FORM 10-K 
(Mark One)
FOR THE TRANSITION PERIOD FROM                      TO                     
Commission File Number: 001-35538
The Carlyle Group Inc.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1001 Pennsylvania Avenue, NW
Washington, DC, 20004-2505
(Address of principal executive offices) (Zip Code)
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
The Nasdaq Global Select Market
4.625% Subordinated Notes due 2061 of Carlyle Finance L.L.C.
The Nasdaq Global Select Market
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ý    No  ¨
Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ¨    No  ý
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of
Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such
files).    Yes  ý    No  ¨
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See
the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new
or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal
control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or
issued its audit report.
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the
filing reflect the correction of an error to previously issued financial statements. 
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received
by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).  ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes      No    ý
The aggregate market value of the common stock of the Registrant held by non-affiliates as of June 30, 2023 was $8,383,674,409.
The number of the Registrant’s shares of common stock outstanding as of February 16, 2024 was 362,113,740.
Portions of the Registrant’s definitive proxy statement relating to its 2024 annual meeting of the shareholders (the “2024 Proxy Statement”) are
incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The 2024 Proxy Statement will be filed with the U.S. Securities
and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
ITEM 10.
ITEM 11.
ITEM 12.
ITEM 13.
ITEM 14.
ITEM 15.
ITEM 16.
Forward-Looking Statements
This Annual Report on Form 10-K may contain forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements
include, but are not limited to, statements related to our expectations, estimates, beliefs, projections, future plans and strategies,
anticipated events or trends, and similar expressions and statements that are not historical facts, including our expectations
regarding the performance of our business, our financial results, our liquidity and capital resources, contingencies, and our
dividend policy. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,”
“expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,”
“estimates,” “anticipates,” or the negative version of these words or other comparable words. Such forward-looking statements
are subject to various risks, uncertainties, and assumptions. Accordingly, there are or will be important factors that could cause
actual outcomes or results to differ materially from those indicated in these statements including, but not limited to, those listed
below and those described under the section entitled “Risk Factors” in this Annual Report on Form 10-K, as such factors may
be updated from time to time in our periodic filings with the U.S. Securities and Exchange Commission (the “SEC”), which are
accessible on the SEC’s website at These factors should not be construed as exhaustive and should be read in
conjunction with the other cautionary statements that are included in this Annual Report on Form 10-K and in our other
periodic filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements,
whether as a result of new information, future developments, or otherwise, except as required by applicable law.
Summary of Risk Factors
The following is only a summary of the principal risks that may materially adversely affect our business, financial
condition, results of operations, and cash flows. The following should be read in conjunction with the complete discussion of
risk factors we face, which are set forth in Item 1A “Risk Factors.”
Risks Related to Our Company
Adverse economic and market conditions and other events or conditions throughout the world could negatively impact our
business in many ways, including by reducing the value or performance of the investments made by our investment funds
and reducing the ability of our investment funds to raise capital, any of which could materially reduce our revenue,
earnings, and cash flow and adversely affect our financial prospects and condition.
Our use of leverage may expose us to substantial risks.
Our revenue, earnings, net income, and cash flow can all vary materially, which may make it difficult for us to achieve
steady earnings growth on a quarterly basis.
Given our focus on achieving superior investment performance and maintaining and strengthening investor relations, we
may reduce our AUM, restrain its growth, reduce our fees, or otherwise alter the terms under which we do business when
we deem it in the best interest of our investors—even in circumstances where such actions might be contrary to the near-
term interests of our stockholders.
We depend on our senior Carlyle professionals, including our Chief Executive Officer, and the loss of their services or
investor confidence in such personnel could have a material adverse effect on our business, results of operations, and
financial condition.
Recruiting and retaining our professionals has become more difficult and may continue to be difficult in the future, which
could adversely affect our business, results of operations, and financial condition.
We may not be successful in expanding into new investment strategies, geographic markets, and businesses and new types
of investors, which could adversely affect our business, results of operations, and financial condition.
Risks Related to Regulation and Litigation
Laws and regulations relating to privacy, data protection, data transfers, data localization, and data security worldwide may
limit the use and adoption of our services and adversely affect our business.
Extensive regulation in the United States and abroad affects our activities, increases the cost of doing business, and creates
the potential for significant liabilities and penalties.
Financial regulations and changes thereto in the United States could adversely affect our business and the possibility of
increased regulatory focus could result in additional burdens and expenses on our business.
Regulatory initiatives in jurisdictions outside the United States could adversely affect our business.
Increasing scrutiny from stakeholders on sustainability matters, including our ESG reporting, exposes us to reputational
and other risks.
We are subject to substantial risk of litigation and regulatory proceedings and may face significant liabilities and damage to
our professional reputation as a result of litigation and regulatory allegations and negative publicity.
Risks Related to Our Business Operations
Risks Related to the Assets We Manage
The alternative asset management business is intensely competitive.
Poor performance of our investment funds would cause a decline in our revenue, income, and cash flow, may obligate us to
repay carried interest previously paid to us, and could adversely affect our ability to raise capital for future investment
The historical returns attributable to our funds, including those presented in this report, should not be considered as
indicative of the future results of our funds or of our future results or of any returns expected on an investment in our
common stock.
Our asset management business depends in large part on our ability to raise capital from third-party investors. If we are
unable to raise capital from third-party investors, we would be unable to collect management fees or deploy their capital
into investments and potentially collect carried interest, which would materially reduce our revenue and cash flow and
adversely affect our financial condition.
We have increasingly undertaken business initiatives to increase the number and type of investment products we offer to
retail investors, which could expose us to new and greater levels of risk.
Our investors may negotiate to pay us lower management fees and the economic terms of our future funds may be less
favorable to us than those of our existing funds, which could adversely affect our revenues.
Valuation methodologies for certain assets in our funds can involve subjective judgments, and the fair value of assets
established pursuant to such methodologies may be incorrect, which could result in the misstatement of fund performance
and accrued performance allocations.
The due diligence process that we undertake in connection with investments by our investment funds may not reveal all
facts that may be relevant in connection with an investment.
High interest rates and challenging debt market conditions could negatively impact the values of certain assets or
investments and the ability of our funds and their portfolio companies to access the capital markets on attractive terms,
which could adversely affect investment and realization opportunities, lead to lower-yielding investments, and potentially
decrease our net income.
Our funds invest in relatively high-risk, illiquid assets, and we may fail to realize any profits from these activities for a
considerable period of time or lose some or all of our principal investments.
Our funds make investments in companies that are based outside of the United States, which may expose us to additional
risks not typically associated with investing in companies that are based in the United States.
Certain of our fund investments may be concentrated in particular asset types or geographic regions, which could
exacerbate any negative performance of those funds to the extent those concentrated investments perform poorly.
Our CLO business and investment into CLOs involves certain risks.
Our Global Investment Solutions business is subject to additional risks.
Industry Risks Related to the Assets We Manage
Our real estate funds are subject to risks inherent in the ownership and operation of real estate and the construction and
development of real estate.
Our energy business is involved in oil and gas investments (i.e., exploration, production, storage, transportation, logistics,
refining, marketing, trading, petrochemicals, energy services, and other opportunistic investments), which entail a high
degree of risk.
Investments in the natural resources industry, including the infrastructure and power industries, involve various
operational, construction, and regulatory risks.
Investments in the insurance industry (including our investment in Fortitude) could be adversely impacted by insurance
regulations and potential regulatory reforms.
Risks Related to Our Common Stock
The market price of our common stock may decline due to the large number of shares of common stock eligible for future
Carlyle Group Management L.L.C. has significant influence over us and its interests may conflict with ours or yours.
Our founders have the right to designate members of our Board of Directors.
Our amended and restated certificate of incorporation does not limit the ability of our former general partner, founders,
directors, officers, or stockholders to compete with us.
Anti-takeover provisions in our organizational documents and Delaware law may discourage or delay acquisition attempts
for us that stockholders might consider favorable.
Risks Related to Taxation
Changes in relevant tax laws, regulations, or treaties or an adverse interpretation of these items by tax authorities could
negatively impact our effective tax rate, tax liability, and/or the performance of certain funds should unexpected taxes be
assessed to portfolio investments (companies) or fund income.
U.S. and foreign tax regulations could adversely affect our ability to raise funds from certain foreign investors and increase
compliance costs.
On January 1, 2020, we completed our conversion from a Delaware limited partnership named The Carlyle Group L.P.
into a Delaware Corporation named The Carlyle Group Inc. (the conversion, together with such restructuring steps and related
transactions, the “Conversion”).
Unless the context suggests otherwise, references in this report to “Carlyle,” the “Company,” “we,” “us” and “our”
refer to The Carlyle Group Inc. and its consolidated subsidiaries. References to our common stock or shares in periods prior to
the Conversion refer to the common units of The Carlyle Group L.P. When we refer to our “senior Carlyle professionals,” we
are referring to the partner-level personnel of our firm. References in this report to the ownership of the senior Carlyle
professionals include the ownership of personal planning vehicles of these individuals. When we refer to the “Carlyle Holdings
partnerships” or “Carlyle Holdings,” we are referring to Carlyle Holdings I L.P., Carlyle Holdings II L.P., and Carlyle Holdings
III L.P., which prior to the Conversion were the holding partnerships through which the Company and our senior Carlyle
professionals and other holders of Carlyle Holdings partnership units owned their respective interests in our business.
“Carlyle funds,” “our funds” and “our investment funds” refer to the investment funds and vehicles advised by Carlyle.
“Carry funds” generally refers to closed-end investment vehicles, in which commitments are drawn down over a
specified investment period, and in which the general partner receives a special residual allocation of income from limited
partners, which we refer to as carried interest, in the event that specified investment returns are achieved by the fund.
Disclosures referring to carry funds will also include the impact of certain commitments that do not earn carried interest, but are
either part of, or associated with our carry funds. The rate of carried interest, as well as the share of carried interest allocated to
Carlyle, may vary across the carry fund platform. Carry funds generally include the following investment vehicles across our
three business segments:
Global Private Equity: Buyout, middle market and growth capital, real estate, infrastructure and natural resources
funds advised by Carlyle, as well as certain energy funds advised by our strategic partner NGP Energy Capital
Management (“NGP”) in which Carlyle is entitled to receive a share of carried interest (“NGP Carry Funds”);
Global Credit: Opportunistic credit, aircraft finance, and other closed-end credit funds advised by Carlyle; and
Global Investment Solutions: Funds and vehicles advised by AlpInvest Partners B.V. and its affiliates
(“AlpInvest”), which include primary fund, secondary and portfolio financing, and co-investment strategies.
Carry funds specifically exclude certain legacy Abingworth funds in which Carlyle is not entitled to receive a share of
carried interest, collateralized loan obligation vehicles (“CLOs”), our business development companies and associated managed
accounts, as well as capital raised from strategic third-party investors which directly invest in Fortitude (defined below)
alongside a carry fund.
For an explanation of the fund acronyms used throughout this report, refer to Item 1 “Business–Our Global Investment
“Fortitude” refers to Fortitude Group Holdings, LLC (“Fortitude Holdings”) prior to October 1, 2021 and to FGH
Parent, L.P. (“FGH Parent”) as of October 1, 2021. On October 1, 2021, the owners of Fortitude Holdings contributed their
interests to FGH Parent such that FGH Parent became the direct parent of Fortitude Holdings. Fortitude Holdings owns 100%
of the outstanding common shares of Fortitude Reinsurance Company Ltd., a Bermuda domiciled reinsurer (“Fortitude Re”).
See Note 5 to the consolidated financial statements in Part II, Item 8 of this report for more information regarding the
Company’s strategic investment in Fortitude.
“Fee-earning assets under management” or “Fee-earning AUM” refers to the assets we manage or advise from which
we derive recurring fund management fees. Our Fee-earning AUM is generally based on one of the following, once fees have
been activated:
(a)the amount of limited partner capital commitments, generally for carry funds where the original investment period has
not expired and for AlpInvest carry funds during the commitment fee period;
(b)the remaining amount of limited partner invested capital at cost, generally for carry funds and certain co-investment
vehicles where the original investment period has expired, as well as one of our business development companies;
(c)the amount of aggregate fee-earning collateral balance of our CLOs and other securitization vehicles, as defined in the
fund indentures (pre-2020 CLO vintages are generally exclusive of equities and defaulted positions) as of the quarterly
cut-off date;
(d)the external investor portion of the net asset value of certain carry funds;
(e)the fair value of Fortitude’s general account assets invested under the strategic advisory services agreement;
(f)the gross assets (including assets acquired with leverage), excluding cash and cash equivalents, of one of our business
development companies and certain carry funds; or
(g)the lower of cost or fair value of invested capital, generally for AlpInvest carry funds where the commitment fee
period has expired and certain carry funds where the investment period has expired.
“Assets under management” or “AUM” refers to the assets we manage or advise. Our AUM generally equals the sum
of the following:
(a)  the aggregate fair value of our carry funds and related co-investment vehicles, and separately managed accounts, plus
the capital that Carlyle is entitled to call from investors in those funds and vehicles (including Carlyle commitments to
those funds and vehicles and those of senior Carlyle professionals and employees) pursuant to the terms of their capital
commitments to those funds and vehicles;
(b) the amount of aggregate collateral balance and principal cash or aggregate principal amount of the notes of our CLOs
and other structured products (inclusive of all positions);
(c) the net asset value of certain carry funds;
(d)the fair value of Fortitude’s general account assets covered by the strategic advisory services agreement; and
(e) the gross assets (including assets acquired with leverage) of our business development companies, plus the capital that
Carlyle is entitled to call from investors in those vehicles pursuant to the terms of their capital commitments to those
We include in our calculation of AUM and Fee-earning AUM certain energy and renewable resources funds that we
jointly advise with Riverstone Holdings L.L.C. (“Riverstone”) and the NGP Carry Funds that are advised by NGP. Our
calculation of AUM also includes third-party capital raised for the investment in Fortitude through a Carlyle-affiliated
investment fund and from strategic investors which directly invest in Fortitude alongside the fund. The total AUM and Fee-
earning AUM related to the strategic advisory services agreement with Fortitude is inclusive of the net asset value of
investments in Carlyle products. These amounts are also reflected in the AUM and Fee-earning AUM of the strategy in which
they are invested.
For most of our carry funds, total AUM includes the fair value of the capital invested, whereas Fee-earning AUM
includes the amount of capital commitments or the remaining amount of invested capital, depending on whether the original
investment period for the fund has expired. As such, Fee-earning AUM may be greater than total AUM when the aggregate fair
value of the remaining investments is less than the cost of those investments.
Our calculations of AUM and Fee-earning AUM may differ from the calculations of other asset managers. As a result,
these measures may not be comparable to similar measures presented by other asset managers. In addition, our calculation of
AUM (but not Fee-earning AUM) includes uncalled commitments to, and the fair value of invested capital in, our investment
funds from Carlyle and our personnel, regardless of whether such commitments or invested capital are subject to management
fees, incentive fees or performance allocations. Our calculations of AUM or Fee-earning AUM are not based on any definition
of AUM or Fee-earning AUM that is set forth in the agreements governing the investment funds that we manage or advise.
“Performance Fee Eligible AUM” represents the AUM of funds for which we are entitled to receive performance
allocations, inclusive of the fair value of investments in those funds (which we refer to as “Performance Fee Eligible Fair
Value”) and their Available Capital. Performance Fee Eligible Fair Value is “Performance Fee-Generating” when the associated
fund has achieved the specified investment returns required under the terms of the fund’s agreement and is accruing
performance revenue as of the quarter-end reporting date. Funds whose performance allocations are treated as fee related
performance allocations are excluded from these metrics.
“Perpetual Capital” refers to the assets we manage or advise which have an indefinite term and for which there is no
immediate requirement to return capital to investors upon the realization of investments made with such capital, except as
required by applicable law. Perpetual Capital may be materially reduced or terminated under certain conditions, including
reductions from changes in valuations and payments to investors, including through elections by investors to redeem their
investments, dividend payments, and other payment obligations, as well as the termination of or failure to renew the respective
investment advisory agreements. Perpetual Capital includes: (a) assets managed under the strategic advisory services agreement
with Fortitude, (b) our Core Plus real estate fund, (c) our business development companies and certain other direct lending
products, (d) our Interval Fund (“CTAC”) and (e) our closed-end tender offer fund Carlyle AlpInvest Private Markets Fund
“Legacy Energy Funds” include Energy III, Energy IV, and Renew II and are managed with Riverstone and its
affiliates. The investment periods for these funds have expired and the remaining investments in each fund are being disposed
of in the ordinary course of business. The impact of these funds is no longer significant to our results of operations.
“Metropolitan” or “MRE” refers to Metropolitan Real Estate Management, LLC, which was included in the Global
Investment Solutions business segment prior to its sale on April 1, 2021.
Carlyle is a global investment firm with deep industry expertise that deploys private capital across three business
segments: Global Private Equity, Global Credit and Global Investment Solutions. Our teams invest across a range of strategies
that leverage our deep industry expertise, local insights, and global resources to deliver attractive returns throughout an
investment cycle. Since our firm was founded in Washington, D.C. in 1987, we have grown to manage $426 billion in AUM as
of December 31, 2023. Our experienced and diverse team of more than 2,200 employees includes more than 720 investment
professionals in 28 offices across four continents, and we serve more than 3,000 active carry fund investors from 87 countries.
We seek to invest with a clarity of purpose, adaptability, and alignment between our interests and the interests of our
fund investors, shareholders, and other stakeholders.
Operational and strategic highlights for our firm for 2023 include: 
In order to continue to enhance stakeholder alignment, we updated our employee compensation program to
increase the proportion of our performance allocations used to compensate our employees, effective
December 31, 2023. Under the realigned program, we expect to allocate a range of 60% to 70% of
performance allocations and incentive fees to our employees, up from a range of generally 45% to 50% prior
to December 31, 2023. We expect FRE to increase and the portion of realized performance revenues retained
by the Company to decrease beginning in 2024.
Assets under management grew 14% to $426 billion as of December 31, 2023 from $373 billion as of
December 31, 2022, and fee-earning assets under management increased 15% to $307 billion, driven by
inflows of $24 billion from Fortitude’s transaction with Lincoln Financial Group as well as total fundraising
of $37.1 billion. Perpetual Capital products now comprise $89 billion, or 29%, of our fee-earning assets under
We invested $19.8 billion in our carry funds during 2023 and realized proceeds of $20.6 billion for our carry
fund investors.
We appointed several new leaders to our executive team in 2023 to develop and implement Carlyle’s strategy
for driving long-term growth and to position the firm for the future, including, among others, our Head of
Wealth Strategy, our Chief Information Officer and Head of Technology Transformation, and our Global
Head of Distribution.
We remained focused on the professional development and the health and well-being of our employees in
2023. We continued to roll out several leadership development programs and implemented a well-being
strategy focused on enabling employees to foster emotional, physical, financial, environmental, and social
During 2023, with feedback received from employee surveys, we continued to reimagine our processes, office
environment, and business operations.
We continued to significantly enhance our Sustainability and Diversity, Equity, and Inclusion (“DEI”) efforts:
We are a signatory of the United Nations-backed Principles for Responsible Investment and remain
involved with several important industry initiatives in the field, including, among others, the
Environmental, Social, and Governance (“ESG”) Data Convergence Initiative, the International
Sustainability Standards Board Investor Advisory Group (IIAG), the Alternative Investment
Management Association (AIMA) Global Responsible Investment Steering Committee, and the One
Planet Private Equity Funds Initiative.
We continued to deepen the integration of Sustainability and ESG within our investment teams and
portfolio companies, with ESG assessments included in most Carlyle investment decisions using
proprietary due diligence tools in our Global Private Equity, Global Credit, and Global Investment
Solutions segments.
We invested in enhancing DEI through our third year of the DEI Incentive Awards program, where
we granted approximately $2 million in awards to 64 employees from around the globe who made an
impact on DEI at Carlyle.
We continued the DEI Leadership Network, a coalition of portfolio company CEOs around the globe
to develop a peer group for shared resources and insights that can help advance DEI within their
respective companies.
Operational and strategic highlights for our three global business segments for 2023 include:
Global Private Equity (“GPE”):
During 2023, GPE invested $8.6 billion across the segment, including $6.1 billion in the Americas, $2.0
billion in Europe, and $0.4 billion in Asia.
Our GPE funds realized proceeds of $13.5 billion for our GPE carry fund investors in 2023, across a mix
of trade-sales, public market block trades, recapitalizations, and dividends.
During 2023, we raised $8.7 billion in new capital commitments for our GPE funds, which included the
launch of our sixth Asia buyout fund (“CAP VI”) and our fifth Japan buyout fund (“CJP V”).
Global Credit (“GC”):
In total, we raised $15.7 billion in new capital commitments to our Global Credit products during 2023,
and increased overall AUM to $187.8 billion, reflecting fundraising as well as the inflows related to the
Fortitude Lincoln transaction. Carlyle Tactical Private Credit Fund (“CTAC”), our closed-end interval
fund, which invests across the entire Global Credit platform, had a record fundraise of $1.3 billion in
2023, contributing to a 64% increase in CTAC’s total AUM to $3.3 billion at December 31, 2023.
In our CLO business, we closed $2.2 billion of new CLOs in the U.S. We have $49.3 billion of total
AUM across our U.S. and Europe CLOs at December 31, 2023, as well as $1.9 billion of total AUM
across our middle market CLOs.
Global Investment Solutions (“GIS”):
During 2023, we raised $12.8 billion in capital commitments, including the launch of our newest vintage
co-investments and secondaries and portfolio finance funds, including over $3.5 billion in capital
commitments to separately managed accounts. We deployed $7.8 billion in investments across our
Global Investment Solutions platform and we realized proceeds of $5.0 billion for our Global Investment
Solutions investors.
Business Segments
We operate our business across three segments: (1) Global Private Equity, (2) Global Credit and (3) Global Investment
Solutions. Information about our segments should be read together with Part II, Item 7 “Management’s Discussion and Analysis
of Financial Condition and Results of Operations.”
Global Private Equity
Our GPE segment advises our buyout, growth, real estate, infrastructure and natural resources funds. Across our GPE
funds, as of December 31, 2023, we had investments in more than 300 active portfolio companies that employ nearly 1.5
million people around the world. Our GPE teams have the following areas of focus:
Corporate Private Equity. Our corporate private equity teams advise a diverse group of funds that invest in
transactions that focus either on a particular geography or strategy. Our buyout funds focus on corporate buyouts and strategic
minority investments. The investment mandate for our growth capital funds is to seek out companies with the potential for
disruptive growth. Our core strategy seeks longer duration private equity opportunities, targeting stable businesses with
sustainable market leadership, which have opportunities for operational improvement. Our corporate private equity funds are
advised by teams of local professionals who live and work in the markets where they invest. In 2023, we invested $3.7 billion
in new and follow-on investments through our corporate private equity funds. As of December 31, 2023, our corporate private
equity funds had, in the aggregate, $108.1 billion in AUM.
Real Estate. Our real estate team advises real estate funds that invest in the U.S. and Europe, with a focus on a broad
range of opportunities including residential properties, senior living facilities, industrial properties, and self-storage properties,
but have limited our exposure to office buildings, hotels and retail properties. Our real estate funds generally focus on acquiring
single-property assets rather than large-cap companies with real estate portfolios and made more than 1,550 investments in
more than 750 cities or metropolitan statistical areas around the world from inception through December 31, 2023. As of
December 31, 2023, our real estate funds managed, in the aggregate, $27.8 billion in AUM.
Infrastructure & Natural Resources. Our active infrastructure and natural resources funds focus on infrastructure and
energy investing. Our infrastructure business is comprised of teams that invest in six primary sectors: renewables, energy
infrastructure, water and waste, transportation, digital infrastructure, and power generation. Our energy activities focus on
buyouts, growth capital investments and strategic joint ventures in the midstream, upstream, downstream, energy and oilfield
services sectors around the world. Our international energy investment team focuses on investments across the energy value
chain outside of North America. We conduct our North American energy investing through our strategic investment in NGP, a
Texas-based energy investor. As of December 31, 2023, we managed $25.4 billion in AUM through our infrastructure and
natural resources funds.
The following table presents certain data about our Global Private Equity segment as of December 31, 2023 (dollar
amounts in billions).
% of Total
Amount Invested
Since Inception
Investments Since
(1)Total AUM includes NGP, which advises eight funds with $11.2 billion in AUM as of December 31, 2023. Through our strategic
partnership with NGP, we are entitled to 55% of the management fee related revenue of the NGP entities that serve as advisors to the
NGP Energy Funds, and an allocation of income related to the carried interest received by the fund general partners of the NGP Carry
(2)Total GPE investment professionals excludes NGP employees.
(3)Active GPE funds includes eight NGP Carry Funds advised by NGP. We do not control NGP, and we do not serve as an investment
adviser to the NGP funds.
Global Credit
Our Global Credit segment, which had $187.8 billion in assets under management as of December 31, 2023, advises
products that pursue investment strategies across the credit spectrum, including: liquid credit, private credit, and real assets
credit, as well as platform initiatives such as Carlyle Tactical Private Credit Fund (“CTAC”) and Credit Strategic Solutions.
Global Credit, which also includes our Insurance Solutions and Global Capital Markets businesses, has been Carlyle’s fastest-
growing segment in the past five years, with total AUM increasing over four times in that period. Since the establishment of
Global Credit in 1999, these various capital sources have provided the opportunity for Carlyle to offer highly customizable and
creative financing solutions to borrowers to meet their specific capital needs. Carlyle draws on the expertise and underwriting
capabilities of our 205 investment professionals and leverages the resources and industry expertise of Carlyle’s global network
to provide creative solutions for borrowers.
Primary areas of focus for our Global Credit platform include:
Liquid Credit
Loans and Structured Credit. Our structured credit funds invest primarily in performing senior secured bank loans
through CLOs and other investment vehicles. In 2023, we closed five new U.S. CLOs with an aggregate size of
$2.2 billion. As of December 31, 2023, our loans and structured credit team advised structured credit funds
totaling $53.2 billion in AUM.
Private Credit
Direct Lending. Our direct lending business includes our business development companies (“BDCs”) that invest
primarily in middle market first-lien loans (which include unitranche, “first out” and “last out” loans) and second-
lien loans of middle-market companies, typically defined as companies with annual EBITDA ranging from $25
million to $100 million, that lack access to the broadly syndicated loan and bond markets. As of December 31,
2023, our direct lending investment team advised AUM totaling $9.6 billion.
Opportunistic Credit. Our opportunistic credit team invests primarily in highly-structured and privately-negotiated
capital solutions supporting corporate borrowers through secured loans, senior subordinated debt, mezzanine debt,
convertible notes, and other debt-like instruments, as well as preferred and common equity. The team will also
look to invest in special situations (i.e., event-driven opportunities that exhibit hybrid credit and equity features) as
well as market dislocations (i.e., primary and secondary market investments in liquid debt instruments that arise as
a result of temporary market volatility). In certain investments, our funds may seek to restructure pre-
reorganization debt claims into controlling positions in the equity of the reorganized companies. As of
December 31, 2023, our opportunistic credit team advised products totaling $15.8 billion in AUM.
Real Assets Credit
Aircraft Finance. Carlyle Aviation Partners is our multi-strategy investment platform that is engaged in
commercial aviation aircraft financing and investment throughout the commercial aviation industry. As of
December 31, 2023, Carlyle Aviation Partners had approximately $12.1 billion in AUM across carry funds,
securitization vehicles, liquid strategies, and other vehicles.
Infrastructure Debt. Our Infrastructure debt team invests primarily in directly originated and privately negotiated
debt instruments related to global infrastructure projects, primarily in the power, energy, transportation, water/
waste, telecommunications and social infrastructure sectors. The team focuses primarily on senior, subordinated,
and mezzanine debt and seeks to invest primarily in developed markets within the Organization for Economic
Cooperation and Development (“OECD”). As of December 31, 2023, our infrastructure debt team managed
$3.9 billion in AUM.
Platform Initiatives
Cross-Platform Credit Products. Our platform initiatives include CTAC, our closed-end interval fund that invests
across Carlyle’s entire credit platform, as well as cross-platform separately managed accounts that are tailored to
invest across Carlyle’s credit platform based on the specific investment needs of individual investors. These
products also include structured solutions that focus on private, primarily investment-grade investments, backed
by assets with contractual cash flows. As of December 31, 2023, the Global Credit platform initiatives represented
$5.4 billion in AUM.
Credit Strategic Solutions. Credit Strategic Solutions (“CSS”) is an asset-backed, private fixed income investment
strategy within Global Credit that seeks to generate a premium return profile compared to traditional fixed income
and credit investments by acquiring and lending against diversified pools of assets with contractual cash flows.
CSS combines Carlyle’s long-standing history in structured credit, private asset underwriting expertise, and
capital markets capabilities, to deliver tailored asset-focused financing solutions across the entire debt and equity
capital structure. As of December 31, 2023, CSS represented $6.4 billion in AUM.
Insurance Solutions
Carlyle Insurance Solutions (“CIS”) combines our deep insurance expertise with portfolio construction
capabilities, capital sourcing and asset origination strengths to provide comprehensive liability funding and
reinsurance, asset management and advisory solutions for (re)insurance companies and fund investors. The CIS
team oversees the investment in Fortitude, as well as the strategic advisory services agreement with certain
subsidiaries of Fortitude. As of December 31, 2023, AUM related to capital raised from third-party investors to
acquire a controlling interest in Fortitude was $5.9 billion. As of December 31, 2023, AUM related to the strategic
advisory services agreement was $74.7 billion, which has increased more than 50% since signing the agreement in
April 2022. This balance includes the net asset value of investments in Carlyle products, which is also reflected in
the AUM and Fee-earning AUM of the strategy in which they are invested. Fortitude and certain Fortitude
reinsurance counterparties have committed approximately $17.5 billion of capital to-date to various Carlyle
Global Capital Markets
Carlyle Global Capital Markets (“GCM”) is a loan syndication and capital markets business that launched in 2018.
The primary focus of GCM is to arrange, place, underwrite, originate and syndicate loans and underwrite
securities of third parties and Carlyle portfolio companies through TCG Capital Markets and TCG Senior
Funding. TCG Capital Markets is a FINRA registered broker dealer. GCM may also act as the initial purchaser of
such loans and securities. GCM receives fees, including underwriting, placement, structuring, transaction and
syndication fees, commissions, underwriting and original issue discounts, interest payments and other
compensation, which may be payable in cash or securities or loans, in respect of the activities described above and
may elect to waive such fees.
The following table presents certain data about our Global Credit segment as of December 31, 2023 (dollar amounts in
% of Total
Global Investment Solutions
Our Global Investment Solutions segment, established in 2011, provides comprehensive investment opportunities and
resources for our investors and clients to build private equity portfolios through fund of funds, secondary purchases or
financings of existing portfolios and managed co-investment programs. Beginning in 2023, investors can also invest across our
platform through Carlyle AlpInvest Private Markets Fund (“CAPM”), a closed-end tender offer fund. Global Investment
Solutions executes these activities through AlpInvest, one of the world’s largest investors in private equity.
The primary areas of focus for our Global Investment Solutions teams include:
Private Equity Secondary and Portfolio Finance Investments. Funds managed by AlpInvest build an investment
portfolio of private equity owned assets through the acquisition of limited partnership interests in the secondary
market and other types of transactions such as fund recapitalizations, portfolio restructurings and spin-outs, and
portfolio financings. Private equity investors who desire to sell or restructure their pre-existing investment
commitments to a fund may negotiate to sell the fund interests to AlpInvest. In this manner, AlpInvest’s secondary
and portfolio finance investments team provides the full range of liquidity and restructuring solutions from debt to
equity for third-party private equity investors. As of December 31, 2023, our secondary and portfolio finance
investments program totaled $30.2 billion in AUM.