917.8			—		(220.3		)	5,697.5
Investments of Consolidated Funds	—			5,286.6		—			5,286.6
Due from affiliates and other receivables, net	446.8			—		(5.7		)	441.1
Due from affiliates and other receivables of Consolidated Funds, net	—			135.4		—			135.4
Fixed assets, net	95.1			—		—			95.1
Deposits and other	49.3			—		—			49.3
Intangible assets, net	77.3			—		—			77.3
Deferred tax assets	194.4			—		—			194.4
Total assets	$	7,470.7		$	5,669.5	$	(226.0	)	$	12,914.2
Liabilities and partners’ capital
Loans payable	$	1,550.4		$	—	$	—		$	1,550.4
Loans payable of Consolidated Funds	—			4,840.1		—			4,840.1
Accounts payable, accrued expenses and other liabilities	442.2			—		—			442.2
Accrued compensation and benefits	2,222.3			—		—			2,222.3
Due to affiliates	174.0			—		—			174.0
Deferred revenue	111.3			—		—			111.3
Deferred tax liabilities	64.3			—		—			64.3
Other liabilities of Consolidated Funds	—			610.1		—			610.1
Accrued giveback obligations	63.2			—		—			63.2
Total liabilities	4,627.7			5,450.2		—			10,077.9
Series A preferred units	387.5			—		—			387.5
Partners’ capital	673.4			68.2		(68.2		)	673.4
Accumulated other comprehensive income (loss)	(80.7		)	1.1		(3.7		)	(83.3		)
Non-controlling interests in consolidated entities	323.0			1.2		—			324.2
Non-controlling interests in Carlyle Holdings	1,539.8			148.8		(154.1		)	1,534.5
Total partners’ capital	2,843.0			219.3		(226.0		)	2,836.3
Total liabilities and partners’ capital	$	7,470.7		$	5,669.5	$	(226.0	)	$	12,914.2

Supplemental results of operations



	Three Months Ended June 30, 2019
	Consolidated Operating Entities		Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	396.4	$	—	$	(5.5	)	$	390.9
Incentive fees	8.8		—		—			8.8
Investment income (loss)
Performance allocations	247.6		—		—			247.6
Principal investment income	346.2		—		(4.2		)	342.0
Total investment income	593.8		—		(4.2		)	589.6
Interest and other income	32.6		—		(6.6		)	26.0
Interest and other income of Consolidated Funds	—		45.8		—			45.8
Total revenues	1,031.6		45.8		(16.3		)	1,061.1
Expenses
Compensation and benefits
Cash-based compensation and benefits	221.4		—		—			221.4
Equity-based compensation	35.2		—		—			35.2
Performance allocations and incentive fee related compensation	113.6		—		—			113.6
Total compensation and benefits	370.2		—		—			370.2
General, administrative and other expenses	110.7		—		—			110.7
Interest	19.5		—		—			19.5
Interest and other expenses of Consolidated Funds	—		36.8		(9.3		)	27.5
Other non-operating expenses	0.4		—		—			0.4
Total expenses	500.8		36.8		(9.3		)	528.3
Other income
Net investment losses of Consolidated Funds	—		9.2		—			9.2
Income before provision for income taxes	530.8		18.2		(7.0		)	542.0
Provision for income taxes	15.5		—		—			15.5
Net income	515.3		18.2		(7.0		)	526.5
Net income attributable to non-controlling interests in consolidated entities	28.6		—		11.2			39.8
Net income attributable to Carlyle Holdings	486.7		18.2		(18.2		)	486.7
Net income attributable to non-controlling interests in Carlyle Holdings	332.6		—		—			332.6
Net income attributable to The Carlyle Group L.P.	154.1		18.2		(18.2		)	154.1
Net income attributable to Series A Preferred Unitholders	5.9		—		—			5.9
Net income attributable to The Carlyle Group L.P. Common Unitholders	$	148.2	$	18.2	$	(18.2	)	$	148.2



	Six Months Ended June 30, 2019
	Consolidated Operating Entities		Consolidated Funds			Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	755.1	$	—		$	(10.8	)	$	744.3
Incentive fees	16.9		—			—			16.9
Investment income (loss)
Performance allocations	596.7		—			—			596.7
Principal investment income	635.8		—			8.0			643.8
Total investment income	1,232.5		—			8.0			1,240.5
Interest and other income	61.8		—			(13.6		)	48.2
Interest and other income of Consolidated Funds	—		98.2			—			98.2
Total revenues	2,066.3		98.2			(16.4		)	2,148.1
Expenses
Compensation and benefits
Cash-based compensation and benefits	431.9		—			—			431.9
Equity-based compensation	71.2		—			—			71.2
Performance allocations and incentive fee related compensation	299.0		—			—			299.0
Total compensation and benefits	802.1		—			—			802.1
General, administrative and other expenses	223.2		—			—			223.2
Interest	39.2		—			—			39.2
Interest and other expenses of Consolidated Funds	—		80.5			(14.9		)	65.6
Other non-operating expenses	0.7		—			—			0.7
Total expenses	1,065.2		80.5			(14.9		)	1,130.8
Other income
Net investment losses of Consolidated Funds	—		(5.0		)	—			(5.0		)
Income before provision for income taxes	1,001.1		12.7			(1.5		)	1,012.3
Provision for income taxes	39.5		—			—			39.5
Net income	961.6		12.7			(1.5		)	972.8
Net income attributable to non-controlling interests in consolidated entities	24.1		—			11.2			35.3
Net income attributable to Carlyle Holdings	937.5		12.7			(12.7		)	937.5
Net income attributable to non-controlling interests in Carlyle Holdings	640.5		—			—			640.5
Net income attributable to The Carlyle Group L.P.	297.0		12.7			(12.7		)	297.0
Net income attributable to Series A Preferred Unitholders	11.8		—			—			11.8
Net income attributable to The Carlyle Group L.P. Common Unitholders	$	285.2	$	12.7		$	(12.7	)	$	285.2



	Three months ended June 30, 2018
	Consolidated Operating Entities		Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	307.4	$	—	$	(6.1	)	$	301.3
Incentive fees	7.3		—		0.1			7.4
Investment income (loss)
Performance allocations	425.1		—		—			425.1
Principal investment income	92.0		—		(13.8		)	78.2
Total investment income	517.1		—		(13.8		)	503.3
Interest and other income	33.5		—		(5.5		)	28.0
Interest and other income of Consolidated Funds	—		53.6		—			53.6
Total revenues	865.3		53.6		(25.3		)	893.6
Expenses
Compensation and benefits
Cash-based compensation and benefits	176.0		—		—			176.0
Equity-based compensation	64.9		—		—			64.9
Performance allocations and incentive fee related compensation	222.0		—		—			222.0
Total compensation and benefits	462.9		—		—			462.9
General, administrative and other expenses	126.8		—		—			126.8
Interest	18.4		—		—			18.4
Interest and other expenses of Consolidated Funds	—		62.0		(16.7		)	45.3
Other non-operating expenses	0.3		—		—			0.3
Total expenses	608.4		62.0		(16.7		)	653.7
Other income
Net investment gains of Consolidated Funds	—		12.9		—			12.9
Income before provision for income taxes	256.9		4.5		(8.6		)	252.8
Provision for income taxes	11.6		—		—			11.6
Net income	245.3		4.5		(8.6		)	241.2
Net income attributable to non-controlling interests in consolidated entities	20.8		—		(4.1		)	16.7
Net income attributable to Carlyle Holdings	224.5		4.5		(4.5		)	224.5
Net income attributable to non-controlling interests in Carlyle Holdings	155.1		—		—			155.1
Net income attributable to The Carlyle Group L.P.	69.4		4.5		(4.5		)	69.4
Net income attributable to Series A Preferred Unitholders	5.9		—		—			5.9
Net income attributable to The Carlyle Group L.P. Common Unitholders	$	63.5	$	4.5	$	(4.5	)	$	63.5



	Six months ended June 30, 2018
	Consolidated Operating Entities		Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	577.7	$	—	$	(11.9	)	$	565.8
Incentive fees	13.7		—		—			13.7
Investment income (loss)
Performance allocations	733.2		—		—			733.2
Principal investment income	148.6		—		(16.3		)	132.3
Total investment income	881.8		—		(16.3		)	865.5
Interest and other income	62.0		—		(11.5		)	50.5
Interest and other income of Consolidated Funds	—		100.9		—			100.9
Total revenues	1,535.2		100.9		(39.7		)	1,596.4
Expenses
Compensation and benefits
Cash-based compensation and benefits	363.3		—		—			363.3
Equity-based compensation	149.8		—		—			149.8
Performance allocations and incentive fee related compensation	380.0		—		—			380.0
Total compensation and benefits	893.1		—		—			893.1
General, administrative and other expenses	221.8		—		—			221.8
Interest	36.3		—		—			36.3
Interest and other expenses of Consolidated Funds	—		106.3		(25.1		)	81.2
Other non-operating expenses	0.6		—		—			0.6
Total expenses	1,151.8		106.3		(25.1		)	1,233.0
Other income
Net investment gains of Consolidated Funds	—		14.9		—			14.9
Income before provision for income taxes	383.4		9.5		(14.6		)	378.3
Provision for income taxes	19.4		—		—			19.4
Net income	364.0		9.5		(14.6		)	358.9
Net income attributable to non-controlling interests in consolidated entities	32.8		—		(5.1		)	27.7
Net income attributable to Carlyle Holdings	331.2		9.5		(9.5		)	331.2
Net income attributable to non-controlling interests in Carlyle Holdings	222.1		—		—			222.1
Net income attributable to The Carlyle Group L.P.	109.1		9.5		(9.5		)	109.1
Net income attributable to Series A Preferred Unitholders	11.8		—		—			11.8
Net income attributable to The Carlyle Group L.P. Common Unitholders	$	97.3	$	9.5	$	(9.5	)	$	97.3

Supplemental statement of cash flows



	Six Months Ended June 30,
	2019			2018
	(Dollars in millions)
Cash flows from operating activities
Net income	$	961.6		$	364.0
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	28.8			21.9
Equity-based compensation	71.2			149.8
Non-cash performance allocations and incentive fees	(268.3		)	(215.6		)
Non-cash principal investment income	(628.3		)	(134.5		)
Other non-cash amounts	4.6			4.7
Purchases of investments	(120.4		)	(274.9		)
Proceeds from the sale of investments	231.0			393.0
Payments of contingent consideration	—			(37.5		)
Change in deferred taxes, net	20.3			(2.6		)
Change in due from affiliates and other receivables	31.8			(48.6		)
Change in deposits and other	(13.9		)	(12.1		)
Change in accounts payable, accrued expenses and other liabilities	(44.4		)	0.8
Change in accrued compensation and benefits	(23.2		)	(8.9		)
Change in due to affiliates	(1.2		)	(26.6		)
Change in lease right-of-use asset and lease liability	2.9			—
Change in deferred revenue	(18.7		)	(19.3		)
Net cash provided by operating activities	233.8			153.6
Cash flows from investing activities
Purchases of fixed assets, net	(23.7		)	(12.5		)
Net cash used in investing activities	(23.7		)	(12.5		)
Cash flows from financing activities
Repayment of term loan	(25.0		)	—
Payments on debt obligations	(13.6		)	(13.8		)
Proceeds from debt obligations	20.4			34.5
Distributions to common unitholders	(68.5		)	(61.0		)
Distributions to preferred unitholders	(11.8		)	(11.8		)
Distributions to non-controlling interest holders in Carlyle Holdings	(143.2		)	(140.4		)
Contributions from non-controlling interest holders	9.1			8.9
Distributions to non-controlling interest holders	(31.9		)	(51.8		)
Common units repurchased	(12.0		)	(51.0		)
Change in due to/from affiliates financing activities	114.5			4.0
Net cash used in financing activities	(162.0		)	(282.4		)
Effect of foreign exchange rate changes	(2.8		)	(9.0		)
Increase (decrease) in cash, cash equivalents and restricted cash	45.3			(150.3		)
Cash, cash equivalents and restricted cash, beginning of period	638.3			1,028.8
Cash, cash equivalents and restricted cash, end of period	$	683.6		$	878.5

Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	$	669.2		$	876.8
Restricted cash	14.4			1.7
Total cash, cash equivalents and restricted cash, end of period	$	683.6		$	878.5

Cash and cash equivalents held at Consolidated Funds	$	214.3		$	395.3

Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Net Investment Income [Line Items]
Period of time for which management fees will be received by partners from the initial closing date			10 years
Subsequent period in which management fees are recognized after these fees are called			6 months
Management fee receivable	$ 99.6		$ 99.6		$ 76.2
Transaction and advisory fees	14.2	$ 7.0	$ 23.1	$ 13.6
Incentive Fees
Performance fees allocation percentage to partnership			20.00%
Percentage of accrued performance fees related to certain Corporate Private Equity funds			25.00%
Interest Income
Interest income from investments	$ 43.7	$ 52.0	$ 94.7	$ 98.0
Minimum
Net Investment Income [Line Items]
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			1 year
Percentage of management fees for CLOs on the total par amount of assets in the fund			0.40%
Period of management fees related to collateralized loan obligation			5 years
Percentage of management fees for business development companies			1.25%
Percentage of management fees from fund of funds following the expiration of the weighted-average investment period			0.25%
Incentive Fees
External coinvestment vehicles percentage			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
Incentive Fees
Percent of preferred returns			4.00%
Minimum \| Managed Accounts and Longer-dated Carry Funds
Net Investment Income [Line Items]
Percentage of management fees earned			0.20%
Minimum \| Private Equity And Real Estate Fund
Net Investment Income [Line Items]
Percentage of management fees from funds of funds during the commitment fee period			0.25%
Maximum
Net Investment Income [Line Items]
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			2 years
Percentage of management fees for CLOs on the total par amount of assets in the fund			0.50%
Period of management fees related to collateralized loan obligation			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%
Incentive Fees
External coinvestment vehicles percentage			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
Incentive Fees
Percent of preferred returns			7.00%
Maximum \| Managed Accounts and Longer-dated Carry Funds
Net Investment Income [Line Items]
Percentage of management fees earned			1.00%
Maximum \| Private Equity And Real Estate Fund
Net Investment Income [Line Items]
Percentage of management fees from funds of funds during the commitment fee period			1.00%

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Accounting Policies [Abstract]
Interest income from investments	$ 43.7	$ 52.0	$ 94.7	$ 98.0
Accrued performance allocations and incentive fee-related compensation	2,033.8		$ 2,033.8		$ 1,843.6
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%
Securities transferred to counterparties under repurchase agreements	21.1		$ 21.1
Foreign currency transaction gain (loss)	$ 7.0	$ 5.1	$ (5.7)	$ (1.6)

Summary of Significant Accounting Policies - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total	$ (79.0)	$ (79.7)
Unrealized losses on defined benefit plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total	(3.8)	(4.6)
Fortitude Re available-for-sale securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total	5.0	1.0
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total	$ (77.8)	$ (83.3)

Fair Value Measurement - Partnership's Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Assets
Investments at fair value	$ 5,238.2	$ 5,784.7
Liabilities
Loans payable of Consolidated Funds	4,506.3	4,840.1
Foreign currency forward contracts	2.8	1.4
Total	4,509.1	4,841.5
Equity securities
Assets
Investments at fair value	2.6
Bonds
Assets
Investments at fair value	632.0	690.1
Loans
Assets
Investments at fair value	4,125.0	4,596.5
Investments of Consolidated Funds
Assets
Investments at fair value	4,759.6	5,286.6
Investments in CLOs and other
Assets
Investments at fair value	477.3	446.4
Bonds
Assets
Investments at fair value		29.2
Commercial paper and other
Assets
Investments at fair value		22.5
Foreign currency forward contracts
Assets
Investments at fair value	1.3
Level I
Assets
Investments at fair value	0.0	0.0
Liabilities
Loans payable of Consolidated Funds	0.0	0.0
Foreign currency forward contracts	0.0	0.0
Total	0.0	0.0
Level I \| Equity securities
Assets
Investments at fair value	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 \| 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
Level I \| Commercial paper and other
Assets
Investments at fair value		0.0
Level I \| Foreign currency forward contracts
Assets
Investments at fair value	0.0
Level II
Assets
Investments at fair value	1.3	51.7
Liabilities
Loans payable of Consolidated Funds	0.0	0.0
Foreign currency forward contracts	2.8	1.4
Total	2.8	1.4
Level II \| Equity securities
Assets
Investments at fair value	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 \| 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		29.2
Level II \| Commercial paper and other
Assets
Investments at fair value		22.5
Level II \| Foreign currency forward contracts
Assets
Investments at fair value	1.3
Level III
Assets
Investments at fair value	5,236.9	5,733.0
Liabilities
Loans payable of Consolidated Funds	4,506.3	4,840.1
Foreign currency forward contracts	0.0	0.0
Total	4,506.3	4,840.1
Level III \| Equity securities
Assets
Investments at fair value	2.6
Level III \| Bonds
Assets
Investments at fair value	632.0	690.1
Level III \| Loans
Assets
Investments at fair value	4,125.0	4,596.5
Level III \| Investments of Consolidated Funds
Assets
Investments at fair value	4,759.6	5,286.6
Level III \| Investments in CLOs and other
Assets
Investments at fair value	477.3	446.4
Level III \| Bonds
Assets
Investments at fair value		0.0
Level III \| Commercial paper and other
Assets
Investments at fair value		$ 0.0
Level III \| Foreign currency forward contracts
Assets
Investments at fair value	$ 0.0

Fair Value Measurement - Financial Assets Measured at Fair Value (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019 USD ($) collateralized_loan_obligation	Jun. 30, 2018 USD ($)	Jun. 30, 2019 USD ($) collateralized_loan_obligation	Jun. 30, 2018 USD ($)
Realized and unrealized gains (losses), net
Number of CLOs consolidated \| collateralized_loan_obligation	1		1
Number of CLOs deconsolidated \| collateralized_loan_obligation			2
Level III
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 4,503.3	$ 5,450.2	$ 5,733.0	$ 4,939.7
Deconsolidation/consolidation of funds	584.5		(297.5)
Purchases	521.2	1,225.8	861.3	2,182.0
Sales and distributions	(298.3)	(533.7)	(770.8)	(831.9)
Settlements	(140.3)	(201.0)	(270.6)	(435.8)
Realized and unrealized gains (losses), net
Included in earnings	20.6	(22.3)	18.3	(32.7)
Included in other comprehensive income	45.9	(224.0)	(36.8)	(126.3)
Balance, end of period	5,236.9	5,695.0	5,236.9	5,695.0
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	13.5	(20.4)	3.4	(21.3)
Level III \| Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	0.0	10.8	0.0	7.9
Deconsolidation/consolidation of funds	0.0		0.0
Purchases	1.8	0.0	1.8	0.0
Sales and distributions	0.0	0.0	0.0	0.0
Settlements	0.0	0.0	0.0	0.0
Realized and unrealized gains (losses), net
Included in earnings	0.8	0.7	0.8	3.4
Included in other comprehensive income	0.0	(0.4)	0.0	(0.2)
Balance, end of period	2.6	11.1	2.6	11.1
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	0.8	0.7	0.8	3.4
Level III \| Bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	653.4	486.2	690.1	413.4
Deconsolidation/consolidation of funds	0.0		0.0
Purchases	74.8	262.5	144.3	387.0
Sales and distributions	(109.8)	(72.0)	(210.1)	(127.4)
Settlements	0.0	0.0	0.0	0.0
Realized and unrealized gains (losses), net
Included in earnings	5.7	(11.0)	13.3	(17.8)
Included in other comprehensive income	7.9	(25.6)	(5.6)	(15.1)
Balance, end of period	632.0	640.1	632.0	640.1
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	3.1	(14.1)	9.6	(18.4)
Level III \| Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	3,377.6	4,498.6	4,596.5	4,112.7
Deconsolidation/consolidation of funds	588.9		(294.8)
Purchases	440.2	963.3	681.1	1,750.0
Sales and distributions	(183.9)	(457.8)	(552.1)	(697.6)
Settlements	(140.3)	(201.0)	(270.6)	(435.8)
Realized and unrealized gains (losses), net
Included in earnings	0.3	(15.8)	(5.5)	(24.2)
Included in other comprehensive income	42.2	(190.2)	(29.6)	(108.0)
Balance, end of period	4,125.0	4,597.1	4,125.0	4,597.1
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	(4.2)	(10.6)	(16.7)	(12.1)
Level III \| Other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period		0.3		0.3
Purchases		0.0		0.0
Sales and distributions		(0.4)		(0.4)
Settlements		0.0		0.0
Realized and unrealized gains (losses), net
Included in earnings		0.1		0.1
Included in other comprehensive income		0.0		0.0
Balance, end of period		0.0		0.0
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date		0.0		0.0
Level III \| Investments in CLOs and other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	472.3	454.3	446.4	405.4
Deconsolidation/consolidation of funds	(4.4)		(2.7)
Purchases	4.4	0.0	34.1	45.0
Sales and distributions	(4.6)	(3.5)	(8.6)	(6.5)
Settlements	0.0	0.0	0.0	0.0
Realized and unrealized gains (losses), net
Included in earnings	13.8	3.7	9.7	5.8
Included in other comprehensive income	(4.2)	(7.8)	(1.6)	(3.0)
Balance, end of period	477.3	446.7	477.3	446.7
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$ 13.8	$ 3.6	$ 9.7	$ 5.8

Fair Value Measurement - Financial Liabilities Measured at Fair Value (Details) - Level III - Loans Payable of Consolidated Funds - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 3,750.0	$ 4,554.5	$ 4,840.1	$ 4,303.8
Deconsolidation/consolidation of funds	584.7	0.0	(285.9)	0.0
Borrowings	118.1	1,264.1	260.5	2,015.5
Paydowns	(1.3)	(750.2)	(300.8)	(1,321.0)
Realized and unrealized (gains) losses, net
Included in earnings	19.9	(38.9)	35.1	(56.4)
Included in other comprehensive income	34.9	(194.4)	(42.7)	(106.8)
Balance, end of period	4,506.3	4,835.1	4,506.3	4,835.1
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$ 7.8	$ (41.0)	$ 1.2	$ (63.2)

Investments - Strategic Investment in Fortitude Re (Details) - USD ($)		3 Months Ended		6 Months Ended
	Nov. 13, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Investment		$ 2,311,400,000		$ 2,311,400,000		$ 1,765,800,000
Principal investment income from equity method investments		337,900,000	$ 78,400,000	640,500,000	$ 131,500,000
Fortitude Group Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	19.90%
Payments to acquire equity method investments	$ 381,000,000
Deferred consideration, maximum	$ 95,000,000
Acquiree dividend distribution term	18 months
Purchase price adjustment, maximum	$ 100,000,000
Transaction costs included in carrying value		17,900,000		17,900,000
Investment		999,500,000		999,500,000		460,200,000
Principal investment income from equity method investments		271,000,000.0		527,300,000
Unrealized gains related to change in fair value of embedded derivatives		$ 230,900,000		$ 460,200,000
Fortitude Re \| Fortitude Group Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Reserve for unpaid claim and claim adjustment expense						$ 35,000,000,000
Fortitude Re \| Fortitude Group Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Percentage ownership	100.00%
Minimum \| Fortitude Re \| Fortitude Group Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Assets commitment allocation time limit	30 months
Maximum \| Fortitude Re \| Fortitude Group Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Assets commitment allocation time limit	36 months

Investments - Summarized Financial Information of Fortitude Re (Details) - Fortitude Re - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Schedule of Equity Method Investments [Line Items]
Revenues	$ 567.0	$ 1,161.0
Expenses	448.0	888.0
Operating income	119.0	273.0
Net realized and unrealized gains	1,603.0	3,092.0
Income tax expense	360.0	705.0
Net income	$ 1,362.0	$ 2,660.0

Investments - Strategic Investment in NGP - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Percentage of carried interest income allocated to partnership for future carry funds			47.50%
Basis difference	$ 11.3		$ 11.3		$ 14.2
Amortization period of basis difference			10 years
Total investments in NGP
Schedule of Equity Method Investments [Line Items]
Net investment earnings related to performance allocations	(34.6)	$ 39.9	$ (29.9)	$ 51.9
Net investment earnings related to principal investment income	$ (4.0)	$ 5.7	$ (3.6)	$ 7.0
Management Fee Related Revenues
Schedule of Equity Method Investments [Line Items]
Percentage of income allocated under partnership investment			55.00%
Minimum \| Total investments in NGP
Schedule of Equity Method Investments [Line Items]
Management fee, percentage of commitments			1.00%
Management fee, percentage of invested capital			0.60%
Maximum \| Total investments in NGP
Schedule of Equity Method Investments [Line Items]
Management fee, percentage of commitments			2.00%
Management fee, percentage of invested capital			2.00%

Investments - Schedule of Net Investment Earnings (Loss) (Details) - Total investments in NGP - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Schedule of Equity Method Investments [Line Items]
Management fee-related revenues from NGP Management	$ 26.4	$ 24.7	$ 51.6	$ 43.6
Expenses related to the investment in NGP Management	(2.7)	(3.1)	(5.2)	(6.0)
Amortization of basis differences from the investment in NGP Management	(1.4)	(1.8)	(2.8)	(3.6)
Net investment income	$ 22.3	$ 19.8	$ 43.6	$ 34.0

Investments - Components of Investment Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Investment [Line Items]
Investment income (loss)	$ 589.6	$ 503.3	$ 1,240.5	$ 865.5
Performance allocations realized
Investment [Line Items]
Investment income (loss)	41.6	97.4	71.4	318.0
Performance allocations unrealized
Investment [Line Items]
Investment income (loss)	206.0	327.7	525.3	415.2
Performance allocations
Investment [Line Items]
Investment income (loss)	247.6	425.1	596.7	733.2
Principal investment income from equity method investments realized
Investment [Line Items]
Investment income (loss)	95.2	36.1	126.5	63.2
Principal investment income from equity method investments unrealized
Investment [Line Items]
Investment income (loss)	242.7	42.3	514.0	68.3
Principal investment income from equity method investments
Investment [Line Items]
Investment income (loss)	337.9	78.4	640.5	131.5
Principal income from investments in CLOs and other investments realized
Investment [Line Items]
Investment income (loss)	0.2	0.2	1.1	0.6
Principal income from investments in CLOs and other investments unrealized
Investment [Line Items]
Investment income (loss)	3.9	(0.4)	2.2	0.2
Principal income from investments in CLOs and other investments
Investment [Line Items]
Investment income (loss)	$ 4.1	$ (0.2)	$ 3.3	$ 0.8

Investments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Percentage of performance fees related to certain Corporate Private Equity funds			25.00%
Gain (loss) from investments	$ 1,061.1	$ 893.6	$ 2,148.1	$ 1,596.4
Performance Fee Revenue \| Customer Concentration Risk
Segment Reporting Information [Line Items]
Percentage of performance fees related to certain Corporate Private Equity funds	54.00%	40.00%	28.00%	49.00%
Gain (loss) from investments	$ 133.3	$ 168.6	$ 164.2	$ 355.8
Performance Fee Revenue \| Customer Concentration Risk \| Carlyle Partners V, L.P.
Segment Reporting Information [Line Items]
Gain (loss) from investments	104.9
Performance Fee Revenue \| Customer Concentration Risk \| Carlyle Asia Partners IV, L.P.
Segment Reporting Information [Line Items]
Gain (loss) from investments	70.6
Performance Fee Revenue \| Customer Concentration Risk \| Carlyle Realty Partners VII, L.P.
Segment Reporting Information [Line Items]
Gain (loss) from investments	33.4			101.5
Performance Fee Revenue \| Customer Concentration Risk \| AlpInvest Co
Segment Reporting Information [Line Items]
Gain (loss) from investments	(25.2)
Performance Fee Revenue \| Customer Concentration Risk \| Carlyle Partners VI, L.P.
Segment Reporting Information [Line Items]
Gain (loss) from investments	$ (16.2)	152.0		238.2
Performance Fee Revenue \| Customer Concentration Risk \| Carlyle Realty Partners V, L.P.
Segment Reporting Information [Line Items]
Gain (loss) from investments			$ 167.1
Performance Fee Revenue \| Customer Concentration Risk \| Carlyle International Energy Partners, L.P.
Segment Reporting Information [Line Items]
Gain (loss) from investments		$ 61.4
Performance Fee Revenue \| Customer Concentration Risk \| Carlyle Europe Partners IV, L.P.
Segment Reporting Information [Line Items]
Gain (loss) from investments				$ 146.2

Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Schedule of Investments [Line Items]
Principal investment income from equity method investments (excluding performance allocations)	$ 337.9	$ 78.4	$ 640.5	$ 131.5
Operating Segments \| Corporate Private Equity
Schedule of Investments [Line Items]
Principal investment income from equity method investments (excluding performance allocations)	3.5	7.8	11.7	24.0
Operating Segments \| Real Assets
Schedule of Investments [Line Items]
Principal investment income from equity method investments (excluding performance allocations)	60.4	72.5	93.9	105.2
Operating Segments \| Global Credit
Schedule of Investments [Line Items]
Principal investment income from equity method investments (excluding performance allocations)	269.0	(4.0)	525.9	(3.7)
Operating Segments \| Investment Solutions
Schedule of Investments [Line Items]
Principal investment income from equity method investments (excluding performance allocations)	$ 5.0	$ 2.1	$ 9.0	$ 6.0

Borrowings - Partnership's Borrowings (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Borrowing Outstanding	$ 1,536.6	$ 1,555.1
Carrying Value	1,531.8	1,550.4
Senior Credit Facility Term Loan Due 2/11/2024
Debt Instrument [Line Items]
Borrowing Outstanding	0.0	25.0
Carrying Value	0.0	24.9
CLO Term Loans
Debt Instrument [Line Items]
Borrowing Outstanding	329.9	309.9
Carrying Value	329.4	309.9
3.875% Senior Notes Due 2/01/2023
Debt Instrument [Line Items]
Borrowing Outstanding	250.0	250.0
Carrying Value	$ 249.2	249.0
Interest rate on senior notes	3.875%
5.625% Senior Notes Due 3/30/2043
Debt Instrument [Line Items]
Borrowing Outstanding	$ 600.0	600.0
Carrying Value	$ 600.7	600.7
Interest rate on senior notes	5.625%
5.650% Senior Notes Due 9/15/2048
Debt Instrument [Line Items]
Borrowing Outstanding	$ 350.0	350.0
Carrying Value	$ 345.8	345.7
Interest rate on senior notes	5.65%
LIBOR \| Promissory Notes Due 7/15/2019
Debt Instrument [Line Items]
Borrowing Outstanding	$ 6.7	20.2
Carrying Value	$ 6.7	$ 20.2

Borrowings - Senior Notes (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
Borrowings - Senior Notes (Details) - USD ($)	Sep. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Mar. 31, 2014	Mar. 31, 2013	Jan. 31, 2013
Debt Instrument [Line Items]
Fair Value		$ 4,506,300,000		$ 4,506,300,000		$ 4,840,100,000
Interest Expense		$ 15,700,000	$ 13,400,000	$ 31,500,000	$ 26,800,000
3.875% Senior Notes
Debt Instrument [Line Items]
Interest rate on senior notes		3.875%		3.875%
5.625% Senior Notes
Debt Instrument [Line Items]
Interest rate on senior notes		5.625%		5.625%
5.650% Senior Notes
Debt Instrument [Line Items]
Interest rate on senior notes		5.65%		5.65%
Senior Notes
Debt Instrument [Line Items]
Debt redemption price percentage				100.00%
Senior Notes \| 3.875% Senior Notes
Debt Instrument [Line Items]
Aggregate Principal Amount		$ 250,000,000.0		$ 250,000,000.0
Fair Value		262,000,000.0		262,000,000.0		255,500,000
Interest Expense		$ 2,400,000	4,900,000	$ 4,800,000	9,900,000
Senior notes percentage of par value									99.966%
Debt repurchase, principal amount	$ 250,000,000.0
Interest rate on senior notes	3.875%	3.875%		3.875%
Senior Notes \| 3.875% Senior Notes \| Interest expense
Debt Instrument [Line Items]
Debt extinguishment costs	$ 6,900,000
Senior Notes \| 3.875% Senior Notes \| General, administrative and other expense
Debt Instrument [Line Items]
Debt extinguishment costs	$ 900,000
Senior Notes \| 5.625% Senior Notes
Debt Instrument [Line Items]
Aggregate Principal Amount		$ 600,000,000.0		$ 600,000,000.0			$ 200,000,000.0	$ 400,000,000.0
Fair Value		659,400,000		659,400,000		604,100,000
Interest Expense		$ 8,400,000	8,500,000	$ 16,800,000	16,900,000
Senior notes percentage of par value							104.315%	99.583%
Interest rate on senior notes		5.625%		5.625%
Senior Notes \| 5.650% Senior Notes
Debt Instrument [Line Items]
Aggregate Principal Amount		$ 350,000,000.0		$ 350,000,000.0
Fair Value		385,200,000		385,200,000		$ 354,400,000
Interest Expense		$ 4,900,000	$ 0	$ 9,900,000	$ 0
Senior notes percentage of par value	99.914%
Interest rate on senior notes		5.65%		5.65%
Treasury rate \| Senior Notes \| 3.875% Senior Notes
Debt Instrument [Line Items]
Debt redemption, discount rate, margin spread on interest rate				0.30%
Treasury rate \| Senior Notes \| 5.625% Senior Notes
Debt Instrument [Line Items]
Debt redemption, discount rate, margin spread on interest rate				0.40%
Treasury rate \| Senior Notes \| 5.650% Senior Notes
Debt Instrument [Line Items]
Debt redemption, discount rate, margin spread on interest rate				0.40%

Borrowings - CLO Term Loans (Details) $ in Millions	Mar. 15, 2019 EUR (€)	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	Jun. 30, 2019 USD ($)	Dec. 31, 2018 USD ($)	Feb. 28, 2017 EUR (€)
Debt Instrument [Line Items]
Borrowing Outstanding												$ 1,536.6	$ 1,555.1
CLO Term Loan Maturing September 2029
Debt Instrument [Line Items]
Borrowing Outstanding												$ 76.3	77.0	€ 67,200,000
CLO Term Loan Maturing September 2029 \| Euribor
Debt Instrument [Line Items]
Interest rate												2.33%
CLO Term Loan Maturing April 2031
Debt Instrument [Line Items]
Borrowing Outstanding												$ 22.9	22.9
CLO Term Loan Maturing April 2031 \| LIBOR
Debt Instrument [Line Items]
Interest rate												4.52%
Margin spread on interest rate											1.932%
CLO Term Loan Maturing July 2031
Debt Instrument [Line Items]
Borrowing Outstanding												$ 22.9	23.0
CLO Term Loan Maturing July 2031 \| LIBOR
Debt Instrument [Line Items]
Interest rate												4.51%
Margin spread on interest rate										1.923%
CLO Term Loan Maturing April 2027
Debt Instrument [Line Items]
Borrowing Outstanding												$ 24.4	24.4
CLO Term Loan Maturing April 2027 \| LIBOR
Debt Instrument [Line Items]
Interest rate												4.13%
Margin spread on interest rate									1.536%
CLO Term Loan Maturing July 2029
Debt Instrument [Line Items]
Borrowing Outstanding												$ 22.8	22.8
CLO Term Loan Maturing July 2029 \| LIBOR
Debt Instrument [Line Items]
Interest rate												4.40%
Margin spread on interest rate								1.808%
CLO Term Loan Maturing August 2022
Debt Instrument [Line Items]
Borrowing Outstanding												$ 19.8	19.9
Debt principal amount \| €								€ 17,400,000
CLO Term Loan Maturing August 2022 \| Euribor
Debt Instrument [Line Items]
Interest rate												1.75%
Margin spread on interest rate								1.75%
CLO Term Loan Maturing August 2030
Debt Instrument [Line Items]
Borrowing Outstanding												$ 22.5	22.5
CLO Term Loan Maturing August 2030 \| LIBOR
Debt Instrument [Line Items]
Interest rate												4.38%
Margin spread on interest rate							1.848%
CLO Term Loan Maturing January 2030
Debt Instrument [Line Items]
Borrowing Outstanding												$ 22.7	22.7
CLO Term Loan Maturing January 2030 \| LIBOR
Debt Instrument [Line Items]
Interest rate												4.33%
Margin spread on interest rate						1.7312%
CLO Term Loan Maturing October 2030
Debt Instrument [Line Items]
Borrowing Outstanding												$ 19.1	19.1
CLO Term Loan Maturing October 2030 \| LIBOR
Debt Instrument [Line Items]
Interest rate												4.24%
Margin spread on interest rate					1.647%
CLO Term Loan Maturing January 2029
Debt Instrument [Line Items]
Borrowing Outstanding												$ 20.9	21.1
CLO Term Loan Maturing January 2029 \| LIBOR
Debt Instrument [Line Items]
Interest rate												3.97%
Margin spread on interest rate				1.365%
CLO Term Loan Maturing January 2030
Debt Instrument [Line Items]
Borrowing Outstanding												$ 19.2	19.2
CLO Term Loan Maturing January 2030 \| LIBOR
Debt Instrument [Line Items]
Interest rate												4.22%
Margin spread on interest rate			1.624%
CLO Term Loan Maturing January 2031
Debt Instrument [Line Items]
Borrowing Outstanding												$ 15.3	15.3
CLO Term Loan Maturing January 2031 \| LIBOR
Debt Instrument [Line Items]
Interest rate												4.15%
Margin spread on interest rate		1.552%
CLO Term Loan Maturing March 2032
Debt Instrument [Line Items]
Borrowing Outstanding												$ 21.1	0.0
Periodic interest rate adjustment, percent	0.08%
Periodic interest rate adjustment, maximum amount \| €	€ 54,120
CLO Term Loan Maturing March 2032 \| Average effective interest rate
Debt Instrument [Line Items]
Interest rate												2.56%
Margin spread on interest rate	0.50%
CLO Term Loans
Debt Instrument [Line Items]
Borrowing Outstanding												$ 329.9	$ 309.9

Borrowings - Outstanding Loans Payable of Consolidated Funds (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	$ 4,552.4	$ 4,901.9
Fair Value	4,506.3	4,840.1
Senior secured notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	4,378.0	4,723.4
Fair Value	$ 4,291.4	$ 4,607.2
Weighted Average Interest Rate	1.95%	1.94%
Weighted Average Remaining Maturity in Years	11 years 2 months 26 days	10 years 8 months 12 days
Subordinated notes, preferred shares and other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	$ 174.4	$ 178.5
Fair Value	$ 214.9	$ 232.9
Weighted Average Remaining Maturity in Years	11 years 4 months 24 days	9 years 11 months 12 days

Borrowings - Additional Information (Details)			1 Months Ended			3 Months Ended		6 Months Ended		25 Months Ended
Borrowings - Additional Information (Details)	Feb. 11, 2019 USD ($)	Dec. 17, 2018 USD ($)	Apr. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2017 USD ($) vehicle	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2019 EUR (€)	Feb. 10, 2019 USD ($)	Feb. 05, 2019 EUR (€)	Dec. 31, 2018 USD ($)	Feb. 28, 2017 EUR (€)	Jan. 01, 2016 USD ($)	Mar. 31, 2014 USD ($)	Mar. 31, 2013 USD ($)
Debt Instrument [Line Items]
Repayments under credit facility								$ 25,000,000.0	$ 0
Interest expense						$ 19,500,000	$ 18,400,000	39,200,000	36,300,000
Debt carrying value						1,531,800,000		1,531,800,000		$ 1,531,800,000				$ 1,550,400,000
Derivatives, number of commodities investment vehicles settled \| vehicle					2
Payments on debt obligations								13,600,000	13,800,000
Fair value of collateralized loan obligation assets						4,900,000,000		4,900,000,000		4,900,000,000				5,500,000,000
CLO Term Loans
Debt Instrument [Line Items]
Interest expense						0	0	0	0
Debt carrying value						329,400,000		329,400,000		329,400,000				309,900,000
Senior Credit Facility Term Loan
Debt Instrument [Line Items]
Debt carrying value						0		0		0				24,900,000
Euro CLO Financing
Debt Instrument [Line Items]
Debt principal amount \| €															€ 67,200,000
Debt carrying value						$ 76,300,000		$ 76,300,000		$ 76,300,000
Repayment with penalty period								3 years
Euro CLO Financing \| Euribor
Debt Instrument [Line Items]
Interest rate under credit facility						2.33%		2.33%		2.33%	2.33%
CLO Financing Facility
Debt Instrument [Line Items]
Borrowing capacity \| €													€ 100,000,000.0
Available capacity \| €											€ 81,500,000
3.875% Senior Notes Due 2/01/2023
Debt Instrument [Line Items]
Debt carrying value						$ 249,200,000		$ 249,200,000		$ 249,200,000				249,000,000.0
3.875% Senior Notes Due 2/01/2023 \| Senior Notes
Debt Instrument [Line Items]
Debt principal amount						250,000,000.0		250,000,000.0		250,000,000.0
5.625% Senior Notes Due 3/30/2043
Debt Instrument [Line Items]
Debt carrying value						600,700,000		600,700,000		600,700,000				600,700,000
5.625% Senior Notes Due 3/30/2043 \| Senior Notes
Debt Instrument [Line Items]
Debt principal amount						600,000,000.0		600,000,000.0		600,000,000.0							$ 200,000,000.0	$ 400,000,000.0
5.650% Senior Notes Due 9/15/2048
Debt Instrument [Line Items]
Debt carrying value						345,800,000		345,800,000		345,800,000				345,700,000
5.650% Senior Notes Due 9/15/2048 \| Senior Notes
Debt Instrument [Line Items]
Debt principal amount						350,000,000.0		350,000,000.0		350,000,000.0
Promissory Note Maturing January 1, 2022
Debt Instrument [Line Items]
Interest expense						0	0	$ 0	0
Amount of promissory note for strategic investment contingent consideration																$ 120,000,000.0
Basis spread of variable rate promissory note								2.50%
Long-term debt outstanding				$ 108,800,000
Interest prepaid				$ 1,200,000
Promissory Notes Due 7/15/2019
Debt Instrument [Line Items]
Interest expense						0	0	$ 0	0
Payments on debt obligations										47,200,000
Promissory Notes Due 7/15/2019 \| LIBOR
Debt Instrument [Line Items]
Margin spread on interest rate					2.00%
Debt principal amount					$ 53,900,000
Debt carrying value						$ 6,700,000		$ 6,700,000		$ 6,700,000				$ 20,200,000
Actual percentage						4.60%
Revolving Credit Facility \| Senior Credit Facility
Debt Instrument [Line Items]
Borrowing capacity	$ 775,000,000.0											$ 750,000,000.0
Interest rate under credit facility						3.65%		3.65%		3.65%	3.65%
Outstanding borrowings under credit facility						$ 0		$ 0		$ 0
Interest expense						0	0	0	0
Revolving Credit Facility \| Senior Credit Facility \| Base rate
Debt Instrument [Line Items]
Margin spread on interest rate	0.50%
Revolving Credit Facility \| Senior Credit Facility \| LIBOR
Debt Instrument [Line Items]
Margin spread on interest rate	1.50%
Revolving Credit Facility \| Senior Credit Facility Term Loan
Debt Instrument [Line Items]
Repayments under credit facility	$ 25,000,000.0
Revolving Credit Facility \| Global Credit Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity		$ 250,000,000.0
Repayments under credit facility			$ 17,000,000
Interest expense						$ 0	$ 0	$ 0	$ 0
Proceeds from credit facility			$ 17,000,000.0
Revolving Credit Facility \| Global Credit Revolving Credit Facility \| Base rate
Debt Instrument [Line Items]
Margin spread on interest rate		1.00%
Revolving Credit Facility \| Global Credit Revolving Credit Facility \| Eurocurrency
Debt Instrument [Line Items]
Margin spread on interest rate		2.00%
Short-term line of credit \| Global Credit Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity		$ 125,000,000.0
Debt term		1 year
Long-term line of credit \| Global Credit Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity		$ 125,000,000.0
Debt term		3 years

Accrued Compensation and Benefits - Components (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
Accrued performance allocations and incentive fee-related compensation	$ 2,033.8	$ 1,843.6
Accrued bonuses	248.7	246.8
Employment-based contingent cash consideration	17.6	0.8
Other	113.3	131.1
Total	$ 2,413.4	$ 2,222.3

Commitments and Contingencies - Additional Information (Details) € in Millions, £ in Millions			1 Months Ended		3 Months Ended			6 Months Ended		12 Months Ended			22 Months Ended		24 Months Ended
	Jul. 07, 2010 USD ($)	Aug. 04, 2001 USD ($)	Jul. 31, 2018 USD ($) office	Apr. 30, 2015 EUR (€)	Jun. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($) vehicle finance_vehicle	Dec. 31, 2016 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2019 GBP (£)	Dec. 31, 2017 USD ($) vehicle finance_vehicle	Jul. 31, 2019 EUR (€)	Dec. 31, 2017 EUR (€) vehicle finance_vehicle
Guarantor Obligations [Line Items]
Liability for potential repayment of previously received performance fees					$ 63,200,000			$ 63,200,000		$ 63,200,000			$ 63,200,000
Amount of accrued giveback obligation of various current and former senior Carlyle professionals and other limited partners of Carlyle Holdings partnerships					36,000,000.0			36,000,000.0					36,000,000.0
Amount of net accrued giveback obligation attributable to Carlyle Holdings					$ 27,200,000			$ 27,200,000					$ 27,200,000
Term of lease			15 years
Options to extend (up to)					5 years			5 years					5 years
Options to terminate (within)								1 year
Number of offices relocated \| office			1
Lease transfer expense						$ 63,500,000
Lease incentive			$ 3,500,000
Maximum amount of potential damages according to the liquidator’s expert report (more than)	$ 1,000,000,000.0
Amount received from the plaintiff													$ 29,600,000	£ 23.3
Investment income (loss)					$ 589,600,000		$ 503,300,000	$ 1,240,500,000	$ 865,500,000
Number of structured finance vehicles invested In petroleum commodities believed stolen \| vehicle											2				2		2
Loss contingency accrual					$ 35,000,000			$ 35,000,000					$ 35,000,000
Vermillion Legal Matter
Guarantor Obligations [Line Items]
Amount of investment in petroleum commodities believed stolen											$ 400,000,000				$ 400,000,000
Alleged Misappropriation of Investments in Petroleum Commodities
Guarantor Obligations [Line Items]
Payments for legal settlements											$ 165,000,000	$ 100,000,000			$ 265,000,000
Number of structured finance vehicles invested In petroleum commodities believed stolen \| finance_vehicle											2				2		2
Estimated insurance recoveries										55,000,000
Insurance proceeds										32,000,000
Guaranteed Loans
Guarantor Obligations [Line Items]
Aggregate annual incremental borrowings		$ 11,300,000
Interest rate under credit facility					5.60%			5.60%					5.60%
Outstanding borrowings under credit facility					$ 9,500,000			$ 9,500,000		10,300,000			$ 9,500,000
Guarantor obligations, current carrying value					18,600,000			18,600,000					18,600,000
Contingent Obligations (Giveback)
Guarantor Obligations [Line Items]
Unbilled receivable for giveback obligations from current and former employees					1,500,000			1,500,000		1,400,000			1,500,000
Cash withheld from carried interest distributions for potential giveback obligations					175,300,000			175,300,000		$ 176,100,000			175,300,000
Amount of realized and distributed carried interest subject to potential giveback on after-tax basis					$ 400,000,000			$ 400,000,000					$ 400,000,000
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
CEREP I \| Ministry of the Economy, Finance and Industry, France
Guarantor Obligations [Line Items]
Payments for legal settlements \| €				€ 30.0
Promissory notes \| Alleged Misappropriation of Investments in Petroleum Commodities
Guarantor Obligations [Line Items]
Debt principal amount											$ 54,000,000				$ 54,000,000
Minimum
Guarantor Obligations [Line Items]
Term of lease					1 year			1 year					1 year
Maximum
Guarantor Obligations [Line Items]
Term of lease					15 years			15 years					15 years
Preliminary \| Ministry of the Economy, Finance and Industry, France
Guarantor Obligations [Line Items]
Refund adjustment from settlement with taxing authority \| €																	€ 105.0
Refund adjustment from settlement with taxing authority, interest \| €																	€ 12.5
Final \| Ministry of the Economy, Finance and Industry, France
Guarantor Obligations [Line Items]
Investment income (loss)					$ 71,500,000
Final \| Subsequent event \| Ministry of the Economy, Finance and Industry, France
Guarantor Obligations [Line Items]
Refund adjustment from settlement with taxing authority \| €																€ 37.1
Final \| Subsequent event \| Partnership And CEREP I \| Ministry of the Economy, Finance and Industry, France
Guarantor Obligations [Line Items]
Refund adjustment from settlement with taxing authority \| €																€ 80.5
LIBOR \| Guaranteed Loans
Guarantor Obligations [Line Items]
Margin spread on interest rate		3.00%

Commitments and Contingencies - Lease Cost, Cash Flows and Other Supplemental Information - Operating Leases (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 12.8	$ 24.3
Sublease income	(0.7)	(1.0)
Total operating lease cost	12.1	23.3
Cash paid for amounts included in the measurement of operating lease liabilities	$ 16.8	$ 30.1
Weighted-average remaining lease term	9 years 10 months 24 days	9 years 10 months 24 days
Weighted-average discount rate	5.30%	5.30%

Commitments and Contingencies - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
2019 (excluding the six months ended June 30, 2019)	$ 32.8
2020	55.6
2021	41.2
2022	52.9
2023	48.4
Thereafter	452.1
Total lease payments	683.0
Less payments for leases that have not yet commenced	(284.1)
Less imputed interest	(91.0)
Total lease liabilities	$ 307.9	$ 0.0

Related Party Transactions - Due from Affiliates and Other Receivables (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Accrued incentive fees	$ 8.0	$ 7.1
Notes receivable and accrued interest from affiliates	12.0	14.4
Management fee, reimbursable expenses and other receivables from unconsolidated funds and affiliates, net	291.7	418.2
Total	313.2	441.1
Contingent Obligations (Giveback)
Related Party Transaction [Line Items]
Unbilled receivable for giveback obligations from current and former employees	$ 1.5	$ 1.4

Related Party Transactions - Due to Affiliates (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Related Party Transactions [Abstract]
Due to non-consolidated affiliates	$ 33.4	$ 27.6
Amounts owed under the tax receivable agreement	103.0	101.9
Other	55.7	44.5
Total	$ 192.1	$ 174.0

Non-controlling Interests in Consolidated Entities - Partnership's Non-Controlling Interests in Income (Loss) of Consolidated Entities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Noncontrolling Interest [Line Items]
Non-controlling interests in income of consolidated entities	$ 39.8	$ 16.7	$ 35.3	$ 27.7
Non-Carlyle interests in Consolidated Funds
Noncontrolling Interest [Line Items]
Net income attributable to other non-controlling interests in consolidated entities	11.2	(4.2)	11.2	(5.1)
Non-Carlyle interests in majority-owned subsidiaries
Noncontrolling Interest [Line Items]
Net income attributable to other non-controlling interests in consolidated entities	24.7	18.4	17.5	26.8
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	$ 3.9	$ 2.5	$ 6.6	$ 6.0

Earnings Per Common Unit - Basic and Diluted Net Income Per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Basic
Net income attributable to common units	$ 148,200	$ 63,500	$ 285,200	$ 97,300
Weighted-average common units outstanding (in shares)	110,440,227	102,465,109	109,828,740	101,603,587
Net income per common unit (usd per share)	$ 1.34	$ 0.62	$ 2.60	$ 0.96
Diluted
Net income attributable to common units	$ 148,200	$ 63,500	$ 285,200	$ 97,300
Weighted-average common units outstanding (in shares)	120,920,439	112,582,728	118,372,885	111,948,144
Net income per common unit (usd per share)	$ 1.23	$ 0.56	$ 2.41	$ 0.87

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Earnings Per Common Unit - Weighted-Average Common Units Outstanding, Basic and Diluted (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average common units outstanding, basic (in shares)	110,440,227	102,465,109	109,828,740	101,603,587
Weighted-average common units outstanding, diluted (in shares)	120,920,439	112,582,728	118,372,885	111,948,144
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)	110,440,227	102,465,109	109,828,740	101,603,587
Weighted-average common units outstanding, diluted (in shares)	110,440,227	102,465,109	109,828,740	101,603,587
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	0	0
Weighted-average common units outstanding, diluted (in shares)	9,531,711	9,717,091	7,595,644	9,944,029
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	0	0
Weighted-average common units outstanding, diluted (in shares)	948,501	400,528	948,501	400,528

Equity - Additional Information (Details) - USD ($)		3 Months Ended	6 Months Ended
Equity - Additional Information (Details) - USD ($)	Sep. 13, 2017	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Class of Stock [Line Items]
Shares authorized for repurchase					$ 200,000,000.0
Payments to repurchase units		$ 1,500,000	$ 12,000,000.0	$ 51,000,000.0
Units repurchased (in shares)		100,000	700,000
Number of partnership units exchanged for common units (in shares)		231,089	413,753
Capital reallocated from non-controlling interests		$ 1,800,000	$ 3,000,000.0
Redemption on or after September 15, 2022
Class of Stock [Line Items]
Preferred Units, redemption price (usd per share)		$ 25.00	$ 25.00
Change of Control Event or Tax Redemption Event prior to September 15, 2022
Class of Stock [Line Items]
Preferred Units, redemption price (usd per share)		25.25	25.25
Rating Agency Event prior to September 15, 2022
Class of Stock [Line Items]
Preferred Units, redemption price (usd per share)		$ 25.50	$ 25.50
5.875% Series A Preferred Units
Class of Stock [Line Items]
Preferred units, issued (in shares)	16,000,000	16,000,000	16,000,000		16,000,000
Dividend rate, percentage	5.875%
Proceeds from issuance of redeemable preferred stock, gross	$ 400,000,000.0
Proceeds from issuance of preferred units, net of offering costs and expenses	$ 387,500,000

Equity - Quarterly Distributions on Common Units (Details) - USD ($) $ / shares in Units, $ in Millions							3 Months Ended	9 Months Ended
	Aug. 19, 2019	May 20, 2019	Feb. 26, 2019	Nov. 20, 2018	Aug. 17, 2018	May 17, 2018	Aug. 19, 2019	Feb. 26, 2019
Distribution Made to Limited Partner [Line Items]
Distribution per common unit (in dollars per share)		$ 0.19	$ 0.43	$ 0.42	$ 0.22	$ 0.27		$ 1.34
Distribution per common unit		$ 21.0	$ 47.5	$ 45.5	$ 23.3	$ 27.8		$ 144.1
Scenario, Forecast
Distribution Made to Limited Partner [Line Items]
Distribution per common unit (in dollars per share)	$ 0.43						$ 0.62
Distribution per common unit	$ 49.9						$ 70.9

Equity-Based Compensation - Summary of Status of Non-Vested Equity-Based Awards (Details)	6 Months Ended
	Jun. 30, 2019 $ / shares shares
Carlyle Holdings
Unvested Units
Beginning balance (in shares) \| shares	9,387
Granted (in shares) \| shares	0
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Ending balance (in shares) \| shares	9,387
Weighted- Average Grant Date Fair Value
Beginning balance (usd per share) \| $ / shares	$ 28.26
Granted (usd per share) \| $ / shares	0
Vested (usd per share) \| $ / shares	0
Forfeited (usd per share) \| $ / shares	0
Ending balance (usd per share) \| $ / shares	$ 28.26
The Carlyle Group L.P. \| Deferred Restricted Common Units
Unvested Units
Beginning balance (in shares) \| shares	19,123,700
Granted (in shares) \| shares	5,490,376
Vested (in shares) \| shares	3,163,665
Forfeited (in shares) \| shares	648,856
Ending balance (in shares) \| shares	20,801,555
Weighted- Average Grant Date Fair Value
Beginning balance (usd per share) \| $ / shares	$ 18.73
Granted (usd per share) \| $ / shares	15.13
Vested (usd per share) \| $ / shares	21.16
Forfeited (usd per share) \| $ / shares	17.65
Ending balance (usd per share) \| $ / shares	$ 17.44

Equity-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jan. 01, 2018	May 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation expense	$ 3.6		$ 7.6
Number of the Partnership's common units and Carlyle Holdings partnership units available for grant under the Equity Incentive Plan (in shares)					33,872,427	30,450,000
Deferred restricted common units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation expense	35.2	$ 49.8	71.1	$ 94.2
Tax benefits related to equity-based compensation expense	3.2	$ 4.2	6.7	$ 8.2
Unrecognized equity-based compensation expense	$ 231.4		$ 231.4
Weighted-average term for unrecognized compensation expense to be recognized			2 years 6 months

Segment Reporting - Reportable Segments Financial Data (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Fund level fee revenues
Incentive fees and Investment income (loss)	$ 589.6	$ 503.3	$ 1,240.5	$ 865.5
Interest income	26.0	28.0	48.2	50.5
Total revenues	1,061.1	893.6	2,148.1	1,596.4
Compensation and benefits
Cash-based compensation and benefits	221.4	176.0	431.9	363.3
Realized performance revenues related compensation	113.6	222.0	299.0	380.0
Total compensation and benefits	370.2	462.9	802.1	893.1
General, administrative and other expenses	110.7	126.8	223.2	221.8
Interest	19.5	18.4	39.2	36.3
Total expenses	528.3	653.7	1,130.8	1,233.0
(-) Realized net performance revenues	134.0	203.1	297.7	353.2
Segment assets	13,400.8		13,400.8		$ 12,914.2
Total Reportable Segments
Fund level fee revenues
Total fund level fee revenues	429.4	337.5	821.0	637.7
Interest income	5.5	7.9	11.5	14.6
Total revenues	550.7	462.6	1,001.6	999.2
Compensation and benefits
Cash-based compensation and benefits	207.1	172.3	409.4	361.4
Realized performance revenues related compensation	21.1	49.9	63.3	157.8
Total compensation and benefits	228.2	222.2	472.7	519.2
General, administrative and other expenses	80.0	98.9	155.7	173.7
Depreciation and amortization expense	9.6	8.5	19.9	16.6
Interest	19.5	18.5	39.1	36.3
Total expenses	337.3	348.1	687.4	745.8
Distributable Earnings	213.4	114.5	314.2	253.4
(-) Realized net performance revenues	20.8	49.6	27.8	152.7
(-) Realized principal investment income (loss)	73.9	17.7	78.0	36.4
Net Interest	14.0	10.6	27.6	21.7
Fee Related Earnings	132.7	57.8	236.0	86.0
Segment assets	8,605.8		8,605.8
Total Reportable Segments \| Corporate Private Equity
Fund level fee revenues
Total fund level fee revenues	201.3	155.0	395.1	275.7
Interest income	1.2	2.5	2.4	4.5
Total revenues	214.7	221.8	430.8	540.4
Compensation and benefits
Cash-based compensation and benefits	101.1	90.5	197.8	187.7
Realized performance revenues related compensation	5.4	24.0	15.8	114.7
Total compensation and benefits	106.5	114.5	213.6	302.4
General, administrative and other expenses	33.3	56.5	67.4	89.4
Depreciation and amortization expense	4.5	4.2	9.4	8.2
Interest	7.9	7.1	15.8	14.1
Total expenses	152.2	182.3	306.2	414.1
Distributable Earnings	62.5	39.5	124.6	126.3
(-) Realized net performance revenues	5.8	28.0	18.8	125.3
(-) Realized principal investment income (loss)	1.0	12.3	(1.3)	20.2
Net Interest	6.7	4.6	13.4	9.6
Fee Related Earnings	62.4	3.8	120.5	(9.6)
Segment assets	3,193.0		3,193.0
Total Reportable Segments \| Real Assets
Fund level fee revenues
Total fund level fee revenues	106.3	79.9	187.0	158.5
Interest income	0.7	1.2	1.2	2.1
Total revenues	201.7	117.8	289.4	213.3
Compensation and benefits
Cash-based compensation and benefits	34.0	29.3	69.8	64.0
Realized performance revenues related compensation	11.2	15.0	23.2	19.0
Total compensation and benefits	45.2	44.3	93.0	83.0
General, administrative and other expenses	17.0	15.9	33.8	34.0
Depreciation and amortization expense	1.8	1.6	3.7	3.2
Interest	3.1	4.1	6.2	8.0
Total expenses	67.1	65.9	136.7	128.2
Distributable Earnings	134.6	51.9	152.7	85.1
(-) Realized net performance revenues	13.4	18.6	6.3	22.4
(-) Realized principal investment income (loss)	70.1	3.1	71.7	11.3
Net Interest	2.4	2.9	5.0	5.9
Fee Related Earnings	53.5	33.1	79.7	57.3
Segment assets	2,032.1		2,032.1
Total Reportable Segments \| Global Credit
Fund level fee revenues
Total fund level fee revenues	82.6	60.9	160.3	121.3
Interest income	3.4	3.9	7.2	7.2
Total revenues	87.5	71.9	173.6	139.2
Compensation and benefits
Cash-based compensation and benefits	49.5	30.5	96.1	64.5
Realized performance revenues related compensation	0.0	2.1	0.0	2.7
Total compensation and benefits	49.5	32.6	96.1	67.2
General, administrative and other expenses	20.5	17.3	37.0	33.1
Depreciation and amortization expense	2.0	1.6	4.1	3.0
Interest	6.7	5.8	13.4	11.1
Total expenses	78.7	57.3	150.6	114.4
Distributable Earnings	8.8	14.6	23.0	24.8
(-) Realized net performance revenues	0.1	2.6	0.1	3.1
(-) Realized principal investment income (loss)	1.4	2.4	6.0	4.9
Net Interest	3.3	1.9	6.2	3.9
Fee Related Earnings	10.6	11.5	23.1	20.7
Segment assets	2,301.1		2,301.1
Total Reportable Segments \| Investment Solutions
Fund level fee revenues
Total fund level fee revenues	39.2	41.7	78.6	82.2
Interest income	0.2	0.3	0.7	0.8
Total revenues	46.8	51.1	107.8	106.3
Compensation and benefits
Cash-based compensation and benefits	22.5	22.0	45.7	45.2
Realized performance revenues related compensation	4.5	8.8	24.3	21.4
Total compensation and benefits	27.0	30.8	70.0	66.6
General, administrative and other expenses	9.2	9.2	17.5	17.2
Depreciation and amortization expense	1.3	1.1	2.7	2.2
Interest	1.8	1.5	3.7	3.1
Total expenses	39.3	42.6	93.9	89.1
Distributable Earnings	7.5	8.5	13.9	17.2
(-) Realized net performance revenues	1.5	0.4	2.6	1.9
(-) Realized principal investment income (loss)	1.4	(0.1)	1.6	0.0
Net Interest	1.6	1.2	3.0	2.3
Fee Related Earnings	6.2	9.4	12.7	17.6
Segment assets	1,079.6		1,079.6
Fund management fees
Fund level fee revenues
Total fund level fee revenues	390.9	301.3	744.3	565.8
Fund management fees \| Total Reportable Segments
Fund level fee revenues
Total fund level fee revenues	414.5	328.1	796.1	615.6
Fund management fees \| Total Reportable Segments \| Corporate Private Equity
Fund level fee revenues
Total fund level fee revenues	190.3	148.0	380.3	262.1
Fund management fees \| Total Reportable Segments \| Real Assets
Fund level fee revenues
Total fund level fee revenues	105.8	78.7	183.2	153.1
Fund management fees \| Total Reportable Segments \| Global Credit
Fund level fee revenues
Total fund level fee revenues	79.2	59.8	154.0	118.5
Fund management fees \| Total Reportable Segments \| Investment Solutions
Fund level fee revenues
Total fund level fee revenues	39.2	41.6	78.6	81.9
Portfolio advisory fees, net and other \| Total Reportable Segments
Fund level fee revenues
Total fund level fee revenues	5.3	5.6	10.8	15.3
Portfolio advisory fees, net and other \| Total Reportable Segments \| Corporate Private Equity
Fund level fee revenues
Total fund level fee revenues	3.6	3.4	7.1	9.7
Portfolio advisory fees, net and other \| Total Reportable Segments \| Real Assets
Fund level fee revenues
Total fund level fee revenues	0.5	1.1	1.4	2.6
Portfolio advisory fees, net and other \| Total Reportable Segments \| Global Credit
Fund level fee revenues
Total fund level fee revenues	1.2	1.0	2.3	2.7
Portfolio advisory fees, net and other \| Total Reportable Segments \| Investment Solutions
Fund level fee revenues
Total fund level fee revenues	0.0	0.1	0.0	0.3
Transaction fees, net \| Total Reportable Segments
Fund level fee revenues
Total fund level fee revenues	9.6	3.8	14.1	6.8
Transaction fees, net \| Total Reportable Segments \| Corporate Private Equity
Fund level fee revenues
Total fund level fee revenues	7.4	3.6	7.7	3.9
Transaction fees, net \| Total Reportable Segments \| Real Assets
Fund level fee revenues
Total fund level fee revenues	0.0	0.1	2.4	2.8
Transaction fees, net \| Total Reportable Segments \| Global Credit
Fund level fee revenues
Total fund level fee revenues	2.2	0.1	4.0	0.1
Transaction fees, net \| Total Reportable Segments \| Investment Solutions
Fund level fee revenues
Total fund level fee revenues	0.0	0.0	0.0	0.0
Performance allocations
Fund level fee revenues
Incentive fees and Investment income (loss)	247.6	425.1	596.7	733.2
Performance allocations \| Total Reportable Segments
Fund level fee revenues
Incentive fees and Investment income (loss)	41.9	99.5	91.1	310.5
Performance allocations \| Total Reportable Segments \| Corporate Private Equity
Fund level fee revenues
Incentive fees and Investment income (loss)	11.2	52.0	34.6	240.0
Performance allocations \| Total Reportable Segments \| Real Assets
Fund level fee revenues
Incentive fees and Investment income (loss)	24.6	33.6	29.5	41.4
Performance allocations \| Total Reportable Segments \| Global Credit
Fund level fee revenues
Incentive fees and Investment income (loss)	0.1	4.7	0.1	5.8
Performance allocations \| Total Reportable Segments \| Investment Solutions
Fund level fee revenues
Incentive fees and Investment income (loss)	6.0	9.2	26.9	23.3
Principal investment income
Fund level fee revenues
Incentive fees and Investment income (loss)	342.0	78.2	643.8	132.3
Principal investment income \| Total Reportable Segments
Fund level fee revenues
Incentive fees and Investment income (loss)	73.9	17.7	78.0	36.4
Principal investment income \| Total Reportable Segments \| Corporate Private Equity
Fund level fee revenues
Incentive fees and Investment income (loss)	1.0	12.3	(1.3)	20.2
Principal investment income \| Total Reportable Segments \| Real Assets
Fund level fee revenues
Incentive fees and Investment income (loss)	70.1	3.1	71.7	11.3
Principal investment income \| Total Reportable Segments \| Global Credit
Fund level fee revenues
Incentive fees and Investment income (loss)	1.4	2.4	6.0	4.9
Principal investment income \| Total Reportable Segments \| Investment Solutions
Fund level fee revenues
Incentive fees and Investment income (loss)	$ 1.4	$ (0.1)	$ 1.6	$ 0.0

Segment Reporting - Total Segments to Partnership Income Before Provision for Taxes Reconciliation (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Revenues	$ 1,061.1	$ 893.6	$ 2,148.1	$ 1,596.4
Expenses	528.3	653.7	1,130.8	1,233.0
Other income	9.2	12.9	(5.0)	14.9
Distributable earnings	542.0	252.8	1,012.3	378.3
Total assets	13,400.8		13,400.8		$ 12,914.2
Total Reportable Segments
Segment Reporting Information [Line Items]
Revenues	550.7	462.6	1,001.6	999.2
Expenses	337.3	348.1	687.4	745.8
Other income	0.0	0.0	0.0	0.0
Distributable earnings	213.4	114.5	314.2	253.4
Total assets	8,605.8		8,605.8
Reconciling Items
Segment Reporting Information [Line Items]
Revenues	464.6	377.4	1,048.3	496.3
Expenses	154.2	243.6	362.9	380.9
Other income	0.0	0.0	0.0	0.0
Distributable earnings	310.4	133.8	685.4	115.4
Total assets	(260.7)		(260.7)
Consolidated Funds \| Consolidated Funds
Segment Reporting Information [Line Items]
Revenues	45.8	53.6	98.2	100.9
Expenses	36.8	62.0	80.5	106.3
Other income	9.2	12.9	(5.0)	14.9
Distributable earnings	18.2	$ 4.5	12.7	$ 9.5
Total assets	$ 5,055.7		$ 5,055.7		$ 5,669.5

Segment Reporting - Revenue Adjustments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Unrealized principal investment income			$ 640.7	$ 131.1
Revenues	$ 1,061.1	$ 893.6	2,148.1	1,596.4
Reconciling Items
Segment Reporting Information [Line Items]
Unrealized performance revenues	167.3	370.0	469.1	476.4
Unrealized principal investment income	234.9	7.6	473.5	18.5
Adjustments related to expenses associated with investments in NGP Management and its affiliates	(4.1)	(4.9)	(8.1)	(9.6)
Tax expense associated with performance revenues	0.0	(5.5)	0.0	(5.0)
Non-Carlyle economic interests in acquired businesses and other adjustments to present certain costs on a net basis	42.7	35.5	63.1	55.7
Revenues	464.6	377.4	1,048.3	496.3
Reconciling Items \| Fortitude Re
Segment Reporting Information [Line Items]
Unrealized principal investment income	40.1	0.0	67.1	0.0
Adjustments
Segment Reporting Information [Line Items]
Revenues	$ (16.3)	$ (25.3)	$ (16.4)	$ (39.7)

Segment Reporting - Reconciliation of Fund Level Fee Revenues (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Total Reportable Segments
Segment Reporting Information [Line Items]
Fund management fees	$ 429.4	$ 337.5	$ 821.0	$ 637.7
Adjustments
Segment Reporting Information [Line Items]
Adjustments	(38.5)	(36.2)	(76.7)	(71.9)
Fund management fees
Segment Reporting Information [Line Items]
Fund management fees	390.9	301.3	744.3	565.8
Fund management fees \| Total Reportable Segments
Segment Reporting Information [Line Items]
Fund management fees	414.5	328.1	796.1	615.6
Fund management fees \| Adjustments
Segment Reporting Information [Line Items]
Fund management fees	$ (5.5)	$ (6.1)	$ (10.8)	$ (11.9)

Segment Reporting - Expense Adjustments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Unrealized performance revenues related compensation	$ 89.4	$ 170.3	$ 230.6	$ 219.9
Equity-based compensation	35.2	64.9	71.2	149.8
Other non-operating (income) expense	0.4	0.3	0.7	0.6
Expenses	528.3	653.7	1,130.8	1,233.0
Total Reportable Segments
Segment Reporting Information [Line Items]
Unrealized performance revenues related compensation	84.9	170.0	230.9	219.5
Expenses	337.3	348.1	687.4	745.8
Reconciling Items
Segment Reporting Information [Line Items]
Equity-based compensation	38.3	68.4	77.7	156.2
Acquisition related charges and amortization of intangibles and impairment	15.4	9.2	27.4	13.8
Other non-operating (income) expense	0.4	0.3	0.7	0.6
Tax expense associated with performance revenues	3.6	(1.7)	(2.5)	(3.3)
Non-Carlyle economic interests in acquired business and other adjustments to present certain costs on a net-basis	10.0	9.8	30.9	13.3
Severance and other adjustments	10.9	4.3	12.7	5.9
Expenses	154.2	243.6	362.9	380.9
Adjustments
Segment Reporting Information [Line Items]
Equity-based compensation	0.0	0.0	0.0	0.0
Other non-operating (income) expense	0.0	0.0	0.0	0.0
Expenses	$ (9.3)	$ (16.7)	$ (14.9)	$ (25.1)

Segment Reporting - Reconciliation of Income Before Provision for Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Revenues	$ 1,061.1	$ 893.6	$ 2,148.1	$ 1,596.4
Income before provision for income taxes	542.0	252.8	1,012.3	378.3
Adjustments:
Investment income (loss)	(589.6)	(503.3)	(1,240.5)	(865.5)
Equity-based compensation	35.2	64.9	71.2	149.8
Other non-operating (income) expense	0.4	0.3	0.7	0.6
Net income attributable to non-controlling interests in Consolidated entities	(39.8)	(16.7)	(35.3)	(27.7)
Realized performance revenues, net of related compensation	134.0	203.1	297.7	353.2
Allocated share based compensation expense	3.6		7.6
Total Reportable Segments
Segment Reporting Information [Line Items]
Revenues	550.7	462.6	1,001.6	999.2
Net unrealized performance revenues	(82.4)	(200.0)	(238.2)	(256.9)
Adjustments:
Distributable Earnings	213.4	114.5	314.2	253.4
Realized performance revenues, net of related compensation	20.8	49.6	27.8	152.7
Realized principal investment income (loss)	73.9	17.7	78.0	36.4
Net Interest	14.0	10.6	27.6	21.7
Fee Related Earnings	132.7	57.8	236.0	86.0
Reconciling Items
Segment Reporting Information [Line Items]
Revenues	464.6	377.4	1,048.3	496.3
Adjustments:
Equity-based compensation	38.3	68.4	77.7	156.2
Acquisition related charges and amortization of intangibles and impairment	15.4	9.2	27.4	13.8
Other non-operating (income) expense	0.4	0.3	0.7	0.6
Tax expense associated with performance revenues	(3.6)	(3.8)	2.5	(1.7)
Net income attributable to non-controlling interests in Consolidated entities	39.8	16.7	35.3	27.7
Severance and other adjustments	10.9	4.3	12.7	5.9
Unrealized principal investment income (loss) \| Reconciling Items
Adjustments:
Investment income (loss)	(234.9)	(7.6)	(473.5)	(18.5)
Unrealized principal investment income (loss) \| Reconciling Items \| Fortitude Group Holdings, LLC
Adjustments:
Investment income (loss)	(40.1)	$ 0.0	(67.1)	$ 0.0
Individually immaterial business acquisitions
Adjustments:
Allocated share based compensation expense	$ 0.1		$ 0.1

Segment Reporting - Adjustments for Performance Fees, Performance Fee Related Compensation and Investment Income (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Investment income (loss)	$ 589.6	$ 503.3	$ 1,240.5	$ 865.5
Performance revenues related compensation expense	113.6	222.0	299.0	380.0
Net performance revenues	134.0	203.1	297.7	353.2
Adjustments
Segment Reporting Information [Line Items]
Performance revenues related compensation expense	(92.5)	(172.1)	(235.7)	(222.2)
Net performance revenues	(113.2)	(153.5)	(269.9)	(200.5)
Total Reportable Segments
Segment Reporting Information [Line Items]
Performance revenues related compensation expense	21.1	49.9	63.3	157.8
Net performance revenues	20.8	49.6	27.8	152.7
Performance allocations
Segment Reporting Information [Line Items]
Investment income (loss)	247.6	425.1	596.7	733.2
Performance allocations \| Adjustments
Segment Reporting Information [Line Items]
Investment income (loss)	(205.7)	(325.6)	(505.6)	(422.7)
Performance allocations \| Total Reportable Segments
Segment Reporting Information [Line Items]
Investment income (loss)	41.9	99.5	91.1	310.5
Principal investment income
Segment Reporting Information [Line Items]
Investment income (loss)	342.0	78.2	643.8	132.3
Principal investment income \| Adjustments
Segment Reporting Information [Line Items]
Investment income (loss)	(268.1)	(60.5)	(565.8)	(95.9)
Principal investment income \| Total Reportable Segments
Segment Reporting Information [Line Items]
Investment income (loss)	$ 73.9	$ 17.7	$ 78.0	$ 36.4

Supplemental Financial Information - Financial Position (Details) - USD ($) $ in Millions	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 669.2		$ 629.6	$ 876.8
Cash and cash equivalents held at Consolidated Funds	214.3		247.5	395.3
Restricted cash	14.4		8.7	1.7
Corporate treasury investments	0.0		51.7
Investments, including accrued performance allocations of $3,907.1 million and $3,480.0 million as of June 30, 2019 and December 31, 2018, respectively	6,707.0		5,697.5
Accrued performance allocations	3,907.1		3,480.0
Investments of Consolidated Funds	4,759.6		5,286.6
Due from affiliates and other receivables, net	313.2		441.1
Due from affiliates and other receivables of Consolidated Funds, net	81.8		135.4
Fixed assets, net	106.1		95.1
Lease right-of-use assets, net	231.3		0.0
Deposits and other	62.6		49.3
Intangible assets, net	70.3		77.3
Deferred tax assets	171.0		194.4
Total assets	13,400.8		12,914.2
Liabilities and partners’ capital
Debt obligations	1,531.8		1,550.4
Loans payable of Consolidated Funds	4,506.3		4,840.1
Accounts payable, accrued expenses and other liabilities	337.5		442.2
Accrued compensation and benefits	2,413.4		2,222.3
Due to affiliates	192.1		174.0
Deferred revenue	91.5		111.3
Deferred tax liabilities	60.7		64.3
Other liabilities of Consolidated Funds	278.1		610.1
Lease liabilities	307.9		0.0
Accrued giveback obligations	63.2		63.2
Total liabilities	9,782.5		10,077.9
Series A preferred units	387.5		387.5
Partners’ capital	921.2		673.4
Accumulated other comprehensive income (loss)	(77.8)		(83.3)
Non-controlling interests in consolidated entities	308.5		324.2
Non-controlling interests in Carlyle Holdings	2,078.9		1,534.5
Total partners’ capital	3,618.3	$ 3,135.8	2,836.3	3,123.3	$ 3,043.0	$ 2,949.0
Total liabilities and partners’ capital	13,400.8		12,914.2
Consolidated Operating Entities
Assets
Cash and cash equivalents	669.2			876.8
Cash and cash equivalents held at Consolidated Funds	214.3			395.3
Restricted cash	14.4			$ 1.7
Consolidated Entities and Consolidated Funds \| Consolidated Operating Entities
Assets
Cash and cash equivalents	669.2		629.6
Cash and cash equivalents held at Consolidated Funds	0.0		0.0
Restricted cash	14.4		8.7
Corporate treasury investments			51.7
Investments, including accrued performance allocations of $3,907.1 million and $3,480.0 million as of June 30, 2019 and December 31, 2018, respectively	6,891.0		5,917.8
Investments of Consolidated Funds	0.0		0.0
Due from affiliates and other receivables, net	389.9		446.8
Due from affiliates and other receivables of Consolidated Funds, net	0.0		0.0
Fixed assets, net	106.1		95.1
Lease right-of-use assets, net	231.3
Deposits and other	62.6		49.3
Intangible assets, net	70.3		77.3
Deferred tax assets	171.0		194.4
Total assets	8,605.8		7,470.7
Liabilities and partners’ capital
Debt obligations	1,531.8		1,550.4
Loans payable of Consolidated Funds	0.0		0.0
Accounts payable, accrued expenses and other liabilities	337.5		442.2
Accrued compensation and benefits	2,413.4		2,222.3
Due to affiliates	192.1		174.0
Deferred revenue	91.5		111.3
Deferred tax liabilities	60.7		64.3
Other liabilities of Consolidated Funds	0.0		0.0
Lease liabilities	307.9
Accrued giveback obligations	63.2		63.2
Total liabilities	4,998.1		4,627.7
Series A preferred units	387.5		387.5
Partners’ capital	921.2		673.4
Accumulated other comprehensive income (loss)	(77.1)		(80.7)
Non-controlling interests in consolidated entities	296.0		323.0
Non-controlling interests in Carlyle Holdings	2,080.1		1,539.8
Total partners’ capital	3,607.7		2,843.0
Total liabilities and partners’ capital	8,605.8		7,470.7
Consolidated Entities and Consolidated Funds \| Consolidated Funds
Assets
Cash and cash equivalents	0.0		0.0
Cash and cash equivalents held at Consolidated Funds	214.3		247.5
Restricted cash	0.0		0.0
Corporate treasury investments			0.0
Investments, including accrued performance allocations of $3,907.1 million and $3,480.0 million as of June 30, 2019 and December 31, 2018, respectively	0.0		0.0
Investments of Consolidated Funds	4,759.6		5,286.6
Due from affiliates and other receivables, net	0.0		0.0
Due from affiliates and other receivables of Consolidated Funds, net	81.8		135.4
Fixed assets, net	0.0		0.0
Lease right-of-use assets, net	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	5,055.7		5,669.5
Liabilities and partners’ capital
Debt obligations	0.0		0.0
Loans payable of Consolidated Funds	4,506.3		4,840.1
Accounts payable, accrued expenses and other liabilities	0.0		0.0
Accrued compensation and benefits	0.0		0.0
Due to affiliates	71.5		0.0
Deferred revenue	0.0		0.0
Deferred tax liabilities	0.0		0.0
Other liabilities of Consolidated Funds	278.1		610.1
Lease liabilities	0.0
Accrued giveback obligations	0.0		0.0
Total liabilities	4,855.9		5,450.2
Series A preferred units	0.0		0.0
Partners’ capital	60.1		68.2
Accumulated other comprehensive income (loss)	0.6		1.1
Non-controlling interests in consolidated entities	12.5		1.2
Non-controlling interests in Carlyle Holdings	126.6		148.8
Total partners’ capital	199.8		219.3
Total liabilities and partners’ capital	5,055.7		5,669.5
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
Investments, including accrued performance allocations of $3,907.1 million and $3,480.0 million as of June 30, 2019 and December 31, 2018, respectively	(184.0)		(220.3)
Investments of Consolidated Funds	0.0		0.0
Due from affiliates and other receivables, net	(76.7)		(5.7)
Due from affiliates and other receivables of Consolidated Funds, net	0.0		0.0
Fixed assets, net	0.0		0.0
Lease right-of-use assets, net	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	(260.7)		(226.0)
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	(71.5)		0.0
Deferred revenue	0.0		0.0
Deferred tax liabilities	0.0		0.0
Other liabilities of Consolidated Funds	0.0		0.0
Lease liabilities	0.0
Accrued giveback obligations	0.0		0.0
Total liabilities	(71.5)		0.0
Series A preferred units	0.0		0.0
Partners’ capital	(60.1)		(68.2)
Accumulated other comprehensive income (loss)	(1.3)		(3.7)
Non-controlling interests in consolidated entities	0.0		0.0
Non-controlling interests in Carlyle Holdings	(127.8)		(154.1)
Total partners’ capital	(189.2)		(226.0)
Total liabilities and partners’ capital	$ (260.7)		$ (226.0)

Supplemental Financial Information - Results of Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed Income Statements, Captions [Line Items]
Investment income (loss)	$ 589.6	$ 503.3	$ 1,240.5	$ 865.5
Interest and other income	26.0	28.0	48.2	50.5
Interest and other income of Consolidated Funds	45.8	53.6	98.2	100.9
Total revenues	1,061.1	893.6	2,148.1	1,596.4
Compensation and benefits
Cash-based compensation and benefits	221.4	176.0	431.9	363.3
Equity-based compensation	35.2	64.9	71.2	149.8
Performance allocations and incentive fee related compensation	113.6	222.0	299.0	380.0
Total compensation and benefits	370.2	462.9	802.1	893.1
General, administrative and other expenses	110.7	126.8	223.2	221.8
Interest	19.5	18.4	39.2	36.3
Interest and other expenses of Consolidated Funds	27.5	45.3	65.6	81.2
Other non-operating expenses	0.4	0.3	0.7	0.6
Total expenses	528.3	653.7	1,130.8	1,233.0
Other income (loss)
Net investment gains of Consolidated Funds	9.2	12.9	(5.0)	14.9
Income before provision for income taxes	542.0	252.8	1,012.3	378.3
Provision (Benefit) for income taxes	15.5	11.6	39.5	19.4
Net income	526.5	241.2	972.8	358.9
Net income attributable to non-controlling interests in consolidated entities	39.8	16.7	35.3	27.7
Net income attributable to Carlyle Holdings	486.7	224.5	937.5	331.2
Net income attributable to non-controlling interests in Carlyle Holdings	332.6	155.1	640.5	222.1
Net income attributable to The Carlyle Group L.P.	154.1	69.4	297.0	109.1
Net income attributable to Series A Preferred Unitholders	5.9	5.9	11.8	11.8
Net income attributable to The Carlyle Group L.P. Common Unitholders	148.2	63.5	285.2	97.3
Consolidated Operating Entities
Compensation and benefits
Equity-based compensation			71.2	149.8
Other income (loss)
Net income			961.6	364.0
Consolidated Entities and Consolidated Funds \| Consolidated Operating Entities
Condensed Income Statements, Captions [Line Items]
Investment income (loss)	593.8	517.1	1,232.5	881.8
Interest and other income	32.6	33.5	61.8	62.0
Interest and other income of Consolidated Funds	0.0	0.0	0.0	0.0
Total revenues	1,031.6	865.3	2,066.3	1,535.2
Compensation and benefits
Cash-based compensation and benefits	221.4	176.0	431.9	363.3
Equity-based compensation	35.2	64.9	71.2	149.8
Performance allocations and incentive fee related compensation	113.6	222.0	299.0	380.0
Total compensation and benefits	370.2	462.9	802.1	893.1
General, administrative and other expenses	110.7	126.8	223.2	221.8
Interest	19.5	18.4	39.2	36.3
Interest and other expenses of Consolidated Funds	0.0	0.0	0.0	0.0
Other non-operating expenses	0.4	0.3	0.7	0.6
Total expenses	500.8	608.4	1,065.2	1,151.8
Other income (loss)
Net investment gains of Consolidated Funds	0.0	0.0	0.0	0.0
Income before provision for income taxes	530.8	256.9	1,001.1	383.4
Provision (Benefit) for income taxes	15.5	11.6	39.5	19.4
Net income	515.3	245.3	961.6	364.0
Net income attributable to non-controlling interests in consolidated entities	28.6	20.8	24.1	32.8
Net income attributable to Carlyle Holdings	486.7	224.5	937.5	331.2
Net income attributable to non-controlling interests in Carlyle Holdings	332.6	155.1	640.5	222.1
Net income attributable to The Carlyle Group L.P.	154.1	69.4	297.0	109.1
Net income attributable to Series A Preferred Unitholders	5.9	5.9	11.8	11.8
Net income attributable to The Carlyle Group L.P. Common Unitholders	148.2	63.5	285.2	97.3
Consolidated Entities and Consolidated Funds \| Consolidated Funds
Condensed Income Statements, Captions [Line Items]
Investment income (loss)	0.0	0.0	0.0	0.0
Interest and other income	0.0	0.0	0.0	0.0
Interest and other income of Consolidated Funds	45.8	53.6	98.2	100.9
Total revenues	45.8	53.6	98.2	100.9
Compensation and benefits
Cash-based compensation and benefits	0.0	0.0	0.0	0.0
Equity-based compensation	0.0	0.0	0.0	0.0
Performance allocations and incentive fee related compensation	0.0	0.0	0.0	0.0
Total compensation and benefits	0.0	0.0	0.0	0.0
General, administrative and other expenses	0.0	0.0	0.0	0.0
Interest	0.0	0.0	0.0	0.0
Interest and other expenses of Consolidated Funds	36.8	62.0	80.5	106.3
Other non-operating expenses	0.0	0.0	0.0	0.0
Total expenses	36.8	62.0	80.5	106.3
Other income (loss)
Net investment gains of Consolidated Funds	9.2	12.9	(5.0)	14.9
Income before provision for income taxes	18.2	4.5	12.7	9.5
Provision (Benefit) for income taxes	0.0	0.0	0.0	0.0
Net income	18.2	4.5	12.7	9.5
Net income attributable to non-controlling interests in consolidated entities	0.0	0.0	0.0	0.0
Net income attributable to Carlyle Holdings	18.2	4.5	12.7	9.5
Net income attributable to non-controlling interests in Carlyle Holdings	0.0	0.0	0.0	0.0
Net income attributable to The Carlyle Group L.P.	18.2	4.5	12.7	9.5
Net income attributable to Series A Preferred Unitholders	0.0	0.0	0.0	0.0
Net income attributable to The Carlyle Group L.P. Common Unitholders	18.2	4.5	12.7	9.5
Eliminations
Condensed Income Statements, Captions [Line Items]
Investment income (loss)	(4.2)	(13.8)	8.0	(16.3)
Interest and other income	(6.6)	(5.5)	(13.6)	(11.5)
Interest and other income of Consolidated Funds	0.0	0.0	0.0	0.0
Total revenues	(16.3)	(25.3)	(16.4)	(39.7)
Compensation and benefits
Cash-based compensation and benefits	0.0	0.0	0.0	0.0
Equity-based compensation	0.0	0.0	0.0	0.0
Performance allocations and incentive fee related compensation	0.0	0.0	0.0	0.0
Total compensation and benefits	0.0	0.0	0.0	0.0
General, administrative and other expenses	0.0	0.0	0.0	0.0
Interest	0.0	0.0	0.0	0.0
Interest and other expenses of Consolidated Funds	(9.3)	(16.7)	(14.9)	(25.1)
Other non-operating expenses	0.0	0.0	0.0	0.0
Total expenses	(9.3)	(16.7)	(14.9)	(25.1)
Other income (loss)
Net investment gains of Consolidated Funds	0.0	0.0	0.0	0.0
Income before provision for income taxes	(7.0)	(8.6)	(1.5)	(14.6)
Provision (Benefit) for income taxes	0.0	0.0	0.0	0.0
Net income	(7.0)	(8.6)	(1.5)	(14.6)
Net income attributable to non-controlling interests in consolidated entities	11.2	(4.1)	11.2	(5.1)
Net income attributable to Carlyle Holdings	(18.2)	(4.5)	(12.7)	(9.5)
Net income attributable to non-controlling interests in Carlyle Holdings	0.0	0.0	0.0	0.0
Net income attributable to The Carlyle Group L.P.	(18.2)	(4.5)	(12.7)	(9.5)
Net income attributable to Series A Preferred Unitholders	0.0	0.0	0.0	0.0
Net income attributable to The Carlyle Group L.P. Common Unitholders	(18.2)	(4.5)	(12.7)	(9.5)
Fund management fees
Condensed Income Statements, Captions [Line Items]
Fund management fees	390.9	301.3	744.3	565.8
Fund management fees \| Consolidated Entities and Consolidated Funds \| Consolidated Operating Entities
Condensed Income Statements, Captions [Line Items]
Fund management fees	396.4	307.4	755.1	577.7
Fund management fees \| Consolidated Entities and Consolidated Funds \| Consolidated Funds
Condensed Income Statements, Captions [Line Items]
Fund management fees	0.0	0.0	0.0	0.0
Fund management fees \| Eliminations
Condensed Income Statements, Captions [Line Items]
Fund management fees	(5.5)	(6.1)	(10.8)	(11.9)
Incentive fees
Condensed Income Statements, Captions [Line Items]
Investment income (loss)	8.8	7.4	16.9	13.7
Incentive fees \| Consolidated Entities and Consolidated Funds \| Consolidated Operating Entities
Condensed Income Statements, Captions [Line Items]
Investment income (loss)	8.8	7.3	16.9	13.7
Incentive fees \| Consolidated Entities and Consolidated Funds \| Consolidated Funds
Condensed Income Statements, Captions [Line Items]
Investment income (loss)	0.0	0.0	0.0	0.0
Incentive fees \| Eliminations
Condensed Income Statements, Captions [Line Items]
Investment income (loss)	0.0	0.1	0.0	0.0
Performance allocations
Condensed Income Statements, Captions [Line Items]
Investment income (loss)	247.6	425.1	596.7	733.2
Performance allocations \| Consolidated Entities and Consolidated Funds \| Consolidated Operating Entities
Condensed Income Statements, Captions [Line Items]
Investment income (loss)	247.6	425.1	596.7	733.2
Performance allocations \| Consolidated Entities and Consolidated Funds \| Consolidated Funds
Condensed Income Statements, Captions [Line Items]
Investment income (loss)	0.0	0.0	0.0	0.0
Performance allocations \| Eliminations
Condensed Income Statements, Captions [Line Items]
Investment income (loss)	0.0	0.0	0.0	0.0
Principal investment income
Condensed Income Statements, Captions [Line Items]
Investment income (loss)	342.0	78.2	643.8	132.3
Principal investment income \| Consolidated Entities and Consolidated Funds \| Consolidated Operating Entities
Condensed Income Statements, Captions [Line Items]
Investment income (loss)	346.2	92.0	635.8	148.6
Principal investment income \| Consolidated Entities and Consolidated Funds \| Consolidated Funds
Condensed Income Statements, Captions [Line Items]
Investment income (loss)	0.0	0.0	0.0	0.0
Principal investment income \| Eliminations
Condensed Income Statements, Captions [Line Items]
Investment income (loss)	$ (4.2)	$ (13.8)	$ 8.0	$ (16.3)

Supplemental Financial Information - Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Cash flows from operating activities
Net income	$ 526.5	$ 241.2	$ 972.8	$ 358.9
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization			28.8	21.9
Equity-based compensation	35.2	64.9	71.2	149.8
Non-cash performance allocations and incentive fees			(268.3)	(215.6)
Other non-cash amounts			4.6	4.7
Purchases of investments			(107.0)	(228.9)
Proceeds from the sale of investments			214.6	379.8
Payments of contingent consideration			0.0	(37.5)
Changes in deferred taxes, net			20.3	(2.6)
Change in due from affiliates and other receivables			30.8	(48.3)
Change in deposits and other			(13.9)	(12.1)
Change in accounts payable, accrued expenses and other liabilities			(44.4)	0.8
Change in accrued compensation and benefits			(23.2)	(8.9)
Change in due to affiliates			(1.2)	(26.6)
Change in lease right-of-use assets and lease liabilities			2.9	0.0
Change in deferred revenue			(18.7)	(19.3)
Net cash provided by (used in) operating activities			269.0	(538.2)
Cash flows from investing activities
Purchases of fixed assets, net			(23.7)	(12.5)
Net cash used in investing activities			(23.7)	(12.5)
Cash flows from financing activities
Repayment of term loan			(25.0)	0.0
Payments on debt obligations			(13.6)	(13.8)
Proceeds from debt obligations, net of financing costs			20.4	34.5
Distributions to common unitholders			(68.5)	(61.0)
Distributions to preferred unitholders			(11.8)	(11.8)
Distributions to non-controlling interest holders in Carlyle Holdings			(143.2)	(140.4)
Contributions from non-controlling interest holders			9.1	8.9
Distributions to non-controlling interest holders			(31.9)	(51.8)
Common units repurchased	(1.5)		(12.0)	(51.0)
Change in due to/from affiliates financing activities			114.5	4.0
Net cash (used in) provided by financing activities			(202.3)	412.1
Effect of foreign exchange rate changes			2.3	(11.7)
Increase (decrease) in cash, cash equivalents and restricted cash			45.3	(150.3)
Cash, cash equivalents and restricted cash, beginning of period			638.3	1,028.8
Cash, cash equivalents and restricted cash, end of period	683.6	878.5	683.6	878.5
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents					$ 669.2	$ 629.6	$ 876.8
Restricted cash					14.4	8.7	1.7
Total cash, cash equivalents and restricted cash, end of period	683.6	878.5	638.3	1,028.8	683.6	638.3	878.5
Cash and cash equivalents held at Consolidated Funds					214.3	247.5	395.3
Consolidated Operating Entities
Cash flows from operating activities
Net income			961.6	364.0
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization			28.8	21.9
Equity-based compensation			71.2	149.8
Non-cash performance allocations and incentive fees			(268.3)	(215.6)
Other non-cash amounts			4.6	4.7
Principal investment income			(628.3)	(134.5)
Proceeds from the sale of investments			231.0	393.0
Payments of contingent consideration			0.0	(37.5)
Changes in deferred taxes, net			20.3	(2.6)
Change in due from affiliates and other receivables			31.8	(48.6)
Change in deposits and other			(13.9)	(12.1)
Change in accounts payable, accrued expenses and other liabilities			(44.4)	0.8
Change in accrued compensation and benefits			(23.2)	(8.9)
Change in due to affiliates			(1.2)	(26.6)
Change in lease right-of-use assets and lease liabilities			2.9	0.0
Change in deferred revenue			(18.7)	(19.3)
Net cash provided by (used in) operating activities			233.8	153.6
Cash flows from investing activities
Purchases of fixed assets, net			(23.7)	(12.5)
Net cash used in investing activities			(23.7)	(12.5)
Cash flows from financing activities
Repayment of term loan			(25.0)	0.0
Payments on debt obligations			(13.6)	(13.8)
Proceeds from debt obligations, net of financing costs			20.4	34.5
Distributions to common unitholders			(68.5)	(61.0)
Distributions to preferred unitholders			(11.8)	(11.8)
Distributions to non-controlling interest holders in Carlyle Holdings			(143.2)	(140.4)
Contributions from non-controlling interest holders			9.1	8.9
Distributions to non-controlling interest holders			(31.9)	(51.8)
Common units repurchased			(12.0)	(51.0)
Change in due to/from affiliates financing activities			114.5	4.0
Net cash (used in) provided by financing activities			(162.0)	(282.4)
Effect of foreign exchange rate changes			(2.8)	(9.0)
Increase (decrease) in cash, cash equivalents and restricted cash			45.3	(150.3)
Cash, cash equivalents and restricted cash, beginning of period			638.3	1,028.8
Cash, cash equivalents and restricted cash, end of period	683.6	878.5	683.6	878.5
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents					669.2		876.8
Restricted cash					14.4		1.7
Total cash, cash equivalents and restricted cash, end of period	$ 683.6	$ 878.5	$ 638.3	$ 1,028.8	683.6	$ 638.3	878.5
Cash and cash equivalents held at Consolidated Funds					$ 214.3		$ 395.3

Label	Element	Value
Accounting Standards Update 2014-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (800,000)
Accounting Standards Update 2014-09 [Member] \| Non Controlling Interests In Carlyle Holdings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(500,000)
Accounting Standards Update 2014-09 [Member] \| Partners Capital [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(300,000)
Accounting Standards Update 2016-16 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(4,100,000)
Accounting Standards Update 2016-16 [Member] \| Non Controlling Interests In Carlyle Holdings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(2,900,000)
Accounting Standards Update 2016-16 [Member] \| Partners Capital [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(1,200,000)
Accounting Standards Update 2016-02 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(700,000)
Accounting Standards Update 2016-02 [Member] \| Non Controlling Interests In Carlyle Holdings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(500,000)
Accounting Standards Update 2016-02 [Member] \| Partners Capital [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (200,000)

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes 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 $15.5 million and $11.6 million for the three months ended June 30, 2019 and 2018, respectively, and $39.5 million and $19.4 million for the six months ended June 30, 2019 and 2018, 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 June 30, 2019, the Partnership’s U.S. federal income tax returns for the years 2015 through 2017 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 2014 to 2017. Foreign tax returns are generally subject to audit from 2011 to 2017. Certain of the Partnership’s affiliates are currently under audit by federal, state and foreign tax authorities. The Partnership does not believe that the outcome of these audits will require it to record material 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.

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	15. Subsequent Events On July 31, 2019, Carlyle announced its decision to convert The Carlyle Group L.P. from a Delaware limited partnership to a Delaware corporation named The Carlyle Group Inc. (the "Conversion"). The Conversion is expected to become effective on January 1, 2020. Carlyle also announced the termination of future obligations under the tax receivable agreement, whereby the Partnership will be obligated to pay cash payments aggregating to $1.50 per Carlyle Holdings partnership unit exchanged in connection with the Conversion, payable in five annual installments of $0.30 per unit. Based on the Carlyle Holdings partnership units outstanding as of June 30, 2019, the total cash payments in connection with this termination would be approximately $346 million. However, this amount will be reduced if any Carlyle Holdings partnership units are exchanged prior to the Conversion. Distributions In July 2019, the Board of Directors of the general partner of the Partnership declared a quarterly distribution of $0.43 per common unit to common unitholders of record at the close of business on August 12, 2019, payable on August 19, 2019. In July 2019, 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 September 1, 2019, payable on September 16, 2019. See Note 12 for more information on the Preferred Units.

Summary of Significant Accounting Policies - Principles of Consolidation (Details) $ in Millions	Jun. 30, 2019 USD ($)
Variable Interest Entity [Line Items]
Consolidated VIEs, assets	$ 5,100.0
Consolidated VIEs, liabilities	4,800.0
Collateralized Loan Obligations
Variable Interest Entity [Line Items]
Investments in CLOs	$ 183.4

Summary of Significant Accounting Policies - Fixed Assets (Details)	6 Months Ended
	Jun. 30, 2019
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of other fixed assets	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of other fixed assets	7 years

Summary of Significant Accounting Policies - Leases (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts payable, accrued expenses and other liabilities	$ 337.5		$ 442.2
Lease right-of-use assets, net	$ 231.3		$ 0.0
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts payable, accrued expenses and other liabilities		$ (65.2)
Lease right-of-use assets, net		$ 65.2

Summary of Significant Accounting Policies - Assets Recognized Related to Non-Consolidated VIEs (Details) - Variable Interest Entity, Primary Beneficiary - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Investments	$ 1,147.3	$ 1,152.4
Performance allocations	146.9	121.2
Management fee arrangements	28.4	15.1
Total	$ 1,322.6	$ 1,288.7

Fair Value Measurement - Additional Information (Details)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Maximum lag period for which the partnership investments in funds are valued	90 days

Fair Value Measurement - Summary of Quantitative Information about Partnership's Level III Inputs (Details) $ in Millions	Jun. 30, 2019 USD ($)	Dec. 31, 2018 USD ($)
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of liabilities	$ 4,509.1	$ 4,841.5
Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	5,236.9	5,733.0
Fair value of liabilities	4,506.3	4,840.1
Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of liabilities	4,291.4	4,607.2
Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of liabilities	214.9	232.9
Equity securities \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	2.6
Bonds \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	632.0	690.1
Loans \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	4,125.0	4,596.5
Investments of Consolidated Funds \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	4,759.6	5,286.6
Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	415.1	392.8
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	$ 62.2	$ 53.6
Indicative Quotes \| Minimum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities, measurement input	0.61	0.68
Indicative Quotes \| Minimum \| Equity securities \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.03
Indicative Quotes \| Minimum \| Bonds \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.78	0.50
Indicative Quotes \| Minimum \| Loans \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.46	0.73
Indicative Quotes \| Minimum \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.87	0.86
Indicative Quotes \| Minimum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.47	0.45
Indicative Quotes \| Maximum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities, measurement input	0.88	0.94
Indicative Quotes \| Maximum \| Equity securities \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.60
Indicative Quotes \| Maximum \| Bonds \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	1.06	1.04
Indicative Quotes \| Maximum \| Loans \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	1.02	1.02
Indicative Quotes \| Maximum \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	1.01	1.01
Indicative Quotes \| Maximum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.47	1.06
Indicative Quotes \| Weighted Average \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities, measurement input	0.74	0.81
Indicative Quotes \| Weighted Average \| Equity securities \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.07
Indicative Quotes \| Weighted Average \| Bonds \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.96	0.94
Indicative Quotes \| Weighted Average \| Loans \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.98	0.98
Indicative Quotes \| Weighted Average \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.99	0.99
Indicative Quotes \| Weighted Average \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.47	0.75
Discount Margins \| Minimum \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.0040
Discount Margins \| Maximum \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.01150
Discount Margins \| Weighted Average \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.0018
Default Rates \| Minimum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities, measurement input	0.01	0.01
Default Rates \| Minimum \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.01	0.01
Default Rates \| Minimum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.01	0.01
Default Rates \| Maximum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities, measurement input	0.03	0.03
Default Rates \| Maximum \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.03	0.03
Default Rates \| Maximum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.03	0.03
Default Rates \| Weighted Average \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities, measurement input	0.02	0.02
Default Rates \| Weighted Average \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.02	0.02
Default Rates \| Weighted Average \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.02	0.02
Recovery Rates \| Minimum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities, measurement input	0.45	0.45
Recovery Rates \| Minimum \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.45	0.45
Recovery Rates \| Minimum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.45	0.45
Recovery Rates \| Maximum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities, measurement input	0.75	0.73
Recovery Rates \| Maximum \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.75	0.73
Recovery Rates \| Maximum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.75	0.73
Recovery Rates \| Weighted Average \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities, measurement input	0.61	0.60
Recovery Rates \| Weighted Average \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.58	0.57
Recovery Rates \| Weighted Average \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.57	0.56
Discount Rates \| Minimum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities, measurement input	0.10	0.10
Discount Rates \| Minimum \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input		0.0070
Discount Rates \| Minimum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.10	0.10
Discount Rates \| Maximum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities, measurement input	0.13	0.12
Discount Rates \| Maximum \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input		0.01100
Discount Rates \| Maximum \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.13	0.12
Discount Rates \| Weighted Average \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Liabilities, measurement input	0.12	0.11
Discount Rates \| Weighted Average \| Senior secured notes \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input		0.0182
Discount Rates \| Weighted Average \| Subordinated notes and preferred shares \| Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets, measurement input	0.11	0.11

Investments - Additional Information, Accrued Performance Fees (Details) - fund	Jun. 30, 2019	Dec. 31, 2018
Investments [Abstract]
Percentage of accrued performance fees related to certain Corporate Private Equity funds	23.00%	24.00%
Number of Partnership's Corporate Private Equity funds related to accrued performance fees	1

Investments - Principal Investments (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total	$ 2,311.4	$ 1,765.8
Corporate Private Equity
Segment Reporting Information [Line Items]
Total	394.2	374.7
Real Assets
Segment Reporting Information [Line Items]
Total	730.5	770.0
Global Credit
Segment Reporting Information [Line Items]
Total	1,092.2	545.0
Investment Solutions
Segment Reporting Information [Line Items]
Total	$ 94.5	$ 76.1

Investments - Principal Investments in CLOs and Other Investments (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Corporate Mezzanine Securities Bonds and Warrants
Debt and Equity Securities, FV-NI [Line Items]
Trading securities	$ 488.5	$ 451.7

Commitments and Contingencies - Unfunded Commitments (Details) $ in Millions	Jun. 30, 2019 USD ($)
Segment Reporting Information [Line Items]
Unfunded Commitments	$ 4,012.6
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	2,473.8
Real Assets
Segment Reporting Information [Line Items]
Unfunded Commitments	969.2
Global Credit
Segment Reporting Information [Line Items]
Unfunded Commitments	444.6
Investment Solutions
Segment Reporting Information [Line Items]
Unfunded Commitments	$ 125.0

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income tax expense	$ 15.5	$ 11.6	$ 39.5	$ 19.4

Subsequent Events (Details) - Subsequent event	Jul. 31, 2019 $ / shares
Subsequent Event [Line Items]
Distribution payable (usd per share)	$ 0.43
5.875% Series A Preferred Units
Subsequent Event [Line Items]
Distribution payable (usd per share)	$ 0.367188