Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2012	Nov. 13, 2012
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q3
Trading Symbol	CG
Entity Registrant Name	Carlyle Group L.P.
Entity Central Index Key	0001527166
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		43,244,180

Condensed Consolidated Balance Sheets (USD $) In Millions, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Assets
Cash and cash equivalents	$ 769.2	$ 509.6
Cash and cash equivalents held at Consolidated Funds	1,425.1	566.6
Restricted cash	28.5	24.6
Restricted cash and securities of Consolidated Funds	36.7	89.2
Accrued performance fees	2,153.0	2,189.1
Investments	410.5	454.9
Investments of Consolidated Funds	23,994.7	19,507.3
Due from affiliates and other receivables, net	242.8	287.0
Due from affiliates and other receivables of Consolidated Funds, net	234.9	287.6
Fixed assets, net	62.9	52.7
Deposits and other	52.3	70.2
Intangible assets, net	577.3	594.9
Deferred tax assets	56.1	18.0
Total assets	30,044.0	24,651.7
Liabilities and partners' capital
Loans payable	500.0	860.9
Subordinated loan payable to affiliate		262.5
Loans payable of Consolidated Funds	13,044.3	9,689.9
Accounts payable, accrued expenses and other liabilities	212.2	203.4
Accrued compensation and benefits	1,302.7	577.9
Due to Carlyle partners		1,015.9
Due to affiliates	255.7	108.5
Deferred revenue	186.5	89.2
Deferred tax liabilities	69.6	48.3
Other liabilities of Consolidated Funds	956.2	568.1
Accrued giveback obligations	86.1	136.5
Total liabilities	16,613.3	13,561.1
Commitments and contingencies
Redeemable non-controlling interests in consolidated entities	2,732.9	1,923.4
Partners' capital (common units, 43,221,452 issued and outstanding as of September 30, 2012)	219.2
Members' equity		873.1
Accumulated other comprehensive income (loss)	(3.5)	(55.8)
Partners' capital appropriated for Consolidated Funds	983.3	853.7
Non-controlling interests in consolidated entities	8,200.0	7,496.2
Non-controlling interests in Carlyle Holdings	1,298.8
Total partners' capital	10,697.8	9,167.2
Total liabilities and partners' capital	$ 30,044.0	$ 24,651.7

Condensed Consolidated Balance Sheets (Parenthetical) In Millions, unless otherwise specified	Sep. 30, 2012
Common stock, units issued	43,221,452
Common stock, units outstanding	43,221,452

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References+ Details

Condensed Consolidated Statements of Operations (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Revenues
Fund management fees	$ 239.8	$ 236.0	$ 714.1	$ 683.2
Performance fees
Realized	291.4	375.2	688.7	870.1
Unrealized	64.9	(859.1)	88.0	(133.6)
Total performance fees	356.3	(483.9)	776.7	736.5
Investment income (loss)
Realized	9.8	7.5	11.4	50.3
Unrealized	0.4	(12.9)	27.3	6.3
Total investment income (loss)	10.2	(5.4)	38.7	56.6
Interest and other income	4.5	2.5	9.9	15.6
Interest and other income of Consolidated Funds	247.7	191.2	678.4	521.6
Total revenues	858.5	(59.6)	2,217.8	2,013.5
Compensation and benefits
Base compensation	177.0	101.9	433.0	277.2
Equity-based compensation	53.2		147.4
Performance fee related
Realized	121.9	51.4	188.3	136.2
Unrealized	41.5	(139.5)	(1.4)	(81.7)
Total compensation and benefits	393.6	13.8	767.3	331.7
General, administrative and other expenses	92.9	80.4	268.1	224.7
Interest	4.0	15.7	20.6	48.5
Interest and other expenses of Consolidated Funds	204.1	99.1	568.1	290.0
Other non-operating expenses	10.3	9.4	6.9	30.0
Total expenses	704.9	218.4	1,631.0	924.9
Other income (loss)
Net investment gains (losses) of Consolidated Funds	448.9	(341.2)	1,707.6	(618.2)
Income (loss) before provision for income taxes	602.5	(619.2)	2,294.4	470.4
Provision for income taxes	5.5	12.9	27.8	25.7
Net income (loss)	597.0	(632.1)	2,266.6	444.7
Net income (loss) attributable to non-controlling interests in consolidated entities	485.4	(282.3)	1,708.2	(473.4)
Net income (loss) attributable to Carlyle Holdings	111.6	(349.8)	558.4	918.1
Net income attributable to non-controlling interests in Carlyle Holdings	93.0		550.1
Net income attributable to The Carlyle Group L.P.	$ 18.6		$ 8.3
Net income attributable to The Carlyle Group L.P. per common unit
Basic	$ 0.43		$ 0.20
Diluted (see Note 15)	$ 0.40		$ 0.15
Weighted-average common units
Basic	43,235,336		42,097,973
Diluted (see Note 15)	46,939,751		255,300,460
Distributions declared per common unit	$ 0.11		$ 0.11

Condensed Consolidated Statements of Comprehensive Income (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Net income (loss)	$ 597.0	$ (632.1)	$ 2,266.6	$ 444.7
Other comprehensive income (loss)
Foreign currency translation adjustments	(291.0)	(109.7)	(479.4)	(82.6)
Cash flow hedges
Unrealized gains (losses) for the period	(3.2)	(0.3)	(10.1)	(1.4)
Less: reclassification adjustment for losses included in net income	1.7	1.4	5.4	4.3
Total cash flow hedges	(1.5)	1.1	(4.7)	2.9
Other comprehensive income (loss)	(292.5)	(108.6)	(484.1)	(79.7)
Comprehensive income (loss)	304.5	(740.7)	1,782.5	365.0
Less: Comprehensive (income) loss attributable to partners' capital appropriated for Consolidated Funds	138.9	38.2	240.1	331.3
Less: Comprehensive (income) loss attributable to non- controlling interests in consolidated entities	(345.5)	404.0	(1,499.9)	332.3
Less: Comprehensive (income) loss attributable to redeemable non-controlling interests in consolidated entities	18.4	(42.1)	27.6	(107.7)
Comprehensive income (loss) attributable to Carlyle Holdings	116.3	(340.6)	550.3	920.9
Less: Comprehensive (income) loss attributable to non- controlling interests in Carlyle Holdings	(97.0)		(543.2)
Comprehensive income (loss) attributable to The Carlyle Group L.P.	$ 19.3		$ 7.1

Condensed Consolidated Statement of Changes in Partners' Capital and Redeemable Non-controlling Interests in Consolidated Entities (USD $) In Millions	Total USD ($)	Common Stock [Member]	Members' Equity [Member] USD ($)	Partners' Capital [Member] USD ($)	Accumulated Other Comprehensive Income (Loss) [Member] USD ($)	Partners' Capital Appropriated for Consolidated Funds [Member] USD ($)	Non-controlling Interests in Consolidated Entities [Member] USD ($)	Non-controlling Interests in Carlyle Holdings [Member] USD ($)	Redeemable Non-controlling Interests in Consolidated Entities [Member] USD ($)
Partners' Capital, Beginning Balance at Dec. 31, 2011	$ 9,167.2		$ 873.1		$ (55.8)	$ 853.7	$ 7,496.2		$ 1,923.4
Common Units, Beginning Balance at Dec. 31, 2011
Acquisition of CLOs	357.3					357.3
Acquisition of CLOs, Units
Contributions	362.4		9.3			12.4	340.7		719.1
Contributions, Units
Distributions	(1,472.4)		(658.5)				(813.9)		(114.8)
Distributions, Units
Net income (loss)	1,535.7		532.7			47.5	955.5		(20.8)
Net income (loss), Units
Currency translation adjustments	(169.8)				2.3	(4.1)	(168.0)
Currency translation adjustments, Units
Change in fair value of cash flow hedge instruments	(2.2)				(2.2)
Change in fair value of cash flow hedge instruments, Units
Contribution of equity interests in general partners of carry funds (see Note 1)	261.1		261.1
Contribution of equity interests in general partners of carry funds, Units
Reorganization of beneficial interests in investments (see Note 1)			(64.1)				64.1
Reorganization of beneficial interests in investments, Units
Reorganization of carried interest rights of retired senior Carlyle professionals (see Note 1)			(56.2)				56.2
Reorganization of carried interest rights of retired senior Carlyle professionals, Units
Exchange of interests for Carlyle Holdings units			(897.4)		55.7			841.7
Exchange of units for Carlyle Holdings units
Partners' Capital, Ending Balance at May. 08, 2012	10,039.3					1,266.8	7,930.8	841.7	2,506.9
Common Units, Ending Balance at May. 08, 2012
Partners' Capital, Beginning Balance at May. 09, 2012
Issuance of common units in initial public offering, net of issuance costs (see Note 1)	615.8			615.8
Issuance of common units in initial public offering, net of issuance costs, Units (see Note 1)		30.5
Deferred tax effects resulting from acquisition and exchange of interests in Carlyle Holdings (see Note 1)	(9.4)			(9.4)
Deferred tax effects resulting from acquisition and exchange of interests in Carlyle Holdings, Units (see Note 1)
Dilution assumed with IPO				(469.8)				469.8
CalPERS equity exchange	3.5			66.8	(2.3)			(61.0)
CalPERS equity exchange, Units		12.7
Initial consolidation of a Consolidated Fund	5.0						5.0
Contributions	231.9						231.9		401.4
Contributions, Units
Distributions	(721.5)			(4.8)			(680.1)	(36.6)	(168.6)
Distributions, Units
Net income (loss)	758.5			8.3		(263.7)	996.5	17.4	(6.8)
Net income (loss), Units
Equity-based compensation	86.8			12.3				74.5
Equity-based compensation, Units
Currency translation adjustments	(309.6)				(0.8)	(19.8)	(284.1)	(4.9)
Currency translation adjustments, Units
Change in fair value of cash flow hedge instruments	(2.5)				(0.4)			(2.1)
Change in fair value of cash flow hedge instruments, Units
Partners' Capital, Ending Balance at Sep. 30, 2012	$ 10,697.8			$ 219.2	$ (3.5)	$ 983.3	$ 8,200.0	$ 1,298.8	$ 2,732.9
Common Units, Ending Balance at Sep. 30, 2012		43.2

Condensed Consolidated Statements of Cash Flows (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Cash flows from operating activities
Net income	$ 2,266.6	$ 444.7
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	74.1	61.6
Amortization of deferred financing fees	1.1	0.8
Equity-based compensation	147.4
Non-cash performance fees	(124.6)	130.4
Other non-cash amounts	7.0	41.7
Consolidated Funds related:
Realized/unrealized (gain) loss on investments of Consolidated Funds	(2,336.1)	447.8
Realized/unrealized loss from loans payable of Consolidated Funds	713.6	149.2
Purchases of investments by Consolidated Funds	(5,212.5)	(5,451.9)
Proceeds from sale and settlements of investments by Consolidated Funds	6,409.4	6,269.3
Non-cash interest income, net	(57.1)	(78.7)
Change in cash and cash equivalents held at Consolidated Funds	886.9	128.4
Change in other receivables held at Consolidated Funds	104.4	99.8
Change in other liabilities held at Consolidated Funds	(975.9)	(172.7)
Investment income	(48.4)	(53.5)
Purchases of investments	(41.1)	(91.1)
Proceeds from the sale of investments	178.3	272.6
Purchases of trading securities	(15.1)
Changes in deferred taxes	(3.5)	(9.4)
Change in due from affiliates and other receivables	(14.0)	17.4
Change in deposits and other	10.8	(13.3)
Change in accounts payable, accrued expenses and other liabilities	3.7	(57.9)
Change in accrued compensation and benefits	(6.3)	(185.7)
Change in due to affiliates	(13.1)	(0.1)
Change in deferred revenue	96.7	14.0
Net cash provided by operating activities	2,052.3	1,963.4
Cash flows from investing activities
Change in restricted cash	(3.6)	(15.7)
Purchases of fixed assets, net	(26.0)	(25.8)
Purchases of intangible assets	(41.0)	(8.1)
Acquisitions, net of cash acquired		(53.9)
Net cash used in investing activities	(70.6)	(103.5)
Cash flows from financing activities
Borrowings under credit facility	433.7	125.0
Repayments under credit facility	(744.6)
Payments on loans payable	(310.0)	(24.0)
Net payment on loans payable of Consolidated Funds	(1,071.8)	(1,022.4)
Net proceeds from issuance of units in Initial Public Offering	615.8
Distributions to common unitholders	(4.8)
Contributions from predecessor owners	9.3	9.6
Distributions to predecessor owners	(452.3)	(1,040.9)
Contributions from non-controlling interest holders	1,579.4	696.2
Distributions to non-controlling interest holders	(1,757.7)	(582.9)
Change in due to/from affiliates financing activities	0.3	60.9
Change in due to/from affiliates and other receivables of Consolidated Funds	(22.2)	5.8
Net cash used in financing activities	(1,724.9)	(1,772.7)
Effect of foreign exchange rate changes	2.8	8.5
Increase in cash and cash equivalents	259.6	95.7
Cash and cash equivalents, beginning of period	509.6	616.9
Cash and cash equivalents, end of period	769.2	712.6
Supplemental non-cash disclosures
Net assets related to consolidation of the CLOs	357.3	41.6
Non-cash distributions to predecessor owners	402.5	51.0
Non-cash contributions from non-controlling interest holders	126.1	95.0
Non-cash distributions to non-controlling interest holders	56.3	41.4
Reorganization:
Transfer of Partners Capital to non-controlling interests in consolidated entities	120.3
Deferred taxes from transfer of ownership interests	9.4
Exchange of CalPERS equity interests:
Deferred tax asset	21.8
Tax receivable agreement liability	18.3
Partners' capital	3.5
Noncontrolling interest in AlpInvest [Member]
Supplemental non-cash disclosures
Non-cash AlpInvest acquisition		8,434.7
Emerging Sovereign Group LLC [Member]
Supplemental non-cash disclosures
Non-cash AlpInvest acquisition		$ 510.1

Organization and Basis of Presentation

9 Months Ended

Sep. 30, 2012

Organization and Basis of Presentation

1. Organization and Basis of Presentation

The Carlyle Group L.P., together with its consolidated subsidiaries, (the “Partnership” or “Carlyle”) is one of the world’s largest global alternative asset management firms that originates, structures and acts as lead equity investor in management-led buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, growth capital financings, real estate opportunities, bank loans, high-yield debt, distressed assets, mezzanine debt and other investment opportunities.

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

Basis of Presentation

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

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

The accompanying unaudited condensed consolidated financial statements of the Partnership have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information. These statements, including notes, have not been audited, exclude some of the disclosures required for annual financial statements, and should be read in conjunction with the audited combined and consolidated financial statements and notes of Carlyle Group for the year ended December 31, 2011, included in the Partnership’s final prospectus dated May 2, 2012 as part of its Registration Statement on Form S-1, as amended (SEC File No. 333-176685). The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition and results of operations for the interim periods presented.

Reorganization

The Partnership is a Delaware limited partnership formed on July 18, 2011. The Partnership is managed and operated by its general partner, Carlyle Group Management L.L.C., which is in turn wholly-owned and controlled by Carlyle’s founders and other senior Carlyle professionals.

On May 2, 2012, a series of reorganization transactions were executed to facilitate the acquisition by the Partnership of an indirect equity interest in Carlyle Group. The primary impact of the reorganization transactions was as follows:

•

The senior Carlyle professionals (excluding retired senior Carlyle professionals), CalPERS, and Mubadala contributed all of their interests in TC Group, L.L.C., TC Group Cayman, L.P., TC Group Investment Holdings, L.P. and TC Group Cayman Investment Holdings, L.P. (the “Former Parent Entities”) and senior Carlyle professionals and other individuals engaged in Carlyle’s business contributed a portion of the equity interests they owned in the general partners of Carlyle’s existing carry funds, to Carlyle Holdings I L.P., Carlyle Holdings II L.P. and Carlyle Holdings III L.P. (collectively, “Carlyle Holdings”) in exchange for an aggregate of 274,000,000 Carlyle Holdings partnership units. The exchange was structured as a fair value exchange where the contributors exchanged their interests in the Former Parent Entities and/or the general partners of Carlyle’s existing carry funds for an equivalent fair value of Carlyle Holdings partnership units. As the Partnership consolidates the financial position and results of operations of Carlyle Holdings, the ownership interests of these individuals in Carlyle Holdings are reflected as non-controlling interests in Carlyle Holdings in the accompanying condensed consolidated financial statements.

Because the historical owners of the Former Parent Entities control the entities that comprise Carlyle Group before and after the reorganization, the exchange transaction among these owners’ interests has been accounted for as a transfer of interests under common control. Accordingly, the accompanying condensed consolidated financial statements reflect a reclassification of members’ equity to non-controlling interests in Carlyle Holdings of $841.7 million. This amount represents the carrying value in Carlyle Group of the historical owners of Carlyle Group that has been exchanged in this transaction for Carlyle Holdings partnership units.

The equity interests held by Carlyle professionals other than partners in the consolidated general partners of the Carlyle funds were reflected as a compensation liability in the historical financial statements. These equity interests generally entitled the Carlyle professionals to participate in performance fees. In this exchange, the fair value of the Carlyle Holdings partnership units issued in this transaction of $261.1 million exceeded the carrying value of the related compensation liability of $202.1 million. The excess of the fair value over the carrying value of $59.0 million has been recorded as an equity compensation expense in the accompanying condensed consolidated financial statements.

•

Certain beneficial interests in investments in or alongside Carlyle funds that were funded by certain historical owners of Carlyle Group indirectly through Carlyle Group were restructured so that they are interests directly in consolidated subsidiaries of Carlyle Group. Accordingly, the carrying value of these beneficial interests as of the date of the reorganization of $64.1 million has been reclassified from members’ equity to non-controlling interests in consolidated entities in the accompanying condensed consolidated financial statements.

•

Certain carried interest rights allocated to retired senior Carlyle professionals which were held through their ownership in Carlyle Group were restructured such that they exchanged their existing carried interest rights (through their ownership interests in Carlyle Group) for an equivalent amount of carried interest rights in the consolidated general partners of the Carlyle funds. Accordingly, these carried interest rights are classified as non-controlling interests after the reorganization. The carrying value of these carried interest rights as of the date of the reorganization of $56.2 million has been reclassified from members’ equity to non-controlling interests in consolidated entities in the accompanying condensed consolidated financial statements.

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

Initial Public Offering

On May 8, 2012, the Partnership completed an initial public offering of 30,500,000 common units priced at $22.00 per unit. The common units are listed on the NASDAQ Global Select Market under the symbol “CG”. The net proceeds to the Partnership from the initial public offering were approximately $615.8 million, after deducting underwriting discounts and offering expenses. The offering expenses associated with the initial public offering were borne by Carlyle Holdings.

The Partnership used all of these proceeds to purchase an equivalent number of newly issued Carlyle Holdings partnership units from Carlyle Holdings. After completion of the initial public offering, Carlyle Holdings used the proceeds from the initial public offering and existing cash to repay all outstanding indebtedness under the revolving credit facility of its senior secured credit facility totaling $618.1 million and approximately $40.0 million of outstanding indebtedness under a loan agreement Carlyle Group entered into in connection with the acquisition of Claren Road Asset Management LLC, its subsidiaries, and Claren Road Capital, LLC (collectively, “Claren Road”).

As the sole general partner of Carlyle Holdings, the Partnership consolidates the financial position and results of operations of Carlyle Holdings into its financial statements, and the other ownership interests in Carlyle Holdings are reflected as non-controlling interests in the Partnership’s financial statements. Because the Partnership purchased the interests in Carlyle Holdings at a valuation in excess of the proportion of the book value of net assets acquired, the Partnership incurred an immediate dilution of approximately $469.8 million, which is calculated as the net proceeds used by the Partnership to purchase the newly issued Carlyle Holdings partnership units of $615.8 million less the book value of such interests of $146.0 million. This dilution is reflected within partners’ capital as a reallocation from partners’ capital to non-controlling interests in Carlyle Holdings.

In conjunction with the initial public offering, the Partnership recorded a deferred tax liability related to outside tax basis difference as a result of the Partnership’s investment in Carlyle Holdings (see Note 14). Accordingly, the Partnership recorded a deferred tax liability of $9.4 million with a corresponding decrease to partners’ capital.

CalPERS Exchange

On May 17, 2012, CalPERS notified Carlyle that it was making an election to exchange 12,721,452 Carlyle Holdings partnership units for an equivalent number of common units in the Partnership pursuant to the exchange agreement entered into with CalPERS and the other limited partners of the Carlyle Holdings partnerships at the time of the initial public offering. The exchange was consummated on May 21, 2012. As a result of the exchange, wholly-owned subsidiaries of the Partnership acquired all 12,721,452 of the Carlyle Holdings partnership units formerly owned by CalPERS, and CalPERS received an equivalent number of common units in the Partnership. The common units were issued in a transaction exempt from registration under Section 4(2) of the Securities Act of 1933, as amended. As such, the common units issued to CalPERS are “restricted securities” within the meaning of Rule 144 promulgated under the Securities Act. In addition, CalPERS remains subject to the lock-up agreement entered into by it and the underwriters of the initial public offering through November 25, 2012.

Following the exchange, the total number of common units outstanding (assuming all outstanding Carlyle Holdings partnership units held by the limited partners of the Carlyle Holdings partnerships were exchanged for newly-issued common units on a one-for-one basis) was unchanged at 304,500,000 common units, while the number of common units outstanding of the Partnership increased from 30,500,000 to 43,221,452, and the number of outstanding Carlyle Holdings partnership units decreased from 274,000,000 to 261,278,548. Following the CalPERS exchange, the Partnership’s ownership interest in Carlyle Holdings increased from approximately 10% to approximately 14%.

The exchange transaction has been accounted for as an increase in ownership of a subsidiary from a non-controlling interest without a loss in control. The exchange is also subject to the terms of the tax receivable agreement. Accordingly, the Partnership initially recorded a decrease to non-controlling interests in Carlyle Holdings of $60.9 million, representing the carrying value of CalPERS interest in Carlyle Holdings that was exchanged, and a corresponding increase to partners’ capital and accumulated other comprehensive income. The Partnership also recorded a deferred tax asset of $21.5 million, a liability to CalPERS of $18.3 million included in due to affiliates, and an increase in partners’ capital of $3.2 million. The Partnership recorded subsequent adjustments for this exchange, which increased partners’ capital by $0.4 million and decreased non-controlling interests in Carlyle Holdings by $0.1 million. The liability is expected to be paid as the deferred tax asset is realized as a reduction in taxes payable over approximately the next 15 years.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 720

-SubTopic 15

-URI http://asc.fasb.org/subtopic&trid=2122524

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6359566&loc=d3e326-107755

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Staff Position (FSP)

-Number FAS140-4/FIN46(R)-8

-Paragraph 8, C1, C7

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 46R

-Paragraph 4, 14, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 10

-URI http://asc.fasb.org/subtopic&trid=2122150

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=7880789&loc=SL6228881-111685

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 10

-Section 45

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7668296&loc=d3e288-107754

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-URI http://asc.fasb.org/subtopic&trid=2197480

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 2-6

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 915

-SubTopic 235

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6472506&loc=d3e38932-110933

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 852

-SubTopic 10

-URI http://asc.fasb.org/subtopic&trid=2209116

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 272

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 94-6

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 275

-SubTopic 10

-URI http://asc.fasb.org/subtopic&trid=2134480

+ Details

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2012

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Principles of Consolidation

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

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

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

As of September 30, 2012, assets and liabilities of consolidated VIEs reflected in the condensed consolidated balance sheets were $22.9 billion and $14.0 billion, respectively. Except to the extent of the assets of the VIEs which are consolidated, the holders of the consolidated VIEs’ liabilities do not have recourse to the Partnership. The assets and liabilities of the consolidated VIEs are comprised primarily of investments and loans payable, respectively.

The loans payable issued by the CLOs are backed by diversified collateral asset portfolios consisting primarily of loans or structured debt. In exchange for managing the collateral for the CLOs, the Partnership earns investment management fees, including in some cases subordinated management fees and contingent incentive fees. In cases where the Partnership consolidates the CLOs, those management fees have been eliminated as intercompany transactions. As of September 30, 2012, the Partnership held $46.7 million of investments in these CLOs which represents its maximum risk of loss. The Partnership’s investments in these CLOs are generally subordinated to other interests in the entities and entitle the Partnership to receive a pro rata portion of the residual cash flows, if any, from the entities. Investors in the CLOs have no recourse against the Partnership for any losses sustained in the CLO structure.

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

Investments in Unconsolidated Variable Interest Entities

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


	As of
	September 30, 2012		December 31, 2011
	(Dollars in millions)
Investments	$	3.1	$	2.3
Receivables		19.6		100.0

Maximum Exposure to Loss	$	22.7	$	102.3

Basis of Accounting

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

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

Use of Estimates

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

Business Combinations

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

Revenue Recognition

Fund Management Fees

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

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

For certain global market strategies funds, management fees are calculated based on assets under management of the funds with generally lower fee rates. Hedge funds generally pay management fees quarterly that range from 1.5% to 2.0% of NAV per year. Management fees for the CLOs typically range from 0.4% to 0.6% on the total par amount of assets in the fund and are due quarterly or semi-annually based on the terms and recognized over the respective period. Management fees for the CLOs and credit opportunities funds are governed by indentures and collateral management agreements. The Partnership will receive management fees for the CLOs until redemption of the securities issued by the CLOs, which is generally five to ten years after issuance. Open-ended funds typically do not have stated termination dates.

Management fees from fund of funds vehicles generally range from 0.3% to 1.0% on the vehicle’s capital commitments during the first two to five years of the investment period and 0.3% to 1.0% on the lower of cost of capital invested or fair value of the capital invested thereafter.

The Partnership also provides transaction advisory and portfolio advisory services to the Portfolio Companies, and where covered by separate contractual agreements, recognizes fees for these services when the service has been provided and collection is reasonably assured. Fund management fees includes transaction and portfolio advisory fees of $11.8 million and $12.9 million for the three months ended September 30, 2012 and 2011, respectively, and $33.2 million and $60.1 million for the nine months ended September 30, 2012 and 2011, respectively, net of any offsets as defined in the respective partnership agreements.

Performance Fees

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

Carried interest is ultimately realized when: (i) an underlying investment is profitably disposed of, (ii) the fund’s cumulative returns are in excess of the preferred return and (iii) the Partnership has decided to collect carry rather than return additional capital to limited partner investors. Realized carried interest may be required to be returned by the Partnership in future periods if the funds’ investment values decline below certain levels. When the fair value of a fund’s investments remains constant or falls below certain return hurdles, previously recognized performance fees are reversed. In all cases, each fund is considered separately in this regard, and for a given fund, performance fees can never be negative over the life of a fund. If upon a hypothetical liquidation of a fund’s investments at their then current fair values, previously recognized and distributed carried interest would be required to be returned, a liability is established for the potential giveback obligation. As of September 30, 2012 and December 31, 2011, the Partnership has recognized $86.1 million and $136.5 million, respectively, for giveback obligations.

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

Investment Income (Loss)

Investment income (loss) represents the unrealized and realized gains and losses resulting from the Partnership’s equity method investments and other principal investments. Investment income (loss) is realized when the Partnership redeems all or a portion of its investment or when the Partnership receives cash income, such as dividends or distributions. Unrealized investment income (loss) results from changes in the fair value of the underlying investment as well as the reversal of unrealized gain (loss) at the time an investment is realized.

Interest Income

Interest income is recognized when earned. Interest income earned by the Partnership was $1.3 million and $1.2 million for the three months ended September 30, 2012 and 2011, respectively, and $4.0 million and $8.2 million for the nine months ended September 30, 2012 and 2011, respectively, and is included in interest and other income in the accompanying condensed consolidated statements of operations. Interest income of the Consolidated Funds was $208.4 million and $163.5 million for the three months ended September 30, 2012 and 2011, respectively, and $578.3 million and $436.2 million for the nine months ended September 30, 2012 and 2011, respectively, and is included in interest and other income of Consolidated Funds in the accompanying condensed consolidated statements of operations.

Compensation and Benefits

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

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

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

Performance Fee Related Compensation — A portion of the performance fees earned is due to employees and advisors of the Partnership. These amounts are accounted for as compensation expense in conjunction with the recognition of the related performance fee revenue and, until paid, are recognized as a component of the accrued compensation and benefits liability. Accordingly, upon any reversal of performance fee revenue, the related compensation expense is also reversed. As of September 30, 2012, the Partnership had recorded a liability of $866.9 million in accrued compensation related to the portion of accrued performance fees due to employees and advisors, which was included in accrued compensation and benefits in the accompanying condensed consolidated financial statements. As of December 31, 2011, the Partnership had recorded a liability of $1.1 billion in accrued compensation related to the portion of accrued performance fees due to employees and advisors, of which $314.1 million was included in accrued compensation and benefits and $760.8 million was included in due to Carlyle partners in the accompanying condensed consolidated financial statements.

Income Taxes

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

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

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

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

Tax Receivable Agreement

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

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

Non-controlling Interests in Consolidated Entities

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

Earnings Per Common Unit

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

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

Investments

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

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

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

Equity-Method Investments

The Partnership accounts for all investments in the unconsolidated Funds in which it has significant influence 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 Funds allocated based on the respective Fund partnership agreement, less distributions received. The Partnership evaluates its equity-method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable.

Cash and Cash Equivalents

Cash and cash equivalents include cash held at banks and cash held for distributions, including temporary investments with original maturities of less than three months when purchased. Included in cash and cash equivalents is cash withheld from carried interest distributions for potential giveback obligations of $57.3 million and $76.6 million at September 30, 2012 and December 31, 2011, respectively.

Cash and Cash Equivalents Held at Consolidated Funds

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

Restricted Cash

In addition to the unrestricted cash held for potential giveback obligations discussed above, the Partnership is required to withhold a certain portion of the carried interest proceeds from one of its corporate private equity funds to provide a reserve for potential giveback obligations. In connection with this agreement, cash and cash equivalents of $12.9 million and $13.6 million is included in restricted cash at September 30, 2012 and December 31, 2011, respectively. The remaining balance in restricted cash at September 30, 2012 and December 31, 2011 primarily represents cash held by the Partnership’s foreign subsidiaries due to certain government regulatory capital requirements.

Restricted Cash and Securities of Consolidated Funds

Certain CLOs receive cash from various counterparties to satisfy collateral requirements on derivative transactions. Cash received to satisfy these collateral requirements of $36.1 million and $31.7 million is included in restricted cash and securities of Consolidated Funds at September 30, 2012 and December 31, 2011, respectively.

Certain CLOs hold U.S. Treasury notes, Obligation Assimilable du Tresor Securities (“OATS”) Strips, French government securities, guaranteed investment contracts and other highly liquid asset-backed securities as collateral for specific classes of loans payable in the CLOs. As of September 30, 2012 and December 31, 2011, securities of $0.6 million and $57.5 million, respectively, are included in restricted cash and securities of Consolidated Funds.

Derivative Instruments

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

Fixed Assets

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

Intangible Assets and Goodwill

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

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

Due to Carlyle Partners

For periods prior to the reorganization and initial public offering in May 2012, the Partnership recognized a distribution from members’ equity and distribution payable to the senior Carlyle professionals when services were rendered and performance fee allocations were earned. Also included were certain amounts due to senior Carlyle professionals related to business acquisitions in 2011 and 2010. Any unpaid distributions, which reflected the Partnership’s obligation to those partners, were presented as due to Carlyle partners in the accompanying condensed consolidated balance sheets.

Subsequent to the reorganization and initial public offering, the liability for all compensatory amounts owed to these Carlyle individuals has been reclassified to accrued compensation and benefits in the accompanying condensed consolidated financial statements. The liability for non-compensatory amounts owed to these Carlyle individuals related to business acquisitions in 2011 and 2010 has been reclassified to due to affiliates in the accompanying condensed consolidated financial statements.

Deferred Revenue

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

Comprehensive Income

Comprehensive income consists of net income and other comprehensive income. The Partnership’s other comprehensive income is comprised of unrealized gains and losses on cash flow hedges and foreign currency translation adjustments.

Foreign Currency Translation

Non-U.S. dollar denominated assets and liabilities are translated at period-end rates of exchange, and the condensed consolidated statements of operations are translated at rates of exchange in effect throughout the period. Foreign currency gains (losses) resulting from transactions outside of the functional currency of an entity of $(3.2) million and $8.9 million for the three months ended September 30, 2012 and 2011, respectively, and $(6.7) million and $8.0 million for the nine months ended September 30, 2012 and 2011, respectively, are included in general, administrative and other expenses in the condensed consolidated statements of operations.

Recent Accounting Pronouncements

In May 2011, the FASB amended its guidance for fair value measurements and disclosures to converge U.S. GAAP and International Financial Reporting Standards (“IFRS”). The amended guidance, included in ASU 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP,” is generally clarifying in nature, but does change certain existing measurement principles in ASC 820 and requires additional disclosure about fair value measurements and unobservable inputs. The Partnership adopted this guidance as of January 1, 2012, and the adoption did not have a material impact on the Partnership’s financial statements. The Partnership has included the additional disclosures required by this guidance in Note 4.

In June 2011, the FASB amended its guidance on the presentation of comprehensive income. This guidance eliminates the option to report other comprehensive income and its components in the consolidated statement of changes in equity. An entity may elect to present items of net income and other comprehensive income in one continuous statement, referred to as the statement of comprehensive income, or in two separate, but consecutive, statements. Each component of net income and of other comprehensive income needs to be displayed under either alternative. In December 2011, the FASB issued a final standard to defer the new requirement to present components of reclassifications of other comprehensive income on the face of the income statement. The Partnership adopted this guidance as of January 1, 2012, and has included a separate statement of comprehensive income for the periods ended September 30, 2012 and 2011 in the accompanying condensed consolidated financial statements.

In September 2011, the FASB amended its guidance for testing goodwill for impairment by allowing an entity to use a qualitative approach to test goodwill for impairment. The amended guidance, included in ASU 2011-08, “Testing Goodwill for Impairment” is effective for the Partnership for its annual reporting period beginning after December 15, 2011. The amended guidance is intended to reduce complexity by allowing an entity the option to make a qualitative evaluation about the likelihood of goodwill impairment to determine whether it should calculate the fair value of a reporting unit. The Partnership does not expect the adoption to have a material impact on the Partnership’s financial statements.

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

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

Acquisitions and Acquired Intangible Assets

9 Months Ended

Sep. 30, 2012

Acquisitions and Acquired Intangible Assets

3. Acquisitions and Acquired Intangible Assets

Acquisition of CLO Management Contracts

On February 28, 2012, the Partnership purchased four European CLO management contracts from Highland Capital Management L.P. for approximately €32.4 million in cash. In August 2011, the Partnership purchased a management contract relating to a CLO managed by The Foothill Group, Inc. for approximately $8.6 million in cash. The acquired contractual rights are finite-lived intangible assets. Pursuant to the accounting guidance for consolidation, these CLOs are required to be consolidated and the results of the acquired CLOs have been included in the condensed consolidated statements of operations since their acquisition. These transactions were accounted for as asset acquisitions.

Acquisition of AlpInvest

On July 1, 2011, the Partnership completed the acquisition of a 60% equity interest in AlpInvest. The Partnership consolidated the financial position and results of operations of AlpInvest effective July 1, 2011 and accounted for this transaction as a business combination. The Partnership also consolidated certain AlpInvest-managed funds effective July 1, 2011. For a complete description of this acquisition, please refer to Note 3 of the Partnership’s combined and consolidated financial statements for the year ended December 31, 2011.

As of September 30, 2012 and December 31, 2011, the fair value of contingent consideration payable to non-Carlyle personnel was $6.3 million and $7.1 million, respectively, and has been included in accounts payable, accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets. Changes in the fair value of the contingent consideration payable to non-Carlyle personnel of $0.1 million and $0.6 million for the three and nine months ended September 30, 2012, respectively, are recorded in other non-operating expenses in the condensed consolidated statements of operations. Changes in the fair value for the three months and nine months ended September 30, 2011 were not significant. Refer to Note 4 for additional disclosures related to the fair value of these instruments as of September 30, 2012 and December 31, 2011.

Acquisition of ESG

On July 1, 2011, the Partnership acquired 55% of Emerging Sovereign Group LLC, its subsidiaries, and Emerging Sovereign Partners LLC (collectively, “ESG”), an emerging markets equities and macroeconomic strategies investment manager. The Partnership consolidated the financial position and results of operations of ESG effective July 1, 2011 and accounted for this transaction as a business combination. The Partnership also consolidated four ESG-managed funds effective July 1, 2011 and one additional ESG-managed fund for which it obtained control during the third quarter of 2011. For a complete description of this acquisition, please refer to Note 3 of the Partnership’s combined and consolidated financial statements for the year ended December 31, 2011.

The fair value of the contingent consideration included in this acquisition was based on probability-weighted discounted cash flow models. These fair value measurements are based on significant inputs not observable in the market and thus represent Level III measurements as defined in the accounting guidance for fair value measurement.

As of September 30, 2012 and December 31, 2011, the fair value of the performance-based contingent cash and equity consideration payable to the ESG sellers who are senior Carlyle professionals was $61.6 million and $67.4 million and has been included in due to affiliates and due to Carlyle partners, respectively, in the accompanying condensed consolidated balance sheets. These payments are not contingent upon the senior Carlyle professional being employed by Carlyle at the time that the performance conditions are met. Changes in the fair value of these amounts were $(6.8) million and $(5.8) million for the three and nine months ended September 30, 2012, respectively. A significant portion of these changes was due to the payment of $10.0 million in acquisition-related performance-based contingent cash consideration where the criteria for payment had been met. Changes in fair value for the three months and nine months ended September 30, 2011 were not significant. For periods prior to the reorganization and initial public offering in May 2012, the change in the fair value of this contingent consideration was recorded directly in partners’ capital in the condensed consolidated balance sheets. For periods subsequent to the reorganization and initial public offering, changes in the fair value of these amounts are recorded in other non-operating expenses in the condensed consolidated statements of operations.

As of September 30, 2012 and December 31, 2011, the amount of employment-based contingent cash consideration payable to the ESG sellers who are senior Carlyle professionals was $7.3 million and $2.3 million and has been included in accrued compensation and benefits and due to Carlyle partners, respectively, in the accompanying condensed consolidated balance sheets. Changes in the value of these amounts were $2.6 million and $5.0 million for the three and nine months ended September 30, 2012, respectively. For periods prior to the reorganization and initial public offering in May 2012, the change in the value of this contingent consideration was recorded in partners’ capital in the condensed consolidated balance sheets. For periods subsequent to the reorganization and initial public offering, changes in the value of these amounts are recorded as compensation expense in the condensed consolidated statements of operations.

As of September 30, 2012 and December 31, 2011, the fair value of contingent consideration payable to non-Carlyle personnel was $4.6 million and $5.0 million, respectively, and has been included in accounts payable, accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets. Changes in the fair value of the contingent consideration payable to non-Carlyle personnel are recorded in other non-operating expenses in the condensed consolidated statements of operations.

Refer to Note 4 for additional disclosures related to the fair value of these instruments as of September 30, 2012 and December 31, 2011.

Acquisition of Claren Road

On December 31, 2010, the Partnership acquired 55% of Claren Road, a credit hedge fund manager. The Partnership consolidated the financial position and results of operations of Claren Road effective December 31, 2010, and has accounted for this transaction as a business combination in the accompanying condensed consolidated financial statements. The Partnership also consolidated two Claren Road-managed hedge funds effective December 31, 2010. For a complete description of this acquisition, please refer to Note 3 of the Partnership’s combined and consolidated financial statements for the year ended December 31, 2011.

At September 30, 2012 and December 31, 2011, the fair value of the performance-based contingent cash and equity consideration payable to the Claren Road sellers who are senior Carlyle professionals of $76.9 million and $68.4 million, respectively, has been recorded in due to affiliates and due to Carlyle partners, respectively, in the accompanying condensed consolidated balance sheets. These payments are not contingent upon the senior Carlyle professional being employed by Carlyle at the time that the performance conditions are met. Changes in the fair value of these amounts were $7.0 million and $(1.3) million for the three months ended September 30, 2012 and 2011, respectively, and $8.5 million and $4.1 million for the nine months ended September 30, 2012 and 2011, respectively. For periods prior to the reorganization and initial public offering in May 2012, the change in the fair value of this contingent consideration was recorded directly in partners’ capital in the condensed consolidated balance sheets. For periods subsequent to the reorganization and initial public offering, changes in the fair value of these amounts are recorded in other non-operating expenses in the condensed consolidated statements of operations.

At September 30, 2012 and December 31, 2011, the amount of employment-based contingent cash consideration payable to the Claren Road sellers who are senior Carlyle professionals of $78.3 million and $60.0 million, respectively, has been recorded as accrued compensation and benefits and due to Carlyle partners, respectively, in the accompanying condensed consolidated balance sheets. For periods prior to the reorganization and initial public offering in May 2012, the change in the value of this contingent consideration was recorded in partners’ capital in the condensed consolidated balance sheets. For periods subsequent to the reorganization and initial public offering, changes in the value of these amounts are recorded as compensation expense in the condensed consolidated statements of operations.

At September 30, 2012 and December 31, 2011, the fair value of contingent consideration payable to non-Carlyle personnel of $21.5 million is included in accounts payable, accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets. Changes in the fair value of the contingent consideration payable to non-Carlyle personnel of $0.9 million and $3.8 million for the three and nine months ended September 30, 2011, respectively, are recorded in other non-operating expenses in the condensed consolidated statements of operations. Changes in the fair value were not significant for the three and nine months ended September 30, 2012.

Refer to Note 4 for additional disclosures related to the fair value of these instruments as of September 30, 2012 and December 31, 2011.

Intangible Assets

The following table summarizes the carrying amount of intangible assets as of September 30, 2012 and December 31, 2011:


	As of
	September 30, 2012			December 31, 2011
	(Dollars in millions)
Acquired contractual rights	$	656.5		$	615.8
Acquired trademarks		6.8			6.8
Accumulated amortization		(122.8	)		(64.5	)

Finite-lived intangible assets, net		540.5			558.1
Goodwill		36.8			36.8

Intangible assets, net	$	577.3		$	594.9

The following table summarizes the changes in the carrying amount of goodwill, by segment as of September 30, 2012. There was no goodwill associated with the Partnership’s Corporate Private Equity and Real Assets segments.


	Global Market Strategies		Fund of Funds Solutions		Total
	(Dollars in millions)
Balance as of December 31, 2011	$	28.0	$	8.8	$	36.8
Foreign currency translation⁽¹⁾		—		—		—

Balance as of September 30, 2012	$	28.0	$	8.8	$	36.8

(1)	Includes a de minimus amount of foreign currency translation on goodwill associated with the Partnership’s Fund of Funds Solutions segment.

Intangible asset amortization expense was $19.9 million and $17.7 million for the three months ended September 30, 2012 and 2011, respectively, and $58.3 million and $42.9 million for the nine months ended September 30, 2012 and 2011, respectively, and is included in general, administrative, and other expenses in the condensed consolidated statements of operations.

The following table summarizes the estimated amortization expense for 2012 through 2016 and thereafter (Dollars in millions):


2012	$	78.2
2013		79.4
2014		79.1
2015		76.5
2016		70.2
Thereafter		215.1

	$	598.5

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph F4

-Subparagraph e

-Appendix F

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141

-Paragraph 51, 52

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 7

-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1524-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 20

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4934-128472

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 67-73

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 30

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6996-128479

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1383-128463

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 30

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7000-128479

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 20

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4926-128472

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 20

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4922-128472

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 88-16

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1392-128463

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1486-128463

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1497-128463

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1490-128463

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 30

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7008-128479

Reference 17: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 30

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6927-128479

Reference 18: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472

Reference 19: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1500-128463

+ Details

Fair Value Measurement

9 Months Ended

Sep. 30, 2012

Fair Value Measurement

4. Fair Value Measurement

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

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

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

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

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

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

The following table summarizes the Partnership’s assets and liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of September 30, 2012:

(Dollars in millions)

Level I

Level II

Level III

Total

Assets

Investments of Consolidated Funds:

Equity securities

739.0

93.4

2,572.6

3,405.0

Bonds

—

810.2

Loans

—

12,836.0

Partnership and LLC interests⁽¹⁾

—

4,203.9

Hedge funds

—

2,729.2

—

2,729.2

Other

—

10.4

739.0

2,822.6

20,433.1

23,994.7

Trading securities and other

—

21.1

Restricted securities of Consolidated Funds

0.6

—

0.6

Total

739.6

2,822.6

20,454.2

24,016.4

Liabilities

Loans payable of Consolidated Funds

—

13,044.3

Interest rate swaps

—

12.0

—

12.0

Derivative instruments of the CLOs

—

18.1

Contingent consideration⁽²⁾

—

170.9

Total

—

12.0

13,233.3

13,245.3

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

(2)	Related to contingent cash and equity consideration associated with the acquisitions of Claren Road, AlpInvest and ESG (see Note 3).

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, 2011:


(Dollars in millions)	Level I		Level II		Level III		Total
Assets
Investments of Consolidated Funds:
Equity securities	$	61.9	$	718.4	$	1,868.9	$	2,649.2
Bonds		—		—		557.0		557.0
Loans		—		—		10,152.6		10,152.6
Partnership and LLC interests⁽¹⁾		—		—		4,198.6		4,198.6
Hedge funds		—		1,929.1		—		1,929.1
Other		—		—		20.8		20.8

	$	61.9	$	2,647.5	$	16,797.9	$	19,507.3
Trading securities and other		—		—		30.6		30.6
Restricted securities of Consolidated Funds		57.5		—		—		57.5

Total	$	119.4	$	2,647.5	$	16,828.5	$	19,595.4

Liabilities
Loans payable of Consolidated Funds	$	—	$	—	$	9,689.9	$	9,689.9
Interest rate swaps		—		7.3		—		7.3
Subordinated loan payable to affiliate		—		—		262.5		262.5
Contingent consideration⁽²⁾		—		—		169.2		169.2

Total	$	—	$	7.3	$	10,121.6	$	10,128.9

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

(2)	Related to contingent cash and equity consideration associated with the acquisitions of Claren Road, AlpInvest and ESG (see Note 3).

Transfers from Level II to Level I during the nine months ended September 30, 2012 were due to the expiration of transferability restrictions on certain securities that were classified as Level II at December 31, 2011.

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

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

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

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

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

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

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

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

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

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


	Financial Assets Three Months Ended September 30, 2012
	Investments of Consolidated Funds
	Equity securities			Bonds			Loans			Partnership and LLC interests			Other			Trading securities and other			Total
Balance, beginning of period	$	2,140.0		$	891.0		$	12,643.1		$	4,467.1		$	11.4		$	35.5		$	20,188.1
Initial consolidation of funds		51.7			4.1			364.3			—			—			—			420.1
Purchases		7.5			45.3			1,029.5			43.1			—			—			1,125.4
Sales		(28.3	)		(170.3	)		(715.8	)		(140.3	)		(0.1	)		(15.7	)		(1,070.5	)
Settlements		—			—			(721.5	)		—			—			—			(721.5	)
Realized and unrealized gains (losses), net		401.7			40.1			236.4			(166.0	)		(0.9	)		1.3			512.6

Balance, end of period	$	2,572.6		$	810.2		$	12,836.0		$	4,203.9		$	10.4		$	21.1		$	20,454.2

Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	427.1		$	26.4		$	114.1		$	188.0		$	(1.2	)	$	(1.5	)	$	752.9


	Financial Assets Nine Months Ended September 30, 2012
	Investments of Consolidated Funds
	Equity securities			Bonds			Loans			Partnership and LLC interests			Other			Trading securities and other			Total
Balance, beginning of period	$	1,868.9		$	557.0		$	10,152.6		$	4,198.6		$	20.8		$	30.6		$	16,828.5
Initial consolidation of funds		76.9			291.8			3,388.5			—			—			—			3,757.2
Transfers out ⁽¹⁾		(145.6	)		—			—			—			—			—			(145.6	)
Purchases		48.5			219.7			3,572.5			352.9			—			—			4,193.6
Sales		(138.8	)		(311.0	)		(1,966.9	)		(307.7	)		(2.1	)		(15.7	)		(2,742.2	)
Settlements		—			—			(2,584.3	)		—			—			—			(2,584.3	)
Realized and unrealized gains (losses), net		862.7			52.7			273.6			(39.9	)		(8.3	)		6.2			1,147.0

Balance, end of period	$	2,572.6		$	810.2		$	12,836.0		$	4,203.9		$	10.4		$	21.1		$	20,454.2

Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	1,134.5		$	22.7		$	182.5		$	646.0		$	0.4		$	3.4		$	1,989.5


	Financial Assets Three Months Ended September 30, 2011
	Investments of Consolidated Funds
	Equity securities			Bonds			Loans			Partnership and LLC interests			Other			Trading securities and other			Total
Balance, beginning of period	$	34.7		$	568.1		$	10,357.8		$	13.1		$	35.1		$	24.9		$	11,033.7
Initial consolidation of funds		2,336.4			13.6			1,286.9			4,378.4			—			0.4			8,015.7
Transfers out ⁽¹⁾		—			—			—			(8.3	)		—			—			(8.3	)
Purchases		76.4			83.7			1,274.6			—			—			—			1,434.7
Sales		(1.2	)		(60.5	)		(788.9	)		—			(1.3	)		—			(851.9	)
Settlements		(10.7	)		—			(881.3	)		—			—			—			(892.0	)
Realized and unrealized gains (losses), net		(532.3	)		(53.8	)		(763.1	)		(0.5	)		(2.2	)		2.1			(1,349.8	)

Balance, end of period	$	1,903.3		$	551.1		$	10,486.0		$	4,382.7		$	31.6		$	27.4		$	17,382.1

Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	(285.6	)	$	(40.9	)	$	(600.0	)	$	(0.5	)	$	1.1		$	2.1		$	(923.8	)


	Financial Assets
	Nine Months Ended September 30, 2011
	Investments of Consolidated Funds
	Equity securities			Bonds			Loans			Partnership and LLC interests			Other			Trading securities and other			Total
Balance, beginning of period	$	36.8		$	460.3		$	10,433.5		$	14.8		$	33.9		$	21.8		$	11,001.1
Initial consolidation of funds		2,336.4			13.6			1,286.9			4,378.4			—			0.4			8,015.7
Transfers out ⁽¹⁾		(4.4	)		—			—			(8.3	)		—			—			(12.7	)
Purchases		81.2			361.8			4,423.6			—			—			2.5			4,869.1
Sales		(22.4	)		(282.2	)		(1,805.6	)		(0.2	)		(14.2	)		(0.2	)		(2,124.8	)
Settlements		(10.7	)		(2.8	)		(3,642.9	)		—			—			—			(3,656.4	)
Realized and unrealized gains (losses), net		(513.6	)		0.4			(209.5	)		(2.0	)		11.9			2.9			(709.9	)

Balance, end of period	$	1,903.3		$	551.1		$	10,486.0		$	4,382.7		$	31.6		$	27.4		$	17,382.1

Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	(270.2	)	$	(11.4	)	$	(396.5	)	$	(1.9	)	$	12.4		$	2.9		$	(664.7	)

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

Financial Liabilities
Three Months Ended September 30, 2012

Loans Payable
of Consolidated
Funds

Derivative
Instruments of
Consolidated
Funds

Subordinated
Loan Payable to
Affiliate

Contingent
Consideration

Total

Balance, beginning of period

12,565.0

16.7

—

170.6

12,752.3

Initial consolidation of funds

603.3

—

603.3

Borrowings

0.5

—

0.5

Paydowns

(565.0

)

—

(10.2

)

(575.2

)

Sales

—

(0.7

)

—

(0.7

)

Realized and unrealized losses, net

440.5

2.1

—

10.5

453.1

Balance, end of period

13,044.3

18.1

—

170.9

13,233.3

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

323.1

0.1

—

10.5

333.7

Financial Liabilities
Nine Months Ended September 30, 2012

Loans Payable
of Consolidated
Funds

Derivative
Instruments of
Consolidated
Funds

Subordinated
Loan Payable to
Affiliate

Contingent
Consideration

Total

Balance, beginning of period

9,689.9

—

262.5

169.2

10,121.6

Initial consolidation of funds

3,806.6

4.6

—

3,811.2

Borrowings

2.0

—

2.0

Paydowns

(1,072.3

)

—

(260.0

)

(11.4

)

(1,343.7

)

Sales

—

(1.0

)

—

(1.0

)

Realized and unrealized (gains) losses, net

618.1

14.5

(2.5

)

13.1

643.2

Balance, end of period

13,044.3

18.1

—

170.9

13,233.3

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

630.4

(24.8

)

—

10.3

615.9


	Financial Liabilities Three Months Ended September 30, 2011
	Loans Payable of Consolidated Funds			Derivative Instruments of Consolidated Funds			Subordinated Loan Payable to Affiliate		Contingent Consideration			Total
Balance, beginning of period	$	10,425.3		$	3.2		$	511.7	$	103.3		$	11,043.5
Initial consolidation of funds		453.0			—			—		—			453.0
Contingent consideration from acquisitions		—			—			—		75.9			75.9
Borrowings		501.3			—			—		—			501.3
Paydowns		(539.3	)		—			—		(5.2	)		(544.5	)
Sales		—			(3.0	)		—		—			(3.0	)
Realized and unrealized (gains) losses, net		(741.4	)		—			8.3		1.5			(731.6	)

Balance, end of period	$	10,098.9		$	0.2		$	520.0	$	175.5		$	10,794.6

Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$	(577.3	)	$	(1.3	)	$	8.3	$	0.2		$	(570.1	)


	Financial Liabilities Nine Months Ended September 30, 2011
	Loans Payable of Consolidated Funds			Derivative Instruments of Consolidated Funds			Subordinated Loan Payable to Affiliate		Contingent Consideration			Total
Balance, beginning of period	$	10,418.5		$	1.9		$	494.0	$	95.0		$	11,009.4
Initial consolidation of funds		453.0			—			—		—			453.0
Contingent consideration from acquisitions		—			—			—		75.9			75.9
Borrowings		510.5			—			—		—			510.5
Paydowns		(1,517.7	)		(0.1	)		—		(5.2	)		(1,523.0	)
Sales		—			(3.0	)		—		—			(3.0	)
Realized and unrealized losses, net		234.6			1.4			26.0		9.8			271.8

Balance, end of period	$	10,098.9		$	0.2		$	520.0	$	175.5		$	10,794.6

Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$	44.2		$	(0.1	)	$	26.0	$	3.1		$	73.2

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

The following table summarizes quantitative information about the Partnership’s Level III inputs as of September 30, 2012:


(Dollars in millions)	Fair Value at September 30, 2012		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
Assets
Investments of Consolidated Funds:
Equity securities	$	2,389.9	Comparable Multiple	LTM EBITDA Multiple	5.6x -13.5x (9.3x)
		53.1	Comparable Multiple	Price Earnings Multiple	(12.1x)
		15.4	Comparable Multiple	Book Value Multiple	(1.0x)
		60.8	Consensus Pricing	Indicative Quotes ($ per Share)	($19)
		53.4	Discounted Cash Flow	Discount Rate	9% -15% (11%)
				Exit Cap Rate	6% -8% (7%)
Bonds		810.2	Consensus Pricing	Indicative Quotes (% of Par)	(90)
Loans		12,493.4	Consensus Pricing	Indicative Quotes (% of Par)	(94)
		342.6	Discounted Cash Flow	Discount Rate	7% -25% (10%)
Partnership and LLC interests		4,203.9	NAV of Underlying Fund⁽¹⁾	N/A	N/A
Other		10.4	Counterparty Pricing	Indicative Quotes (% of Notional Amount)	(5)

	$	20,433.1
Trading securities and other		12.2	Dealer Pricing	Indicative Quotes (% of Par)	(81)
		6.2	Comparable Multiple	LTM EBITDA Multiple	(5.7x)
		2.7	Discounted Cash Flow	Discount Rate	(7%)

Total	$	20,454.2

Liabilities
Loans payable of Consolidated Funds
Senior secured notes		12,139.7	Discounted Cash Flow with Consensus Pricing	Discount Rates	(5%)
				Default Rates	(3%)
				Recovery Rates	(66%)
				Indicative Quotes (% of Par)	(90)
Subordinated notes and preferred shares		903.5	Discounted Cash Flow with Consensus Pricing	Discount Rates	(27%)
				Default Rates	(3%)
				Recovery Rates	(67%)
				Indicative Quotes (% of Par)	(45)
Combination notes		1.1	Consensus Pricing	Indicative Quotes (% of Par)	(95)
Derivative instruments of Consolidated Funds		18.1	Counterparty Pricing	Indicative Quotes (% of Notional Amount)	(6)
Contingent consideration⁽²⁾		170.9	Discounted Cash Flow	Assumed % of Total Potential Contingent Payments	37% -100% (83%)
				Discount Rate	5% -25% (21%)

Total	$	13,233.3

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

(2)	Related to contingent cash and equity consideration associated with the acquisitions of Claren Road, AlpInvest and ESG (see Note 3).

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

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

The significant unobservable inputs used in the fair value measurement of the Partnership’s other investments of Consolidated Funds and derivative instruments of Consolidated Funds are primarily indicative quotes. A significant decrease in this input in isolation would result in a significantly lower fair value measurement.

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

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

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

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 3, 10, 14, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15C, 15D

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32, 33, 34

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 21

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13537-108611

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 133

-Paragraph 44A, 44B

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 16

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13504-108611

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15B

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 17-22, 27, 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15A

-Subparagraph a-d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Accrued Performance Fees

9 Months Ended

Sep. 30, 2012

Accrued Performance Fees

5. Accrued Performance Fees

The components of accrued performance fees are as follows:


	As of
	September 30, 2012		December 31, 2011
	(Dollars in millions)
Corporate Private Equity	$	1,632.4	$	1,599.2
Global Market Strategies		72.4		170.0
Real Assets		263.4		270.9
Fund of Funds Solutions		184.8		149.0

Total	$	2,153.0	$	2,189.1

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


	As of
	September 30, 2012			December 31, 2011
	(Dollars in millions)
Corporate Private Equity	$	(26.1	)	$	(77.8	)
Global Market Strategies		(2.4	)		(1.2	)
Real Assets		(57.6	)		(57.5	)

Total	$	(86.1	)	$	(136.5	)

Performance Fees

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012		2011
	(Dollars in millions)
Corporate Private Equity	$	350.8		$	(454.1	)	$	597.7	$	509.7
Global Market Strategies		3.9			19.2			56.3		143.7
Real Assets		3.2			(49.1	)		78.3		83.0
Fund of Funds Solutions		(1.6	)		0.1			44.4		0.1

Total	$	356.3		$	(483.9	)	$	776.7	$	736.5

Approximately 62% and 55% of accrued performance fees at September 30, 2012 and December 31, 2011, respectively, are related to Carlyle Asia Partners II, L.P., Carlyle Partners IV, L.P. and Carlyle Partners V, L.P., three of the Partnership’s Corporate Private Equity funds. Performance fees from these funds were gains of $311.5 million and losses of $275.5 million of total performance fees for the three months ended September 30, 2012 and 2011, respectively, and gains of $500.5 million and $593.5 million of total performance fees for the nine months ended September 30, 2012 and 2011, respectively. Total revenues recognized from Carlyle Asia Partners II, L.P., Carlyle Partners IV, L.P. and Carlyle Partners V, L.P. were $119.5 million, $92.5 million and $161.8 million, respectively, for the three months ended September 30, 2012, and $131.4 million, $230.1 million and $321.2 million, respectively, for the nine months ended September 30, 2012.

Investments

9 Months Ended

Sep. 30, 2012

Investments

6. Investments

Investments consist of the following:


	As of
	September 30, 2012		December 31, 2011
	(Dollars in millions)
Equity method investments, excluding accrued performance fees		384.1	$	419.9
Trading securities and other investments		26.4		35.0

Total investments	$	410.5	$	454.9

Equity-Method Investments

The Partnership holds investments in its unconsolidated funds, typically as general partner interests, which are accounted for under the equity method. Investments are related to the following segments:


	As of
	September 30, 2012		December 31, 2011
	(Dollars in millions)
Corporate Private Equity	$	183.5	$	238.5
Global Market Strategies		16.2		11.9
Real Assets		184.4		169.5

Total	$	384.1	$	419.9

The Partnership’s equity method investments include its fund investments in Corporate Private Equity, Global Market Strategies and Real Assets, which are not consolidated but in which Carlyle exerts significant influence. The summarized financial information of the Partnership’s equity method investees is as follows (Dollars in millions):


	Corporate Private Equity					Global Market Strategies						Real Assets					Aggregate Totals
	For the Three Months Ended September 30,					For the Three Months Ended September 30,						For the Three Months Ended September 30,					For the Three Months Ended September 30,
	2012		2011			2012			2011			2012		2011			2012		2011
Statement of income information
Investment Income	$	308.6	$	55.6		$	41.5		$	25.8		$	88.2	$	81.9		$	438.3	$	163.3
Expenses		142.4		100.8			15.7			9.5			80.8		106.6			238.9		216.9

Net investment income (loss)		166.2		(45.2	)		25.8			16.3			7.4		(24.7	)		199.4		(53.6	)
Net realized and unrealized gain (loss)		1,673.8		(2,512.2	)		(6.7	)		(293.5	)		85.5		(475.5	)		1,752.6		(3,281.2	)

Net (loss) income	$	1,840.0	$	(2,557.4	)	$	19.1		$	(277.2	)	$	92.9	$	(500.2	)	$	1,952.0	$	(3,334.8	)


	Corporate Private Equity					Global Market Strategies				Real Assets				Aggregate Totals
	For the Nine Months Ended September 30,					For the Nine Months Ended September 30,				For the Nine Months Ended September 30,				For the Nine Months Ended September 30,
	2012		2011			2012		2011		2012		2011		2012		2011
Statement of income information
Investment Income	$	624.5	$	253.7		$	114.6	$	90.2	$	331.3	$	393.3	$	1,070.4	$	737.2
Expenses		392.8		368.0			43.0		30.9		292.4		299.2		728.2		698.1

Net investment income (loss)		231.7		(114.3	)		71.6		59.3		38.9		94.1		342.2		39.1
Net realized and unrealized gain		3,868.3		2,583.3			218.2		19.1		1,226.7		1,063.3		5,313.2		3,665.7

Net income	$	4,100.0	$	2,469.0		$	289.8	$	78.4	$	1,265.6	$	1,157.4	$	5,655.4	$	3,704.8


	Corporate Private Equity				Global Market Strategies				Real Assets				Aggregate Totals
	As of				As of				As of				As of
	September 30, 2012		December 31, 2011		September 30, 2012		December 31, 2011		September 30, 2012		December 31, 2011		September 30, 2012		December 31, 2011
Balance sheet information
Investments	$	35,500.4	$	36,517.6	$	2,118.7	$	1,936.2	$	22,312.7	$	20,952.4	$	59,931.8	$	59,406.2
Total assets	$	37,871.4	$	37,729.7	$	2,305.9	$	2,224.3	$	23,186.5	$	21,860.3	$	63,363.8	$	61,814.3
Debt	$	55.9	$	79.9	$	1.2	$	64.0	$	1,546.6	$	1,978.1	$	1,603.7	$	2,122.0
Other liabilities	$	333.7	$	278.7	$	70.0	$	116.0	$	376.7	$	260.9	$	780.4	$	655.6
Total liabilities	$	389.6	$	358.6	$	71.2	$	180.0	$	1,923.3	$	2,239.0	$	2,384.1	$	2,777.6
Partners’ capital	$	37,481.8	$	37,371.1	$	2,234.7	$	2,044.3	$	21,263.2	$	19,621.3	$	60,979.7	$	59,036.7

Investment Income

The components of investment income are as follows:


	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2012		2011			2012			2011
	(Dollars in millions)
Income (loss) from equity investments	$	9.6	$	(8.9	)	$	35.6		$	51.7
Income from trading securities		0.5		3.8			5.1			4.7
Other investment income (loss)		0.1		(0.3	)		(2.0	)		0.2

Total	$	10.2	$	(5.4	)	$	38.7		$	56.6

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


	Three Months Ended September 30,					Nine Months Ended September 30,
	2012		2011			2012		2011
	(Dollars in millions)
Corporate Private Equity	$	5.7	$	(12.4	)	$	27.8	$	40.0
Global Market Strategies		—		(0.3	)		1.0		0.6
Real Assets		3.9		3.8			6.8		11.1

Total	$	9.6	$	(8.9	)	$	35.6	$	51.7

Trading Securities and Other Investments

Trading securities and other investments as of September 30, 2012 and December 31, 2011 primarily consisted of $26.4 million and $35.0 million, respectively, of investments in corporate mezzanine securities and bonds.

Investments of Consolidated Funds

On March 30, 2012, June 28, 2012 and September 28, 2012, the Partnership formed three new CLOs. The Partnership has concluded that these CLOs are VIEs and the Partnership is the primary beneficiary. As a result, the Partnership consolidated the financial positions and results of operations of the CLOs into its condensed consolidated financial statements beginning on their respective formation dates. As of September 30, 2012, the total assets of these CLOs included in the Partnership’s condensed consolidated financial statements were approximately $2.1 billion.

Also, commencing with the issuance of credit support to CEREP I in July 2012, CEREP I became a VIE and the Partnership became its primary beneficiary (see Note 11). Accordingly, as of that date, the Partnership began to consolidate the fund into its condensed consolidated financial statements. As of September 30, 2012, this fund reported total assets of $61.0 million, total liabilities of $65.7 million and a deficit in partners’ capital of $4.7 million.

The following table presents a summary of the investments held by the Consolidated Funds. Investments held by the Consolidated Funds do not represent the investments of all Carlyle sponsored funds. The table below presents investments as a percentage of investments of Consolidated Funds:


	Fair Value				Percentage of Investments of Consolidated Funds
Geographic Region/Instrument Type/ Industry Description or Investment Strategy	September 30, 2012		December 31, 2011		September 30, 2012			December 31, 2011
	(Dollars in millions)
United States
Equity securities:
Accommodation and Food Services	$	33.6	$	106.1		0.14	%		0.54	%
Administrative Support, Waste Management, Remediation Services		399.7		3.7		1.67	%		0.02	%
Aerospace and defense		—		53.2		—			0.27	%
Finance and Insurance		45.5		44.3		0.19	%		0.23	%
Health Care and Social Assistance		46.4		31.8		0.19	%		0.16	%
Information		94.1		48.0		0.39	%		0.25	%
Manufacturing		322.4		412.7		1.34	%		2.12	%
Professional, Scientific, Technical Services		550.0		500.0		2.29	%		2.56	%
Retail Trade		105.4		147.1		0.44	%		0.75	%
Wholesale Trade		109.2		17.9		0.46	%		0.09	%
Other		68.4		117.5		0.29	%		0.60	%

Total equity securities (cost of $1,883.1 and $2,160.6 at September 30, 2012 and December 31, 2011, respectively)		1,774.7		1,482.3		7.40	%		7.59	%
Partnership and LLC interests:
Fund investments		2,797.5		2,701.0		11.66	%		13.85	%

Total Partnership and LLC interests (cost of $2,481.0 and $2,593.5 at September 30, 2012 and December 31, 2011, respectively)		2,797.5		2,701.0		11.66	%		13.85	%
Loans:
Administrative Support, Waste Management, Remediation Services		31.2		60.6		0.13	%		0.31	%
Finance and Insurance		46.3		—		0.19	%		—
Manufacturing		69.4		65.0		0.29	%		0.33	%
Professional, Scientific, Technical Services		101.0		81.1		0.42	%		0.42	%
Wholesale Trade		71.8		48.2		0.30	%		0.25	%
Other		16.6		81.7		0.07	%		0.42	%

Total loans (cost of $378.5 and $361.4 at September 30, 2012 and December 31, 2011, respectively)		336.3		336.6		1.40	%		1.73	%
Total investment in Hedge Funds		2,729.2		1,929.1		11.37	%		9.89	%
Assets of the CLOs
Bonds		266.0		247.7		1.11	%		1.27	%
Equity		57.3		25.3		0.24	%		0.13	%
Loans		7,846.4		6,911.6		32.70	%		35.43	%
Other		—		0.1		0.00	%		0.00	%

Total assets of the CLOs (cost of $8,208.8 and $7,446.8 at September 30, 2012 and December 31, 2011, respectively)		8,169.7		7,184.7		34.05	%		36.83	%

Total United States	$	15,807.4	$	13,633.7		65.88	%		69.89	%


	Fair Value				Percentage of Investments of Consolidated Funds
Geographic Region/Instrument Type/ Industry Description or Investment Strategy	September 30, 2012		December 31, 2011		September 30, 2012			December 31, 2011
	(Dollars in millions)
Canada
Equity securities:
Manufacturing	$	2.0	$	2.9		0.01	%		0.01	%
Transportation and Warehousing		—		2.9		0.00	%		0.02	%

Total equity securities (cost of $0 and $6.1 at September 30, 2012 and December 31, 2011, respectively)		2.0		5.8		0.01	%		0.03	%
Partnership and LLC interests:
Fund Investments		38.2		45.0		0.16	%		0.23	%

Total Partnership and LLC interests (cost of $101.2 and $112.0 at September 30, 2012 and December 31, 2011, respectively)		38.2		45.0		0.16	%		0.23	%
Loans:
Transportation and Warehousing		4.5		8.0		0.02	%		0.04	%

Total loans (cost of $14.9 and $9.5 at September 30, 2012 and December 31, 2011, respectively)		4.5		8.0		0.02	%		0.04	%
Assets of the CLOs
Bonds		9.1		15.8		0.04	%		0.08	%
Loans		206.7		228.5		0.86	%		1.17	%

Total assets of the CLOs (cost of $214.1 and $247.1 at September 30, 2012 and December 31, 2011, respectively)		215.8		244.3		0.90	%		1.25	%

Total Canada	$	260.5	$	303.1		1.09	%		1.55	%

Europe
Equity securities:
Administrative Support, Waste Management, Remediation Services	$	106.5	$	104.4		0.44	%		0.53	%
Health Care and Social Assistance		77.7		13.2		0.32	%		0.07	%
Information		91.7		88.1		0.38	%		0.45	%
Manufacturing		448.7		389.2		1.87	%		2.00	%
Retail Trade		368.6		95.4		1.54	%		0.49	%
Wholesale Trade		100.5		62.8		0.42	%		0.32	%
Other		215.0		93.7		0.90	%		0.48	%

Total equity securities (cost of $1,647.6 and $1,249.3 at September 30, 2012 and December 31, 2011, respectively)		1,408.7		846.8		5.87	%		4.34	%
Partnership and LLC interests:
Fund investments		898.1		976.9		3.74	%		5.01	%

Total Partnership and LLC interests (cost of $949.7 and $1,052.6 at September 30, 2012 and December 31, 2011, respectively)		898.1		976.9		3.74	%		5.01	%


	Fair Value				Percentage of Investments of Consolidated Funds
Geographic Region/Instrument Type/ Industry Description or Investment Strategy	September 30, 2012		December 31, 2011		September 30, 2012			December 31, 2011
	(Dollars in millions)
Europe
Loans:
Manufacturing		1.8		158.2		0.01	%		0.81	%
Other		—		135.1		0.00	%		0.69	%

Total loans (cost of $0 and $413.3 at September 30, 2012 and December 31, 2011, respectively)		1.8		293.3		0.01	%		1.50	%
Assets of the CLOs
Bonds		524.3		288.6		2.18	%		1.48	%
Equity		4.9		12.5		0.02	%		0.06	%
Loans		4,414.2		2,577.2		18.40	%		13.21	%
Other		10.4		20.7		0.04	%		0.11	%

Total assets of the CLOs (cost of $5,430.4 and $3,345.2 at September 30, 2012 and December 31, 2011, respectively)		4,953.8		2,899.0		20.64	%		14.86	%

Total Europe	$	7,262.4	$	5,016.0		30.26	%		25.71	%

Australia
Assets of the CLOs
Bonds	$	10.9	$	4.9		0.05	%		0.03	%

Total assets of the CLOs (cost of $11.2 and $5.0 at September 30, 2012 and December 31, 2011, respectively)		10.9		4.9		0.05	%		0.03	%

Total Australia	$	10.9	$	4.9		0.05	%		0.03	%

Singapore
Assets of the CLOs
Loans	$	26.0	$	—		0.10	%		0.00	%

Total assets of the CLOs (cost of $25.6 at September 30, 2012)		26.0		—		0.10	%		0.00	%

Total Singapore	$	26.0	$	—		0.10	%		0.00	%

Global
Equity securities:
Manufacturing	$	157.4	$	73.9		0.66	%		0.38	%

Total equity securities (cost of $86.9 and $85.3 at September 30, 2012 and December 31, 2011, respectively)		157.4		73.9		0.66	%		0.38	%
Partnership and LLC interests:
Fund investments		470.1		475.7		1.96	%		2.44	%

Total Partnership and LLC interests (cost of $403.9 and $427.2 at September 30, 2012 and December 31, 2011, respectively)		470.1		475.7		1.96	%		2.44	%

Total Global	$	627.5	$	549.6		2.62	%		2.82	%

Total investments of Consolidated Funds (cost of $21,836.9 and $19,514.9 at September 30, 2012 and December 31, 2011, respectively)	$	23,994.7	$	19,507.3		100.00	%		100.00	%

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				Nine Months Ended
	September 30,				September 30,
	2012		2011		2012		2011
			(Dollars in millions)
Interest income from investments	$	208.4	$	163.5	$	578.3	$	436.2
Other income		39.3		27.7		100.1		85.4

Total	$	247.7	$	191.2	$	678.4	$	521.6

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						Nine Months Ended
	September 30,						September 30,
	2012			2011			2012			2011
				(Dollars in millions)
Gains (losses) from investments of Consolidated Funds	$	802.2		$	(889.6	)	$	2,410.9		$	(472.1	)
Gains (losses) from liabilities of CLOs		(354.0	)		546.9			(706.5	)		(149.2	)
Gains on other assets of CLOs		0.7			1.5			3.2			3.1

Total	$	448.9		$	(341.2	)	$	1,707.6		$	(618.2	)

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


	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2012		2011			2012		2011
			(Dollars in millions)
Realized gains	$	96.4	$	330.9		$	557.7	$	474.0
Net change in unrealized gains (losses)		705.8		(1,220.5	)		1,853.2		(946.1	)

Total	$	802.2	$	(889.6	)	$	2,410.9	$	(472.1	)

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

+ References+ Details

Non-controlling Interests in Consolidated Entities

9 Months Ended

Sep. 30, 2012

Non-controlling Interests in Consolidated Entities

7. Non-controlling Interests in Consolidated Entities

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


	As of
	September 30, 2012		December 31, 2011
	(Dollars in millions)
Non-Carlyle interests in Consolidated Funds	$	7,879.5	$	7,290.6
Non-Carlyle interests in majority-owned subsidiaries		242.5		159.4
Non-controlling interest in AlpInvest		33.9		40.2
Non-controlling interest in carried interest and cash held for carried interest distributions		44.1		6.0

Non-controlling interests in consolidated entities	$	8,200.0	$	7,496.2

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
	(Dollars in millions)
Non-Carlyle interests in Consolidated Funds	$	616.5		$	(301.6	)	$	1,940.5		$	(254.0	)
Non-Carlyle interests in majority-owned subsidiaries		(0.8	)		(4.1	)		9.6			15.8
Non-controlling interest in carried interest and cash held for carried interest distributions		36.5			4.2			1.9			6.5

Net income (loss) attributable to other non-controlling interests in consolidated entities		652.2			(301.5	)		1,952.0			(231.7	)
Net income (loss) attributable to equity appropriated for CLOs		(148.4	)		(22.9	)		(216.2	)		(349.4	)
Net income (loss) attributable to redeemable non-controlling interests in consolidated entities		(18.4	)		42.1			(27.6	)		107.7

Non-controlling interests in income (loss) of consolidated entities	$	485.4		$	(282.3	)	$	1,708.2		$	(473.4	)

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

- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

+ References+ Details

Fixed Assets, Net

9 Months Ended

Sep. 30, 2012

Fixed Assets, Net

8. Fixed Assets, Net

The components of the Partnership’s fixed assets are as follows:


	As of
	September 30, 2012			December 31, 2011
	(Dollars in millions)
Furniture, fixtures and equipment	$	35.2		$	37.4
Computer hardware and software		103.3			94.8
Leasehold improvements		59.2			49.1

Total fixed assets		197.7			181.3
Less: accumulated depreciation		(134.8	)		(128.6	)

Net fixed assets	$	62.9		$	52.7

Depreciation and amortization expense of $6.1 million and $6.7 million for the three months ended September 30, 2012 and 2011, respectively, and $15.9 million and $18.7 million for the nine months ended September 30, 2012 and 2011, respectively, is included in general, administrative and other expenses in the condensed consolidated statements of operations.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details

Loans Payable

9 Months Ended

Sep. 30, 2012

Loans Payable

9. Loans Payable

Senior Secured Credit Facility

At December 31, 2011, the Partnership had in place a senior secured credit facility with certain financial institutions under which it could borrow up to $500.0 million in a term loan and $750.0 million in a revolving credit facility. The term loan and revolving credit facility was scheduled to mature on September 30, 2016. As of December 31, 2011, $500.0 million was outstanding under the term loan and $310.9 million was outstanding under the revolving credit facility. On May 9, 2012, the senior secured credit facility was replaced by the new senior credit facility (discussed below).

Senior Credit Facility

On December 13, 2011, the Partnership entered into a new senior credit facility, which became operative on May 9, 2012. The new senior credit facility replaced the pre-existing senior secured credit facility and amounts borrowed under the pre-existing senior secured credit facility were deemed to have been repaid by borrowings in like amounts under the new senior credit facility. Accordingly, the Partnership is no longer subject to the financial and other covenants of the pre-existing senior secured credit facility.

The new senior credit facility includes $500.0 million in a term loan and $750.0 million in a revolving credit facility. The term loan and revolving credit facility mature on September 30, 2016. Principal amounts outstanding under the new term loan and revolving credit facility will accrue interest, at the option of the borrowers, either (a) at an alternate base rate plus an applicable margin not to exceed 0.75%, or (b) at LIBOR plus an applicable margin not to exceed 1.75% (1.25% at September 30, 2012). As of September 30, 2012, $500.0 million was outstanding under the term loan. Outstanding principal amounts under the term loan are payable quarterly beginning in September 2014 as follows (Dollars in millions):


2014	$	75.0
2015		175.0
2016		250.0

	$	500.0

As of September 30, 2012, no amounts were outstanding under the revolving credit facility. The outstanding balance on the revolving credit facility of the pre-existing senior secured credit facility of $618.1 million as of May 8, 2012 was repaid with proceeds from the Partnership’s initial public offering.

The new senior credit facility is unsecured. The Partnership is required to maintain management fee earning assets (as defined in the new senior credit facility) of at least $53.0 billion plus 70% of any future acquired assets under management and a total debt leverage ratio of less than 3.0 to 1.0, in each case, tested on a quarterly basis. The Partnership is no longer subject to a senior debt leverage ratio or a minimum interest coverage ratio. Non-compliance with any of the financial or nonfinancial covenants without cure or waiver would constitute an event of default under the senior credit facility. An event of default resulting from a breach of certain financial or non-financial covenants may result, at the option of the lenders, in an acceleration of the principal and interest outstanding, and a termination of the revolving credit facility. The senior credit facility also contains other customary events of default, including defaults based on events of bankruptcy and insolvency, nonpayment of principal, interest or fees when due, breach of specified covenants, change in control and material inaccuracy of representations and warranties.

Total interest expense under the new senior credit facility and the pre-existing senior secured credit facility was $4.0 million and $5.2 million for the three months ended September 30, 2012 and 2011, respectively, and $16.4 million and $15.5 million for the nine months ended September 30, 2012 and 2011, respectively. The fair value of the outstanding balances of the term loan and revolving credit facility at September 30, 2012 and December 31, 2011 approximated par value.

The Partnership is subject to interest rate risk associated with its variable rate debt financing. To manage this risk, the Partnership entered into an interest rate swap in March 2008 to fix the base LIBOR interest rate on approximately 33% of the $725.0 million in term loan borrowings at 3.319%. The interest rate swap had an initial notional amount of $239.2 million and amortizes through August 20, 2013 (the swap’s maturity date) as the related term loan borrowings are repaid. This instrument was designated as a cash flow hedge and remains in place after the new senior credit facility became operative on May 9, 2012.

In December 2011, the Partnership entered into a second interest rate swap to fix the base LIBOR interest rate at 1.082% on the remaining term loan borrowings not hedged by the March 2008 interest rate swap. This interest rate swap matures on September 30, 2016, which coincides with the maturity of the term loan. This instrument has been designated as a cash flow hedge and remains in place after the new senior credit facility became operative on May 9, 2012.

The effective portion of losses related to change in the fair value of the swaps were $3.2 million and $0.3 million for the three months ended September 30, 2012 and 2011, respectively, and $10.1 million and $1.4 million for the nine months ended September 30, 2012 and 2011, respectively. The ineffective portion of losses recognized in earnings were not significant for any period presented. The balance in accumulated other comprehensive loss related to these cash flow hedges will be reclassified into earnings as interest expense is recognized. As of September 30, 2012, approximately $7.0 million of the accumulated other comprehensive loss related to these cash flow hedges is expected to be recognized as a decrease to income from continuing operations over the next twelve months.

Other Loans

As part of the Claren Road acquisition, the Partnership entered into a loan agreement for $47.5 million. The loan was scheduled to mature on December 31, 2015 and interest was payable semi-annually at an adjustable annual rate, currently 6.0%. The outstanding balance on the Claren Road loan of $40.0 million was repaid with proceeds from the Partnership’s initial public offering on May 8, 2012. Total interest expense was not significant for the three months and nine months ended September 30, 2012 and 2011.

Also in connection with the Claren Road acquisition, Claren Road entered into a loan agreement with a financial institution for $50.0 million. The loan was scheduled to mature on January 3, 2017 and interest was payable quarterly, commencing March 31, 2011 at an annual rate of 8.0%. The remaining principal balance outstanding of $10.0 million was repaid in the first quarter of 2012. Total interest expense was not significant for the three months and nine months ended September 30, 2012 and 2011.

Debt Covenants

The Partnership is subject to various financial covenants under its loan agreements including among other items, maintenance of a minimum amount of management fee earning assets. The Partnership is also subject to various non-financial covenants under its loan agreements. The Partnership was in compliance with all financial and non-financial covenants under its various loan agreements as of September 30, 2012.

Subordinated Loan Payable to Affiliate

In December 2010, the Partnership received net cash proceeds of $494.0 million from Mubadala in exchange for $500.0 million in subordinated notes and a 2% equity interest in the Former Parent Entities. Interest on the notes was payable semi-annually, commencing June 30, 2011 at a rate of 7.25% per annum to the extent paid in cash or 7.5% per annum to the extent paid by issuing payment-in-kind notes. In October 2011, the Partnership borrowed $265.5 million under its revolving credit facility to redeem $250.0 million aggregate principal amount of the subordinated notes for a redemption price of $260.0 million, representing a 4% premium, plus accrued interest of approximately $5.5 million. In March 2012, the Partnership borrowed $263.1 million under its revolving credit facility to redeem all of the remaining $250.0 million aggregate principal amount of the subordinated notes held by Mubadala for a redemption price of $260.0 million, representing a 4% premium, plus accrued interest of approximately $3.1 million.

Total interest expense on the subordinated notes was $9.1 million and $28.1 million for the three months and nine months ended September 30, 2011, respectively. Total interest expense was $3.1 million for the nine months ended September 30, 2012.

Loans Payable of Consolidated Funds

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

As of September 30, 2012 and December 31, 2011, the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions):

As of September 30, 2012

Borrowing
Outstanding

Fair Value

Weighted
Average Interest
Rate

Weighted Average
Remaining
Maturity in Years

Senior secured notes

13,320.0

12,139.6

1.46

8.86

Subordinated notes, Income notes and Preferred shares

797.2

903.6

N/A

(a)

8.35

Combination notes

0.6

1.1

N/A

(b)

9.06

Total

14,117.8

13,044.3

As of December 31, 2011

Borrowing
Outstanding

Fair Value

Weighted
Average Interest
Rate

Weighted Average
Remaining
Maturity in Years

Senior secured notes

10,291.2

9,010.7

1.44

8.85

Subordinated notes, Income notes and Preferred shares

417.3

670.7

N/A

(a)

8.54

Combination notes

9.9

8.5

N/A

(b)

9.92

Total

10,718.4

9,689.9

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

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

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 September 30, 2012 and December 31, 2011, the fair value of the CLO assets was $14.9 billion and $11.0 billion, respectively. Included in loans payable of the CLOs at December 31, 2011 were loan revolvers (the “APEX Revolvers”), which the CLOs entered into with financial institutions on their respective closing dates. As of September 30, 2012, the APEX revolvers have been terminated. The APEX Revolvers provided credit enhancement to the securities issued by the CLOs by allowing the CLOs to draw down on the revolvers in order to offset a certain level of principal losses upon any default of the investment assets held by that CLO. There was no outstanding principal amount borrowed under the APEX Revolvers as of December 31, 2011.

Certain CLOs entered into liquidity facility agreements with various liquidity facility providers on or about the various closing dates of the applicable CLO in order to fund payments of interest when there are insufficient funds available. The proceeds from such draw-downs are used for payments of interest at each interest payment date and the acquisition or exercise of an option or warrant as part of any collateral enhancement obligation. The liquidity facilities in aggregate allow for a maximum borrowing of $22.9 million and bear weighted average interest at EURIBOR plus 0.38% per annum (1.37% at September 30, 2012). Amounts borrowed under the liquidity facilities are repaid based on cash flows available subject to priority of payments under each CLO’s governing documents. There was $5.8 million outstanding under the liquidity facility as of September 30, 2012. There were no borrowings outstanding under the liquidity facility as of December 31, 2011.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

Accrued Compensation and Benefits

9 Months Ended

Sep. 30, 2012

Accrued Compensation and Benefits

10. Accrued Compensation and Benefits

Accrued compensation and benefits consist of the following:


	As of
	September 30, 2012		December 31, 2011
	(Dollars in millions)
Accrued performance fee-related compensation	$	866.9	$	314.1
Accrued bonuses		271.6		222.4
Other		164.2		41.4

Total	$	1,302.7	$	577.9

Commitments and Contingencies

9 Months Ended

Sep. 30, 2012

Commitments and Contingencies

11. Commitments and Contingencies

Capital Commitments

The Partnership and its unconsolidated affiliates have unfunded commitments to entities within the following segments as of September 30, 2012 (Dollars in millions):


	Unfunded Commitments
Corporate Private Equity	$	1,728.6
Global Market Strategies		117.9
Real Assets		217.1

	$	2,063.6

Of the $2.06 billion of unfunded commitments, approximately $1.93 billion is subscribed individually by senior Carlyle professionals, operating executives and other professionals, with the balance funded directly by the Partnership. In addition to these unfunded commitments, the Partnership may from time to time exercise its right to purchase additional interests in its investment funds that become available in the ordinary course of their operations.

Guaranteed Loans

On August 4, 2001, the Partnership entered into an agreement with a financial institution pursuant to which the Partnership is the guarantor on a credit facility for eligible employees investing in Carlyle sponsored funds. This credit facility renews on an annual basis, allowing for annual incremental borrowings up to an aggregate of $16.1 million, and accrues interest at the lower of the prime rate, as defined, or three-month LIBOR plus 2%, reset quarterly (3.36% weighted-average rate at September 30, 2012). As of September 30, 2012 and December 31, 2011, approximately $11.9 million and $14.3 million, respectively, was outstanding under the credit facility and payable by the employees. The amount funded by the Partnership under this guarantee as of September 30, 2012 was not material. The Partnership believes the likelihood of any material funding under this guarantee to be remote. The fair value of this guarantee is not significant to the condensed consolidated financial statements.

Other Guarantees

The Partnership has guaranteed payment of giveback obligations, if any, related to one of its corporate private equity funds to the extent the amount of funds reserved for potential giveback obligations is not sufficient to fulfill such obligations. At September 30, 2012 and December 31, 2011, $12.9 million and $13.6 million, respectively, was held in an escrow account and the Partnership believes the likelihood of any material fundings under this guarantee to be remote.

Contingent Obligations (Giveback)

A liability for potential repayment of previously received performance fees of $86.1 million at September 30, 2012, is shown as accrued giveback obligations in the condensed consolidated balance sheets, representing the giveback obligation that would need to be paid if the funds were liquidated at their current fair values at September 30, 2012. However, the ultimate giveback obligation, if any, does not become realized until the end of a fund’s life (see Note 2). The Partnership has recorded $33.9 million and $56.5 million, of unbilled receivables from former and current employees and senior Carlyle professionals as of September 30, 2012 and December 31, 2011, respectively, related to giveback obligations, which are included in due from affiliates and other receivables, net in the accompanying condensed consolidated balance sheets. Current and former senior Carlyle professionals and employees are personally responsible for their giveback obligations. The receivables are collateralized by investments made by individual senior Carlyle professionals and employees in Carlyle-sponsored funds. In addition, $315.9 million and $250.8 million have been withheld from distributions of carried interest to senior Carlyle professionals and employees for potential giveback obligations as of September 30, 2012 and December 31, 2011, respectively. Such amounts are held by an entity not included in the accompanying condensed consolidated balance sheets.

If, at September 30, 2012, all of the investments held by the Partnership’s Funds were deemed worthless, a possibility that management views as remote, the amount of realized and distributed carried interest subject to potential giveback would be $1.1 billion, on an after-tax basis where applicable.

Leases

The Partnership leases office space in various countries around the world and maintains its headquarters in Washington, D.C., where it leases its primary office space under a non-cancelable lease agreement expiring on July 31, 2026. Office leases in other locations expire in various years from 2012 through 2020. These leases are accounted for as operating leases. Rent expense was approximately $11.3 million and $12.5 million for the three months ended September 30, 2012 and 2011, respectively, and $35.3 million and $33.5 million for the nine months ended September 30, 2012 and 2011, respectively, and is included in general, administrative and other expenses in the condensed consolidated statements of operations. Included in rent expense are lease termination costs of $(0.6) million and $1.0 million for the three months ended September 30, 2012 and 2011, respectively, and $0.1 million and $3.4 million for the nine months ended September 30, 2012 and 2011.

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


2012	$	12.6
2013		45.9
2014		43.3
2015		38.7
2016		26.8
Thereafter		143.9

	$	311.2

Total minimum rentals to be received in the future under non-cancelable subleases as of September 30, 2012 were $11.7 million.

The Partnership records contractual escalating minimum lease payments on a straight-line basis over the term of the lease. Deferred rent payable under the leases was $26.1 million and $12.9 million as of September 30, 2012 and December 31, 2011, respectively, and is included in accounts payable, accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets.

Legal Matters

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

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

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

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

Second, in November 2009, another CCC investor, National Industries Group (“National Industries”) instituted legal proceedings on similar grounds in Kuwait’s Court of First Instance (National Industries Group v. Carlyle Group) seeking to recover losses incurred in connection with an investment in CCC. In July 2011, the Delaware Court of Chancery issued a decision restraining National Industries from proceeding in Kuwait against Carlyle Investment Management L.L.C. or TC Group, L.L.C., based on the forum selection clause in National Industries’ subscription agreement, which provided for exclusive jurisdiction in the Delaware courts. In September 2011, National Industries reissued its complaint in Kuwait naming CCC only, and reissued its complaint in January 2012 joining Carlyle Investment Management, L.L.C. as a defendant. In August 2012, National Industries filed a motion to vacate the Delaware Court of Chancery’s decision. The Partnership successfully opposed that motion and the Court’s injunction remains in effect. In November 2012, National Industries filed a notice of appeal.

Third, the Guernsey liquidators who took control of CCC in March 2008 filed four suits on July 7, 2010 against the Partnership, certain of its affiliates and the former directors of CCC in the Delaware Chancery Court, the Royal Court of Guernsey, the Superior Court of the District of Columbia and the Supreme Court of New York, New York County, (Carlyle Capital Corporation Limited v. Conway et al.) seeking $1.0 billion in damages. They allege that the Partnership and the CCC board of directors were negligent, grossly negligent or willfully mismanaged the CCC investment program and breached certain fiduciary duties allegedly owed to CCC and its shareholders. The liquidators further allege (among other things) that the directors and the Partnership put the interests of the Partnership ahead of the interests of CCC and its shareholders and gave priority to preserving and enhancing the Partnership’s reputation and its “brand” over the best interests of CCC. In July 2011, the Royal Court of Guernsey held that the case should be litigated in Delaware pursuant to the exclusive jurisdiction clause in the investment management agreement. That ruling was appealed by the liquidators, and in February 2012 was reversed by the Guernsey Court of Appeal, which held that the case should proceed in Guernsey. Defendants’ attempts to appeal to the Privy Council were unsuccessful and the plaintiffs’ case is proceeding in Guernsey. In addition, the liquidators’ lawsuits in New York and the District of Columbia were dismissed in December 2011 without prejudice. The Partnership recognized a loss of $152.3 million in 2008 in connection with the winding up of CCC.

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

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

On February 14, 2008, a private class-action lawsuit challenging “club” bids and other alleged anti-competitive business practices was filed in the U.S. District Court for the District of Massachusetts (Police and Fire Retirement System of the City of Detroit v. Apollo Global Management, LLC). The complaint alleges, among other things, that certain global alternative asset firms, including the Partnership, violated Section 1 of the Sherman Act by forming multi-sponsor consortiums for the purpose of bidding collectively in company buyout transactions in certain going private transactions, which the plaintiffs allege constitutes a “conspiracy in restraint of trade.” The plaintiffs seek damages as provided for in Section 4 of the Clayton Act and an injunction against such conduct in restraint of trade in the future. Arguments on summary judgment of these claims are expected to be held in December 2012.

Other Contingencies

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

During 2006, CEREP I completed a reorganization of several Italian subsidiaries. Certain of those Italian subsidiaries sold various properties located in Italy. The Italian tax authorities issued revised income tax audit reports to certain of those subsidiaries. The tax audit reports proposed to disallow deductions of certain capital losses claimed with respect to the reorganization of the Italian companies. As a result of the disallowance of such deductions, the audit reports proposed to increase the aggregate amount of Italian income tax owed by such subsidiaries by approximately €24.0 million. It is possible that additional penalties also may be proposed and it is possible that the Italian Ministry of Justice could appoint a prosecutor to conduct an investigation.

CEREP I and its subsidiaries are contesting the French tax assessment and intend to contest the proposed Italian income tax adjustments. They are also exploring settlement opportunities. In July 2012, the Partnership provided a guarantee to the French tax authorities as credit support for the €45.7 million tax assessment and in October 2012, placed an additional €4.4 million in escrow, in each case, related to CEREP I. The Partnership expects to incur costs on behalf of CEREP I and its related entities. The Partnership will attempt to recover any amounts advanced or paid from proceeds of subsequent portfolio dispositions by CEREP I. The amount of any unrecoverable costs that may be incurred by the Partnership is not estimable at this time. Commencing with the issuance of the credit support on behalf of CEREP I in July 2012, the Partnership consolidated the fund into its consolidated financial statements (see Note 6). As of September 30, 2012, CEREP I had accrued €50.0 million ($64.4 million as of September 30, 2012) related to this contingency, which is included in other liabilities of Consolidated Funds in the condensed consolidated financial statements.

Indemnifications

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

Risks and Uncertainties

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

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

The funds make investments outside of the United States. Non-U.S. investments are subject to the same risks associated with the Partnership’s U.S. investments as well as additional risks, such as fluctuations in foreign currency exchange rates, unexpected changes in regulatory requirements, heightened risk of political and economic instability, difficulties in managing non-U.S. investments, potentially adverse tax consequences and the burden of complying with a wide variety of foreign laws.

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

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

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

Termination Costs

Employee and office lease termination costs are included in accrued compensation and benefits and accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets as well as general, administrative and other expenses in the condensed consolidated statements of operations. As of September 30, 2012 and December 31, 2011, the accrual for termination costs primarily represents (1) lease obligations associated with closed offices, and (2) severance costs related to terminated employees, which represents management’s estimate of the total amount expected to be incurred. The changes in the accrual for termination costs for the three months and nine months ended September 30, 2012 and 2011 are as follows:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2012			2011			2012			2011
	(Dollars in millions)
Balance, beginning of period	$	16.3		$	23.5		$	15.2		$	23.1
Compensation expense		1.5			1.0			4.9			2.9
Contract termination costs		(0.6	)		1.0			0.1			3.4
Costs paid or settled		(4.4	)		(7.3	)		(7.4	)		(11.2	)

Balance, end of period	$	12.8		$	18.2		$	12.8		$	18.2

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 14

-Paragraph 3

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.25)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 460

-SubTopic 10

-Section 50

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 450

-SubTopic 20

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 440

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 5

-Paragraph 9, 10, 11, 12

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Related Party Transactions

9 Months Ended

Sep. 30, 2012

Related Party Transactions

12. Related Party Transactions

Due from Affiliates and Other Receivables, Net

The Partnership had the following due from affiliates and other receivables at September 30, 2012 and December 31, 2011:


	As of
	September 30,		December 31,
	2012		2011
	(Dollars in millions)
Unbilled receivable for giveback obligations from current and former employees	$	33.9	$	56.5
Notes receivable and accrued interest from affiliates		46.3		56.8
Other receivables from unconsolidated funds and affiliates, net		162.6		173.7

Total	$	242.8	$	287.0

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 8%. The accrued and charged interest to the affiliates was not significant during the three months and nine months ended September 30, 2012 and 2011.

The Partnership has provided loans to certain unconsolidated funds to meet short-term obligations to purchase investments. These notes accrue interest at rates specified in each agreement, ranging from one-month LIBOR plus 2.15% (2.36% at September 30, 2012) to 18%.

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 September 30, 2012 and December 31, 2011:


	As of
	September 30,		December 31,
	2012		2011
	(Dollars in millions)
Due to affiliates of Consolidated Funds	$	39.7	$	37.3
Due to non-consolidated affiliates		40.8		44.4
Contingent consideration related to acquisitions		138.5		—
Amounts owed under the tax receivable agreement		18.3		—
Other		18.4		26.8

Total	$	255.7	$	108.5

The Partnership has recorded obligations for amounts due to certain of its affiliates. The amount owed under the tax receivable agreement is related to the exchange in May 2012 by CalPERS of its Carlyle Holdings partnership units for Partnership common units (see Note 1). The Partnership periodically offsets expenses it has paid on behalf of its affiliates against these obligations. Based on management’s determination, the Partnership accrues and pays interest on the amounts due to affiliates at interest rates up to the prime rate, as defined, plus 2% (5.25% at September 30, 2012). The interest incurred to the affiliates was not significant during the three months and nine months ended September 30, 2012 and 2011.

Distribution of Investments

In conjunction with the reorganization that occurred on May 2, 2012 (see Note 1), on March 31, 2012, the Partnership distributed certain investments in or alongside Carlyle funds that were funded by certain existing and former owners of the Partnership indirectly through the Partnership. These investments, totaling $127.7 million, were distributed by the Partnership so that they are now held directly by such persons and are no longer consolidated in the accompanying condensed consolidated financial statements.

Other Related Party Transactions

In May 2011, the Partnership and its affiliates invested €41.0 million ($52.8 million as of September 30, 2012) and €52.2 million ($67.2 million as of September 30, 2012), respectively, into one of its European real estate funds. The proceeds were used to refinance the fund’s existing loans. The Partnership’s investment is recorded as an equity-method investment.

In the normal course of business, the Partnership has made use of aircraft owned by entities controlled by senior Carlyle professionals. The senior Carlyle professionals paid for their purchases of the aircraft and bear all operating, personnel and maintenance costs associated with their operation for personal use. Payment by the Partnership for the business use of these aircraft by senior Carlyle professionals and other employees is made at market rates, which totaled $2.4 million and $1.1 million for the three months ended September 30, 2012 and 2011, respectively, and $6.1 million and $3.8 million for the nine months ended September 30, 2012 and 2011, respectively. These fees are included in general, administrative, and other expenses in the condensed consolidated statements of operations.

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

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

Substantially all revenue is earned from affiliates of Carlyle.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph b

-Article 3A

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(k))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph k

-Article 4

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 57

-Paragraph 1-4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Derivative Instruments in the CLOs

9 Months Ended

Sep. 30, 2012

Derivative Instruments in the CLOs

13. Derivative Instruments in the CLOs

In the ordinary course of business, the CLOs enter into various types of derivative instruments. Derivative instruments serve as components of the CLOs’ investment strategies and are utilized primarily to structure and manage the risks related to currency, credit and interest exposure. The derivative instruments that the CLOs hold or issue do not qualify for hedge accounting under the accounting standards for derivatives and hedging. The CLOs’ derivative instruments include currency swap contracts, currency options, credit risk swap contracts, and interest rate cap contracts, and are carried at fair value in the Partnership’s condensed consolidated balance sheets.

Certain CLOs purchase put and call options to manage risk from changes in the value of foreign currencies. Certain CLOs entered into currency swap transactions, which represent agreements that obligate two parties to exchange a series of cash flows in different currencies at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset or otherwise determined notional amount. The currency swap transactions are stated at fair value and the difference between cash to be paid and received on swaps is recognized as net investment gains (losses) of Consolidated Funds in the condensed consolidated statements of operations. The fair value of derivative instruments held by the CLOs are recorded in investments of Consolidated Funds in the condensed consolidated balance sheets.

The following table identifies the gross fair value amounts of derivative instruments, which may be offset and presented net in the condensed consolidated balance sheets to the extent that there is a legal right of offset, categorized by the volume of the total notional amounts or number of contracts and by primary underlying risk as of September 30, 2012 and December 31, 2011 (Dollars in millions):

September 30, 2012

Notional
Amount

Fair Value -
Assets

Fair Value -
Liabilities

Currency-related

Cross-currency swap contract(s)

284.8

6.8

(24.9

)

Currency option(s)

180.3

10.4

—

Interest-related

Interest rate cap contract(s)

36.0

—

17.2

(24.9

)


	December 31, 2011
	Notional Amount		Fair Value - Assets		Fair Value - Liabilities
Currency-related
Cross-currency swap contract(s)	$	272.7	$	16.6	$	(5.9	)
Currency option(s)		181.3		10.0		—
Interest-related
Interest rate cap contract(s)		32.0		0.1		—

			$	26.7	$	(5.9	)

The following tables present a summary of net realized and unrealized appreciation (depreciation) on derivative instruments which is included in net investment gains (losses) of Consolidated Funds in the condensed consolidated statements of operations (Dollars in millions):

Three Months Ended September 30, 2012

Nine Months Ended September 30, 2012

Realized
Depreciation

Change in
Unrealized
Depreciation

Total

Realized
Appreciation
(Depreciation)

Change in
Unrealized
Appreciation
(Depreciation)

Total

Currency-related

Cross-currency swap contract(s)

(0.7

)

(1.2

)

(1.9

)

1.1

(24.1

)

(23.0

)

Currency option(s)

—

(1.1

)

(1.1

)

(0.1

)

0.4

0.3

Interest-related

Interest rate swap contract(s)

—

(0.1

)

(0.1

)

—

(0.1

)

(0.1

)

(0.7

)

(2.4

)

(3.1

)

1.0

(23.8

)

(22.8

)


	Three Months Ended September 30, 2011								Nine Months Ended September 30, 2011
	Realized Depreciation			Change in Unrealized Appreciation		Total			Realized Appreciation		Change in Unrealized Appreciation (Depreciation)			Total
Currency-related
Cross-currency swap contract(s)	$	(1.7	)	$	1.3	$	(0.4	)	$	11.1	$	3.7		$	14.8
Currency option(s)		—			—		—			—		(4.9	)		(4.9	)
Credit-related
Credit risk swap contract(s)		—			—		—			—		(0.1	)		(0.1	)
Interest-related
Interest rate cap contract(s)		—			—		—			—		(0.1	)		(0.1	)

	$	(1.7	)	$	1.3	$	(0.4	)	$	11.1	$	(1.4	)	$	9.7

Certain derivative instruments contain provisions which require the CLOs or the counterparty to post collateral if certain conditions are met. Cash received to satisfy these collateral requirements is included in restricted cash and securities of Consolidated Funds (see Note 2) and in other liabilities of Consolidated Funds in the condensed consolidated balance sheets. The Partnership has elected not to offset derivative positions against the fair value of amounts (or amounts that approximate fair value) recognized for the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) under master netting arrangements.

Income Taxes

9 Months Ended

Sep. 30, 2012

Income Taxes

14. Income Taxes

The Partnership had $56.1 million and $18.0 million in deferred tax assets as of September 30, 2012 and December 31, 2011, respectively. These deferred tax assets resulted primarily from the CalPERS exchange (see Note 1) and temporary differences between the financial statement and tax bases of depreciation on fixed assets and accrued bonuses on lower-tier partnerships. The Partnership had deferred tax liabilities of $69.6 million and $48.3 million at September 30, 2012 and December 31, 2011, respectively, which primarily related to the acquisitions of ESG and AlpInvest in 2011 and a deferred tax liability related to outside tax basis difference as a result of the Partnership’s investment in Carlyle Holdings (see Note 1).

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 has recorded a liability for uncertain tax positions of $17.9 million and $17.5 million as of September 30, 2012 and December 31, 2011, respectively, which is reflected in accounts payable, accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets. These balances include $5.5 million and $3.9 million as of September 30, 2012 and December 31, 2011, related to interest and penalties associated with uncertain tax positions. If recognized, the entire amount of uncertain tax positions would be recorded as a reduction in the provision for income taxes. The total expense for interest and penalties related to unrecognized tax benefits amounted to $0.3 million and $0.2 million for the three months ended September 30, 2012 and 2011, respectively, and $0.7 million and $0.9 million for the nine months ended September 30, 2012 and 2011, respectively.

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

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

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 136, 172

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 43, 44, 45, 46, 47, 48, 49

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Earnings Per Common Unit

9 Months Ended

Sep. 30, 2012

Earnings Per Common Unit

15. Earnings Per Common Unit

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

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


	Three Months Ended				For the Period from May 8, 2012
	September 30, 2012				Through September 30, 2012
	Basic		Diluted		Basic		Diluted
The Carlyle Group L.P. weighted-average common units outstanding		43,235,336		43,235,336		42,097,973		42,097,973
Unvested deferred restricted common units		—		2,267,863		—		1,337,163
Contingently issuable Carlyle Holdings Partnership units		—		1,436,552		—		1,436,552
Weighted-average vested Carlyle Holdings partnership units		—		—		—		205,650,944
Unvested Carlyle Holdings partnership units		—		—		—		4,777,828

Weighted-average common units outstanding		43,235,336		46,939,751		42,097,973		255,300,460

The weighted-average common units outstanding of The Carlyle Group L.P. includes vested deferred restricted common units for which issuance of the related common units is deferred until May 2013.

The Partnership applies the treasury stock method to determine the dilutive weighted-average common units represented by the unvested deferred restricted common units.

Included in the determination of dilutive weighted-average common units are contingently issuable Carlyle Holdings partnership units associated with the Claren Road acquisition. For purposes of determining the dilutive weighted-average common units, it is assumed that September 30, 2012 represents the end of the contingency period and the “if-converted” method is applied to the Carlyle Holdings partnership units issuable therefrom.

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

In computing the dilutive effect that the exchange of Carlyle Holdings partnership units would have on earnings per common unit, the Partnership considered that net income available to holders of common units would increase due to the elimination of non-controlling interests in Carlyle Holdings (including any tax impact). Based on these calculations, the incremental 212,814,024 of vested and unvested Carlyle Holdings partnership units for the three months ended September 30, 2012 were antidilutive, and therefore have been excluded. For the period from May 8, 2012 through September 30, 2012, the 205,650,944 and 4,777,828 of vested and unvested Carlyle Holdings partnership units were dilutive. As a result, the net income of non-controlling interests in Carlyle Holdings associated with this assumed exchange of $31.1 million for the period from May 8, 2012 through September 30, 2012 has been included in net income attributable to The Carlyle Group L.P. for purposes of the dilutive earnings per common unit calculation.

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


	Three Months Ended				For the Period from May 8, 2012
	September 30, 2012				Through September 30, 2012
	Basic		Diluted		Basic		Diluted
Net income attributable to The Carlyle Group L.P.	$	18,600,000	$	18,600,000	$	8,300,000	$	8,300,000
Incremental net income from assumed exchange of Carlyle Holdings partnership units		—		—		—		31,121,000

Total	$	18,600,000	$	18,600,000	$	8,300,000	$	39,421,000

Weighted-average common units outstanding		43,235,336		46,939,751		42,097,973		255,300,460

Net income per common unit	$	0.43	$	0.40	$	0.20	$	0.15

- Definition

The entire disclosure for earnings per share.

+ References+ Details

Equity-Based Compensation

9 Months Ended

Sep. 30, 2012

Equity-Based Compensation

16. Equity-Based Compensation

On May 2, 2012, Carlyle Group Management L.L.C., the general partner of the Partnership, adopted The Carlyle Group L.P. 2012 Equity Incentive Plan (the “Equity Incentive Plan”). The Equity Incentive Plan is a source of new equity-based awards permitting the Partnership to grant to Carlyle employees, directors of the Partnership’s general partner and consultants non-qualified options, unit appreciation rights, common units, restricted common units, deferred restricted common units, phantom restricted common units and other awards based on the Partnership’s common units and Carlyle Holdings partnership units. The total number of the Partnership’s common units and Carlyle Holdings partnership units which were initially available for grant under the Equity Incentive Plan was 30,450,000.

Unvested Carlyle Holdings Partnership Units

As part of the reorganization on May 2, 2012, the senior Carlyle professionals (excluding retired senior Carlyle professionals), CalPERS, and Mubadala contributed all of their interests in Carlyle Group, and the senior Carlyle professionals and other individuals engaged in Carlyle’s business contributed a portion of the equity interests they owned in the general partners of Carlyle’s existing carry funds, to Carlyle Holdings in exchange for an aggregate of 274,000,000 Carlyle Holdings partnership units, of which 217,239,664 were vested and 56,760,336 were unvested. The unvested Carlyle Holdings partnership units vest ratably over a six-year period.

The unvested Carlyle Holdings partnership units are held by senior Carlyle professionals and other individuals engaged in Carlyle’s business. The unvested Carlyle Holdings partnership units are accounted for as equity-based compensation in accordance with ASC Topic 718, Compensation — Stock Compensation. The grant-date fair value of the unvested Carlyle Holdings partnership units are charged to equity-based compensation expense on a straight-line basis over the required service period. The grant-date fair value of these units is $22.00. Additionally, the calculation of the expense assumes a forfeiture rate of up to 7.5%. For the three months ended September 30, 2012 and for the period May 2, 2012 through September 30, 2012, the Partnership recorded $39.7 million and $65.9 million, respectively, in equity-based compensation expense associated with these awards. No tax benefits have been recorded related to the unvested Carlyle Holdings partnership units, as the vesting of these units does not result in a tax deduction to the corporate taxpayers. As of September 30, 2012, the total unrecognized compensation expense related to unvested Carlyle Holdings partnership units, considering estimated forfeitures, is $929.1 million, which is expected to be recognized over a weighted-average term of 5.6 years.

Deferred Restricted Common Units

On May 2, 2012, the general partner of the Partnership granted 17,113,755 deferred restricted common units under the Equity Incentive Plan to Carlyle employees, directors of the Partnership’s general partner and consultants. The deferred restricted common units are unvested when granted and vest ratably over a service period, which ranges up to six years. The grant-date fair value of the deferred restricted common units granted to Carlyle’s employees are charged to equity-based compensation expense on a straight-line basis over the required service period. Additionally, the calculation of the expense assumes a forfeiture rate up to 15.0%. For the three months ended September 30, 2012 and for the period May 2, 2012 through September 30, 2012, the Partnership recorded $12.9 million and $21.6 million, respectively, in equity-based compensation expense, with $0.7 million and $1.1 million of corresponding deferred tax benefits, respectively. As of September 30, 2012, the total unrecognized compensation expense related to unvested deferred restricted common units, considering estimated forfeitures, is $270.6 million, which is expected to be recognized over a weighted-average term of 5.5 years.

Equity-based awards issued to non-employees are recognized as general, administrative and other expenses. The grant-date fair value of deferred restricted common units granted to Carlyle’s non-employee directors are charged to expense on a straight-line basis over the vesting period. The cost of services received in exchange for an equity-based award issued to consultants is measured at each vesting date. Equity-based awards that require the satisfaction of future service criteria are recognized over the relevant service period, adjusted for estimated forfeitures of awards not expected to vest, based on the fair value of the award on each reporting date and adjusted for the actual fair value of the award at each vesting date. The expense for equity-based awards issued to non-employees was not significant for the period from May 2, 2012 through September 30, 2012.

Phantom Deferred Restricted Common Units

On May 2, 2012, the general partner of the Partnership granted 361,238 phantom deferred restricted common units under the Equity Incentive Plan to Carlyle employees. The phantom deferred restricted common units are unvested when granted and vest ratably over a service period of three years. Upon vesting, the units will be settled in cash. As the phantom deferred restricted common units will be settled in cash, they are accounted for as liability awards. The fair value of the units is re-measured at each reporting period until settlement and charged to compensation expense over the vesting period. Additionally, the calculation of the expense assumes a forfeiture rate of up to 15.0%. For the three months ended September 30, 2012 and for the period May 2, 2012 through September 30, 2012, the Partnership recorded $0.6 million and $0.9 million, respectively, in compensation expense associated with these awards, which is included in base compensation expense in the accompanying condensed consolidated financial statements. The tax benefits recognized from these awards was not material during the period. As of September 30, 2012, the total unrecognized compensation expense related to unvested phantom deferred restricted common units, considering estimated forfeitures, is $6.6 million, which is expected to be recognized over a weighted-average term of 2.6 years.

A summary of the status of the Partnership’s non-vested equity-based awards as of September 30, 2012 and a summary of changes during the period May 2, 2012 through September 30, 2012, are presented below:


	Carlyle Holdings				The Carlyle Group, L.P.
					Equity Settled Awards				Cash Settled Awards
Unvested Units	Partnership Units		Weighted- Average Grant Date Fair Value		Deferred Restricted Common Units		Weighted- Average Grant Date Fair Value		Phantom Units		Weighted- Average Grant Date Fair Value
Balance, May 2, 2012		—	$	—		—	$	—		—	$	—
Granted—IPO		56,760,336	$	22.00		17,113,755	$	22.00		361,238	$	22.00
Granted—Post-IPO		—	$	—		114,702	$	24.43		—	$	—
Vested		—	$	—		40,599	$	22.00		—	$	—
Forfeited		504,553	$	22.00		465,166	$	22.00		15,098	$	22.00

Balance, September 30, 2012		56,255,783				16,722,692				346,140

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 50

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 123R

-Paragraph 64, 65, A240

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 40

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 14

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 93-6

-Paragraph 53

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Segment Reporting

9 Months Ended

Sep. 30, 2012

Segment Reporting

17. Segment Reporting

Carlyle conducts its operations through four reportable segments:

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

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

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

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

The Partnership’s reportable business segments are differentiated by their various investment focuses and strategies. Overhead costs were allocated based on direct base compensation expense for the funds comprising each segment. With the acquisitions of Claren Road, AlpInvest and ESG, the Partnership revised how it evaluates certain financial information to include adjustments to reflect the Partnership’s economic interests in those entities. The Partnership’s segment presentation for the three months and nine months ended September 30, 2011 has been updated to reflect this change.

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

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

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

Distributable earnings is a component of ENI and is used to assess performance and amounts potentially available for distribution. Distributable earnings differs from income (loss) before provision for income taxes computed in accordance with U.S. GAAP in that it adjusts for the items included in the calculation of ENI and also adjusts ENI for unrealized performance fees, unrealized investment income and the corresponding unrealized performance fee compensation expense.

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

The following tables present the financial data for the Partnership’s four reportable segments for the three months ended September 30, 2012 and as of and for the nine months ended September 30, 2012:


	Three Months Ended September 30, 2012
	Corporate Private Equity			Global Market Strategies			Real Assets			Fund of Funds Solutions			Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	124.8		$	58.2		$	34.4		$	16.5		$	233.9
Portfolio advisory fees, net		3.1			0.8			0.7			—			4.6
Transaction fees, net		6.2			0.3			0.7			—			7.2

Total fee revenues		134.1			59.3			35.8			16.5			245.7
Performance fees
Realized		241.4			0.9			31.9			2.2			276.4
Unrealized		72.8			5.7			(27.7	)		(1.8	)		49.0

Total performance fees		314.2			6.6			4.2			0.4			325.4
Investment income (loss)
Realized		(0.2	)		4.6			0.2			—			4.6
Unrealized		(1.0	)		0.8			4.0			—			3.8

Total investment income (loss)		(1.2	)		5.4			4.2			—			8.4
Interest and other income		3.4			0.5			0.4			0.1			4.4

Total revenues		450.5			71.8			44.6			17.0			583.9
Segment Expenses
Compensation and benefits
Direct base compensation		56.2			17.4			16.1			8.2			97.9
Indirect base compensation		19.9			5.9			5.7			1.4			32.9
Equity-based compensation		0.4			—			0.2			—			0.6
Performance fee related
Realized		115.6			0.2			2.5			1.9			120.2
Unrealized		39.2			(1.8	)		5.3			(2.1	)		40.6

Total compensation and benefits		231.3			21.7			29.8			9.4			292.2
General, administrative, and other indirect expenses		39.5			12.8			12.5			3.7			68.5
Interest expense		2.5			1.3			0.7			0.2			4.7

Total expenses		273.3			35.8			43.0			13.3			365.4
Economic Net Income (Loss)	$	177.2		$	36.0		$	1.6		$	3.7		$	218.5

Fee Related Earnings	$	19.0		$	22.4		$	1.0		$	3.1		$	45.5

Net Realized Performance Fees	$	125.8		$	0.7		$	29.4		$	0.3		$	156.2

Net Performance Fees	$	159.4		$	8.2		$	(3.6	)	$	0.6		$	164.6

Investment Income (Loss)	$	(1.2	)	$	5.4		$	4.2		$	—		$	8.4

Distributable Earnings	$	144.6		$	27.7		$	30.6		$	3.4		$	206.3


	September 30, 2012 and the Nine Months Then Ended
	Corporate Private Equity		Global Market Strategies		Real Assets			Fund of Funds Solutions		Total
			(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	372.7	$	166.3	$	105.1		$	50.2	$	694.3
Portfolio advisory fees, net		15.0		2.0		2.6			—		19.6
Transaction fees, net		9.4		0.3		3.9			—		13.6

Total fee revenues		397.1		168.6		111.6			50.2		727.5
Performance fees
Realized		545.0		34.6		82.1			6.8		668.5
Unrealized		44.4		22.4		(1.3	)		22.1		87.6

Total performance fees		589.4		57.0		80.8			28.9		756.1
Investment income (loss)
Realized		2.1		8.7		(0.1	)		—		10.7
Unrealized		17.2		9.3		8.5			—		35.0

Total investment income		19.3		18.0		8.4			—		45.7
Interest and other income		6.4		1.5		1.2			0.4		9.5

Total revenues		1,012.2		245.1		202.0			79.5		1,538.8
Segment Expenses
Compensation and benefits
Direct base compensation		166.3		62.3		51.2			25.1		304.9
Indirect base compensation		64.8		15.3		17.7			4.4		102.2
Equity-based compensation		0.8		0.1		0.3			—		1.2
Performance fee related
Realized		264.2		18.7		4.9			6.0		293.8
Unrealized		30.9		8.1		13.3			17.3		69.6

Total compensation and benefits		527.0		104.5		87.4			52.8		771.7
General, administrative, and other indirect expenses		116.7		30.6		37.0			8.8		193.1
Interest expense		11.9		3.9		3.7			1.1		20.6

Total expenses		655.6		139.0		128.1			62.7		985.4
Economic Net Income	$	356.6	$	106.1	$	73.9		$	16.8	$	553.4

Fee Related Earnings	$	43.0	$	57.9	$	2.9		$	11.2	$	115.0

Net Realized Performance Fees	$	280.8	$	15.9	$	77.2		$	0.8	$	374.7

Net Performance Fees	$	294.3	$	30.2	$	62.6		$	5.6	$	392.7

Investment Income	$	19.3	$	18.0	$	8.4		$	—	$	45.7

Distributable Earnings	$	325.9	$	82.5	$	80.0		$	12.0	$	500.4

Segment assets as of September 30, 2012	$	2,516.8	$	956.7	$	589.3		$	349.1	$	4,411.9

The following tables present the financial data for the Partnership’s four reportable segments for the three months and nine months ended September 30, 2011:


	Three Months Ended September 30, 2011
	Corporate Private Equity			Global Market Strategies			Real Assets			Fund of Funds Solutions			Total
				(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	128.1		$	50.4		$	37.2		$	18.7		$	234.4
Portfolio advisory fees, net		4.8			0.8			1.9			—			7.5
Transaction fees, net		3.8			—			1.6			—			5.4
Total fee revenues		136.7			51.2			40.7			18.7			247.3

Performance fees
Realized		333.0			6.1			29.1			19.2			387.4
Unrealized		(787.2	)		(6.8	)		(78.2	)		(22.5	)		(894.7	)

Total performance fees		(454.2	)		(0.7	)		(49.1	)		(3.3	)		(507.3	)
Investment income (loss)
Realized		8.1			3.1			1.8			—			13.0
Unrealized		(14.8	)		(2.1	)		(0.7	)		—			(17.6	)

Total investment income (loss)		(6.7	)		1.0			1.1			—			(4.6	)
Interest and other income		0.3			1.4			(0.5	)		0.2			1.4

Total revenues		(323.9	)		52.9			(7.8	)		15.6			(263.2	)
Segment Expenses
Compensation and benefits
Direct base compensation		62.8			16.9			19.4			8.1			107.2
Indirect base compensation		24.1			4.0			6.7			—			34.8
Performance fee related
Realized		176.2			(0.7	)		2.4			15.3			193.2
Unrealized		(444.2	)		(10.7	)		(4.3	)		(18.0	)		(477.2	)

Total compensation and benefits		(181.1	)		9.5			24.2			5.4			(142.0	)
General, administrative, and other indirect expenses		32.4			6.8			12.8			3.0			55.0
Interest expense		9.8			2.4			2.9			—			15.1

Total expenses		(138.9	)		18.7			39.9			8.4			(71.9	)
Economic Net Income (Loss)	$	(185.0	)	$	34.2		$	(47.7	)	$	7.2		$	(191.3	)

Fee Related Earnings	$	7.9		$	22.5		$	(1.6	)	$	7.8		$	36.6

Net Realized Performance Fees	$	156.8		$	6.8		$	26.7		$	3.9		$	194.2

Net Performance Fees	$	(186.2	)	$	10.7		$	(47.2	)	$	(0.6	)	$	(223.3	)

Investment Income (Loss)	$	(6.7	)	$	1.0		$	1.1		$	—		$	(4.6	)

Distributable Earnings	$	172.8		$	32.4		$	26.9		$	11.7		$	243.8


	Nine Months Ended September 30, 2011
	Corporate Private Equity			Global Market Strategies			Real Assets			Fund of Funds Solutions			Total
				(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	387.7		$	128.6		$	114.9		$	18.7		$	649.9
Portfolio advisory fees, net		27.0			2.2			2.6			—			31.8
Transaction fees, net		26.4			—			1.9			—			28.3

Total fee revenues		441.1			130.8			119.4			18.7			710.0
Performance fees
Realized		690.7			95.7			81.1			19.2			886.7
Unrealized		(179.0	)		8.1			1.7			(22.5	)		(191.7	)

Total performance fees		511.7			103.8			82.8			(3.3	)		695.0
Investment income (loss)
Realized		35.1			11.0			2.3			—			48.4
Unrealized		(5.6	)		17.5			3.5			—			15.4

Total investment income (loss)		29.5			28.5			5.8			—			63.8
Interest and other income		8.1			4.4			2.2			0.2			14.9

Total revenues		990.4			267.5			210.2			15.6			1,483.7
Segment Expenses
Compensation and benefits
Direct base compensation		189.2			47.8			58.3			8.1			303.4
Indirect base compensation		66.7			11.2			22.7			—			100.6
Performance fee related
Realized		355.6			46.6			8.1			15.3			425.6
Unrealized		(105.1	)		(10.7	)		(4.4	)		(18.0	)		(138.2	)

Total compensation and benefits		506.4			94.9			84.7			5.4			691.4
General, administrative, and other indirect expenses		101.6			25.8			36.6			3.0			167.0
Interest expense		30.0			7.5			8.9			—			46.4

Total expenses		638.0			128.2			130.2			8.4			904.8
Economic Net Income	$	352.4		$	139.3		$	80.0		$	7.2		$	578.9

Fee Related Earnings	$	61.7		$	42.9		$	(4.9	)	$	7.8		$	107.5

Net Realized Performance Fees	$	335.1		$	49.1		$	73.0		$	3.9		$	461.1

Net Performance Fees	$	261.2		$	67.9		$	79.1		$	(0.6	)	$	407.6

Investment Income	$	29.5		$	28.5		$	5.8		$	—		$	63.8

Distributable Earnings	$	431.9		$	103.0		$	70.4		$	11.7		$	617.0

The following table reconciles the Total Segments to the Partnership’s Income Before Provision for Taxes for the three months ended September 30, 2012 and 2011:


	Three Months Ended September 30, 2012
	Total Reportable Segments			Consolidated Funds			Reconciling Items		Carlyle Consolidated
				(Dollars in millions)
Revenues	$	583.9		$	247.7		$	26.9 (a)	$	858.5
Expenses	$	365.4		$	252.4		$	87.1 (b)	$	704.9
Other income	$	—		$	448.3		$	0.6 (c)	$	448.9
Economic net income (loss)	$	218.5		$	443.6		$	(59.6) (d)	$	602.5

	Three Months Ended September 30, 2011
	Total Reportable Segments			Consolidated Funds			Reconciling Items		Carlyle Consolidated
				(Dollars in millions)
Revenues	$	(263.2	)	$	191.2		$	12.4 (a)	$	(59.6	)
Expenses	$	(71.9	)	$	149.2		$	141.1 (b)	$	218.4
Other loss	$	—		$	(338.4	)	$	(2.8) (c)	$	(341.2	)
Economic net loss	$	(191.3	)	$	(296.4	)	$	(131.5) (d)	$	(619.2	)

The following table reconciles the Total Segments to the Partnership’s Income Before Provision for Taxes for the nine months ended September 30, 2012 and 2011, and Total Assets as of September 30, 2012:


	September 30, 2012 and the Nine Months Then Ended
	Total Reportable Segments		Consolidated Funds			Reconciling Items		Carlyle Consolidated
			(Dollars in millions)
Revenues	$	1,538.8	$	678.4		$	0.6 (a)	$	2,217.8
Expenses	$	985.4	$	689.6		$	(44.0) (b)	$	1,631.0
Other income	$	—	$	1,704.7		$	2.9 (c)	$	1,707.6
Economic net income (loss)	$	553.4	$	1,693.5		$	47.5 (d)	$	2,294.4
Total assets	$	4,411.9	$	25,694.9		$	(62.8) (e)	$	30,044.0

	Nine Months Ended September 30, 2011
	Total Reportable Segments		Consolidated Funds			Reconciling Items		Carlyle Consolidated
			(Dollars in millions)
Revenues	$	1,483.7	$	521.6		$	8.2 (a)	$	2,013.5
Expenses	$	904.8	$	382.8		$	(362.7) (b)	$	924.9
Other loss	$	—	$	(630.5	)	$	12.3 (c)	$	(618.2	)
Economic net income (loss)	$	578.9	$	(491.7	)	$	383.2 (d)	$	470.4

(a)

The Revenues adjustment principally represents fund management and performance fees earned from the Consolidated Funds which were eliminated in consolidation to arrive at the Partnership’s total revenues, adjustments for amounts attributable to non-controlling interests in consolidated entities and adjustments to reflect the Partnership’s ownership interests in Claren Road, ESG and AlpInvest which were included in Revenues in the Partnership’s segment reporting.

(b)

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
Partner compensation	$	—		$	111.6		$	(265.4	)	$	(458.3	)
Equity-based compensation issued in conjuction with the initial public offering		52.6			—			146.2			—
Acquisition related charges and amortization of intangibles		43.4			22.6			89.0			57.1
Other non-operating expenses		10.3			9.4			6.9			30.0
Severance and lease terminations		0.9			2.0			5.0			6.3
Non-Carlyle economic interests in acquired business		32.0			46.5			103.8			95.9
Other adjustments		(1.8	)		—			(4.8	)		—
Elimination of expenses of Consolidated Funds		(50.3	)		(51.0	)		(124.7	)		(93.7	)

	$	87.1		$	141.1		$	(44.0	)	$	(362.7	)

(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 (Loss) Before Provision for Income Taxes to Economic Net Income (Loss), to Fee Related Earnings, and to Distributable Earnings (Dollars in millions):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
				(Dollars in millions)
Income (loss) before provision for income taxes	$	602.5		$	(619.2	)	$	2,294.4		$	470.4
Adjustments:
Partner compensation⁽¹⁾		—			111.6			(265.4	)		(458.3	)
Equity-based compensation issued in conjuction with the initial public offering		52.6			—			146.2			—
Acquisition related charges and amortization of intangibles		43.4			22.6			89.0			57.1
Other non-operating expenses		10.3			9.4			6.9			30.0
Net (income) loss attributable to non-controlling interests in Consolidated entities		(485.4	)		282.3			(1,708.2	)		473.4
Provision for income taxes attributable to non-controlling interests in Consolidated entities		(4.0	)		—			(9.7	)		—
Severance and lease terminations		0.9			2.0			5.0			6.3
Other adjustments		(1.8	)		—			(4.8	)		—

Economic Net Income (Loss)	$	218.5		$	(191.3	)	$	553.4		$	578.9

Net performance fees⁽²⁾		164.6			(223.3	)		392.7			407.6
Investment income (loss)⁽²⁾		8.4			(4.6	)		45.7			63.8

Fee Related Earnings	$	45.5		$	36.6		$	115.0		$	107.5

Realized performance fees, net of related compensation		156.2			194.2			374.7			461.1
Investment income—realized		4.6			13.0			10.7			48.4

Distributable Earnings	$	206.3		$	243.8		$	500.4		$	617.0

(1)

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

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


	Three Months Ended September 30, 2012
	Carlyle Consolidated			Adjustments ⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance fees
Realized	$	291.4		$	(15.0	)	$	276.4
Unrealized		64.9			(15.9	)		49.0

Total performance fees		356.3			(30.9	)		325.4
Performance fee related compensation expense
Realized		121.9			(1.7	)		120.2
Unrealized		41.5			(0.9	)		40.6

Total performance fee related compensation expense		163.4			(2.6	)		160.8
Net performance fees
Realized		169.5			(13.3	)		156.2
Unrealized		23.4			(15.0	)		8.4

Total net performance fees	$	192.9		$	(28.3	)	$	164.6

Investment income
Realized	$	9.8		$	(5.2	)	$	4.6
Unrealized		0.4			3.4			3.8

Total investment income	$	10.2		$	(1.8	)	$	8.4


	Three Months Ended September 30, 2011
	Carlyle Consolidated			Adjustments ⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance fees
Realized	$	375.2		$	12.2		$	387.4
Unrealized		(859.1	)		(35.6	)		(894.7	)

Total performance fees		(483.9	)		(23.4	)		(507.3	)
Performance fee related compensation expense
Realized		51.4			141.8			193.2
Unrealized		(139.5	)		(337.7	)		(477.2	)

Total performance fee related compensation expense		(88.1	)		(195.9	)		(284.0	)
Net performance fees
Realized		323.8			(129.6	)		194.2
Unrealized		(719.6	)		302.1			(417.5	)

Total net performance fees	$	(395.8	)	$	172.5		$	(223.3	)

Investment income (loss)
Realized	$	7.5		$	5.5		$	13.0
Unrealized		(12.9	)		(4.7	)		(17.6	)

Total investment income (loss)	$	(5.4	)	$	0.8		$	(4.6	)


	Nine Months Ended September 30, 2012
	Carlyle Consolidated			Adjustments ⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance fees
Realized	$	688.7		$	(20.2	)	$	668.5
Unrealized		88.0			(0.4	)		87.6

Total performance fees		776.7			(20.6	)		756.1
Performance fee related compensation expense
Realized		188.3			105.5			293.8
Unrealized		(1.4	)		71.0			69.6

Total performance fee related compensation expense		186.9			176.5			363.4
Net performance fees
Realized		500.4			(125.7	)		374.7
Unrealized		89.4			(71.4	)		18.0

Total net performance fees	$	589.8		$	(197.1	)	$	392.7

Investment income
Realized	$	11.4		$	(0.7	)	$	10.7
Unrealized		27.3			7.7			35.0

Total investment income	$	38.7		$	7.0		$	45.7


	Nine Months Ended September 30, 2011
	Carlyle Consolidated			Adjustments ⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance fees
Realized	$	870.1		$	16.6		$	886.7
Unrealized		(133.6	)		(58.1	)		(191.7	)

Total performance fees		736.5			(41.5	)		695.0
Performance fee related compensation expense
Realized		136.2			289.4			425.6
Unrealized		(81.7	)		(56.5	)		(138.2	)

Total performance fee related compensation expense		54.5			232.9			287.4
Net performance fees
Realized		733.9			(272.8	)		461.1
Unrealized		(51.9	)		(1.6	)		(53.5	)

Total net performance fees	$	682.0		$	(274.4	)	$	407.6

Investment income (loss)
Realized	$	50.3		$	(1.9	)	$	48.4
Unrealized		6.3			9.1			15.4

Total investment income (loss)	$	56.6		$	7.2		$	63.8

(3)

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

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

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 29

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 131

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 32

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 26

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 34

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 35

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 42

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 40

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 31

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 41

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 30

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 33

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

+ Details

Subsequent Events

9 Months Ended

Sep. 30, 2012

Subsequent Events

18. Subsequent Events

On October 1, 2012, the Partnership acquired 55% of Vermillion Asset Management, LLC and its consolidated subsidiaries, Viridian Partners, LLC, Crimson Physical Commodities Partners, LLC, Celadon Partners, LLC, and Indigo Partners, LLC, (collectively, “Vermillion”), a New York-based commodities investment manager with approximately $2.2 billion of assets under management. The purchase price consisted of $50.0 million in cash, 1,440,276 contingently issuable Carlyle Holdings partnership units, which are issuable over a period of 4.25 years based on the achievement of performance-based conditions, and performance-based contingent cash payments of up to $131.3 million, which is the maximum amount of additional cash consideration that could be paid within 5.25 years of closing. The Partnership will consolidate the financial position and results of operations of Vermillion effective October 1, 2012 and will account for this transaction as a business combination. Vermillion will be included in the Partnership’s Global Market Strategies business segment. The Partnership is in the process of allocating the purchase price consideration to acquired tangible assets, identifiable intangible assets, and liabilities assumed. As of the date the financial statements were available to be issued, the Partnership did not have all the information necessary to allocate the purchase price consideration.

In October 2012, the Partnership and two insurers that issued policies as part of the directors and officers liability program covering Carlyle Capital Corporation Limited (the “CCC Insurance Program”) entered into settlement agreements related to coverage disputes in connection with the previously disclosed litigation regarding Carlyle Capital Corporation Limited. Under the terms of the settlement agreements, the two insurers paid $18.5 million to the Partnership in exchange for full and complete releases of claims against those insurers under the policies they issued as part of the CCC Insurance Program. The Partnership will record the settlement proceeds in its consolidated financial statements during the three months ending December 31, 2012.

In November 2012, the Board of Directors of the general partner of the Partnership declared a quarterly distribution of $0.16 to common unit holders of record at the close of business on November 19, 2012, payable on November 30, 2012.

Supplemental Financial Information

9 Months Ended

Sep. 30, 2012

Supplemental Financial Information

19. Supplemental Financial Information

The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Partnership’s financial position as of September 30, 2012 and December 31, 2011 and results of operations for the three months and nine months ended September 30, 2012 and 2011. The supplemental statement of cash flows is presented without effects of the Consolidated Funds.


	As of September 30, 2012
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
				(Dollars in millions)
Assets
Cash and cash equivalents	$	769.2		$	—	$	—		$	769.2
Cash and cash equivalents held at Consolidated Funds		—			1,425.1		—			1,425.1
Restricted cash		28.5			—		—			28.5
Restricted cash and securities of Consolidated Funds		—			36.7		—			36.7
Accrued performance fees		2,155.4			—		(2.4	)		2,153.0
Investments		458.9			—		(48.4	)		410.5
Investments of Consolidated Funds		—			23,994.7		—			23,994.7
Due from affiliates and other receivables, net		254.8			—		(12.0	)		242.8
Due from affiliates and other receivables of Consolidated Funds, net		—			234.9		—			234.9
Fixed assets, net		62.9			—		—			62.9
Deposits and other		48.8			3.5		—			52.3
Intangible assets, net		577.3			—		—			577.3
Deferred tax assets		56.1			—		—			56.1

Total assets	$	4,411.9		$	25,694.9	$	(62.8	)	$	30,044.0

Liabilities and partners’ capital
Loans payable	$	500.0		$	—	$	—		$	500.0
Loans payable of Consolidated Funds		—			13,091.1		(46.8	)		13,044.3
Accounts payable, accrued expenses and other liabilities		212.2			—		—			212.2
Accrued compensation and benefits		1,302.7			—		—			1,302.7
Due to affiliates		216.1			39.7		(0.1	)		255.7
Deferred revenue		185.1			1.7		(0.3	)		186.5
Deferred tax liabilities		69.6			—		—			69.6
Other liabilities of Consolidated Funds		—			970.0		(13.8	)		956.2
Accrued giveback obligations		86.1			—		—			86.1

Total liabilities		2,571.8			14,102.5		(61.0	)		16,613.3


Redeemable non-controlling interests in consolidated entities		4.8			2,728.1		—			2,732.9

Partners’ capital		219.2			3.9		(3.9	)		219.2
Accumulated other comprehensive income		(3.2	)		—		(0.3	)		(3.5	)
Partners’ capital appropriated for Consolidated Funds		—			980.9		2.4			983.3
Non-controlling interests in consolidated entities		320.5			7,879.5		—			8,200.0
Non-controlling interests in Carlyle Holdings		1,298.8			—		—			1,298.8

Total partners’ capital		1,835.3			8,864.3		(1.8	)		10,697.8

Total liabilities and partners’ capital	$	4,411.9		$	25,694.9	$	(62.8	)	$	30,044.0


	As of December 31, 2011
	Consolidated
	Operating			Consolidated
	Entities			Funds		Eliminations			Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	509.6		$	—	$	—		$	509.6
Cash and cash equivalents held at Consolidated Funds		—			566.6		—			566.6
Restricted cash		24.6			—		—			24.6
Restricted cash and securities of Consolidated Funds		—			89.2		—			89.2
Accrued performance fees		2,219.9			—		(30.8	)		2,189.1
Investments		517.3			—		(62.4	)		454.9
Investments of Consolidated Funds		—			19,507.3		—			19,507.3
Due from affiliates and other receivables, net		297.2			—		(10.2	)		287.0
Due from affiliates and other receivables of Consolidated Funds, net		—			287.7		(0.1	)		287.6
Fixed assets, net		52.7			—		—			52.7
Deposits and other		60.7			9.5		—			70.2
Intangible assets, net		594.9			—		—			594.9
Deferred tax assets		18.0			—		—			18.0

Total assets	$	4,294.9		$	20,460.3	$	(103.5	)	$	24,651.7

Liabilities and partners’ capital
Loans payable	$	860.9		$	—	$	—		$	860.9
Subordinated loan payable to affiliate		262.5			—		—			262.5
Loans payable of Consolidated Funds		—			9,738.9		(49.0	)		9,689.9
Accounts payable, accrued expenses and other liabilities		203.4			—		—			203.4
Accrued compensation and benefits		577.9			—		—			577.9
Due to Carlyle partners		1,015.9			—		—			1,015.9
Due to affiliates		71.3			37.3		(0.1	)		108.5
Deferred revenue		87.3			1.9		—			89.2
Deferred tax liabilities		48.3			—		—			48.3
Other liabilities of Consolidated Funds		—			589.7		(21.6	)		568.1
Accrued giveback obligations		136.5			—		—			136.5

Total liabilities		3,264.0			10,367.8		(70.7	)		13,561.1

Redeemable non-controlling interests in consolidated entities		8.0			1,915.4		—			1,923.4

Members’ equity		879.1			22.9		(28.9	)		873.1
Accumulated other comprehensive loss		(61.8	)		—		6.0			(55.8	)
Partners’ capital appropriated for Consolidated Funds		—			863.6		(9.9	)		853.7
Non-controlling interests in consolidated entities		205.6			7,290.6		—			7,496.2

Total partners’ capital		1,022.9			8,177.1		(32.8	)		9,167.2

Total liabilities and partners’ capital	$	4,294.9		$	20,460.3	$	(103.5	)	$	24,651.7


	Three Months Ended September 30, 2012
	Consolidated
	Operating			Consolidated
	Entities			Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	276.4		$	—	$	(36.6	)	$	239.8
Performance fees
Realized		292.1			—		(0.7	)		291.4
Unrealized		70.7			—		(5.8	)		64.9

Total performance fees		362.8			—		(6.5	)		356.3
Investment income (loss)
Realized		13.4			—		(3.6	)		9.8
Unrealized		(1.2	)		—		1.6			0.4

Total investment income (loss)		12.2			—		(2.0	)		10.2
Interest and other income		4.5			—		—			4.5
Interest and other income of Consolidated Funds		—			247.7		—			247.7

Total revenues		655.9			247.7		(45.1	)		858.5

Expenses
Compensation and benefits
Base compensation		177.0			—		—			177.0
Equity-based compensation		53.2			—		—			53.2
Performance fee related
Realized		121.9			—		—			121.9
Unrealized		41.5			—		—			41.5

Total compensation and benefits		393.6			—		—			393.6
General, administrative and other expenses		94.9			—		(2.0	)		92.9
Interest		4.0			—		—			4.0
Interest and other expenses of Consolidated Funds		—			252.4		(48.3	)		204.1
Other non-operating expenses		10.3			—		—			10.3

Total expenses		502.8			252.4		(50.3	)		704.9

Other income
Net investment gains of Consolidated Funds		—			448.3		0.6			448.9

Income before provision for income taxes		153.1			443.6		5.8			602.5
Provision for income taxes		5.5			—		—			5.5

Net income		147.6			443.6		5.8			597.0

Net income attributable to non-controlling interests in consolidated entities		36.0			—		449.4			485.4

Net income attributable to Carlyle Holdings		111.6			443.6		(443.6	)		111.6
Net income attributable to non-controlling interests in Carlyle Holdings		93.0			—		—			93.0

Net income attributable to The Carlyle Group L.P.	$	18.6		$	443.6	$	(443.6	)	$	18.6


	Nine Months Ended September 30, 2012
	Consolidated
	Operating			Consolidated
	Entities			Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	816.5		$	—	$	(102.4	)	$	714.1
Performance fees
Realized		700.9			—		(12.2	)		688.7
Unrealized		88.0			—		—			88.0

Total performance fees		788.9			—		(12.2	)		776.7
Investment income
Realized		22.1			—		(10.7	)		11.4
Unrealized		27.1			—		0.2			27.3

Total investment income		49.2			—		(10.5	)		38.7
Interest and other income		9.9			—		—			9.9
Interest and other income of Consolidated Funds		—			678.4		—			678.4

Total revenues		1,664.5			678.4		(125.1	)		2,217.8

Expenses
Compensation and benefits
Base compensation		433.0			—		—			433.0
Equity-based compensation		147.4			—		—			147.4
Performance fee related
Realized		188.3			—		—			188.3
Unrealized		(1.4	)		—		—			(1.4	)

Total compensation and benefits		767.3			—		—			767.3
General, administrative and other expenses		271.3			—		(3.2	)		268.1
Interest		20.6			—		—			20.6
Interest and other expenses of Consolidated Funds		—			689.6		(121.5	)		568.1
Other non-operating expenses		6.9			—		—			6.9

Total expenses		1,066.1			689.6		(124.7	)		1,631.0

Other income
Net investment gains of Consolidated Funds		—			1,704.7		2.9			1,707.6

Income before provision for income taxes		598.4			1,693.5		2.5			2,294.4
Provision for income taxes		27.8			—		—			27.8

Net income		570.6			1,693.5		2.5			2,266.6

Net income attributable to non-controlling interests in consolidated entities		12.2			—		1,696.0			1,708.2

Net income attributable to Carlyle Holdings		558.4			1,693.5		(1,693.5	)		558.4
Net income attributable to non-controlling interests in Carlyle Holdings		550.1			—		—			550.1

Net income attributable to The Carlyle Group L.P.	$	8.3		$	1,693.5	$	(1,693.5	)	$	8.3


	Three Months Ended September 30, 2011
	Consolidated
	Operating			Consolidated
	Entities			Funds			Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	274.0		$	—		$	(38.0	)	$	236.0
Performance fees
Realized		404.9			—			(29.7	)		375.2
Unrealized		(888.5	)		—			29.4			(859.1	)

Total performance fees		(483.6	)		—			(0.3	)		(483.9	)
Investment income (loss)
Realized		10.5			—			(3.0	)		7.5
Unrealized		(18.7	)		—			5.8			(12.9	)

Total investment income (loss)		(8.2	)		—			2.8			(5.4	)
Interest and other income		1.4			—			1.1			2.5
Interest and other income of Consolidated Funds		—			191.2			—			191.2

Total revenues		(216.4	)		191.2			(34.4	)		(59.6	)

Expenses
Compensation and benefits
Base compensation		101.9			—			—			101.9
Performance fee related
Realized		51.4			—			—			51.4
Unrealized		(139.5	)		—			—			(139.5	)

Total compensation and benefits		13.8			—			—			13.8
General, administrative and other expenses		81.3			—			(0.9	)		80.4
Interest		15.7			—			—			15.7
Interest and other expenses of Consolidated Funds		—			149.2			(50.1	)		99.1
Other non-operating expenses		9.4			—			—			9.4

Total expenses		120.2			149.2			(51.0	)		218.4

Other loss
Net investment losses of Consolidated Funds		—			(338.4	)		(2.8	)		(341.2	)

Loss before provision for income taxes		(336.6	)		(296.4	)		13.8			(619.2	)
Provision for income taxes		12.9			—			—			12.9

Net loss		(349.5	)		(296.4	)		13.8			(632.1	)

Net income (loss) attributable to non-controlling interests in consolidated entities		0.3			—			(282.6	)		(282.3	)

Net loss attributable to Carlyle Holdings	$	(349.8	)	$	(296.4	)	$	296.4		$	(349.8	)


	Nine Months Ended September 30, 2011
	Consolidated Operating Entities			Consolidated Funds			Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	757.7		$	—		$	(74.5	)	$	683.2
Performance fees
Realized		909.4			—			(39.3	)		870.1
Unrealized		(160.0	)		—			26.4			(133.6	)

Total performance fees		749.4			—			(12.9	)		736.5
Investment income
Realized		60.8			—			(10.5	)		50.3
Unrealized		19.3			—			(13.0	)		6.3

Total investment income		80.1			—			(23.5	)		56.6
Interest and other income		14.9			—			0.7			15.6
Interest and other income of Consolidated Funds		—			521.6			—			521.6

Total revenues		1,602.1			521.6			(110.2	)		2,013.5

Expenses
Compensation and benefits
Base compensation		277.2			—			—			277.2
Performance fee related
Realized		136.2			—			—			136.2
Unrealized		(81.7	)		—			—			(81.7	)

Total compensation and benefits		331.7			—			—			331.7
General, administrative and other expenses		225.6			—			(0.9	)		224.7
Interest		48.5			—			—			48.5
Interest and other expenses of Consolidated Funds		—			382.8			(92.8	)		290.0
Other non-operating expenses		30.0			—			—			30.0

Total expenses		635.8			382.8			(93.7	)		924.9

Other loss
Net investment losses of Consolidated Funds		—			(630.5	)		12.3			(618.2	)

Income (loss) before provision for income taxes		966.3			(491.7	)		(4.2	)		470.4
Provision for income taxes		25.7			—			—			25.7

Net income (loss)		940.6			(491.7	)		(4.2	)		444.7

Net income (loss) attributable to non-controlling interests in consolidated entities		22.5			—			(495.9	)		(473.4	)

Net income (loss) attributable to Carlyle Holdings	$	918.1		$	(491.7	)	$	491.7		$	918.1


	Nine Months Ended September 30,
	2012			2011
	(Dollars in millions)
Cash flows from operating activities
Net income	$	570.6		$	940.6
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization		74.1			61.6
Amortization of deferred financing fees		1.1			0.8
Equity-based compensation		147.4			—
Non-cash performance fees		(124.7	)		158.7
Other non-cash amounts		7.0			41.7
Investment income		(40.8	)		(67.3	)
Purchases of investments		(41.1	)		(92.8	)
Proceeds from the sale of investments		187.7			273.0
Proceeds from the sale of trading securities		(15.1	)		0.2
Change in deferred taxes		(3.5	)		(9.4	)
Change in due from affiliates and other receivables		(14.0	)		15.1
Change in deposits and other		10.6			(13.7	)
Change in accounts payable, accrued expenses and other liabilities		3.7			(57.9	)
Change in accrued compensation and benefits		(6.3	)		(185.7	)
Change in due to affiliates		(13.1	)		(0.6	)
Change in deferred revenue		96.7			14.0

Net cash provided by operating activities		840.3			1,078.3

Cash flows from investing activities
Change in restricted cash		(3.6	)		(15.7	)
Purchases of fixed assets, net		(26.0	)		(25.8	)
Purchases of intangible assets		(41.0	)		(8.1	)
Acquisitions, net of cash acquired		—			(53.9	)

Net cash used in investing activities		(70.6	)		(103.5	)

Cash flows from financing activities
Borrowings under credit facility		433.7			125.0
Repayments under credit facility		(744.6	)		—
Payments on loans payable		(310.0	)		(24.0	)
Net proceeds from issuance of units in Initial Public Offering		615.8			—
Distributions to common unitholders		(4.8	)		—
Contributions from predecessor owners		9.3			9.6
Distributions to predecessor owners		(452.3	)		(1,040.9	)
Contributions from non-controlling interest holders		27.6			25.3
Distributions to non-controlling interest holders		(93.3	)		(33.6	)
Change in due to/from affiliates financing activities		(1.0	)		56.7

Net cash used in financing activities		(519.6	)		(881.9	)

Effect of foreign exchange rate changes		9.5			2.8

Increase in cash and cash equivalents		259.6			95.7
Cash and cash equivalents, beginning of period		509.6			616.9

Cash and cash equivalents, end of period	$	769.2		$	712.6

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2012

Principles of Consolidation

Principles of Consolidation

Investments in Unconsolidated Variable Interest Entities

Investments in Unconsolidated Variable Interest Entities


	As of
	September 30, 2012		December 31, 2011
	(Dollars in millions)
Investments	$	3.1	$	2.3
Receivables		19.6		100.0

Maximum Exposure to Loss	$	22.7	$	102.3

Basis of Accounting

Basis of Accounting

Use of Estimates

Use of Estimates

Business Combinations

Business Combinations

Fund Management Fees

Fund Management Fees

Performance Fees

Performance Fees

Investment Income (Loss)

Investment Income (Loss)

Interest Income

Interest Income

Compensation and Benefits

Compensation and Benefits

Income Taxes

Income Taxes

Tax Receivable Agreement

Tax Receivable Agreement

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.

Non-controlling Interests in Consolidated Entities

Non-controlling Interests in Consolidated Entities

Earnings Per Common Unit

Earnings Per Common Unit

Investments

Investments

investments of the Funds vary depending on the nature of the investment. The fair value of investments in publicly-traded securities is based on the closing price of the security with adjustments to reflect appropriate discounts if the securities are subject to restrictions. Upon the sale of a security, the realized net gain or loss is computed on a weighted average cost basis, with the exception of the CLOs, which compute the realized net gain or loss on a first in, first out basis. Securities transactions are recorded on a trade date basis.

Equity-Method Investments

Equity-Method Investments

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and Cash Equivalents Held at Consolidated Funds

Cash and Cash Equivalents Held at Consolidated Funds

Restricted Cash

Restricted Cash

Restricted Cash and Securities of Consolidated Funds

Restricted Cash and Securities of Consolidated Funds

Derivative Instruments

Derivative Instruments

Fixed Assets

Fixed Assets

Intangible Assets and Goodwill

Intangible Assets and Goodwill

Due to Carlyle Partners

Due to Carlyle Partners

Deferred Revenue

Deferred Revenue

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

Comprehensive Income

Comprehensive Income

Foreign Currency Translation

Foreign Currency Translation

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Testing Goodwill for Impairment

Disclosures about Offsetting Assets and Liabilities

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2012

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

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


	As of
	September 30, 2012		December 31, 2011
	(Dollars in millions)
Investments	$	3.1	$	2.3
Receivables		19.6		100.0

Maximum Exposure to Loss	$	22.7	$	102.3

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 167

-Paragraph 22E

-Appendix D

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 46R

-Paragraph 4

-Subparagraph g

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 167

-Paragraph 22B

-Appendix D

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 167

-Paragraph 23A

-Appendix D

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7880789&loc=d3e5710-111685

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 5A

-URI http://asc.fasb.org/extlink&oid=7880789&loc=SL6759159-111685

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=7880789&loc=d3e5747-111685

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=7880789&loc=d3e5728-111685

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=7880789&loc=SL6228884-111685

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Variable Interest Entity

-URI http://asc.fasb.org/extlink&oid=6528138

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 140

-Paragraph 35

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 46R

-Paragraph 2, 14, 15, 16, 23, 24, 25, 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 167

-Paragraph 24

-Appendix D

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Staff Position (FSP)

-Number FAS140-4/FIN46(R)-8

-Paragraph C4

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Acquisitions and Acquired Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2012

Carrying Amount of Intangible Assets

The following table summarizes the carrying amount of intangible assets as of September 30, 2012 and December 31, 2011:


	As of
	September 30, 2012			December 31, 2011
	(Dollars in millions)
Acquired contractual rights	$	656.5		$	615.8
Acquired trademarks		6.8			6.8
Accumulated amortization		(122.8	)		(64.5	)

Finite-lived intangible assets, net		540.5			558.1
Goodwill		36.8			36.8

Intangible assets, net	$	577.3		$	594.9

Carrying Amount of Goodwill, by Segment


	Global Market Strategies		Fund of Funds Solutions		Total
	(Dollars in millions)
Balance as of December 31, 2011	$	28.0	$	8.8	$	36.8
Foreign currency translation⁽¹⁾		—		—		—

Balance as of September 30, 2012	$	28.0	$	8.8	$	36.8

(1)	Includes a de minimus amount of foreign currency translation on goodwill associated with the Partnership’s Fund of Funds Solutions segment.

Estimated Future Amortization Expenses

The following table summarizes the estimated amortization expense for 2012 through 2016 and thereafter (Dollars in millions):


2012	$	78.2
2013		79.4
2014		79.1
2015		76.5
2016		70.2
Thereafter		215.1

	$	598.5

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References+ Details

Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2012

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 September 30, 2012:

(Dollars in millions)

Level I

Level II

Level III

Total

Assets

Investments of Consolidated Funds:

Equity securities

739.0

93.4

2,572.6

3,405.0

Bonds

—

810.2

Loans

—

12,836.0

Partnership and LLC interests⁽¹⁾

—

4,203.9

Hedge funds

—

2,729.2

—

2,729.2

Other

—

10.4

739.0

2,822.6

20,433.1

23,994.7

Trading securities and other

—

21.1

Restricted securities of Consolidated Funds

0.6

—

0.6

Total

739.6

2,822.6

20,454.2

24,016.4

Liabilities

Loans payable of Consolidated Funds

—

13,044.3

Interest rate swaps

—

12.0

—

12.0

Derivative instruments of the CLOs

—

18.1

Contingent consideration⁽²⁾

—

170.9

Total

—

12.0

13,233.3

13,245.3

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

(2)	Related to contingent cash and equity consideration associated with the acquisitions of Claren Road, AlpInvest and ESG (see Note 3).

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, 2011:


(Dollars in millions)	Level I		Level II		Level III		Total
Assets
Investments of Consolidated Funds:
Equity securities	$	61.9	$	718.4	$	1,868.9	$	2,649.2
Bonds		—		—		557.0		557.0
Loans		—		—		10,152.6		10,152.6
Partnership and LLC interests⁽¹⁾		—		—		4,198.6		4,198.6
Hedge funds		—		1,929.1		—		1,929.1
Other		—		—		20.8		20.8

	$	61.9	$	2,647.5	$	16,797.9	$	19,507.3
Trading securities and other		—		—		30.6		30.6
Restricted securities of Consolidated Funds		57.5		—		—		57.5

Total	$	119.4	$	2,647.5	$	16,828.5	$	19,595.4

Liabilities
Loans payable of Consolidated Funds	$	—	$	—	$	9,689.9	$	9,689.9
Interest rate swaps		—		7.3		—		7.3
Subordinated loan payable to affiliate		—		—		262.5		262.5
Contingent consideration⁽²⁾		—		—		169.2		169.2

Total	$	—	$	7.3	$	10,121.6	$	10,128.9

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

(2)	Related to contingent cash and equity consideration associated with the acquisitions of Claren Road, AlpInvest and ESG (see Note 3).

Financial Instruments Measured at Fair Value

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


	Financial Assets
	Three Months Ended September 30, 2012
	Investments of Consolidated Funds
	Equity securities			Bonds			Loans			Partnership and LLC interests			Other			Trading securities and other			Total
Balance, beginning of period	$	2,140.0		$	891.0		$	12,643.1		$	4,467.1		$	11.4		$	35.5		$	20,188.1
Initial consolidation of funds		51.7			4.1			364.3			—			—			—			420.1
Purchases		7.5			45.3			1,029.5			43.1			—			—			1,125.4
Sales		(28.3	)		(170.3	)		(715.8	)		(140.3	)		(0.1	)		(15.7	)		(1,070.5	)
Settlements		—			—			(721.5	)		—			—			—			(721.5	)
Realized and unrealized gains (losses), net		401.7			40.1			236.4			(166.0	)		(0.9	)		1.3			512.6

Balance, end of period	$	2,572.6		$	810.2		$	12,836.0		$	4,203.9		$	10.4		$	21.1		$	20,454.2

Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	427.1		$	26.4		$	114.1		$	188.0		$	(1.2	)	$	(1.5	)	$	752.9


	Financial Assets
	Nine Months Ended September 30, 2012
	Investments of Consolidated Funds
	Equity securities			Bonds			Loans			Partnership and LLC interests			Other			Trading securities and other			Total
Balance, beginning of period	$	1,868.9		$	557.0		$	10,152.6		$	4,198.6		$	20.8		$	30.6		$	16,828.5
Initial consolidation of funds		76.9			291.8			3,388.5			—			—			—			3,757.2
Transfers out ⁽¹⁾		(145.6	)		—			—			—			—			—			(145.6	)
Purchases		48.5			219.7			3,572.5			352.9			—			—			4,193.6
Sales		(138.8	)		(311.0	)		(1,966.9	)		(307.7	)		(2.1	)		(15.7	)		(2,742.2	)
Settlements		—			—			(2,584.3	)		—			—			—			(2,584.3	)
Realized and unrealized gains (losses), net		862.7			52.7			273.6			(39.9	)		(8.3	)		6.2			1,147.0

Balance, end of period	$	2,572.6		$	810.2		$	12,836.0		$	4,203.9		$	10.4		$	21.1		$	20,454.2

Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	1,134.5		$	22.7		$	182.5		$	646.0		$	0.4		$	3.4		$	1,989.5


	Financial Assets
	Three Months Ended September 30, 2011
	Investments of Consolidated Funds
	Equity securities			Bonds			Loans			Partnership and LLC interests			Other			Trading securities and other			Total
Balance, beginning of period	$	34.7		$	568.1		$	10,357.8		$	13.1		$	35.1		$	24.9		$	11,033.7
Initial consolidation of funds		2,336.4			13.6			1,286.9			4,378.4			—			0.4			8,015.7
Transfers out ⁽¹⁾		—			—			—			(8.3	)		—			—			(8.3	)
Purchases		76.4			83.7			1,274.6			—			—			—			1,434.7
Sales		(1.2	)		(60.5	)		(788.9	)		—			(1.3	)		—			(851.9	)
Settlements		(10.7	)		—			(881.3	)		—			—			—			(892.0	)
Realized and unrealized gains (losses), net		(532.3	)		(53.8	)		(763.1	)		(0.5	)		(2.2	)		2.1			(1,349.8	)

Balance, end of period	$	1,903.3		$	551.1		$	10,486.0		$	4,382.7		$	31.6		$	27.4		$	17,382.1

Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	(285.6	)	$	(40.9	)	$	(600.0	)	$	(0.5	)	$	1.1		$	2.1		$	(923.8	)


	Financial Assets
	Nine Months Ended September 30, 2011
	Investments of Consolidated Funds
	Equity securities			Bonds			Loans			Partnership and LLC interests			Other			Trading securities and other			Total
Balance, beginning of period	$	36.8		$	460.3		$	10,433.5		$	14.8		$	33.9		$	21.8		$	11,001.1
Initial consolidation of funds		2,336.4			13.6			1,286.9			4,378.4			—			0.4			8,015.7
Transfers out ⁽¹⁾		(4.4	)		—			—			(8.3	)		—			—			(12.7	)
Purchases		81.2			361.8			4,423.6			—			—			2.5			4,869.1
Sales		(22.4	)		(282.2	)		(1,805.6	)		(0.2	)		(14.2	)		(0.2	)		(2,124.8	)
Settlements		(10.7	)		(2.8	)		(3,642.9	)		—			—			—			(3,656.4	)
Realized and unrealized gains (losses), net		(513.6	)		0.4			(209.5	)		(2.0	)		11.9			2.9			(709.9	)

Balance, end of period	$	1,903.3		$	551.1		$	10,486.0		$	4,382.7		$	31.6		$	27.4		$	17,382.1

Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	(270.2	)	$	(11.4	)	$	(396.5	)	$	(1.9	)	$	12.4		$	2.9		$	(664.7	)

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

Transfer Out of Level III of Financial Liabilities

Financial Liabilities

Three Months Ended September 30, 2012

Loans Payable
of Consolidated
Funds

Derivative
Instruments of
Consolidated
Funds

Subordinated
Loan Payable to
Affiliate

Contingent
Consideration

Total

Balance, beginning of period

12,565.0

16.7

—

170.6

12,752.3

Initial consolidation of funds

603.3

—

603.3

Borrowings

0.5

—

0.5

Paydowns

(565.0

)

—

(10.2

)

(575.2

)

Sales

—

(0.7

)

—

(0.7

)

Realized and unrealized losses, net

440.5

2.1

—

10.5

453.1

Balance, end of period

13,044.3

18.1

—

170.9

13,233.3

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

323.1

0.1

—

10.5

333.7

Financial Liabilities

Nine Months Ended September 30, 2012

Loans Payable
of Consolidated
Funds

Derivative
Instruments of
Consolidated
Funds

Subordinated
Loan Payable to
Affiliate

Contingent
Consideration

Total

Balance, beginning of period

9,689.9

—

262.5

169.2

10,121.6

Initial consolidation of funds

3,806.6

4.6

—

3,811.2

Borrowings

2.0

—

2.0

Paydowns

(1,072.3

)

—

(260.0

)

(11.4

)

(1,333.7

)

Sales

—

(1.0

)

—

(1.0

)

Realized and unrealized (gains) losses, net

618.1

14.5

(2.5

)

13.1

643.2

Balance, end of period

13,044.3

18.1

—

170.9

13,233.3

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

630.4

(24.8

)

—

10.3

615.9


	Financial Liabilities
	Three Months Ended September 30, 2011
	Loans Payable of Consolidated Funds			Derivative Instruments of Consolidated Funds			Subordinated Loan Payable to Affiliate		Contingent Consideration			Total
Balance, beginning of period	$	10,425.3		$	3.2		$	511.7	$	103.3		$	11,043.5
Initial consolidation of funds		453.0			—			—		—			453.0
Contingent consideration from acquisitions		—			—			—		75.9			75.9
Borrowings		501.3			—			—		—			501.3
Paydowns		(539.3	)		—			—		(5.2	)		(544.5	)
Sales		—			(3.0	)		—		—			(3.0	)
Realized and unrealized (gains) losses, net		(741.4	)		—			8.3		1.5			(731.6	)

Balance, end of period	$	10,098.9		$	0.2		$	520.0	$	175.5		$	10,794.6

Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$	(577.3	)	$	(1.3	)	$	8.3	$	0.2		$	(570.1	)


	Financial Liabilities
	Nine Months Ended September 30, 2011
	Loans Payable of Consolidated Funds			Derivative Instruments of Consolidated Funds			Subordinated Loan Payable to Affiliate		Contingent Consideration			Total
Balance, beginning of period	$	10,418.5		$	1.9		$	494.0	$	95.0		$	11,009.4
Initial consolidation of funds		453.0			—			—		—			453.0
Contingent consideration from acquisitions		—			—			—		75.9			75.9
Borrowings		510.5			—			—		—			510.5
Paydowns		(1,517.7	)		(0.1	)		—		(5.2	)		(1,523.0	)
Sales		—			(3.0	)		—		—			(3.0	)
Realized and unrealized losses, net		234.6			1.4			26.0		9.8			271.8

Balance, end of period	$	10,098.9		$	0.2		$	520.0	$	175.5		$	10,794.6

Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$	44.2		$	(0.1	)	$	26.0	$	3.1		$	73.2

Quantitative Information About Partnership's Level III Inputs

The following table summarizes quantitative information about the Partnership’s Level III inputs as of September 30, 2012:


(Dollars in millions)	Fair Value at September 30, 2012		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
Assets
Investments of Consolidated Funds:
Equity securities	$	2,389.9	Comparable Multiple	LTM EBITDA Multiple	5.6x - 13.5x (9.3x)
		53.1	Comparable Multiple	Price Earnings Multiple	(12.1x)
		15.4	Comparable Multiple	Book Value Multiple	(1.0x)
		60.8	Consensus Pricing	Indicative Quotes ($ per Share)	($19)
		53.4	Discounted Cash Flow	Discount Rate	9% - 15% (11%)
				Exit Cap Rate	6% - 8% (7%)
Bonds		810.2	Consensus Pricing	Indicative Quotes (% of Par)	(90)
Loans		12,493.4	Consensus Pricing	Indicative Quotes (% of Par)	(94)
		342.6	Discounted Cash Flow	Discount Rate	7% - 25% (10%)
Partnership and LLC interests		4,203.9	NAV of Underlying Fund⁽¹⁾	N/A	N/A
Other		10.4	Counterparty Pricing	Indicative Quotes (% of Notional Amount)	(5)

	$	20,433.1
Trading securities and other		12.2	Dealer Pricing	Indicative Quotes (% of Par)	(81)
		6.2	Comparable Multiple	LTM EBITDA Multiple	(5.7x)
		2.7	Discounted Cash Flow	Discount Rate	(7%)

Total	$	20,454.2

Liabilities
Loans payable of Consolidated Funds
Senior secured notes		12,139.7	Discounted Cash Flow with Consensus Pricing	Discount Rates	(5%)
				Default Rates	(3%)
				Recovery Rates	(66%)
				Indicative Quotes (% of Par)	(90)
Subordinated notes and preferred shares		903.5	Discounted Cash Flow with Consensus Pricing	Discount Rates	(27%)
				Default Rates	(3%)
				Recovery Rates	(67%)
				Indicative Quotes (% of Par)	(45)
Combination notes		1.1	Consensus Pricing	Indicative Quotes (% of Par)	(95)
Derivative instruments of Consolidated Funds		18.1	Counterparty Pricing	Indicative Quotes (% of Notional Amount)	(6)
Contingent consideration⁽²⁾		170.9	Discounted Cash Flow	Assumed % of Total Potential Contingent Payments	37% - 100% (83%)
				Discount Rate	5% - 25% (21%)

Total	$	13,233.3

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

(2)	Related to contingent cash and equity consideration associated with the acquisitions of Claren Road, AlpInvest and ESG (see Note 3).

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details

Accrued Performance Fees (Tables)

9 Months Ended

Sep. 30, 2012

Components of Accrued Performance Fees

The components of accrued performance fees are as follows:


	As of
	September 30, 2012		December 31, 2011
	(Dollars in millions)
Corporate Private Equity	$	1,632.4	$	1,599.2
Global Market Strategies		72.4		170.0
Real Assets		263.4		270.9
Fund of Funds Solutions		184.8		149.0

Total	$	2,153.0	$	2,189.1

Components of Accrued Giveback Obligations

The components of the accrued giveback obligations are as follows:


	As of
	September 30, 2012			December 31, 2011
	(Dollars in millions)
Corporate Private Equity	$	(26.1	)	$	(77.8	)
Global Market Strategies		(2.4	)		(1.2	)
Real Assets		(57.6	)		(57.5	)

Total	$	(86.1	)	$	(136.5	)

Performance Fees

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012		2011
	(Dollars in millions)
Corporate Private Equity	$	350.8		$	(454.1	)	$	597.7	$	509.7
Global Market Strategies		3.9			19.2			56.3		143.7
Real Assets		3.2			(49.1	)		78.3		83.0
Fund of Funds Solutions		(1.6	)		0.1			44.4		0.1

Total	$	356.3		$	(483.9	)	$	776.7	$	736.5

Investments (Tables)

9 Months Ended

Sep. 30, 2012

Investments

Investments consist of the following:


	As of
	September 30, 2012		December 31, 2011
	(Dollars in millions)
Equity method investments, excluding accrued performance fees		384.1	$	419.9
Trading securities and other investments		26.4		35.0

Total investments	$	410.5	$	454.9

Equity Method Investments


	As of
	September 30, 2012		December 31, 2011
	(Dollars in millions)
Corporate Private Equity	$	183.5	$	238.5
Global Market Strategies		16.2		11.9
Real Assets		184.4		169.5

Total	$	384.1	$	419.9

Partnership Equity Method Investees, Summarized Statement of Income Information

The summarized financial information of the Partnership’s equity method investees is as follows (Dollars in millions):


	Corporate Private Equity					Global Market Strategies						Real Assets					Aggregate Totals
	For the Three Months Ended September 30,					For the Three Months Ended September 30,						For the Three Months Ended September 30,					For the Three Months Ended September 30,
	2012		2011			2012			2011			2012		2011			2012		2011
Statement of income information
Investment Income	$	308.6	$	55.6		$	41.5		$	25.8		$	88.2	$	81.9		$	438.3	$	163.3
Expenses		142.4		100.8			15.7			9.5			80.8		106.6			238.9		216.9

Net investment income (loss)		166.2		(45.2	)		25.8			16.3			7.4		(24.7	)		199.4		(53.6	)
Net realized and unrealized gain (loss)		1,673.8		(2,512.2	)		(6.7	)		(293.5	)		85.5		(475.5	)		1,752.6		(3,281.2	)

Net (loss) income	$	1,840.0	$	(2,557.4	)	$	19.1		$	(277.2	)	$	92.9	$	(500.2	)	$	1,952.0	$	(3,334.8	)


	Corporate Private Equity					Global Market Strategies				Real Assets				Aggregate Totals
	For the Nine Months Ended September 30,					For the Nine Months Ended September 30,				For the Nine Months Ended September 30,				For the Nine Months Ended September 30,
	2012		2011			2012		2011		2012		2011		2012		2011
Statement of income information
Investment Income	$	624.5	$	253.7		$	114.6	$	90.2	$	331.3	$	393.3	$	1,070.4	$	737.2
Expenses		392.8		368.0			43.0		30.9		292.4		299.2		728.2		698.1

Net investment income (loss)		231.7		(114.3	)		71.6		59.3		38.9		94.1		342.2		39.1
Net realized and unrealized gain		3,868.3		2,583.3			218.2		19.1		1,226.7		1,063.3		5,313.2		3,665.7

Net income	$	4,100.0	$	2,469.0		$	289.8	$	78.4	$	1,265.6	$	1,157.4	$	5,655.4	$	3,704.8

Partnership Equity Method Investees, Summarized Balance Sheet Information


	Corporate Private Equity				Global Market Strategies				Real Assets				Aggregate Totals
	As of				As of				As of				As of
	September 30, 2012		December 31, 2011		September 30, 2012		December 31, 2011		September 30, 2012		December 31, 2011		September 30, 2012		December 31, 2011
Balance sheet information
Investments	$	35,500.4	$	36,517.6	$	2,118.7	$	1,936.2	$	22,312.7	$	20,952.4	$	59,931.8	$	59,406.2
Total assets	$	37,871.4	$	37,729.7	$	2,305.9	$	2,224.3	$	23,186.5	$	21,860.3	$	63,363.8	$	61,814.3
Debt	$	55.9	$	79.9	$	1.2	$	64.0	$	1,546.6	$	1,978.1	$	1,603.7	$	2,122.0
Other liabilities	$	333.7	$	278.7	$	70.0	$	116.0	$	376.7	$	260.9	$	780.4	$	655.6
Total liabilities	$	389.6	$	358.6	$	71.2	$	180.0	$	1,923.3	$	2,239.0	$	2,384.1	$	2,777.6
Partners’ capital	$	37,481.8	$	37,371.1	$	2,234.7	$	2,044.3	$	21,263.2	$	19,621.3	$	60,979.7	$	59,036.7

Components of Investment Income

The components of investment income are as follows:


	Three Months Ended September 30,					Nine Months Ended September 30,
	2012		2011			2012			2011
	(Dollars in millions)
Income (loss) from equity investments	$	9.6	$	(8.9	)	$	35.6		$	51.7
Income from trading securities		0.5		3.8			5.1			4.7
Other investment income (loss)		0.1		(0.3	)		(2.0	)		0.2

Total	$	10.2	$	(5.4	)	$	38.7		$	56.6

Carlyle's Income from Equity-Method Investments

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


	Three Months Ended September 30,					Nine Months Ended September 30,
	2012		2011			2012		2011
	(Dollars in millions)
Corporate Private Equity	$	5.7	$	(12.4	)	$	27.8	$	40.0
Global Market Strategies		—		(0.3	)		1.0		0.6
Real Assets		3.9		3.8			6.8		11.1

Total	$	9.6	$	(8.9	)	$	35.6	$	51.7

Investments Held by the Consolidated Funds

The table below presents investments as a percentage of investments of Consolidated Funds:


	Fair Value				Percentage of Investments of Consolidated Funds
Geographic Region/Instrument Type/ Industry Description or Investment Strategy	September 30, 2012		December 31, 2011		September 30, 2012			December 31, 2011
	(Dollars in millions)
United States
Equity securities:
Accommodation and Food Services	$	33.6	$	106.1		0.14	%		0.54	%
Administrative Support, Waste Management, Remediation Services		399.7		3.7		1.67	%		0.02	%
Aerospace and defense		—		53.2		—			0.27	%
Finance and Insurance		45.5		44.3		0.19	%		0.23	%
Health Care and Social Assistance		46.4		31.8		0.19	%		0.16	%
Information		94.1		48.0		0.39	%		0.25	%
Manufacturing		322.4		412.7		1.34	%		2.12	%
Professional, Scientific, Technical Services		550.0		500.0		2.29	%		2.56	%
Retail Trade		105.4		147.1		0.44	%		0.75	%
Wholesale Trade		109.2		17.9		0.46	%		0.09	%
Other		68.4		117.5		0.29	%		0.60	%

Total equity securities (cost of $1,883.1 and $2,160.6 at September 30, 2012 and December 31, 2011, respectively)		1,774.7		1,482.3		7.40	%		7.59	%

Partnership and LLC interests:
Fund investments		2,797.5		2,701.0		11.66	%		13.85	%

Total Partnership and LLC interests (cost of $2,481.0 and $2,593.5 at September 30, 2012 and December 31, 2011, respectively)		2,797.5		2,701.0		11.66	%		13.85	%

Loans:
Administrative Support, Waste Management, Remediation Services		31.2		60.6		0.13	%		0.31	%
Finance and Insurance		46.3		—		0.19	%		—
Manufacturing		69.4		65.0		0.29	%		0.33	%
Professional, Scientific, Technical Services		101.0		81.1		0.42	%		0.42	%
Wholesale Trade		71.8		48.2		0.30	%		0.25	%
Other		16.6		81.7		0.07	%		0.42	%

Total loans (cost of $378.5 and $361.4 at September 30, 2012 and December 31, 2011, respectively)		336.3		336.6		1.40	%		1.73	%

Total investment in Hedge Funds		2,729.2		1,929.1		11.37	%		9.89	%

Assets of the CLOs
Bonds		266.0		247.7		1.11	%		1.27	%
Equity		57.3		25.3		0.24	%		0.13	%
Loans		7,846.4		6,911.6		32.70	%		35.43	%
Other		—		0.1		0.00	%		0.00	%

Total assets of the CLOs (cost of $8,208.8 and $7,446.8 at September 30, 2012 and December 31, 2011, respectively)		8,169.7		7,184.7		34.05	%		36.83	%

Total United States	$	15,807.4	$	13,633.7		65.88	%		69.89	%


	Fair Value				Percentage of Investments of Consolidated Funds
Geographic Region/Instrument Type/ Industry Description or Investment Strategy	September 30, 2012		December 31, 2011		September 30, 2012			December 31, 2011
	(Dollars in millions)
Canada
Equity securities:
Manufacturing	$	2.0	$	2.9		0.01	%		0.01	%
Transportation and Warehousing		—		2.9		0.00	%		0.02	%

Total equity securities (cost of $0 and $6.1 at September 30, 2012 and December 31, 2011, respectively)		2.0		5.8		0.01	%		0.03	%

Partnership and LLC interests:
Fund Investments		38.2		45.0		0.16	%		0.23	%

Total Partnership and LLC interests (cost of $101.2 and $112.0 at September 30, 2012 and December 31, 2011, respectively)		38.2		45.0		0.16	%		0.23	%

Loans:
Transportation and Warehousing		4.5		8.0		0.02	%		0.04	%

Total loans (cost of $14.9 and $9.5 at September 30, 2012 and December 31, 2011, respectively)		4.5		8.0		0.02	%		0.04	%

Assets of the CLOs
Bonds		9.1		15.8		0.04	%		0.08	%
Loans		206.7		228.5		0.86	%		1.17	%

Total assets of the CLOs (cost of $214.1 and $247.1 at September 30, 2012 and December 31, 2011, respectively)		215.8		244.3		0.90	%		1.25	%

Total Canada	$	260.5	$	303.1		1.09	%		1.55	%


Europe
Equity securities:
Administrative Support, Waste Management, Remediation Services	$	106.5	$	104.4		0.44	%		0.53	%
Health Care and Social Assistance		77.7		13.2		0.32	%		0.07	%
Information		91.7		88.1		0.38	%		0.45	%
Manufacturing		448.7		389.2		1.87	%		2.00	%
Retail Trade		368.6		95.4		1.54	%		0.49	%
Wholesale Trade		100.5		62.8		0.42	%		0.32	%
Other		215.0		93.7		0.90	%		0.48	%

Total equity securities (cost of $1,647.6 and $1,249.3 at September 30, 2012 and December 31, 2011, respectively)		1,408.7		846.8		5.87	%		4.34	%

Partnership and LLC interests:
Fund investments		898.1		976.9		3.74	%		5.01	%

Total Partnership and LLC interests (cost of $949.7 and $1,052.6 at September 30, 2012 and December 31, 2011, respectively)		898.1		976.9		3.74	%		5.01	%


	Fair Value				Percentage of Investments of Consolidated Funds
Geographic Region/Instrument Type/ Industry Description or Investment Strategy	September 30, 2012		December 31, 2011		September 30, 2012			December 31, 2011
	(Dollars in millions)
Europe
Loans:
Manufacturing		1.8		158.2		0.01	%		0.81	%
Other		—		135.1		0.00	%		0.69	%

Total loans (cost of $0 and $413.3 at September 30, 2012 and December 31, 2011, respectively)		1.8		293.3		0.01	%		1.50	%

Assets of the CLOs
Bonds		524.3		288.6		2.18	%		1.48	%
Equity		4.9		12.5		0.02	%		0.06	%
Loans		4,414.2		2,577.2		18.40	%		13.21	%
Other		10.4		20.7		0.04	%		0.11	%

Total assets of the CLOs (cost of $5,430.4 and $3,345.2 at September 30, 2012 and December 31, 2011, respectively)		4,953.8		2,899.0		20.64	%		14.86	%

Total Europe	$	7,262.4	$	5,016.0		30.26	%		25.71	%

Australia
Assets of the CLOs
Bonds	$	10.9	$	4.9		0.05	%		0.03	%

Total assets of the CLOs (cost of $11.2 and $5.0 at September 30, 2012 and December 31, 2011, respectively)		10.9		4.9		0.05	%		0.03	%

Total Australia	$	10.9	$	4.9		0.05	%		0.03	%

Singapore
Assets of the CLOs
Loans	$	26.0	$	—		0.10	%		0.00	%

Total assets of the CLOs (cost of $25.6 at September 30, 2012 respectively)		26.0		—		0.10	%		0.00	%

Total Singapore	$	26.0	$	—		0.10	%		0.00	%

Global
Equity securities:
Manufacturing	$	157.4	$	73.9		0.66	%		0.38	%

Total equity securities (cost of $86.9 and $85.3 at September 30, 2012 and December 31, 2011, respectively)		157.4		73.9		0.66	%		0.38	%

Partnership and LLC interests:
Fund investments		470.1		475.7		1.96	%		2.44	%

Total Partnership and LLC interests (cost of $403.9 and $427.2 at September 30, 2012 and December 31, 2011, respectively)		470.1		475.7		1.96	%		2.44	%

Total Global	$	627.5	$	549.6		2.62	%		2.82	%

Total investments of Consolidated Funds (cost of $21,836.9 and $19,514.9 at September 30, 2012 and December 31, 2011, respectively)	$	23,994.7	$	19,507.3		100.00	%		100.00	%

Interest and Other Income of Consolidated Funds

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
	(Dollars in millions)
Interest income from investments	$	208.4	$	163.5	$	578.3	$	436.2
Other income		39.3		27.7		100.1		85.4

Total	$	247.7	$	191.2	$	678.4	$	521.6

Net Investment Gains Losses of Consolidated Funds

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
	(Dollars in millions)
Gains (losses) from investments of Consolidated Funds	$	802.2		$	(889.6	)	$	2,410.9		$	(472.1	)
Gains (losses) from liabilities of CLOs		(354.0	)		546.9			(706.5	)		(149.2	)
Gains on other assets of CLOs		0.7			1.5			3.2			3.1

Total	$	448.9		$	(341.2	)	$	1,707.6		$	(618.2	)

Realized and Unrealized Gains 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 September 30,					Nine Months Ended September 30,
	2012		2011			2012		2011
	(Dollars in millions)
Realized gains	$	96.4	$	330.9		$	557.7	$	474.0
Net change in unrealized gains (losses)		705.8		(1,220.5	)		1,853.2		(946.1	)

Total	$	802.2	$	(889.6	)	$	2,410.9	$	(472.1	)

Non-controlling Interests in Consolidated Entities (Tables)

9 Months Ended

Sep. 30, 2012

Partnership's Non-Controlling Interests in Consolidated Entities

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


	As of
	September 30, 2012		December 31, 2011
	(Dollars in millions)
Non-Carlyle interests in Consolidated Funds	$	7,879.5	$	7,290.6
Non-Carlyle interests in majority-owned subsidiaries		242.5		159.4
Non-controlling interest in AlpInvest		33.9		40.2
Non-controlling interest in carried interest and cash held for carried interest distributions		44.1		6.0

Non-controlling interests in consolidated entities	$	8,200.0	$	7,496.2

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

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
	(Dollars in millions)
Non-Carlyle interests in Consolidated Funds	$	616.5		$	(301.6	)	$	1,940.5		$	(254.0	)
Non-Carlyle interests in majority-owned subsidiaries		(0.8	)		(4.1	)		9.6			15.8
Non-controlling interest in carried interest and cash held for carried interest distributions		36.5			4.2			1.9			6.5

Net income (loss) attributable to other non-controlling interests in consolidated entities		652.2			(301.5	)		1,952.0			(231.7	)
Net income (loss) attributable to equity appropriated for CLOs		(148.4	)		(22.9	)		(216.2	)		(349.4	)
Net income (loss) attributable to redeemable non-controlling interests in consolidated entities		(18.4	)		42.1			(27.6	)		107.7

Non-controlling interests in income (loss) of consolidated entities	$	485.4		$	(282.3	)	$	1,708.2		$	(473.4	)

Fixed Assets, Net (Tables)

9 Months Ended

Sep. 30, 2012

Components of Partnership's Fixed Assets

The components of the Partnership’s fixed assets are as follows:


	As of
	September 30, 2012			December 31, 2011
	(Dollars in millions)
Furniture, fixtures and equipment	$	35.2		$	37.4
Computer hardware and software		103.3			94.8
Leasehold improvements		59.2			49.1

Total fixed assets		197.7			181.3
Less: accumulated depreciation		(134.8	)		(128.6	)

Net fixed assets	$	62.9		$	52.7

- Definition

Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

+ References+ Details

Loans Payable (Tables)

9 Months Ended

Sep. 30, 2012

Outstanding Principal Amounts of Term Loan Payable

As of September 30, 2012, $500.0 million was outstanding under the term loan. Outstanding principal amounts under the term loan are payable quarterly beginning in September 2014 as follows (Dollars in millions):


2014	$	75.0
2015		175.0
2016		250.0

	$	500.0

Outstanding Borrowing which Includes Preferred Shares

As of September 30, 2012 and December 31, 2011, the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions):

As of September 30, 2012

Borrowing
Outstanding

Fair Value

Weighted
Average Interest
Rate

Weighted Average
Remaining
Maturity in Years

Senior secured notes

13,320.0

12,139.6

1.46

8.86

Subordinated notes, Income notes and Preferred shares

797.2

903.6

N/A

(a)

8.35

Combination notes

0.6

1.1

N/A

(b)

9.06

Total

14,117.8

13,044.3


	As of December 31, 2011
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	10,291.2	$	9,010.7		1.44	%		8.85
Subordinated notes, Income notes and Preferred shares		417.3		670.7		N/A	(a)		8.54
Combination notes		9.9		8.5		N/A	(b)		9.92

Total	$	10,718.4	$	9,689.9

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

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

Accrued Compensation and Benefits (Tables)

9 Months Ended

Sep. 30, 2012

Accrued Compensation and Benefits

Accrued compensation and benefits consist of the following:


	As of
	September 30, 2012		December 31, 2011
	(Dollars in millions)
Accrued performance fee-related compensation	$	866.9	$	314.1
Accrued bonuses		271.6		222.4
Other		164.2		41.4

Total	$	1,302.7	$	577.9

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2012

Unfunded Commitments

The Partnership and its unconsolidated affiliates have unfunded commitments to entities within the following segments as of September 30, 2012 (Dollars in millions):


	Unfunded Commitments
Corporate Private Equity	$	1,728.6
Global Market Strategies		117.9
Real Assets		217.1

	$	2,063.6

Future Minimum Commitments for Leases

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


2012	$	12.6
2013		45.9
2014		43.3
2015		38.7
2016		26.8
Thereafter		143.9

	$	311.2

Employee and Office Lease Termination Costs

The changes in the accrual for termination costs for the three months and nine months ended September 30, 2012 and 2011 are as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
	(Dollars in millions)
Balance, beginning of period	$	16.3		$	23.5		$	15.2		$	23.1
Compensation expense		1.5			1.0			4.9			2.9
Contract termination costs		(0.6	)		1.0			0.1			3.4
Costs paid or settled		(4.4	)		(7.3	)		(7.4	)		(11.2	)

Balance, end of period	$	12.8		$	18.2		$	12.8		$	18.2

- Definition

Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period.

+ References+ Details

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2012

Due from Affiliates and Other Receivables

The Partnership had the following due from affiliates and other receivables at September 30, 2012 and December 31, 2011:


	As of
	September 30, 2012		December 31, 2011
	(Dollars in millions)
Unbilled receivable for giveback obligations from current and former employees	$	33.9	$	56.5
Notes receivable and accrued interest from affiliates		46.3		56.8
Other receivables from unconsolidated funds and affiliates, net		162.6		173.7

Total	$	242.8	$	287.0

Due to Affiliates

The Partnership had the following due to affiliates balances at September 30, 2012 and December 31, 2011:


	As of
	September 30, 2012		December 31, 2011
	(Dollars in millions)
Due to affiliates of Consolidated Funds	$	39.7	$	37.3
Due to non-consolidated affiliates		40.8		44.4
Contingent consideration related to acquisitions		138.5		—
Amounts owed under the tax receivable agreement		18.3		—
Other		18.4		26.8

Total	$	255.7	$	108.5

Derivative Instruments in the CLOs (Tables)

9 Months Ended

Sep. 30, 2012

Gross Fair Value Amounts of Derivative Instruments

September 30, 2012

Notional
Amount

Fair Value -
Assets

Fair Value -
Liabilities

Currency-related

Cross-currency swap contract(s)

284.8

6.8

(24.9

)

Currency option(s)

180.3

10.4

—

Interest-related

Interest rate cap contract(s)

36.0

—

17.2

(24.9

)


	December 31, 2011
	Notional Amount		Fair Value - Assets		Fair Value - Liabilities
Currency-related
Cross-currency swap contract(s)	$	272.7	$	16.6	$	(5.9	)
Currency option(s)		181.3		10.0		—
Interest-related
Interest rate cap contract(s)		32.0		0.1		—

			$	26.7	$	(5.9	)

Net Realized and Unrealized Appreciation (Depreciation) on Derivative Instruments Included in Net Investment Gains (Loss) of Consolidated Funds

Three Months Ended September 30, 2012

Nine Months Ended September 30, 2012

Realized
Depreciation

Change in
Unrealized
Depreciation

Total

Realized
Appreciation
(Depreciation)

Change in
Unrealized
Appreciation
(Depreciation)

Total

Currency-related

Cross-currency swap contract(s)

(0.7

)

(1.2

)

(1.9

)

1.1

(24.1

)

(23.0

)

Currency option(s)

—

(1.1

)

(1.1

)

(0.1

)

0.4

0.3

Interest-related

Interest rate swap contract(s)

—

(0.1

)

(0.1

)

—

(0.1

)

(0.1

)

(0.7

)

(2.4

)

(3.1

)

1.0

(23.8

)

(22.8

)


	Three Months Ended September 30, 2011								Nine Months Ended September 30, 2011
	Realized Depreciation			Change in Unrealized Appreciation		Total			Realized Appreciation		Change in Unrealized Appreciation (Depreciation)			Total
Currency-related
Cross-currency swap contract(s)	$	(1.7	)	$	1.3	$	(0.4	)	$	11.1	$	3.7		$	14.8
Currency option(s)		—			—		—			—		(4.9	)		(4.9	)
Credit-related
Credit risk swap contract(s)		—			—		—			—		(0.1	)		(0.1	)
Interest-related
Interest rate cap contract(s)		—			—		—			—		(0.1	)		(0.1	)

	$	(1.7	)	$	1.3	$	(0.4	)	$	11.1	$	(1.4	)	$	9.7

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References+ Details

Earnings Per Common Unit (Tables)

9 Months Ended

Sep. 30, 2012

Weighted-Average Common Units Outstanding, Basic and Diluted

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


	Three Months Ended				For the Period from May 8, 2012
	September 30, 2012				Through September 30, 2012
	Basic		Diluted		Basic		Diluted
The Carlyle Group L.P. weighted-average common units outstanding		43,235,336		43,235,336		42,097,973		42,097,973
Unvested deferred restricted common units		—		2,267,863		—		1,337,163
Contingently issuable Carlyle Holdings Partnership units		—		1,436,552		—		1,436,552
Weighted-average vested Carlyle Holdings partnership units		—		—		—		205,650,944
Unvested Carlyle Holdings partnership units		—		—		—		4,777,828

Weighted-average common units outstanding		43,235,336		46,939,751		42,097,973		255,300,460

Basic and Diluted Net Income Per Common Unit

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


	Three Months Ended				For the Period from May 8, 2012
	September 30, 2012				Through September 30, 2012
	Basic		Diluted		Basic		Diluted
Net income attributable to The Carlyle Group L.P.	$	18,600,000	$	18,600,000	$	8,300,000	$	8,300,000
Incremental net income from assumed exchange of Carlyle Holdings partnership units		—		—		—		31,121,000

Total	$	18,600,000	$	18,600,000	$	8,300,000	$	39,421,000

Weighted-average common units outstanding		43,235,336		46,939,751		42,097,973		255,300,460

Net income per common unit	$	0.43	$	0.40	$	0.20	$	0.15

Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2012

Summary of Status of Non-Vested Equity-Based Awards


	Carlyle Holdings				The Carlyle Group, L.P.
					Equity Settled Awards				Cash Settled Awards
Unvested Units	Partnership Units		Weighted- Average Grant Date Fair Value		Deferred Restricted Common Units		Weighted- Average Grant Date Fair Value		Phantom Units		Weighted- Average Grant Date Fair Value
Balance, May 2, 2012		—	$	—		—	$	—		—	$	—
Granted—IPO		56,760,336	$	22.00		17,113,755	$	22.00		361,238	$	22.00
Granted—Post-IPO		—	$	—		114,702	$	24.43		—	$	—
Vested		—	$	—		40,599	$	22.00		—	$	—
Forfeited		504,553	$	22.00		465,166	$	22.00		15,098	$	22.00

Balance, September 30, 2012		56,255,783				16,722,692				346,140

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2012

Reportable Segments Financial Data


	Three Months Ended September 30, 2012
	Corporate Private Equity			Global Market Strategies			Real Assets			Fund of Funds Solutions			Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	124.8		$	58.2		$	34.4		$	16.5		$	233.9
Portfolio advisory fees, net		3.1			0.8			0.7			—			4.6
Transaction fees, net		6.2			0.3			0.7			—			7.2

Total fee revenues		134.1			59.3			35.8			16.5			245.7
Performance fees
Realized		241.4			0.9			31.9			2.2			276.4
Unrealized		72.8			5.7			(27.7	)		(1.8	)		49.0

Total performance fees		314.2			6.6			4.2			0.4			325.4
Investment income (loss)
Realized		(0.2	)		4.6			0.2			—			4.6
Unrealized		(1.0	)		0.8			4.0			—			3.8

Total investment income (loss)		(1.2	)		5.4			4.2			—			8.4
Interest and other income		3.4			0.5			0.4			0.1			4.4

Total revenues		450.5			71.8			44.6			17.0			583.9
Segment Expenses
Compensation and benefits
Direct base compensation		56.2			17.4			16.1			8.2			97.9
Indirect base compensation		19.9			5.9			5.7			1.4			32.9
Equity-based compensation		0.4			—			0.2			—			0.6
Performance fee related
Realized		115.6			0.2			2.5			1.9			120.2
Unrealized		39.2			(1.8	)		5.3			(2.1	)		40.6

Total compensation and benefits		231.3			21.7			29.8			9.4			292.2
General, administrative, and other indirect expenses		39.5			12.8			12.5			3.7			68.5
Interest expense		2.5			1.3			0.7			0.2			4.7

Total expenses		273.3			35.8			43.0			13.3			365.4
Economic Net Income (Loss)	$	177.2		$	36.0		$	1.6		$	3.7		$	218.5

Fee Related Earnings	$	19.0		$	22.4		$	1.0		$	3.1		$	45.5

Net Realized Performance Fees	$	125.8		$	0.7		$	29.4		$	0.3		$	156.2

Net Performance Fees	$	159.4		$	8.2		$	(3.6	)	$	0.6		$	164.6

Investment Income (Loss)	$	(1.2	)	$	5.4		$	4.2		$	—		$	8.4

Distributable Earnings	$	144.6		$	27.7		$	30.6		$	3.4		$	206.3


	September 30, 2012 and the Nine Months Then Ended
	Corporate Private Equity		Global Market Strategies		Real Assets			Fund of Funds Solutions		Total
			(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	372.7	$	166.3	$	105.1		$	50.2	$	694.3
Portfolio advisory fees, net		15.0		2.0		2.6			—		19.6
Transaction fees, net		9.4		0.3		3.9			—		13.6

Total fee revenues		397.1		168.6		111.6			50.2		727.5
Performance fees
Realized		545.0		34.6		82.1			6.8		668.5
Unrealized		44.4		22.4		(1.3	)		22.1		87.6

Total performance fees		589.4		57.0		80.8			28.9		756.1
Investment income (loss)
Realized		2.1		8.7		(0.1	)		—		10.7
Unrealized		17.2		9.3		8.5			—		35.0

Total investment income		19.3		18.0		8.4			—		45.7
Interest and other income		6.4		1.5		1.2			0.4		9.5

Total revenues		1,012.2		245.1		202.0			79.5		1,538.8
Segment Expenses
Compensation and benefits
Direct base compensation		166.3		62.3		51.2			25.1		304.9
Indirect base compensation		64.8		15.3		17.7			4.4		102.2
Equity-based compensation		0.8		0.1		0.3			—		1.2
Performance fee related
Realized		264.2		18.7		4.9			6.0		293.8
Unrealized		30.9		8.1		13.3			17.3		69.6

Total compensation and benefits		527.0		104.5		87.4			52.8		771.7
General, administrative, and other indirect expenses		116.7		30.6		37.0			8.8		193.1
Interest expense		11.9		3.9		3.7			1.1		20.6

Total expenses		655.6		139.0		128.1			62.7		985.4
Economic Net Income	$	356.6	$	106.1	$	73.9		$	16.8	$	553.4

Fee Related Earnings	$	43.0	$	57.9	$	2.9		$	11.2	$	115.0

Net Realized Performance Fees	$	280.8	$	15.9	$	77.2		$	0.8	$	374.7

Net Performance Fees	$	294.3	$	30.2	$	62.6		$	5.6	$	392.7

Investment Income	$	19.3	$	18.0	$	8.4		$	—	$	45.7

Distributable Earnings	$	325.9	$	82.5	$	80.0		$	12.0	$	500.4

Segment assets as of September 30, 2012	$	2,516.8	$	956.7	$	589.3		$	349.1	$	4,411.9

The following tables present the financial data for the Partnership’s four reportable segments for the three months and nine months ended September 30, 2011:


	Three Months Ended September 30, 2011
	Corporate Private Equity			Global Market Strategies			Real Assets			Fund of Funds Solutions			Total
				(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	128.1		$	50.4		$	37.2		$	18.7		$	234.4
Portfolio advisory fees, net		4.8			0.8			1.9			—			7.5
Transaction fees, net		3.8			—			1.6			—			5.4
Total fee revenues		136.7			51.2			40.7			18.7			247.3

Performance fees
Realized		333.0			6.1			29.1			19.2			387.4
Unrealized		(787.2	)		(6.8	)		(78.2	)		(22.5	)		(894.7	)

Total performance fees		(454.2	)		(0.7	)		(49.1	)		(3.3	)		(507.3	)
Investment income (loss)
Realized		8.1			3.1			1.8			—			13.0
Unrealized		(14.8	)		(2.1	)		(0.7	)		—			(17.6	)

Total investment income (loss)		(6.7	)		1.0			1.1			—			(4.6	)
Interest and other income		0.3			1.4			(0.5	)		0.2			1.4

Total revenues		(323.9	)		52.9			(7.8	)		15.6			(263.2	)
Segment Expenses
Compensation and benefits
Direct base compensation		62.8			16.9			19.4			8.1			107.2
Indirect base compensation		24.1			4.0			6.7			—			34.8
Performance fee related
Realized		176.2			(0.7	)		2.4			15.3			193.2
Unrealized		(444.2	)		(10.7	)		(4.3	)		(18.0	)		(477.2	)

Total compensation and benefits		(181.1	)		9.5			24.2			5.4			(142.0	)
General, administrative, and other indirect expenses		32.4			6.8			12.8			3.0			55.0
Interest expense		9.8			2.4			2.9			—			15.1

Total expenses		(138.9	)		18.7			39.9			8.4			(71.9	)
Economic Net Income (Loss)	$	(185.0	)	$	34.2		$	(47.7	)	$	7.2		$	(191.3	)

Fee Related Earnings	$	7.9		$	22.5		$	(1.6	)	$	7.8		$	36.6

Net Realized Performance Fees	$	156.8		$	6.8		$	26.7		$	3.9		$	194.2

Net Performance Fees	$	(186.2	)	$	10.7		$	(47.2	)	$	(0.6	)	$	(223.3	)

Investment Income (Loss)	$	(6.7	)	$	1.0		$	1.1		$	—		$	(4.6	)

Distributable Earnings	$	172.8		$	32.4		$	26.9		$	11.7		$	243.8


	Nine Months Ended September 30, 2011
	Corporate Private Equity			Global Market Strategies			Real Assets			Fund of Funds Solutions			Total
				(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	387.7		$	128.6		$	114.9		$	18.7		$	649.9
Portfolio advisory fees, net		27.0			2.2			2.6			—			31.8
Transaction fees, net		26.4			—			1.9			—			28.3

Total fee revenues		441.1			130.8			119.4			18.7			710.0
Performance fees
Realized		690.7			95.7			81.1			19.2			886.7
Unrealized		(179.0	)		8.1			1.7			(22.5	)		(191.7	)

Total performance fees		511.7			103.8			82.8			(3.3	)		695.0
Investment income (loss)
Realized		35.1			11.0			2.3			—			48.4
Unrealized		(5.6	)		17.5			3.5			—			15.4

Total investment income (loss)		29.5			28.5			5.8			—			63.8
Interest and other income		8.1			4.4			2.2			0.2			14.9

Total revenues		990.4			267.5			210.2			15.6			1,483.7
Segment Expenses
Compensation and benefits
Direct base compensation		189.2			47.8			58.3			8.1			303.4
Indirect base compensation		66.7			11.2			22.7			—			100.6
Performance fee related
Realized		355.6			46.6			8.1			15.3			425.6
Unrealized		(105.1	)		(10.7	)		(4.4	)		(18.0	)		(138.2	)

Total compensation and benefits		506.4			94.9			84.7			5.4			691.4
General, administrative, and other indirect expenses		101.6			25.8			36.6			3.0			167.0
Interest expense		30.0			7.5			8.9			—			46.4

Total expenses		638.0			128.2			130.2			8.4			904.8
Economic Net Income	$	352.4		$	139.3		$	80.0		$	7.2		$	578.9

Fee Related Earnings	$	61.7		$	42.9		$	(4.9	)	$	7.8		$	107.5

Net Realized Performance Fees	$	335.1		$	49.1		$	73.0		$	3.9		$	461.1

Net Performance Fees	$	261.2		$	67.9		$	79.1		$	(0.6	)	$	407.6

Investment Income	$	29.5		$	28.5		$	5.8		$	—		$	63.8

Distributable Earnings	$	431.9		$	103.0		$	70.4		$	11.7		$	617.0

Total Segments to Partnership Income Before Provision for Taxes Reconciliation

The following table reconciles the Total Segments to the Partnership’s Income Before Provision for Taxes for the three months ended September 30, 2012 and 2011:


	Three Months Ended September 30, 2012
	Total Reportable Segments			Consolidated Funds			Reconciling Items		Carlyle Consolidated
				(Dollars in millions)
Revenues	$	583.9		$	247.7		$	26.9 (a)	$	858.5
Expenses	$	365.4		$	252.4		$	87.1 (b)	$	704.9
Other income	$	—		$	448.3		$	0.6 (c)	$	448.9
Economic net income (loss)	$	218.5		$	443.6		$	(59.6) (d)	$	602.5

	Three Months Ended September 30, 2011
	Total Reportable Segments			Consolidated Funds			Reconciling Items		Carlyle Consolidated
				(Dollars in millions)
Revenues	$	(263.2	)	$	191.2		$	12.4 (a)	$	(59.6	)
Expenses	$	(71.9	)	$	149.2		$	141.1 (b)	$	218.4
Other loss	$	—		$	(338.4	)	$	(2.8) (c)	$	(341.2	)
Economic net loss	$	(191.3	)	$	(296.4	)	$	(131.5) (d)	$	(619.2	)


	September 30, 2012 and the Nine Months Then Ended
	Total Reportable Segments		Consolidated Funds			Reconciling Items		Carlyle Consolidated
			(Dollars in millions)
Revenues	$	1,538.8	$	678.4		$	0.6 (a)	$	2,217.8
Expenses	$	985.4	$	689.6		$	(44.0) (b)	$	1,631.0
Other income	$	—	$	1,704.7		$	2.9 (c)	$	1,707.6
Economic net income (loss)	$	553.4	$	1,693.5		$	47.5 (d)	$	2,294.4
Total assets	$	4,411.9	$	25,694.9		$	(62.8) (e)	$	30,044.0

	Nine Months Ended September 30, 2011
	Total Reportable Segments		Consolidated Funds			Reconciling Items		Carlyle Consolidated
			(Dollars in millions)
Revenues	$	1,483.7	$	521.6		$	8.2 (a)	$	2,013.5
Expenses	$	904.8	$	382.8		$	(362.7) (b)	$	924.9
Other loss	$	—	$	(630.5	)	$	12.3 (c)	$	(618.2	)
Economic net income (loss)	$	578.9	$	(491.7	)	$	383.2 (d)	$	470.4

(a)

(b)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
Partner compensation	$	—		$	111.6		$	(265.4	)	$	(458.3	)
Equity-based compensation issued in conjuction with the initial public offering		52.6			—			146.2			—
Acquisition related charges and amortization of intangibles		43.4			22.6			89.0			57.1
Other non-operating expenses		10.3			9.4			6.9			30.0
Severance and lease terminations		0.9			2.0			5.0			6.3
Non-Carlyle economic interests in acquired business		32.0			46.5			103.8			95.9
Other adjustments		(1.8	)		—			(4.8	)		—
Elimination of expenses of Consolidated Funds		(50.3	)		(51.0	)		(124.7	)		(93.7	)

	$	87.1		$	141.1		$	(44.0	)	$	(362.7	)

(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 (Loss) Before Provision for Income Taxes to Economic Net Income (Loss), to Fee Related Earnings, and to Distributable Earnings (Dollars in millions):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
				(Dollars in millions)
Income (loss) before provision for income taxes	$	602.5		$	(619.2	)	$	2,294.4		$	470.4
Adjustments:
Partner compensation⁽¹⁾		—			111.6			(265.4	)		(458.3	)
Equity-based compensation issued in conjuction with the initial public offering		52.6			—			146.2			—
Acquisition related charges and amortization of intangibles		43.4			22.6			89.0			57.1
Other non-operating expenses		10.3			9.4			6.9			30.0
Net (income) loss attributable to non-controlling interests in Consolidated entities		(485.4	)		282.3			(1,708.2	)		473.4
Provision for income taxes attributable to non-controlling interests in Consolidated entities		(4.0	)		—			(9.7	)		—
Severance and lease terminations		0.9			2.0			5.0			6.3
Other adjustments		(1.8	)		—			(4.8	)		—

Economic Net Income (Loss)	$	218.5		$	(191.3	)	$	553.4		$	578.9

Net performance fees⁽²⁾		164.6			(223.3	)		392.7			407.6
Investment income (loss)⁽²⁾		8.4			(4.6	)		45.7			63.8

Fee Related Earnings	$	45.5		$	36.6		$	115.0		$	107.5

Realized performance fees, net of related compensation		156.2			194.2			374.7			461.1
Investment income—realized		4.6			13.0			10.7			48.4

Distributable Earnings	$	206.3		$	243.8		$	500.4		$	617.0

(1)

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


	Three Months Ended September 30, 2012
	Carlyle Consolidated			Adjustments ⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance fees
Realized	$	291.4		$	(15.0	)	$	276.4
Unrealized		64.9			(15.9	)		49.0

Total performance fees		356.3			(30.9	)		325.4
Performance fee related compensation expense
Realized		121.9			(1.7	)		120.2
Unrealized		41.5			(0.9	)		40.6

Total performance fee related compensation expense		163.4			(2.6	)		160.8
Net performance fees
Realized		169.5			(13.3	)		156.2
Unrealized		23.4			(15.0	)		8.4

Total net performance fees	$	192.9		$	(28.3	)	$	164.6

Investment income
Realized	$	9.8		$	(5.2	)	$	4.6
Unrealized		0.4			3.4			3.8

Total investment income	$	10.2		$	(1.8	)	$	8.4


	Three Months Ended September 30, 2011
	Carlyle Consolidated			Adjustments ⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance fees
Realized	$	375.2		$	12.2		$	387.4
Unrealized		(859.1	)		(35.6	)		(894.7	)

Total performance fees		(483.9	)		(23.4	)		(507.3	)
Performance fee related compensation expense
Realized		51.4			141.8			193.2
Unrealized		(139.5	)		(337.7	)		(477.2	)

Total performance fee related compensation expense		(88.1	)		(195.9	)		(284.0	)
Net performance fees
Realized		323.8			(129.6	)		194.2
Unrealized		(719.6	)		302.1			(417.5	)

Total net performance fees	$	(395.8	)	$	172.5		$	(223.3	)

Investment income (loss)
Realized	$	7.5		$	5.5		$	13.0
Unrealized		(12.9	)		(4.7	)		(17.6	)

Total investment income (loss)	$	(5.4	)	$	0.8		$	(4.6	)


	Nine Months Ended September 30, 2012
	Carlyle Consolidated			Adjustments ⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance fees
Realized	$	688.7		$	(20.2	)	$	668.5
Unrealized		88.0			(0.4	)		87.6

Total performance fees		776.7			(20.6	)		756.1
Performance fee related compensation expense
Realized		188.3			105.5			293.8
Unrealized		(1.4	)		71.0			69.6

Total performance fee related compensation expense		186.9			176.5			363.4
Net performance fees
Realized		500.4			(125.7	)		374.7
Unrealized		89.4			(71.4	)		18.0

Total net performance fees	$	589.8		$	(197.1	)	$	392.7

Investment income
Realized	$	11.4		$	(0.7	)	$	10.7
Unrealized		27.3			7.7			35.0

Total investment income	$	38.7		$	7.0		$	45.7


	Nine Months Ended September 30, 2011
	Carlyle Consolidated			Adjustments ⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance fees
Realized	$	870.1		$	16.6		$	886.7
Unrealized		(133.6	)		(58.1	)		(191.7	)

Total performance fees		736.5			(41.5	)		695.0
Performance fee related compensation expense
Realized		136.2			289.4			425.6
Unrealized		(81.7	)		(56.5	)		(138.2	)

Total performance fee related compensation expense		54.5			232.9			287.4
Net performance fees
Realized		733.9			(272.8	)		461.1
Unrealized		(51.9	)		(1.6	)		(53.5	)

Total net performance fees	$	682.0		$	(274.4	)	$	407.6

Investment income (loss)
Realized	$	50.3		$	(1.9	)	$	48.4
Unrealized		6.3			9.1			15.4

Total investment income (loss)	$	56.6		$	7.2		$	63.8

(3)

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

Expenses Adjustment Represents Elimination of Intercompany Expenses

(b)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
Partner compensation	$	—		$	111.6		$	(265.4	)	$	(458.3	)
Equity-based compensation issued in conjuction with the initial public offering		52.6			—			146.2			—
Acquisition related charges and amortization of intangibles		43.4			22.6			89.0			57.1
Other non-operating expenses		10.3			9.4			6.9			30.0
Severance and lease terminations		0.9			2.0			5.0			6.3
Non-Carlyle economic interests in acquired business		32.0			46.5			103.8			95.9
Other adjustments		(1.8	)		—			(4.8	)		—
Elimination of expenses of Consolidated Funds		(50.3	)		(51.0	)		(124.7	)		(93.7	)

	$	87.1		$	141.1		$	(44.0	)	$	(362.7	)

Reconciliation of Income Before Provision for Income Taxes

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
				(Dollars in millions)
Income (loss) before provision for income taxes	$	602.5		$	(619.2	)	$	2,294.4		$	470.4
Adjustments:
Partner compensation⁽¹⁾		—			111.6			(265.4	)		(458.3	)
Equity-based compensation issued in conjuction with the initial public offering		52.6			—			146.2			—
Acquisition related charges and amortization of intangibles		43.4			22.6			89.0			57.1
Other non-operating expenses		10.3			9.4			6.9			30.0
Net (income) loss attributable to non-controlling interests in Consolidated entities		(485.4	)		282.3			(1,708.2	)		473.4
Provision for income taxes attributable to non-controlling interests in Consolidated entities		(4.0	)		—			(9.7	)		—
Severance and lease terminations		0.9			2.0			5.0			6.3
Other adjustments		(1.8	)		—			(4.8	)		—

Economic Net Income (Loss)	$	218.5		$	(191.3	)	$	553.4		$	578.9

Net performance fees⁽²⁾		164.6			(223.3	)		392.7			407.6
Investment income (loss)⁽²⁾		8.4			(4.6	)		45.7			63.8

Fee Related Earnings	$	45.5		$	36.6		$	115.0		$	107.5

Realized performance fees, net of related compensation		156.2			194.2			374.7			461.1
Investment income—realized		4.6			13.0			10.7			48.4

Distributable Earnings	$	206.3		$	243.8		$	500.4		$	617.0

(1)

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

Adjustments for Compensation and Performance Fees Allocated

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


	Three Months Ended September 30, 2012
	Carlyle Consolidated			Adjustments ⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance fees
Realized	$	291.4		$	(15.0	)	$	276.4
Unrealized		64.9			(15.9	)		49.0

Total performance fees		356.3			(30.9	)		325.4
Performance fee related compensation expense
Realized		121.9			(1.7	)		120.2
Unrealized		41.5			(0.9	)		40.6

Total performance fee related compensation expense		163.4			(2.6	)		160.8
Net performance fees
Realized		169.5			(13.3	)		156.2
Unrealized		23.4			(15.0	)		8.4

Total net performance fees	$	192.9		$	(28.3	)	$	164.6

Investment income
Realized	$	9.8		$	(5.2	)	$	4.6
Unrealized		0.4			3.4			3.8

Total investment income	$	10.2		$	(1.8	)	$	8.4


	Three Months Ended September 30, 2011
	Carlyle Consolidated			Adjustments ⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance fees
Realized	$	375.2		$	12.2		$	387.4
Unrealized		(859.1	)		(35.6	)		(894.7	)

Total performance fees		(483.9	)		(23.4	)		(507.3	)
Performance fee related compensation expense
Realized		51.4			141.8			193.2
Unrealized		(139.5	)		(337.7	)		(477.2	)

Total performance fee related compensation expense		(88.1	)		(195.9	)		(284.0	)
Net performance fees
Realized		323.8			(129.6	)		194.2
Unrealized		(719.6	)		302.1			(417.5	)

Total net performance fees	$	(395.8	)	$	172.5		$	(223.3	)

Investment income (loss)
Realized	$	7.5		$	5.5		$	13.0
Unrealized		(12.9	)		(4.7	)		(17.6	)

Total investment income (loss)	$	(5.4	)	$	0.8		$	(4.6	)


	Nine Months Ended September 30, 2012
	Carlyle Consolidated			Adjustments ⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance fees
Realized	$	688.7		$	(20.2	)	$	668.5
Unrealized		88.0			(0.4	)		87.6

Total performance fees		776.7			(20.6	)		756.1
Performance fee related compensation expense
Realized		188.3			105.5			293.8
Unrealized		(1.4	)		71.0			69.6

Total performance fee related compensation expense		186.9			176.5			363.4
Net performance fees
Realized		500.4			(125.7	)		374.7
Unrealized		89.4			(71.4	)		18.0

Total net performance fees	$	589.8		$	(197.1	)	$	392.7

Investment income
Realized	$	11.4		$	(0.7	)	$	10.7
Unrealized		27.3			7.7			35.0

Total investment income	$	38.7		$	7.0		$	45.7


	Nine Months Ended September 30, 2011
	Carlyle Consolidated			Adjustments ⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance fees
Realized	$	870.1		$	16.6		$	886.7
Unrealized		(133.6	)		(58.1	)		(191.7	)

Total performance fees		736.5			(41.5	)		695.0
Performance fee related compensation expense
Realized		136.2			289.4			425.6
Unrealized		(81.7	)		(56.5	)		(138.2	)

Total performance fee related compensation expense		54.5			232.9			287.4
Net performance fees
Realized		733.9			(272.8	)		461.1
Unrealized		(51.9	)		(1.6	)		(53.5	)

Total net performance fees	$	682.0		$	(274.4	)	$	407.6

Investment income (loss)
Realized	$	50.3		$	(1.9	)	$	48.4
Unrealized		6.3			9.1			15.4

Total investment income (loss)	$	56.6		$	7.2		$	63.8

(3)

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References+ Details

Supplemental Financial Information (Tables)

9 Months Ended

Sep. 30, 2012

Supplemental Financial Position


	As of September 30, 2012
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
				(Dollars in millions)
Assets
Cash and cash equivalents	$	769.2		$	—	$	—		$	769.2
Cash and cash equivalents held at Consolidated Funds		—			1,425.1		—			1,425.1
Restricted cash		28.5			—		—			28.5
Restricted cash and securities of Consolidated Funds		—			36.7		—			36.7
Accrued performance fees		2,155.4			—		(2.4	)		2,153.0
Investments		458.9			—		(48.4	)		410.5
Investments of Consolidated Funds		—			23,994.7		—			23,994.7
Due from affiliates and other receivables, net		254.8			—		(12.0	)		242.8
Due from affiliates and other receivables of Consolidated Funds, net		—			234.9		—			234.9
Fixed assets, net		62.9			—		—			62.9
Deposits and other		48.8			3.5		—			52.3
Intangible assets, net		577.3			—		—			577.3
Deferred tax assets		56.1			—		—			56.1

Total assets	$	4,411.9		$	25,694.9	$	(62.8	)	$	30,044.0

Liabilities and partners’ capital
Loans payable	$	500.0		$	—	$	—		$	500.0
Loans payable of Consolidated Funds		—			13,091.1		(46.8	)		13,044.3
Accounts payable, accrued expenses and other liabilities		212.2			—		—			212.2
Accrued compensation and benefits		1,302.7			—		—			1,302.7
Due to affiliates		216.1			39.7		(0.1	)		255.7
Deferred revenue		185.1			1.7		(0.3	)		186.5
Deferred tax liabilities		69.6			—		—			69.6
Other liabilities of Consolidated Funds		—			970.0		(13.8	)		956.2
Accrued giveback obligations		86.1			—		—			86.1

Total liabilities		2,571.8			14,102.5		(61.0	)		16,613.3


Redeemable non-controlling interests in consolidated entities		4.8			2,728.1		—			2,732.9

Partners’ capital		219.2			3.9		(3.9	)		219.2
Accumulated other comprehensive income		(3.2	)		—		(0.3	)		(3.5	)
Partners’ capital appropriated for Consolidated Funds		—			980.9		2.4			983.3
Non-controlling interests in consolidated entities		320.5			7,879.5		—			8,200.0
Non-controlling interests in Carlyle Holdings		1,298.8			—		—			1,298.8

Total partners’ capital		1,835.3			8,864.3		(1.8	)		10,697.8

Total liabilities and partners’ capital	$	4,411.9		$	25,694.9	$	(62.8	)	$	30,044.0


	As of December 31, 2011
	Consolidated
	Operating			Consolidated
	Entities			Funds		Eliminations			Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	509.6		$	—	$	—		$	509.6
Cash and cash equivalents held at Consolidated Funds		—			566.6		—			566.6
Restricted cash		24.6			—		—			24.6
Restricted cash and securities of Consolidated Funds		—			89.2		—			89.2
Accrued performance fees		2,219.9			—		(30.8	)		2,189.1
Investments		517.3			—		(62.4	)		454.9
Investments of Consolidated Funds		—			19,507.3		—			19,507.3
Due from affiliates and other receivables, net		297.2			—		(10.2	)		287.0
Due from affiliates and other receivables of Consolidated Funds, net		—			287.7		(0.1	)		287.6
Fixed assets, net		52.7			—		—			52.7
Deposits and other		60.7			9.5		—			70.2
Intangible assets, net		594.9			—		—			594.9
Deferred tax assets		18.0			—		—			18.0

Total assets	$	4,294.9		$	20,460.3	$	(103.5	)	$	24,651.7

Liabilities and partners’ capital
Loans payable	$	860.9		$	—	$	—		$	860.9
Subordinated loan payable to affiliate		262.5			—		—			262.5
Loans payable of Consolidated Funds		—			9,738.9		(49.0	)		9,689.9
Accounts payable, accrued expenses and other liabilities		203.4			—		—			203.4
Accrued compensation and benefits		577.9			—		—			577.9
Due to Carlyle partners		1,015.9			—		—			1,015.9
Due to affiliates		71.3			37.3		(0.1	)		108.5
Deferred revenue		87.3			1.9		—			89.2
Deferred tax liabilities		48.3			—		—			48.3
Other liabilities of Consolidated Funds		—			589.7		(21.6	)		568.1
Accrued giveback obligations		136.5			—		—			136.5

Total liabilities		3,264.0			10,367.8		(70.7	)		13,561.1

Redeemable non-controlling interests in consolidated entities		8.0			1,915.4		—			1,923.4

Members’ equity		879.1			22.9		(28.9	)		873.1
Accumulated other comprehensive loss		(61.8	)		—		6.0			(55.8	)
Partners’ capital appropriated for Consolidated Funds		—			863.6		(9.9	)		853.7
Non-controlling interests in consolidated entities		205.6			7,290.6		—			7,496.2

Total partners’ capital		1,022.9			8,177.1		(32.8	)		9,167.2

Total liabilities and partners’ capital	$	4,294.9		$	20,460.3	$	(103.5	)	$	24,651.7

Supplemental Results of Operations


	Three Months Ended September 30, 2012
	Consolidated
	Operating			Consolidated
	Entities			Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	276.4		$	—	$	(36.6	)	$	239.8
Performance fees
Realized		292.1			—		(0.7	)		291.4
Unrealized		70.7			—		(5.8	)		64.9

Total performance fees		362.8			—		(6.5	)		356.3
Investment income (loss)
Realized		13.4			—		(3.6	)		9.8
Unrealized		(1.2	)		—		1.6			0.4

Total investment income (loss)		12.2			—		(2.0	)		10.2
Interest and other income		4.5			—		—			4.5
Interest and other income of Consolidated Funds		—			247.7		—			247.7

Total revenues		655.9			247.7		(45.1	)		858.5

Expenses
Compensation and benefits
Base compensation		177.0			—		—			177.0
Equity-based compensation		53.2			—		—			53.2
Performance fee related
Realized		121.9			—		—			121.9
Unrealized		41.5			—		—			41.5

Total compensation and benefits		393.6			—		—			393.6
General, administrative and other expenses		94.9			—		(2.0	)		92.9
Interest		4.0			—		—			4.0
Interest and other expenses of Consolidated Funds		—			252.4		(48.3	)		204.1
Other non-operating expenses		10.3			—		—			10.3

Total expenses		502.8			252.4		(50.3	)		704.9

Other income
Net investment gains of Consolidated Funds		—			448.3		0.6			448.9

Income before provision for income taxes		153.1			443.6		5.8			602.5
Provision for income taxes		5.5			—		—			5.5

Net income		147.6			443.6		5.8			597.0

Net income attributable to non-controlling interests in consolidated entities		36.0			—		449.4			485.4

Net income attributable to Carlyle Holdings		111.6			443.6		(443.6	)		111.6
Net income attributable to non-controlling interests in Carlyle Holdings		93.0			—		—			93.0

Net income attributable to The Carlyle Group L.P.	$	18.6		$	443.6	$	(443.6	)	$	18.6


	Nine Months Ended September 30, 2012
	Consolidated
	Operating			Consolidated
	Entities			Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	816.5		$	—	$	(102.4	)	$	714.1
Performance fees
Realized		700.9			—		(12.2	)		688.7
Unrealized		88.0			—		—			88.0

Total performance fees		788.9			—		(12.2	)		776.7
Investment income
Realized		22.1			—		(10.7	)		11.4
Unrealized		27.1			—		0.2			27.3

Total investment income		49.2			—		(10.5	)		38.7
Interest and other income		9.9			—		—			9.9
Interest and other income of Consolidated Funds		—			678.4		—			678.4

Total revenues		1,664.5			678.4		(125.1	)		2,217.8

Expenses
Compensation and benefits
Base compensation		433.0			—		—			433.0
Equity-based compensation		147.4			—		—			147.4
Performance fee related
Realized		188.3			—		—			188.3
Unrealized		(1.4	)		—		—			(1.4	)

Total compensation and benefits		767.3			—		—			767.3
General, administrative and other expenses		271.3			—		(3.2	)		268.1
Interest		20.6			—		—			20.6
Interest and other expenses of Consolidated Funds		—			689.6		(121.5	)		568.1
Other non-operating expenses		6.9			—		—			6.9

Total expenses		1,066.1			689.6		(124.7	)		1,631.0

Other income
Net investment gains of Consolidated Funds		—			1,704.7		2.9			1,707.6

Income before provision for income taxes		598.4			1,693.5		2.5			2,294.4
Provision for income taxes		27.8			—		—			27.8

Net income		570.6			1,693.5		2.5			2,266.6

Net income attributable to non-controlling interests in consolidated entities		12.2			—		1,696.0			1,708.2

Net income attributable to Carlyle Holdings		558.4			1,693.5		(1,693.5	)		558.4
Net income attributable to non-controlling interests in Carlyle Holdings		550.1			—		—			550.1

Net income attributable to The Carlyle Group L.P.	$	8.3		$	1,693.5	$	(1,693.5	)	$	8.3


	Three Months Ended September 30, 2011
	Consolidated
	Operating			Consolidated
	Entities			Funds			Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	274.0		$	—		$	(38.0	)	$	236.0
Performance fees
Realized		404.9			—			(29.7	)		375.2
Unrealized		(888.5	)		—			29.4			(859.1	)

Total performance fees		(483.6	)		—			(0.3	)		(483.9	)
Investment income (loss)
Realized		10.5			—			(3.0	)		7.5
Unrealized		(18.7	)		—			5.8			(12.9	)

Total investment income (loss)		(8.2	)		—			2.8			(5.4	)
Interest and other income		1.4			—			1.1			2.5
Interest and other income of Consolidated Funds		—			191.2			—			191.2

Total revenues		(216.4	)		191.2			(34.4	)		(59.6	)

Expenses
Compensation and benefits
Base compensation		101.9			—			—			101.9
Performance fee related
Realized		51.4			—			—			51.4
Unrealized		(139.5	)		—			—			(139.5	)

Total compensation and benefits		13.8			—			—			13.8
General, administrative and other expenses		81.3			—			(0.9	)		80.4
Interest		15.7			—			—			15.7
Interest and other expenses of Consolidated Funds		—			149.2			(50.1	)		99.1
Other non-operating expenses		9.4			—			—			9.4

Total expenses		120.2			149.2			(51.0	)		218.4

Other loss
Net investment losses of Consolidated Funds		—			(338.4	)		(2.8	)		(341.2	)

Loss before provision for income taxes		(336.6	)		(296.4	)		13.8			(619.2	)
Provision for income taxes		12.9			—			—			12.9

Net loss		(349.5	)		(296.4	)		13.8			(632.1	)

Net income (loss) attributable to non-controlling interests in consolidated entities		0.3			—			(282.6	)		(282.3	)

Net loss attributable to Carlyle Holdings	$	(349.8	)	$	(296.4	)	$	296.4		$	(349.8	)


	Nine Months Ended September 30, 2011
	Consolidated Operating Entities			Consolidated Funds			Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	757.7		$	—		$	(74.5	)	$	683.2
Performance fees
Realized		909.4			—			(39.3	)		870.1
Unrealized		(160.0	)		—			26.4			(133.6	)

Total performance fees		749.4			—			(12.9	)		736.5
Investment income
Realized		60.8			—			(10.5	)		50.3
Unrealized		19.3			—			(13.0	)		6.3

Total investment income		80.1			—			(23.5	)		56.6
Interest and other income		14.9			—			0.7			15.6
Interest and other income of Consolidated Funds		—			521.6			—			521.6

Total revenues		1,602.1			521.6			(110.2	)		2,013.5

Expenses
Compensation and benefits
Base compensation		277.2			—			—			277.2
Performance fee related
Realized		136.2			—			—			136.2
Unrealized		(81.7	)		—			—			(81.7	)

Total compensation and benefits		331.7			—			—			331.7
General, administrative and other expenses		225.6			—			(0.9	)		224.7
Interest		48.5			—			—			48.5
Interest and other expenses of Consolidated Funds		—			382.8			(92.8	)		290.0
Other non-operating expenses		30.0			—			—			30.0

Total expenses		635.8			382.8			(93.7	)		924.9

Other loss
Net investment losses of Consolidated Funds		—			(630.5	)		12.3			(618.2	)

Income (loss) before provision for income taxes		966.3			(491.7	)		(4.2	)		470.4
Provision for income taxes		25.7			—			—			25.7

Net income (loss)		940.6			(491.7	)		(4.2	)		444.7

Net income (loss) attributable to non-controlling interests in consolidated entities		22.5			—			(495.9	)		(473.4	)

Net income (loss) attributable to Carlyle Holdings	$	918.1		$	(491.7	)	$	491.7		$	918.1

Supplemental Statement of Cash Flows


	Nine Months Ended September 30,
	2012			2011
	(Dollars in millions)
Cash flows from operating activities
Net income	$	570.6		$	940.6
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization		74.1			61.6
Amortization of deferred financing fees		1.1			0.8
Equity-based compensation		147.4			—
Non-cash performance fees		(124.7	)		158.7
Other non-cash amounts		7.0			41.7
Investment income		(40.8	)		(67.3	)
Purchases of investments		(41.1	)		(92.8	)
Proceeds from the sale of investments		187.7			273.0
Proceeds from the sale of trading securities		(15.1	)		0.2
Change in deferred taxes		(3.5	)		(9.4	)
Change in due from affiliates and other receivables		(14.0	)		15.1
Change in deposits and other		10.6			(13.7	)
Change in accounts payable, accrued expenses and other liabilities		3.7			(57.9	)
Change in accrued compensation and benefits		(6.3	)		(185.7	)
Change in due to affiliates		(13.1	)		(0.6	)
Change in deferred revenue		96.7			14.0

Net cash provided by operating activities		840.3			1,078.3

Cash flows from investing activities
Change in restricted cash		(3.6	)		(15.7	)
Purchases of fixed assets, net		(26.0	)		(25.8	)
Purchases of intangible assets		(41.0	)		(8.1	)
Acquisitions, net of cash acquired		—			(53.9	)

Net cash used in investing activities		(70.6	)		(103.5	)

Cash flows from financing activities
Borrowings under credit facility		433.7			125.0
Repayments under credit facility		(744.6	)		—
Payments on loans payable		(310.0	)		(24.0	)
Net proceeds from issuance of units in Initial Public Offering		615.8			—
Distributions to common unitholders		(4.8	)		—
Contributions from predecessor owners		9.3			9.6
Distributions to predecessor owners		(452.3	)		(1,040.9	)
Contributions from non-controlling interest holders		27.6			25.3
Distributions to non-controlling interest holders		(93.3	)		(33.6	)
Change in due to/from affiliates financing activities		(1.0	)		56.7

Net cash used in financing activities		(519.6	)		(881.9	)

Effect of foreign exchange rate changes		9.5			2.8

Increase in cash and cash equivalents		259.6			95.7
Cash and cash equivalents, beginning of period		509.6			616.9

Cash and cash equivalents, end of period	$	769.2		$	712.6

Organization and Basis of Presentation - Additional Information (Detail) (USD $) In Millions, except Share data, unless otherwise specified	1 Months Ended		9 Months Ended	1 Months Ended		1 Months Ended
	May 21, 2012	May 08, 2012	Sep. 30, 2012	May 02, 2012 Carlyle Holdings [Member]	May 21, 2012 Carlyle Holdings [Member]	May 08, 2012 Partnership [Member]	May 21, 2012 Calpers [Member]	May 21, 2012 The Carlyle Group, L.P. [Member]
Partnership Organization And Basis Of Presentation [Line Items]
Partnership units given in exchange of equity interest				274,000,000
Reclassification of capital to minority interest as part of reorganization				$ 841.7
Fair value of partnership units issued by subsidiary				261.1
Carrying amount of compensation liability of partnership units issued by subsidiary				202.1
Excess of fair value over carrying amount of compensation liability recorded as equity compensation expenses				59.0
Carrying value of beneficial interests as of the reorganization date				64.1
Carrying value of carried interest rights as of the reorganization date				56.2
Number of common stock units issued during the initial public offering		30,500,000
Price of common units issued during initial public offering		$ 22
Net proceeds used by the Partnership to purchase the newly issued Carlyle Holdings partnership units		615.8	615.8
Repayments under credit facility from proceeds from initial public offering		618.1
Repayments of outstanding indebtedness under loan agreement entered into as part of Claren Road acquisition		40.0
Dilution of initial public offering transaction		469.8
Proceeds used by Partnership to purchase Carlyle Holdings units						615.8
Book value of Carlyle Holdings interests acquired						146.0
Deferred tax liabilities in connection with initial public offering		9.4
Number of Carlyle Holdings partnership units exchanged into partnership common units							12,721,452
Number of common units outstanding following exchange	304,500,000				261,278,548			43,221,452
Number of common units outstanding before exchange					274,000,000			30,500,000
Percentage of interest in reporting entity in previous period	10.00%
Percentage of interest in reporting entity	14.00%
Carrying value of CalPERS interest in Carlyle Holdings that was exchanged	60.9
Deferred tax asset related to the CalPERS exchange	21.5
Due to non-consolidated affiliates	18.3
Increase in partners' capital related to the CalPERS exchange	3.2
Subsequent exchange adjustment to partners' capital	0.4
Subsequent exchange adjustment to non-controlling interests in Carlyle Holdings	$ 0.1
Number of years that liability to CalPERS is expected to be paid as the deferred tax asset is realized	15 years

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011
Management Fees [Line Items]
Consolidated VIEs, Assets	$ 22,900,000,000	$ 22,900,000,000		$ 22,900,000,000
Consolidated VIEs, Liabilities	14,000,000,000	14,000,000,000		14,000,000,000
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
Percentage of allocation based Performance fees related to fund of funds vehicles - low end of range				2.00%
Percentage of allocation based Performance fees related to fund of funds vehicles - high end of range				10.00%
Transaction and advisory fees		11,800,000	12,900,000	33,200,000	60,100,000
Performance fees allocation percentage to partnership				20.00%
Accrued giveback obligations	86,100,000	86,100,000		86,100,000		136,500,000
Interest income earned by partnership		1,300,000	1,200,000	4,000,000	8,200,000
Interest Income of Consolidated Funds		208,400,000	163,500,000	578,300,000	436,200,000
Accrued performance fees due to employees and advisors included in accrued compensation	866,900,000	866,900,000		866,900,000		1,100,000,000
Accrued performance fee-related compensation	866,900,000	866,900,000		866,900,000		314,100,000
Amount of accrued compensation related to the portion of accrued performance fees included in Due to Carlyle Partners						760,800,000
Percentage of estimated realizable tax benefit to be paid by corporate taxpayers on exchange transactions	85.00%
Percentage of remaining estimated realizable tax benefit on exchange transactions	15.00%
Cash withheld from carried interest distributions for potential giveback obligations	57,300,000	57,300,000		57,300,000		76,600,000
Restricted cash for carried interest proceeds for one corporate private equity fund	12,900,000	12,900,000		12,900,000		13,600,000
Cash received to satisfy Collateral requirements	36,100,000	36,100,000		36,100,000		31,700,000
Restricted securities of Consolidated Funds	600,000	600,000		600,000		57,500,000
Foreign Currency Transaction Gain (Loss), before Tax		(3,200,000)	8,900,000	(6,700,000)	8,000,000
Collateralized Loan Obligations [Member]
Management Fees [Line Items]
Investment in CLOs	$ 46,700,000	$ 46,700,000		$ 46,700,000
Minimum [Member]
Management Fees [Line Items]
Percentage of management fees earned - low end of range				1.00%
Percentage of management fees earned on unrealized investments - low end of range				0.60%
Extension period for fund closing				1 year
Percentage of Management fees paid by hedge funds - low end of range				1.50%
Percentage of management fees on CLOs on the total par amount of assets in the fund - low end of range				0.40%
Period of management fees related to Collateralized Loan Obligation - low end of range				5 years
Percentage of allocation based Performance fees related to fund of funds vehicles - low end of range				0.30%
Period of management fees related to funds of funds - low end of range				2 years
Percentage of management fees from funds of funds - low end of range				0.30%
Estimated useful life of other fixed assets				3 years
Estimated useful life of finite lived intangible assets				3 years
Maximum [Member]
Management Fees [Line Items]
Percentage of management fees earned - high end of range				2.00%
Percentage of management fee earned for unrealized investments - high end of range				2.00%
Extension period for fund closing				2 years
Percentage of Management fees paid by hedge funds - high end of range				2.00%
Percentage of management fees for CLOs on the total par amount of assets in the fund - high end of range				0.60%
Period of management fees related to Collateralized Loan Obligation - high end of range				10 years
Percentage of allocation based Performance fees related to fund of funds vehicles - high end of range				1.00%
Period of management fees related to funds of funds - high end of range				5 years
Percentage of management fees from funds of funds - high end of range				1.00%
Estimated useful life of other fixed assets				7 years
Estimated useful life of finite lived intangible assets				10 years

Partnership's Maximum Exposure to Loss Relating to Non-Consolidated Vies (Detail) (USD $) In Millions, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Variable Interest Entity [Line Items]
Investments	$ (410.5)	$ (454.9)
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Investments	3.1	2.3
Receivables	19.6	100.0
Maximum Exposure to Loss	$ 22.7	$ 102.3

Acquisitions and Acquired Intangible Assets (Additional Information) (Detail) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended				3 Months Ended	9 Months Ended			9 Months Ended				3 Months Ended	9 Months Ended		3 Months Ended	9 Months Ended		3 Months Ended	9 Months Ended						3 Months Ended			1 Months Ended	9 Months Ended	1 Months Ended
	Sep. 30, 2012 USD ($)	Sep. 30, 2011 USD ($)	Sep. 30, 2012 USD ($)	Sep. 30, 2011 USD ($)	Sep. 30, 2012 Performance-Based [Member] USD ($)	Sep. 30, 2011 Performance-Based [Member] USD ($)	Sep. 30, 2012 Noncontrolling interest in AlpInvest [Member] USD ($)	Sep. 30, 2012 Noncontrolling interest in AlpInvest [Member] USD ($)	Dec. 31, 2011 Noncontrolling interest in AlpInvest [Member] USD ($)	Jun. 30, 2011 Noncontrolling interest in AlpInvest [Member]	Sep. 30, 2012 Emerging Sovereign Group LLC [Member] USD ($)	Dec. 31, 2011 Emerging Sovereign Group LLC [Member] USD ($)	Sep. 30, 2011 Emerging Sovereign Group LLC [Member]	Jun. 30, 2011 Emerging Sovereign Group LLC [Member]	Sep. 30, 2012 Emerging Sovereign Group LLC [Member] Employment-Based [Member] USD ($)	Sep. 30, 2012 Emerging Sovereign Group LLC [Member] Employment-Based [Member] USD ($)	Dec. 31, 2011 Emerging Sovereign Group LLC [Member] Employment-Based [Member] USD ($)	Sep. 30, 2012 Emerging Sovereign Group LLC [Member] Performance-Based [Member] USD ($)	Sep. 30, 2012 Emerging Sovereign Group LLC [Member] Performance-Based [Member] USD ($)	Dec. 31, 2011 Emerging Sovereign Group LLC [Member] Performance-Based [Member] USD ($)	Sep. 30, 2011 Claren Road [Member] USD ($)	Sep. 30, 2011 Claren Road [Member] USD ($)	Sep. 30, 2012 Claren Road [Member] USD ($)	Dec. 31, 2011 Claren Road [Member] USD ($)	Dec. 31, 2010 Claren Road [Member]	Sep. 30, 2012 Claren Road [Member] Employment-Based [Member] USD ($)	Dec. 31, 2011 Claren Road [Member] Employment-Based [Member] USD ($)	Sep. 30, 2012 Claren Road [Member] Performance-Based [Member] USD ($)	Sep. 30, 2011 Claren Road [Member] Performance-Based [Member] USD ($)	Dec. 31, 2011 Claren Road [Member] Performance-Based [Member] USD ($)	Feb. 28, 2012 Highland Capital Management [Member] Contractual Rights [Member] EUR (€)	Sep. 30, 2012 Highland Capital Management [Member] Contractual Rights [Member] Contract	Aug. 31, 2011 Foothill Group Inc Contractual Rights [Member] USD ($)
Business Acquisition [Line Items]
Number of CLO management contracts purchased																																4
Cash paid to purchase of CLOs management contracts			$ 41.0	$ 8.1																											€ 32.4		$ 8.6
Acquisition interest of entity										60.00%				55.00%											55.00%
Fair value of contingent consideration payable to non-Carlyle personnel							6.3	6.3	7.1		4.6	5.0			7.3	7.3	2.3	61.6	61.6	67.4			21.5	21.5		78.3	60.0	76.9		68.4
Changes in the fair value of contingent consideration payable to non-Carlyle personnel					8.5	4.1	0.1	0.6							2.6	5.0		(6.8)	(5.8)		0.9	3.8						7.0	(1.3)
Number of funds acquired													1	4											2
Esg Acquisition-related performance-based contingent consideration											10.0
Amortization expense on intangible assets	$ 19.9	$ 17.7	$ 58.3	$ 42.9

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.

+ References+ Details

- Definition

Fair value, as of the acquisition date, of potential payments under the contingent consideration arrangement including cash and shares.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141

-Paragraph 51

-Subparagraph f

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 65

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 68

-Subparagraph g(1)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 29, 30, 41, 42, 64

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 30

-Section 25

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6911189&loc=d3e6405-128476

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 20

-Section 35

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6910684&loc=d3e4570-128470

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 30

-Section 25

-Paragraph 7

-URI http://asc.fasb.org/extlink&oid=6911189&loc=d3e6411-128476

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 20

-Section 30

-Paragraph 18

-URI http://asc.fasb.org/extlink&oid=18499824&loc=d3e4237-128469

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 20

-Section 30

-Paragraph 19

-URI http://asc.fasb.org/extlink&oid=18499824&loc=d3e4243-128469

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 20

-Section 40

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6910732&loc=d3e4805-128471

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 30

-Section 25

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6911189&loc=d3e6408-128476

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 20

-Section 25

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6946367&loc=d3e3642-128468

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 20

-Section 25

-Paragraph 27

-URI http://asc.fasb.org/extlink&oid=6946367&loc=d3e3629-128468

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 30

-Section 50

-Paragraph 1

-Subparagraph (b)(3),(c)(1)

-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6927-128479

+ Details

- Definition

The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.

+ References+ Details

- Definition

The cash outflow to acquire asset without physical form usually arising from contractual or other legal rights, excluding goodwill.

+ References+ Details

Carrying Amount of Intangible Assets (Detail) (USD $) In Millions, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Goodwill And Intangible Assets [Line Items]
Acquired contractual rights	$ 656.5	$ 615.8
Acquired trademarks	6.8	6.8
Accumulated amortization	(122.8)	(64.5)
Finite-lived intangible assets, net	540.5	558.1
Goodwill	36.8	36.8
Intangible assets, net	$ 577.3	$ 594.9

- Definition

Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 68

-Subparagraph l

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 20

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13770-109266

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 45

-Subparagraph e

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 43

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 72

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 45

-Subparagraph e

-Clause 1

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 34

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Carrying Amount of Goodwill, by Segment (Detail) (USD $)
In Millions, unless otherwise specified

9 Months Ended

Sep. 30, 2012

Goodwill [Line Items]

Balance beginning

$ 36.8

Foreign currency translation

^[1]

Balance ending

36.8

Global Market Strategies [Member]

Goodwill [Line Items]

Balance beginning

28.0

Foreign currency translation

^[1]

Balance ending

28.0

Fund of Funds Solutions [Member]

Goodwill [Line Items]

Balance beginning

8.8

Foreign currency translation

^[1]

Balance ending

$ 8.8

[1]	Includes a de minimus amount of foreign currency translation on goodwill associated with the Partnership's Fund of Funds Solutions segment.

- Definition

+ References

+ Details

Estimated Future Amortization Expenses (Detail) (USD $) In Millions, unless otherwise specified	Sep. 30, 2012
Intangible Assets Goodwill And Other Assets [Line Items]
2012	$ 78.2
2013	79.4
2014	79.1
2015	76.5
2016	70.2
Thereafter	215.1
Total	$ 598.5

Partnership's Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $)
In Millions, unless otherwise specified

Sep. 30, 2012

Dec. 31, 2011

Fair Value On Recurring Basis [Line Items]

Total Assets

$ 24,016.4

$ 19,595.4

Loans payable of Consolidated Funds

13,044.3

9,689.9

Interest rate swaps

12.0

7.3

Derivative instruments of the CLOs

18.1

Subordinated loan payable to affiliate

262.5

Contingent consideration

170.9

^[1]

169.2

^[1]

Total Liabilities

13,245.3

10,128.9

Equity Securities [Member]

Fair Value On Recurring Basis [Line Items]

Total Assets

3,405.0

2,649.2

Bonds [Member]

Fair Value On Recurring Basis [Line Items]

Total Assets

810.2

557.0

Loans [Member]

Fair Value On Recurring Basis [Line Items]

Total Assets

12,836.0

10,152.6

Partnerships and LLC interests [Member]

Fair Value On Recurring Basis [Line Items]

Total Assets

4,203.9

^[2]

4,198.6

^[2]

Hedge Funds [Member]

Fair Value On Recurring Basis [Line Items]

Total Assets

2,729.2

1,929.1

Other [Member]

Fair Value On Recurring Basis [Line Items]

Total Assets

10.4

20.8

Investments Of Consolidated Funds [Member]

Fair Value On Recurring Basis [Line Items]

Total Assets

23,994.7

19,507.3

Trading Securities And Other [Member]

Fair Value On Recurring Basis [Line Items]

Total Assets

21.1

30.6

Restricted Securities Of Consolidated Funds [Member]

Fair Value On Recurring Basis [Line Items]

Total Assets

0.6

57.5

Fair Value, Inputs, Level 1 [Member]

Fair Value On Recurring Basis [Line Items]

Total Assets

739.6

119.4

Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member]

Fair Value On Recurring Basis [Line Items]

Total Assets

739.0

61.9

Fair Value, Inputs, Level 1 [Member] | Investments Of Consolidated Funds [Member]

Fair Value On Recurring Basis [Line Items]

Total Assets

739.0

61.9

Fair Value, Inputs, Level 1 [Member] | Restricted Securities Of Consolidated Funds [Member]

Fair Value On Recurring Basis [Line Items]

Total Assets

0.6

57.5

Fair Value, Inputs, Level 2 [Member]

Fair Value On Recurring Basis [Line Items]

Total Assets

2,822.6

2,647.5

Interest rate swaps

12.0

7.3

Total Liabilities

12.0

7.3

Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member]

Fair Value On Recurring Basis [Line Items]

Total Assets

93.4

718.4

Fair Value, Inputs, Level 2 [Member] | Hedge Funds [Member]

Fair Value On Recurring Basis [Line Items]

Total Assets

2,729.2

1,929.1

Fair Value, Inputs, Level 2 [Member] | Investments Of Consolidated Funds [Member]

Fair Value On Recurring Basis [Line Items]

Total Assets

2,822.6

2,647.5

Fair Value, Inputs, Level 3 [Member]

Fair Value On Recurring Basis [Line Items]

Total Assets

20,454.2

16,828.5

Loans payable of Consolidated Funds

13,044.3

9,689.9

Derivative instruments of the CLOs

18.1

Subordinated loan payable to affiliate

262.5

Contingent consideration

170.9

^[1]

169.2

^[1]

Total Liabilities

13,233.3

10,121.6

Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member]

Fair Value On Recurring Basis [Line Items]

Total Assets

2,572.6

1,868.9

Fair Value, Inputs, Level 3 [Member] | Bonds [Member]

Fair Value On Recurring Basis [Line Items]

Total Assets

810.2

557.0

Fair Value, Inputs, Level 3 [Member] | Loans [Member]

Fair Value On Recurring Basis [Line Items]

Total Assets

12,836.0

10,152.6

Fair Value, Inputs, Level 3 [Member] | Partnerships and LLC interests [Member]

Fair Value On Recurring Basis [Line Items]

Total Assets

4,203.9

^[2]

4,198.6

^[2]

Fair Value, Inputs, Level 3 [Member] | Other [Member]

Fair Value On Recurring Basis [Line Items]

Total Assets

10.4

20.8

Fair Value, Inputs, Level 3 [Member] | Investments Of Consolidated Funds [Member]

Fair Value On Recurring Basis [Line Items]

Total Assets

20,433.1

16,797.9

Fair Value, Inputs, Level 3 [Member] | Trading Securities And Other [Member]

Fair Value On Recurring Basis [Line Items]

Total Assets

$ 21.1

$ 30.6

[1]	Related to contingent cash and equity consideration associated with the acquisitions of Claren Road, AlpInvest and ESG (see Note 3).
[2]	Balance represents Fund Investments that the Partnership consolidates one fiscal quarter in arrears.

- Definition

This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents investment securities as of the balance sheet date which may include marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References+ Details

Financial Instruments Measured at Fair Value (Detail) (USD $)
In Millions, unless otherwise specified

3 Months Ended

9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Balance, beginning of period

$ 20,188.1

$ 11,033.7

$ 16,828.5

$ 11,001.1

Initial consolidation of funds

420.1

8,015.7

3,757.2

8,015.7

Transfers out(1)

(8.3)

^[1]

(145.6)

^[1]

(12.7)

^[1]

Purchases

1,125.4

1,434.7

4,193.6

4,869.1

Sales

(1,070.5)

(851.9)

(2,742.2)

(2,124.8)

Settlements

(721.5)

(892.0)

(2,584.3)

(3,656.4)

Realized and unrealized gains (losses), net

512.6

(1,349.8)

1,147.0

(709.9)

Balance, end of period

20,454.2

17,382.1

20,454.2

17,382.1

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

752.9

(923.8)

1,989.5

(664.7)

Equity Securities [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Balance, beginning of period

2,140.0

34.7

1,868.9

36.8

Initial consolidation of funds

51.7

2,336.4

76.9

2,336.4

Transfers out(1)

(145.6)

^[1]

(4.4)

^[1]

Purchases

7.5

76.4

48.5

81.2

Sales

(28.3)

(1.2)

(138.8)

(22.4)

Settlements

(10.7)

Realized and unrealized gains (losses), net

401.7

(532.3)

862.7

(513.6)

Balance, end of period

2,572.6

1,903.3

2,572.6

1,903.3

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

427.1

(285.6)

1,134.5

(270.2)

Bonds [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Balance, beginning of period

891.0

568.1

557.0

460.3

Initial consolidation of funds

4.1

13.6

291.8

13.6

Purchases

45.3

83.7

219.7

361.8

Sales

(170.3)

(60.5)

(311.0)

(282.2)

Settlements

(2.8)

Realized and unrealized gains (losses), net

40.1

(53.8)

52.7

0.4

Balance, end of period

810.2

551.1

810.2

551.1

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

26.4

(40.9)

22.7

(11.4)

Loans [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Balance, beginning of period

12,643.1

10,357.8

10,152.6

10,433.5

Initial consolidation of funds

364.3

1,286.9

3,388.5

1,286.9

Purchases

1,029.5

1,274.6

3,572.5

4,423.6

Sales

(715.8)

(788.9)

(1,966.9)

(1,805.6)

Settlements

(721.5)

(881.3)

(2,584.3)

(3,642.9)

Realized and unrealized gains (losses), net

236.4

(763.1)

273.6

(209.5)

Balance, end of period

12,836.0

10,486.0

12,836.0

10,486.0

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

114.1

(600.0)

182.5

(396.5)

Partnerships and LLC interests [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Balance, beginning of period

4,467.1

13.1

4,198.6

14.8

Initial consolidation of funds

4,378.4

Transfers out(1)

(8.3)

^[1]

(8.3)

^[1]

Purchases

43.1

352.9

Sales

(140.3)

(307.7)

(0.2)

Realized and unrealized gains (losses), net

(166.0)

(0.5)

(39.9)

(2.0)

Balance, end of period

4,203.9

4,382.7

4,203.9

4,382.7

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

188.0

(0.5)

646.0

(1.9)

Other [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Balance, beginning of period

11.4

35.1

20.8

33.9

Sales

(0.1)

(1.3)

(2.1)

(14.2)

Realized and unrealized gains (losses), net

(0.9)

(2.2)

(8.3)

11.9

Balance, end of period

10.4

31.6

10.4

31.6

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

(1.2)

1.1

0.4

12.4

Trading securities and other [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Balance, beginning of period

35.5

24.9

30.6

21.8

Initial consolidation of funds

0.4

Purchases

2.5

Sales

(15.7)

(0.2)

Realized and unrealized gains (losses), net

1.3

2.1

6.2

2.9

Balance, end of period

21.1

27.4

21.1

27.4

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

$ (1.5)

$ 2.1

$ 3.4

$ 2.9

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

Transfer Out of Level lll of Financial Liabilities (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ 12,752.3	$ 11,043.5	$ 10,121.6	$ 11,009.4
Initial consolidation of funds	603.3	453.0	3,811.2	453.0
Contingent consideration from acquisitions		75.9		75.9
Borrowings	0.5	501.3	2.0	510.5
Paydowns	(575.2)	(544.5)	(1,343.7)	(1,523.0)
Sales	(0.7)	(3.0)	(1.0)	(3.0)
Realized and unrealized (gains) losses, net	453.1	(731.6)	643.2	271.8
Balance, end of period	13,233.3	10,794.6	13,233.3	10,794.6
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	333.7	(570.1)	615.9	73.2
Loans Payable of Consolidated Funds [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	12,565.0	10,425.3	9,689.9	10,418.5
Initial consolidation of funds	603.3	453.0	3,806.6	453.0
Borrowings	0.5	501.3	2.0	510.5
Paydowns	(565.0)	(539.3)	(1,072.3)	(1,517.7)
Realized and unrealized (gains) losses, net	440.5	(741.4)	618.1	234.6
Balance, end of period	13,044.3	10,098.9	13,044.3	10,098.9
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	323.1	(577.3)	630.4	44.2
Derivative Instruments of Consolidated Funds [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	16.7	3.2		1.9
Initial consolidation of funds			4.6
Paydowns				(0.1)
Sales	(0.7)	(3.0)	(1.0)	(3.0)
Realized and unrealized (gains) losses, net	2.1		14.5	1.4
Balance, end of period	18.1	0.2	18.1	0.2
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	0.1	(1.3)	(24.8)	(0.1)
Subordinated Loan Payable to Affiliate [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period		511.7	262.5	494.0
Paydowns			(260.0)
Realized and unrealized (gains) losses, net		8.3	(2.5)	26.0
Balance, end of period		520.0		520.0
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date		8.3		26.0
Contingent Consideration [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	170.6	103.3	169.2	95.0
Contingent consideration from acquisitions		75.9		75.9
Paydowns	(10.2)	(5.2)	(11.4)	(5.2)
Realized and unrealized (gains) losses, net	10.5	1.5	13.1	9.8
Balance, end of period	170.9	175.5	170.9	175.5
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$ 10.5	$ 0.2	$ 10.3	$ 3.1

Quantitative Information About Partnership's Level III Inputs (Detail) (USD $)
In Millions, except Per Share data, unless otherwise specified

9 Months Ended

Sep. 30, 2012

Dec. 31, 2011

Sep. 30, 2012

Equity Securities [Member]

Comparable Multiple 1 [Member]

Sep. 30, 2012

Equity Securities [Member]

Comparable Multiple 2 [Member]

Sep. 30, 2012

Equity Securities [Member]

Comparable Multiple 3 [Member]

Sep. 30, 2012

Equity Securities [Member]

Consensus Pricing [Member]

Sep. 30, 2012

Equity Securities [Member]

Discounted Cash Flow [Member]

Sep. 30, 2012

Loans [Member]

Consensus Pricing [Member]

Sep. 30, 2012

Loans [Member]

Discounted Cash Flow [Member]

Sep. 30, 2012

Bond Option [Member]

Consensus Pricing [Member]

Sep. 30, 2012

Partnerships and LLC interests [Member]

Nav Of Underlying Fund [Member]

Sep. 30, 2012

Other [Member]

Counterparty Pricing [Member]

Sep. 30, 2012

Trading securities and other [Member]

Comparable Multiple 1 [Member]

Sep. 30, 2012

Trading securities and other [Member]

Discounted Cash Flow [Member]

Sep. 30, 2012

Trading securities and other [Member]

Dealer Pricing [Member]

Sep. 30, 2012

Contingent Consideration [Member]

Discounted Cash Flow [Member]

Sep. 30, 2012

Senior Secured Notes [Member]

Discounted Cash Flow With Consensus Pricing [Member]

Sep. 30, 2012

Subordinated Debt Obligations [Member]

Discounted Cash Flow With Consensus Pricing [Member]

Sep. 30, 2012

Combination Notes [Member]

Consensus Pricing [Member]

Sep. 30, 2012

Derivative Financial Instruments, Liabilities [Member]

Counterparty Pricing [Member]

Sep. 30, 2012

Fair Value, Inputs, Level 3 [Member]

Dec. 31, 2011

Fair Value, Inputs, Level 3 [Member]

Sep. 30, 2012

Fair Value, Inputs, Level 3 [Member]

Equity Securities [Member]

Comparable Multiple 2 [Member]

Sep. 30, 2012

Fair Value, Inputs, Level 3 [Member]

Equity Securities [Member]

Comparable Multiple 3 [Member]

Sep. 30, 2012

Fair Value, Inputs, Level 3 [Member]

Equity Securities [Member]

Consensus Pricing [Member]

Sep. 30, 2012

Fair Value, Inputs, Level 3 [Member]

Equity Securities [Member]

Discounted Cash Flow [Member]

Sep. 30, 2012

Fair Value, Inputs, Level 3 [Member]

Equity Securities [Member]

Counterparty Pricing [Member]

Sep. 30, 2012

Fair Value, Inputs, Level 3 [Member]

Loans [Member]

Consensus Pricing [Member]

Sep. 30, 2012

Fair Value, Inputs, Level 3 [Member]

Loans [Member]

Discounted Cash Flow [Member]

Sep. 30, 2012

Fair Value, Inputs, Level 3 [Member]

Bond Option [Member]

Consensus Pricing [Member]

Sep. 30, 2012

Fair Value, Inputs, Level 3 [Member]

Partnerships and LLC interests [Member]

Nav Of Underlying Fund [Member]

Sep. 30, 2012

Fair Value, Inputs, Level 3 [Member]

Other [Member]

Counterparty Pricing [Member]

Sep. 30, 2012

Fair Value, Inputs, Level 3 [Member]

Trading securities and other [Member]

Comparable Multiple 1 [Member]

Sep. 30, 2012

Fair Value, Inputs, Level 3 [Member]

Trading securities and other [Member]

Discounted Cash Flow [Member]

Sep. 30, 2012

Fair Value, Inputs, Level 3 [Member]

Trading securities and other [Member]

Dealer Pricing [Member]

Sep. 30, 2012

Fair Value, Inputs, Level 3 [Member]

Investments Of Consolidated Funds [Member]

Sep. 30, 2012

Fair Value, Inputs, Level 3 [Member]

Contingent Consideration [Member]

Discounted Cash Flow [Member]

Sep. 30, 2012

Fair Value, Inputs, Level 3 [Member]

Senior Secured Notes [Member]

Discounted Cash Flow With Consensus Pricing [Member]

Sep. 30, 2012

Fair Value, Inputs, Level 3 [Member]

Subordinated Debt Obligations [Member]

Discounted Cash Flow With Consensus Pricing [Member]

Sep. 30, 2012

Fair Value, Inputs, Level 3 [Member]

Combination Notes [Member]

Consensus Pricing [Member]

Sep. 30, 2012

Fair Value, Inputs, Level 3 [Member]

Derivative Financial Instruments, Liabilities [Member]

Counterparty Pricing [Member]

Sep. 30, 2012

Minimum [Member]

Equity Securities [Member]

Sep. 30, 2012

Minimum [Member]

Loans [Member]

Sep. 30, 2012

Minimum [Member]

Contingent Consideration [Member]

Sep. 30, 2012

Maximum [Member]

Equity Securities [Member]

Sep. 30, 2012

Maximum [Member]

Loans [Member]

Sep. 30, 2012

Maximum [Member]

Contingent Consideration [Member]

Sep. 30, 2012

Weighted Average [Member]

Equity Securities [Member]

Multiplier

Sep. 30, 2012

Weighted Average [Member]

Loans [Member]

Sep. 30, 2012

Weighted Average [Member]

Bond Option [Member]

Sep. 30, 2012

Weighted Average [Member]

Other [Member]

Sep. 30, 2012

Weighted Average [Member]

Trading securities and other [Member]

Multiplier

Sep. 30, 2012

Weighted Average [Member]

Contingent Consideration [Member]

Sep. 30, 2012

Weighted Average [Member]

Senior Secured Notes [Member]

Sep. 30, 2012

Weighted Average [Member]

Subordinated Debt Obligations [Member]

Sep. 30, 2012

Weighted Average [Member]

Combination Notes [Member]

Sep. 30, 2012

Weighted Average [Member]

Derivative Financial Instruments, Liabilities [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Indicative Quotes Range Notional Amount

5.00%

6.00%

Assumed Range Percentage of Total Potential Contingent Payments

37.00%

100.00%

83.00%

Indicative Quotes Range Percentage

94.00%

90.00%

81.00%

90.00%

45.00%

95.00%

Recovery Rates Range Percentage

66.00%

67.00%

Default Rates Range Percentage

3.00%

Discount Rate Range Percentage

9.00%

7.00%

5.00%

15.00%

25.00%

11.00%

10.00%

7.00%

21.00%

5.00%

27.00%

Indicative Quotes Per Share

$ 19

Book Value Multiple Range

LTM EBITDA Multiple Range

5.6

13.5

9.3

5.7

Price Earnings Multiple Range

12.1

Exit Cap Rate Range Percentage

6.00%

8.00%

7.00%

Fair value of assets

$ 20,454.2

$ 53.1

$ 15.4

$ 60.8

$ 53.4

$ 2,389.9

$ 12,493.4

$ 342.6

$ 810.2

$ 4,203.9

$ 10.4

$ 6.2

$ 2.7

$ 12.2

$ 20,433.1

Liabilities

Loans payable of Consolidated Funds

13,044.3

9,689.9

13,044.3

9,689.9

Assumed Range Percentage of Total Potential Contingent Payments

37.00%

100.00%

83.00%

Fair value of liabilities

170.9

^[1]

169.2

^[1]

170.9

^[1]

169.2

^[1]

170.9

Fair value of liabilities

$ 13,245.3

$ 10,128.9

$ 13,233.3

$ 10,121.6

$ 12,139.7

$ 903.5

$ 1.1

$ 18.1

Fair Value Measurements Valuation Technique of Liabilities

Comparable Multiple

Consensus Pricing

Discounted Cash Flow

Consensus Pricing

Discounted Cash Flow

Consensus Pricing

NAV of Underlying Fund(1)

Counterparty Pricing

Comparable Multiple

Discounted Cash Flow

Dealer Pricing

Discounted Cash Flow

Discounted Cash Flow with Consensus Pricing

Consensus Pricing

Counterparty Pricing

Price Earnings Multiple Range

5.6

13.5

9.3

5.7

Discount Rate Range Percentage

9.00%

7.00%

5.00%

15.00%

25.00%

11.00%

10.00%

7.00%

21.00%

5.00%

27.00%

Exit Cap Rate Range Percentage

6.00%

8.00%

7.00%

[1]	Related to contingent cash and equity consideration associated with the acquisitions of Claren Road, AlpInvest and ESG (see Note 3).

Components of Accrued Performance Fees (Detail) (USD $) In Millions, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items]
Accrued performance fees	$ 2,153.0	$ 2,189.1
Corporate Private Equity [Member]
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items]
Accrued performance fees	1,632.4	1,599.2
Global Market Strategies [Member]
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items]
Accrued performance fees	72.4	170.0
Real Assets [Member]
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items]
Accrued performance fees	263.4	270.9
Fund of Funds Solutions [Member]
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items]
Accrued performance fees	$ 184.8	$ 149.0

Components of Accrued Giveback Obligations (Detail) (USD $) In Millions, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Operating Statistics [Line Items]
Accrued giveback obligations	$ (86.1)	$ (136.5)
Corporate Private Equity [Member]
Operating Statistics [Line Items]
Accrued giveback obligations	(26.1)	(77.8)
Global Market Strategies [Member]
Operating Statistics [Line Items]
Accrued giveback obligations	(2.4)	(1.2)
Real Assets [Member]
Operating Statistics [Line Items]
Accrued giveback obligations	$ (57.6)	$ (57.5)

Performance Fees (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Operating Statistics [Line Items]
Performance Fees	$ 356.3	$ (483.9)	$ 776.7	$ 736.5
Corporate Private Equity [Member]
Operating Statistics [Line Items]
Performance Fees	350.8	(454.1)	597.7	509.7
Global Market Strategies [Member]
Operating Statistics [Line Items]
Performance Fees	3.9	19.2	56.3	143.7
Real Assets [Member]
Operating Statistics [Line Items]
Performance Fees	3.2	(49.1)	78.3	83.0
Fund of Funds Solutions [Member]
Operating Statistics [Line Items]
Performance Fees	$ (1.6)	$ 0.1	$ 44.4	$ 0.1

Accrued Performance Fees - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011
Operating Statistics [Line Items]
Percentage of accrued performance fees related to certain Corporate Private Equity funds	62.00%		62.00%		55.00%
Number of Partnership's corporate private equity funds related to accrued performance fees				3
Performance Fees	$ 356.3	$ (483.9)	$ 776.7	$ 736.5
Revenue recognized	858.5	(59.6)	2,217.8	2,013.5
Carlyle Asia Partners II, L.P. [Member]
Operating Statistics [Line Items]
Revenue recognized	119.5		131.4
Carlyle Partners IV, L.P. [Member]
Operating Statistics [Line Items]
Revenue recognized	92.5		230.1
Carlyle Partners V, L.P. [Member]
Operating Statistics [Line Items]
Revenue recognized	161.8		321.2
Partnership's corporate private equity funds [Member]
Operating Statistics [Line Items]
Performance Fees	$ 311.5	$ (275.5)	$ 500.5	$ 593.5

Investments (Detail) (USD $) In Millions, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Consolidation Of Investment [Line Items]
Equity method investments, excluding accrued performance fees	$ 384.1	$ 419.9
Trading securities and other investments	26.4	35.0
Total investments	$ 410.5	$ 454.9

- Definition

Total investments, other than debt and equity securities, that are bought and held principally for the purpose of selling them in the near term (thus held for only a short period of time).

+ References+ Details

Equity Method Investments (Detail) (USD $) In Millions, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Schedule of Investments [Line Items]
Equity method investments	$ 384.1	$ 419.9
Corporate Private Equity [Member]
Schedule of Investments [Line Items]
Equity method investments	183.5	238.5
Global Market Strategies [Member]
Schedule of Investments [Line Items]
Equity method investments	16.2	11.9
Real Assets [Member]
Schedule of Investments [Line Items]
Equity method investments	$ 184.4	$ 169.5

Partnership Equity Method Investees, Summarized Statement of Income Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Schedule of Investments [Line Items]
Investment Income	$ 438.3	$ 163.3	$ 1,070.4	$ 737.2
Expenses	238.9	216.9	728.2	698.1
Net investment income (loss)	199.4	(53.6)	342.2	39.1
Net realized and unrealized gain	1,752.6	(3,281.2)	5,313.2	3,665.7
Net (loss) income	1,952.0	(3,334.8)	5,655.4	3,704.8
Corporate Private Equity [Member]
Schedule of Investments [Line Items]
Investment Income	308.6	55.6	624.5	253.7
Expenses	142.4	100.8	392.8	368.0
Net investment income (loss)	166.2	(45.2)	231.7	(114.3)
Net realized and unrealized gain	1,673.8	(2,512.2)	3,868.3	2,583.3
Net (loss) income	1,840.0	(2,557.4)	4,100.0	2,469.0
Global Market Strategies [Member]
Schedule of Investments [Line Items]
Investment Income	41.5	25.8	114.6	90.2
Expenses	15.7	9.5	43.0	30.9
Net investment income (loss)	25.8	16.3	71.6	59.3
Net realized and unrealized gain	(6.7)	(293.5)	218.2	19.1
Net (loss) income	19.1	(277.2)	289.8	78.4
Real Assets [Member]
Schedule of Investments [Line Items]
Investment Income	88.2	81.9	331.3	393.3
Expenses	80.8	106.6	292.4	299.2
Net investment income (loss)	7.4	(24.7)	38.9	94.1
Net realized and unrealized gain	85.5	(475.5)	1,226.7	1,063.3
Net (loss) income	$ 92.9	$ (500.2)	$ 1,265.6	$ 1,157.4

- Definition

The amount of net income (loss) reported by an equity method investment of the entity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 28

-Subparagraph (f)

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 50

-Paragraph 3

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(g))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33912-111571

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph g

-Subparagraph 1, 2

-Article 4

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph w

-Article 1

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 18

-Paragraph 20

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 18

-Subparagraph f

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph bb

-Article 1

+ Details

Partnership Equity Method Investees, Summarized Balance Sheet Information (Detail) (USD $) In Millions, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Schedule of Investments [Line Items]
Investments	$ 59,931.8	$ 59,406.2
Total assets	63,363.8	61,814.3
Debt	1,603.7	2,122.0
Other liabilities	780.4	655.6
Total liabilities	2,384.1	2,777.6
Partners' capital	60,979.7	59,036.7
Corporate Private Equity [Member]
Schedule of Investments [Line Items]
Investments	35,500.4	36,517.6
Total assets	37,871.4	37,729.7
Debt	55.9	79.9
Other liabilities	333.7	278.7
Total liabilities	389.6	358.6
Partners' capital	37,481.8	37,371.1
Global Market Strategies [Member]
Schedule of Investments [Line Items]
Investments	2,118.7	1,936.2
Total assets	2,305.9	2,224.3
Debt	1.2	64.0
Other liabilities	70.0	116.0
Total liabilities	71.2	180.0
Partners' capital	2,234.7	2,044.3
Real Assets [Member]
Schedule of Investments [Line Items]
Investments	22,312.7	20,952.4
Total assets	23,186.5	21,860.3
Debt	1,546.6	1,978.1
Other liabilities	376.7	260.9
Total liabilities	1,923.3	2,239.0
Partners' capital	$ 21,263.2	$ 19,621.3

- Definition

The amount of assets reported by an equity method investment of the entity.

+ References

+ Details

- Definition

The amount of liabilities reported by an equity method investment of the entity.

+ References

+ Details

- Definition

The amount of noncurrent assets reported by an equity method investment of the entity.

+ References

+ Details

- Definition

The amount of noncurrent liabilities reported by an equity method investment of the entity.

+ References

+ Details

Components of Investment Income (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Investment [Line Items]
Income (loss) from equity investments	$ 9.6	$ (8.9)	$ 35.6	$ 51.7
Income from trading securities	0.5	3.8	5.1	4.7
Other investment income (loss)	0.1	(0.3)	(2.0)	0.2
Total investment income (loss)	$ 10.2	$ (5.4)	$ 38.7	$ 56.6

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 7

-Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.7(c),9(a))

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 9

-Subparagraph (c)-(e)

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 13, 22

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 9

-Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 18

-Paragraph 6

-Subparagraph b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=16385135&loc=d3e33749-111570

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 18

-Paragraph 19

-Subparagraph c

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.12)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 11

-Article 7

+ Details

Carlyle's Income from Equity-Method Investments (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Schedule of Investments [Line Items]
Income from equity investments	$ 9.6	$ (8.9)	$ 35.6	$ 51.7
Corporate Private Equity [Member]
Schedule of Investments [Line Items]
Income from equity investments	5.7	(12.4)	27.8	40.0
Global Market Strategies [Member]
Schedule of Investments [Line Items]
Income from equity investments		(0.3)	1.0	0.6
Real Assets [Member]
Schedule of Investments [Line Items]
Income from equity investments	$ 3.9	$ 3.8	$ 6.8	$ 11.1

- Definition

+ References

+ Details

Investments - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 30, 2012 SecurityLoan	Dec. 31, 2011
Investment [Line Items]
Trading securities	$ 26.4	$ 35.0
Number of Collateralized loan obligations	3
Total assets of the CLOs	2,100.0
Total assets of partnership fund	61.0
Total liabilities of partnership fund	65.7
Total partners' capital of partnership fund	4.7
Minimum percent of aggregate assets for individual investments with fair value	5.00%
Corporate mezzanine securities and bonds [Member]
Investment [Line Items]
Trading securities	$ 26.4	$ 35.0

- Definition

Total investments, other than debt and equity securities, that are bought and held principally for the purpose of selling them in the near term (thus held for only a short period of time).

+ References+ Details

Investments Held by the Consolidated Funds (Detail) (USD $) In Millions, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Investment [Line Items]
Percentage of investments	100.00%	100.00%
Total assets of the CLOs	$ 2,100.0
Total loans	13,044.3	9,689.9
Investments	24,016.4	19,595.4
Total investments	23,994.7	19,507.3
United States [Member]
Investment [Line Items]
Percentage of equity securities	7.40%	7.59%
Percentage of investment in hedge funds	11.66%	13.85%
Percentage of loans	1.40%	1.73%
Percentage of assets of the CLOs	34.05%	36.83%
Percentage of investments	65.88%	69.89%
Total Partnership and LLC interests	2,797.5	2,701.0
Equity securities	1,774.7	1,482.3
Total assets of the CLOs	8,169.7	7,184.7
Total loans	336.3	336.6
Investments	15,807.4	13,633.7
United States [Member] \| Accommodation And Food Services [Member]
Investment [Line Items]
Percentage of equity securities	0.14%	0.54%
Equity securities	33.6	106.1
United States [Member] \| Administrative Support, Waste Management, Remediation Services [Member]
Investment [Line Items]
Percentage of equity securities	1.67%	0.02%
Percentage of loans	0.13%	0.31%
Equity securities	399.7	3.7
Total loans	31.2	60.6
United States [Member] \| Aerospace And Defense [Member]
Investment [Line Items]
Percentage of equity securities		0.27%
Equity securities		53.2
United States [Member] \| Finance And Insurance [Member]
Investment [Line Items]
Percentage of equity securities	0.19%	0.23%
Percentage of loans	0.19%
Equity securities	45.5	44.3
Total loans	46.3
United States [Member] \| Health Care And Social Assistance [Member]
Investment [Line Items]
Percentage of equity securities	0.19%	0.16%
Equity securities	46.4	31.8
United States [Member] \| Information [Member]
Investment [Line Items]
Percentage of equity securities	0.39%	0.25%
Equity securities	94.1	48.0
United States [Member] \| Manufacturing [Member]
Investment [Line Items]
Percentage of equity securities	1.34%	2.12%
Percentage of loans	0.29%	0.33%
Equity securities	322.4	412.7
Total loans	69.4	65.0
United States [Member] \| Professional, Scientific, Technical Services [Member]
Investment [Line Items]
Percentage of equity securities	2.29%	2.56%
Percentage of loans	0.42%	0.42%
Equity securities	550.0	500.0
Total loans	101.0	81.1
United States [Member] \| Retail Trade [Member]
Investment [Line Items]
Percentage of equity securities	0.44%	0.75%
Equity securities	105.4	147.1
United States [Member] \| Wholesale Trade [Member]
Investment [Line Items]
Percentage of equity securities	0.46%	0.09%
Percentage of loans	0.30%	0.25%
Equity securities	109.2	17.9
Total loans	71.8	48.2
United States [Member] \| Other Equity Securities [Member]
Investment [Line Items]
Percentage of equity securities	0.29%	0.60%
Percentage of loans	0.07%	0.42%
Equity securities	68.4	117.5
Total loans	16.6	81.7
United States [Member] \| Fund Investments [Member]
Investment [Line Items]
Percentage of investment in hedge funds	11.66%	13.85%
Percentage of investment in hedge funds	11.37%	9.89%
Total Partnership and LLC interests	2,797.5	2,701.0
Investment in hedge funds	2,729.2	1,929.1
United States [Member] \| Bond Option [Member]
Investment [Line Items]
Percentage of assets of the CLOs	1.11%	1.27%
Total assets of the CLOs	266.0	247.7
United States [Member] \| Equity Securities [Member]
Investment [Line Items]
Percentage of assets of the CLOs	0.24%	0.13%
Total assets of the CLOs	57.3	25.3
United States [Member] \| Loans [Member]
Investment [Line Items]
Percentage of assets of the CLOs	32.70%	35.43%
Total assets of the CLOs	7,846.4	6,911.6
United States [Member] \| Other [Member]
Investment [Line Items]
Percentage of assets of the CLOs	0.00%	0.00%
Total assets of the CLOs		0.1
Canada [Member]
Investment [Line Items]
Percentage of equity securities	0.01%	0.03%
Percentage of investment in hedge funds	0.16%	0.23%
Percentage of loans	0.02%	0.04%
Percentage of assets of the CLOs	0.90%	1.25%
Percentage of investments	1.09%	1.55%
Total Partnership and LLC interests	38.2	45.0
Equity securities	2.0	5.8
Total assets of the CLOs	215.8	244.3
Total loans	4.5	8.0
Total investments	260.5	303.1
Canada [Member] \| Manufacturing [Member]
Investment [Line Items]
Percentage of equity securities	0.01%	0.01%
Equity securities	2.0	2.9
Canada [Member] \| Fund Investments [Member]
Investment [Line Items]
Percentage of investment in hedge funds	0.16%	0.23%
Total Partnership and LLC interests	38.2	45.0
Canada [Member] \| Bond Option [Member]
Investment [Line Items]
Percentage of assets of the CLOs	0.04%	0.08%
Total assets of the CLOs	9.1	15.8
Canada [Member] \| Loans [Member]
Investment [Line Items]
Percentage of assets of the CLOs	0.86%	1.17%
Total assets of the CLOs	206.7	228.5
Canada [Member] \| Transportation And Warehousing [Member]
Investment [Line Items]
Percentage of equity securities	0.00%	0.02%
Percentage of loans	0.02%	0.04%
Equity securities		2.9
Total loans	4.5	8.0
Europe [Member]
Investment [Line Items]
Percentage of equity securities	5.87%	4.34%
Percentage of investment in hedge funds	3.74%	5.01%
Percentage of loans	0.01%	1.50%
Percentage of assets of the CLOs	20.64%	14.86%
Percentage of investment in hedge funds	30.26%	25.71%
Total Partnership and LLC interests	898.1	976.9
Equity securities	1,408.7	846.8
Total assets of the CLOs	4,953.8	2,899.0
Total loans	1.8	293.3
Total investments	7,262.4	5,016.0
Europe [Member] \| Administrative Support, Waste Management, Remediation Services [Member]
Investment [Line Items]
Percentage of equity securities	0.44%	0.53%
Equity securities	106.5	104.4
Europe [Member] \| Health Care And Social Assistance [Member]
Investment [Line Items]
Percentage of equity securities	0.32%	0.07%
Equity securities	77.7	13.2
Europe [Member] \| Information [Member]
Investment [Line Items]
Percentage of equity securities	0.38%	0.45%
Equity securities	91.7	88.1
Europe [Member] \| Manufacturing [Member]
Investment [Line Items]
Percentage of equity securities	1.87%	2.00%
Percentage of loans	0.01%	0.81%
Equity securities	448.7	389.2
Total loans	1.8	158.2
Europe [Member] \| Retail Trade [Member]
Investment [Line Items]
Percentage of equity securities	1.54%	0.49%
Equity securities	368.6	95.4
Europe [Member] \| Wholesale Trade [Member]
Investment [Line Items]
Percentage of equity securities	0.42%	0.32%
Equity securities	100.5	62.8
Europe [Member] \| Other Equity Securities [Member]
Investment [Line Items]
Percentage of equity securities	0.90%	0.48%
Equity securities	215.0	93.7
Europe [Member] \| Fund Investments [Member]
Investment [Line Items]
Percentage of investment in hedge funds	3.74%	5.01%
Total Partnership and LLC interests	898.1	976.9
Europe [Member] \| Bond Option [Member]
Investment [Line Items]
Percentage of assets of the CLOs	2.18%	1.48%
Total assets of the CLOs	524.3	288.6
Europe [Member] \| Equity Securities [Member]
Investment [Line Items]
Percentage of assets of the CLOs	0.02%	0.06%
Total assets of the CLOs	4.9	12.5
Europe [Member] \| Loans [Member]
Investment [Line Items]
Percentage of assets of the CLOs	18.40%	13.21%
Total assets of the CLOs	4,414.2	2,577.2
Europe [Member] \| Other [Member]
Investment [Line Items]
Percentage of loans	0.00%	0.69%
Total loans		135.1
Europe [Member] \| Other Loans [Member]
Investment [Line Items]
Percentage of assets of the CLOs	0.04%	0.11%
Equity securities	10.4	20.7
Australia [Member]
Investment [Line Items]
Percentage of assets of the CLOs	0.05%	0.03%
Percentage of investments	0.05%	0.03%
Total assets of the CLOs	10.9	4.9
Total investments	10.9	4.9
Australia [Member] \| Bond Option [Member]
Investment [Line Items]
Percentage of assets of the CLOs	0.05%	0.03%
Total assets of the CLOs	10.9	4.9
Singapore [Member]
Investment [Line Items]
Percentage of assets of the CLOs	0.10%	0.00%
Percentage of investments	0.10%	0.00%
Total assets of the CLOs	26.0
Total investments	26.0
Singapore [Member] \| Loans [Member]
Investment [Line Items]
Percentage of assets of the CLOs	0.10%	0.00%
Total assets of the CLOs	26.0
Global [Member]
Investment [Line Items]
Percentage of equity securities	0.66%	0.38%
Percentage of investment in hedge funds	1.96%	2.44%
Percentage of investments	2.62%	2.82%
Total Partnership and LLC interests	470.1	475.7
Equity securities	157.4	73.9
Total investments	627.5	549.6
Global [Member] \| Manufacturing [Member]
Investment [Line Items]
Percentage of equity securities	0.66%	0.38%
Equity securities	157.4	73.9
Global [Member] \| Fund Investments [Member]
Investment [Line Items]
Percentage of investment in hedge funds	1.96%	2.44%
Total Partnership and LLC interests	$ 470.1	$ 475.7

Investments Held by the Consolidated Funds (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Investment [Line Items]
Cost of investments of Consolidated	$ 21,836.9	$ 19,514.9
United States [Member]
Investment [Line Items]
Cost of equity securities	1,883.1	2,160.6
Cost of partnership and LLC interests	2,481.0	2,593.5
Cost of Loans	378.5	361.4
Cost of assets of the CLOs	8,208.8	7,446.8
Canada [Member]
Investment [Line Items]
Cost of equity securities	0	6.1
Cost of partnership and LLC interests	101.2	112.0
Cost of Loans	14.9	9.5
Cost of assets of the CLOs	214.1	247.1
Europe [Member]
Investment [Line Items]
Cost of equity securities	1,647.6	1,249.3
Cost of partnership and LLC interests	949.7	1,052.6
Cost of Loans	0	413.3
Cost of assets of the CLOs	5,430.4	3,345.2
Australia [Member]
Investment [Line Items]
Cost of assets of the CLOs	11.2	5.0
Singapore [Member]
Investment [Line Items]
Cost of assets of the CLOs	25.6
Global [Member]
Investment [Line Items]
Cost of equity securities	86.9	85.3
Cost of partnership and LLC interests	$ 403.9	$ 427.2

Interest and Other Income of Consolidated Funds (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Schedule of Investments [Line Items]
Interest income from investments	$ 208.4	$ 163.5	$ 578.3	$ 436.2
Other income	39.3	27.7	100.1	85.4
Total	$ 247.7	$ 191.2	$ 678.4	$ 521.6

Net Investment Gains Losses of Consolidated Funds (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Schedule of Investments [Line Items]
Gains (losses) from liabilities of CLOs			$ (713.6)	$ (149.2)
Total	448.9	(341.2)	1,707.6	(618.2)
Collateralized Loan Obligations [Member]
Schedule of Investments [Line Items]
Gains (losses) from investments of Consolidated Funds	802.2	(889.6)	2,410.9	(472.1)
Gains (losses) from liabilities of CLOs	(354.0)	546.9	(706.5)	(149.2)
Gains on other assets of CLOs	0.7	1.5	3.2	3.1
Total	$ 448.9	$ (341.2)	$ 1,707.6	$ (618.2)

Realized and Unrealized Gains Earned from Investments of Consolidated Funds (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Schedule of Investments [Line Items]
Realized gains	$ 96.4	$ 330.9	$ 557.7	$ 474.0
Net change in unrealized gains (losses)	705.8	(1,220.5)	1,853.2	(946.1)
Total	$ 802.2	$ (889.6)	$ 2,410.9	$ (472.1)

Partnership's Non-Controlling Interests in Consolidated Entities (Detail) (USD $) In Millions, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Noncontrolling Interest [Line Items]
Non-Carlyle interests in Consolidated Funds	$ 8,200.0	$ 7,496.2
Non-Carlyle interests in Consolidated Funds [Member]
Noncontrolling Interest [Line Items]
Non-Carlyle interests in Consolidated Funds	7,879.5	7,290.6
Non Carlyle interests Majority Owned Subsidiaries [Member]
Noncontrolling Interest [Line Items]
Non-Carlyle interests in Consolidated Funds	242.5	159.4
Noncontrolling interest in AlpInvest [Member]
Noncontrolling Interest [Line Items]
Non-Carlyle interests in Consolidated Funds	33.9	40.2
Non-controlling interest in carried interest and cash held for carried interest distributions [Member]
Noncontrolling Interest [Line Items]
Non-Carlyle interests in Consolidated Funds	$ 44.1	$ 6.0

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).

+ References+ Details

Partnership's Non-Controlling Interests in Income (Loss) of Consolidated Entities (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Noncontrolling Interest [Line Items]
Net income (loss) attributable to other non-controlling interests in consolidated entities	$ 652.2	$ (301.5)	$ 1,952.0	$ (231.7)
Net income (loss) attributable to equity appropriated for CLOs	(148.4)	(22.9)	(216.2)	(349.4)
Net income (loss) attributable to redeemable non-controlling interests in consolidated entities	(18.4)	42.1	(27.6)	107.7
Non-controlling interests in income (loss) of consolidated entities	485.4	(282.3)	1,708.2	(473.4)
Non-Carlyle interests in Consolidated Funds [Member]
Noncontrolling Interest [Line Items]
Net income (loss) attributable to other non-controlling interests in consolidated entities	616.5	(301.6)	1,940.5	(254.0)
Non Carlyle interests Majority Owned Subsidiaries [Member]
Noncontrolling Interest [Line Items]
Net income (loss) attributable to other non-controlling interests in consolidated entities	(0.8)	(4.1)	9.6	15.8
Non-controlling interest in carried interest and cash held for carried interest distributions [Member]
Noncontrolling Interest [Line Items]
Net income (loss) attributable to other non-controlling interests in consolidated entities	$ 36.5	$ 4.2	$ 1.9	$ 6.5

- Definition

Amount of net income or loss for the period allocated to noncontrolling shareholders, unit holders, partners, or other equity holders in one or more of the entities consolidated into the reporting entity's financial statements other than those noncontrolling interests already defined within the taxonomy.

+ References+ Details

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References+ Details

Components of Partnership's Fixed Assets (Detail) (USD $) In Millions, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Property, Plant and Equipment [Line Items]
Furniture, fixtures and equipment	$ 35.2	$ 37.4
Computer hardware and software	103.3	94.8
Leasehold improvements	59.2	49.1
Total fixed assets	197.7	181.3
Less: accumulated depreciation	(134.8)	(128.6)
Net fixed assets	$ 62.9	$ 52.7

- Definition

The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.

+ References+ Details

- Definition

Gross amount of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.

+ References+ Details

- Definition

Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.

+ References+ Details

Fixed Assets Net - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 6.1	$ 6.7	$ 15.9	$ 18.7

- Definition

The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.

+ References+ Details

Loans Payable - Additional Information (Detail) (USD $)	1 Months Ended			3 Months Ended		5 Months Ended	4 Months Ended	9 Months Ended				6 Months Ended		1 Months Ended				1 Months Ended	9 Months Ended		3 Months Ended	9 Months Ended				9 Months Ended	1 Months Ended	9 Months Ended				3 Months Ended		9 Months Ended
Loans Payable - Additional Information (Detail) (USD $)	Mar. 31, 2012	Oct. 31, 2011	Mar. 31, 2008	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	May 08, 2012	Sep. 30, 2012	Sep. 30, 2011	May 09, 2012	Dec. 31, 2011	Sep. 30, 2012 Claren Road [Member]	Sep. 30, 2012 Loan Agreement with a Financial Institution [Member]	Dec. 31, 2010 Mubadala [Member]	Sep. 30, 2012 Mubadala [Member]	Mar. 31, 2008 Interest Rate Swap [Member]	Mar. 31, 2008 Interest Rate Swap One [Member]	Dec. 31, 2011 Interest Rate Swap 2 [Member]	Sep. 30, 2012 Term Loan [Member]	Dec. 31, 2011 Term Loan [Member]	Sep. 30, 2011 Subordinated Notes [Member]	Sep. 30, 2012 Subordinated Notes [Member]	Sep. 30, 2011 Subordinated Notes [Member]	Dec. 31, 2010 Subordinated Notes [Member]	Sep. 30, 2012 Subordinated Notes [Member] Payment-in-kind notes [Member]	Sep. 30, 2012 Subsequent Event [Member]	Mar. 31, 2008 Subsequent Event [Member] Interest Rate Swap 2 [Member]	Sep. 30, 2012 Maximum [Member] Ratio	Sep. 30, 2012 Minimum [Member] Ratio	May 08, 2012 Revolving Credit Facility [Member]	Dec. 31, 2011 Revolving Credit Facility [Member]	Sep. 30, 2012 New Senior Credit Facility [Member]	Sep. 30, 2011 New Senior Credit Facility [Member]	Sep. 30, 2012 New Senior Credit Facility [Member]	Sep. 30, 2011 New Senior Credit Facility [Member]	Sep. 09, 2012 New Senior Credit Facility [Member]	Sep. 30, 2012 Liquidity Facility Agreements [Member]	Dec. 31, 2011 Liquidity Facility Agreements [Member]
Line of Credit Facility [Line Items]
Maximum Borrowing capacity in term loan										$ 500,000,000						$ 725,000,000				$ 500,000,000
Borrowing capacity										750,000,000																					750,000,000						40,000,000
Loan maturity																			Sep. 30, 2016							Dec. 31, 2015	Sep. 30, 2016
Outstanding amounts of term loan payable																				500,000,000												500,000,000		500,000,000
Outstanding borrowing under credit facility																														618,100,000	310,900,000
Maximum Percentage of applicable margin in addition to base rate																																				0.75%
Maximum percentage of applicable margin																																1.25%		1.25%		1.75%
Minimum Management fee earning assets																																		53,000,000,000
Minimum percentage required to maintain for future acquired assets under management																																		70.00%
Leverage Ratio																												3.0	1.0
Interest expense																																4,000,000	5,200,000	16,400,000	15,500,000
Percentage of borrowings under interest rate risk derivative			33.00%
Weighted Average Interest Rate																	3.319%
Notional amount																	239,200,000
Amortization period of interest rate swap one																		1.082%
Unrealized losses for the period				(3,200,000)	(300,000)	(2,500,000)	(2,200,000)	(10,100,000)	(1,400,000)
Accumulated other comprehensive loss related to cash flow hedges				7,000,000		7,000,000		7,000,000
Loan agreement				47,500,000		47,500,000		47,500,000					50,000,000
Annual interest rate on loan amount adjustable				6.00%		6.00%		6.00%
Business Acquisition Loan Acquired Effective Percentage												8.00%
Business acquisition loan maturity date												Jan. 03, 2017
Business acquisition loan acquired principal balance remaining to be repaid												10,000,000
Proceeds from Issuance of Subordinated Long-term Debt														494,000,000
Subordinated notes															500,000,000
Percentage of equity interest given to affiliate				2.00%		2.00%		2.00%
Debt instrument interest rate payable in cash																						7.25%		7.25%
Debt instrument interest rate payable by issue of payment in kind notes																									7.50%
Borrowings under credit facility		265,500,000
Aggregate principal amount redeem	250,000,000	250,000,000
Redemption value of subordinated debt to be redeemed in cash	260,000,000	260,000,000
Percentage of premium paid on redemption of subordinated notes	4.00%	4.00%
Accrued interest	3,100,000	5,500,000
Borrowings under credit facility	263,100,000							433,700,000	125,000,000
Interest expense				4,000,000	15,700,000			20,600,000	48,500,000												9,100,000	3,100,000	28,100,000
Fair value of collateralized loan obligation assets				14,900,000,000		14,900,000,000		14,900,000,000			11,000,000,000																										5,800,000
Spread of weighted average interest rate over variable rates																																						0.38%
Long-term debt, weighted average interest rate																																					1.37%
Maximum borrowing																																					$ 22,900,000

Outstanding Principal Amounts of Term Loan Payable (Detail) (USD $) In Millions, unless otherwise specified	Sep. 30, 2012
Debt Instrument [Line Items]
Total outstanding principal amounts	$ 47.5
Senior Credit Facility [Member]
Debt Instrument [Line Items]
2014	75.0
2015	175.0
2016	250.0
Total outstanding principal amounts	$ 500.0

- Definition

Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References+ Details

Outstanding Borrowing which Includes Preferred Shares (Detail) (USD $) In Millions, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	$ 14,117.8	$ 10,718.4
Fair Value	13,044.3	9,689.9
Senior Secured Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	13,320.0	10,291.2
Fair Value	12,139.6	9,010.7
Weighted Average Interest Rate	1.46%	1.44%
Weighted Average Remaining Maturity in Years	8 years 10 months 10 days	8 years 10 months 6 days
Subordinated Notes Income Notes And Preferred Shares [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	797.2	417.3
Fair Value	903.6	670.7
Weighted Average Remaining Maturity in Years	8 years 4 months 6 days	8 years 6 months 15 days
Combination Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	0.6	9.9
Fair Value	$ 1.1	$ 8.5
Weighted Average Remaining Maturity in Years	9 years 22 days	9 years 11 months 1 day

- Definition

Including current and noncurrent portions, aggregate carrying amount of long-term borrowings as of the balance sheet date before deducting unamortized discount or premiums (if any). May include notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, which had initial maturities beyond one year or beyond the normal operating cycle, if longer.

+ References+ Details

Accrued Compensation and Benefits (Detail) (USD $) In Millions, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Accrued performance fee-related compensation	$ 866.9	$ 314.1
Accrued bonuses	271.6	222.4
Other	164.2	41.4
Total	$ 1,302.7	$ 577.9

Commitments and Contingencies - Additional Information (Detail)	0 Months Ended	1 Months Ended	3 Months Ended		9 Months Ended			9 Months Ended	12 Months Ended	1 Months Ended	9 Months Ended		12 Months Ended	9 Months Ended
	Jul. 13, 2009 USD ($)	Jul. 31, 2011 USD ($)	Sep. 30, 2012 USD ($)	Sep. 30, 2011 USD ($)	Sep. 30, 2012 USD ($) LawSuits	Sep. 30, 2011 USD ($)	Dec. 31, 2011 USD ($)	Sep. 30, 2012 Italian Tax Authorities [Member] EUR (€)	Dec. 30, 2006 Italian Tax Authorities [Member] EUR (€)	Jul. 31, 2012 French Tax Authorities [Member] EUR (€)	Sep. 30, 2012 French Tax Authorities [Member] USD ($)	Sep. 30, 2012 French Tax Authorities [Member] EUR (€)	Dec. 31, 2008 Carlyle Capital Corporation Limited [Member] USD ($)	Sep. 30, 2012 Guaranteed Loans [Member] USD ($)	Dec. 31, 2011 Guaranteed Loans [Member] USD ($)	Sep. 30, 2012 Other Guarantees [Member] USD ($)	Dec. 31, 2011 Other Guarantees [Member] USD ($)	Sep. 30, 2012 Contingent Obligations (Giveback) [Member] USD ($)	Dec. 31, 2011 Contingent Obligations (Giveback) [Member] USD ($)
Guarantor Obligations [Line Items]
Unfunded commitment			$ 2,060,000,000		$ 2,060,000,000
Unfunded commitment to be paid by senior Carlyle executives and professionals			1,930,000,000		1,930,000,000
Incremental borrowings under credit facility for eligible employees investing in Carlyle sponsored funds														16,100,000
Interest rate under credit facility for eligible employees investing in Carlyle sponsored funds														Three-month LIBOR plus 2%
Accrues interest under credit facility														2.00%
Weighted-average rate under credit facility														3.36%
Outstanding borrowing under credit facility for eligible employees investing in Carlyle sponsored funds														11,900,000	14,300,000
Additional Tax assessment related to portfolio companies in escrow												4,400,000				12,900,000	13,600,000
Potential repayment of performance fees			86,100,000		86,100,000		136,500,000
Unbilled receivables from former and current employees and senior Carlyle professionals related to giveback obligations																		33,900,000	56,500,000
Cash withheld from carried interest distributions for potential giveback obligations			57,300,000		57,300,000		76,600,000											315,900,000	250,800,000
Amount of realized and distributed carried interest subject to potential giveback on after-tax basis																		1,100,000,000
Rent expense			11,300,000	12,500,000	35,300,000	33,500,000
Expiration date of lease agreement					Jul. 31, 2026
Lease termination costs			(600,000)	1,000,000	100,000	3,400,000
Non cancelable operating leases future minimum payments receivable			11,700,000		11,700,000
Deferred rent payable			26,100,000		26,100,000		12,900,000
Number of civil actions					2
Amount of claim filed by former shareholder	20,000,000
Amount of damage		1,000,000,000
Loss recognized related to winding up of Carlyle Capital Corporation													152,300,000
Tax assessment related to portfolio companies								97,000,000	24,000,000	45,700,000
Accrual related to contingency											$ 64,400,000	€ 50,000,000

Future Minimum Commitments for Leases (Detail) (USD $) In Millions, unless otherwise specified	Sep. 30, 2012
2012	$ 12.6
2013	45.9
2014	43.3
2015	38.7
2016	26.8
Thereafter	143.9
Future minimum commitments for leases, total	$ 311.2

Employee and Office Lease Termination Costs (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Expenses [Line Items]
Termination costs, ending balance	$ 12.8	$ 18.2	$ 12.8	$ 18.2
Termination Costs [Member]
Expenses [Line Items]
Termination costs, beginning balance	16.3	23.5	15.2	23.1
Compensation expense	1.5	1.0	4.9	2.9
Contract termination costs	(0.6)	1.0	0.1	3.4
Costs paid or settled	$ (4.4)	$ (7.3)	$ (7.4)	$ (11.2)

- Definition

Amount charged against earnings in the period for incurred and estimated costs associated with exit from or disposal of business activities or restructurings pursuant to a duly authorized plan, excluding asset retirement obligations.

+ References+ Details

- Definition

Amount of cash paid in the period to fully or partially settle a specified, previously accrued type of restructuring cost.

+ References+ Details

Due from Affiliates and Other Receivables (Detail) (USD $) In Millions, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Related Party Transaction [Line Items]
Total	$ 242.8	$ 287.0
Affiliated Entity [Member]
Related Party Transaction [Line Items]
Unbilled receivable for giveback obligations from current and former employees	33.9	56.5
Notes receivable and accrued interest from affiliates	46.3	56.8
Other receivables from unconsolidated funds and affiliates, net	$ 162.6	$ 173.7

- Definition

For an unclassified balance sheet, amount of receivables due from an entity that is affiliated with the reporting entity by means of direct or indirect ownership.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(k)(1))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (d)

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph k

-Subparagraph 1

-Article 4

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 57

-Paragraph 2

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 3

-Article 7

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39599-107864

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.3)

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 46R

-Paragraph 16, 17

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Related Party Transactions - Additional Information (Detail) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended					9 Months Ended
	Sep. 30, 2012 USD ($)	Sep. 30, 2011 USD ($)	Sep. 30, 2012 USD ($)	Sep. 30, 2011 USD ($)	Mar. 31, 2012 USD ($)	Sep. 30, 2012 Partnership [Member] USD ($)	Sep. 30, 2012 Partnership [Member] EUR (€)	Sep. 30, 2012 Affiliated Entity [Member] USD ($)	Sep. 30, 2012 Affiliated Entity [Member] EUR (€)	Sep. 30, 2012 Affiliated Entity [Member] Minimum [Member]	Sep. 30, 2012 Affiliated Entity [Member] Maximum [Member]
Related Party Transaction [Line Items]
Maximum percentage of interest on amounts due from affiliates			8.00%
Spread on interest rate on loan provided by partnership to certain unconsolidated funds			2.36%							2.15%	18.00%
Accrues interest under credit facility								2.00%	2.00%
Interest rate on loan provided by partnership								5.25%	5.25%
Investment distributed by partners as part of reorganization					$ 127.7
Investments in related European real estate funds						52.8	41.0	67.2	52.2
Payment of aircraft related expenses	$ 2.4	$ 1.1	$ 6.1	$ 3.8

Due to Affiliates (Detail) (USD $) In Millions, unless otherwise specified	Sep. 30, 2012	May 21, 2012	Dec. 31, 2011
Related Party Transaction [Line Items]
Due to non-consolidated affiliates		$ 18.3
Total	255.7		108.5
Affiliated Entity [Member]
Related Party Transaction [Line Items]
Due to affiliates of Consolidated Funds	39.7		37.3
Due to non-consolidated affiliates	40.8		44.4
Contingent consideration related to acquisitions	138.5
Amounts owed under the tax receivable agreement	18.3
Other	$ 18.4		$ 26.8

- Definition

Amount of payable due to an entity that is affiliated with the reporting entity by means of direct or indirect ownership.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(k)(1))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (d)

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph k

-Subparagraph 1

-Article 4

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 57

-Paragraph 2

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.17)

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 17

-Article 7

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 946

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.6-04.12(3))

-URI http://asc.fasb.org/extlink&oid=6488278&loc=d3e603758-122996

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.15(3))

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 15

-Subparagraph 3

-Article 9

+ Details

Gross Fair Value Amounts of Derivative Instruments (Detail) (USD $) In Millions, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Derivative Instruments, Gain (Loss) [Line Items]
Fair value- assets	$ 17.2	$ 26.7
Fair value - liabilities	(24.9)	(5.9)
Cross-currency swap contract (s) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	284.8	272.7
Fair value- assets	6.8	16.6
Fair value - liabilities	(24.9)	(5.9)
Currency option (s) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	180.3	181.3
Fair value- assets	10.4	10.0
Fair value - liabilities
Interest rate cap contract (s) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	36.0	32.0
Fair value- assets		0.1
Fair value - liabilities

- Definition

Fair value of derivative liability, presented on a gross basis even when the derivative instrument is subject to master netting arrangements and qualifies for net presentation in the statement of financial position.

+ References+ Details

- Definition

Fair value of derivative asset, presented on a gross basis even when the derivative instrument is subject to master netting arrangements and qualifies for net presentation in the statement of financial position.

+ References+ Details

Net Realized and Unrealized Appreciation (Depreciation) on Derivative instruments Included in Net Investment Gains (Loss) of Consolidated Funds (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Derivative Instruments, Gain (Loss) [Line Items]
Realized Appreciation	$ (0.7)	$ (1.7)	$ 1.0	$ 11.1
Change in Unrealized Appreciation Depreciation	(2.4)	1.3	(23.8)	(1.4)
Total	(3.1)	(0.4)	(22.8)	9.7
Cross-currency swap contract (s) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Appreciation	(0.7)	(1.7)	1.1	11.1
Change in Unrealized Appreciation Depreciation	(1.2)	1.3	(24.1)	3.7
Total	(1.9)	(0.4)	(23.0)	14.8
Currency option (s) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Appreciation			(0.1)
Change in Unrealized Appreciation Depreciation	(1.1)		0.4	(4.9)
Total	(1.1)		0.3	(4.9)
Interest rate cap contract (s) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Appreciation
Change in Unrealized Appreciation Depreciation	(0.1)		(0.1)	(0.1)
Total	(0.1)		(0.1)	(0.1)
Credit risk swap contract(s) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Appreciation
Change in Unrealized Appreciation Depreciation				(0.1)
Total				$ (0.1)

Income Taxes - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011
Income Taxes [Line Items]
Deferred tax assets	$ 56.1		$ 56.1		$ 18.0
Deferred tax liabilities	69.6		69.6		48.3
Liability for uncertain tax positions	17.9		17.9		17.5
Accrued Interest and penalties associated with uncertain tax positions	5.5		5.5		3.9
Expense for interest and penalties related to unrecognized tax benefits	$ 0.3	$ 0.2	$ 0.7	$ 0.9
Number of years federal income tax returns are subject to examination			3 years
Period in which significant changes in unrecognized tax benefits are not expected			Next twelve months

- Definition

This element represents the total of accruals as of the date of the statement of financial position for interest recognized for an underpayment of income taxes computed by applying the applicable statutory rate of interest to the difference between a tax position recognized for financial reporting purposes and the amount previously taken or expected to be taken in a tax return of the entity and the amount of statutory penalties for a tax position claimed or expected to be claimed by the entity, in its tax return, that does not meet the minimum statutory threshold to avoid payment of penalties.

+ References+ Details

- Definition

This element represents the recognized expense for the amount of statutory penalties in the period in which the entity claims or expects to claim a tax position, in its tax return, that does not meet the minimum statutory threshold to avoid payment of penalties or, if not recognizing the expense in the period in which the tax return was initially filed, the expense is generally recognized in the period in which the enterprise's judgment about meeting the minimum statutory threshold changes.

+ References+ Details

Weighted-Average Common Units Outstanding, Basic and Diluted (Detail)	3 Months Ended	5 Months Ended
	Sep. 30, 2012	Sep. 30, 2012
Earnings Per Share [Line Items]
Basic	43,235,336	42,097,973
Diluted	46,939,751	255,300,460
The Carlyle Group, L.P. [Member]
Earnings Per Share [Line Items]
Basic	43,235,336	42,097,973
Diluted	43,235,336	42,097,973
Unvested deferred restricted common units [Member]
Earnings Per Share [Line Items]
Basic
Diluted	2,267,863	1,337,163
Contingently issuable Carlyle Holdings partnership units [Member]
Earnings Per Share [Line Items]
Basic
Diluted	1,436,552	1,436,552
Weighted-average vested Carlyle Holdings partnership units [Member]
Earnings Per Share [Line Items]
Basic
Diluted		205,650,944
Unvested Carlyle Holdings partnership units [Member]
Earnings Per Share [Line Items]
Basic
Diluted		4,777,828

- Definition

This element represents the weighted average total number of shares issued throughout the period including the first (beginning balance outstanding) and last (ending balance outstanding) day of the period before considering any reductions (for instance, shares held in treasury) to arrive at the weighted average number of shares outstanding. Weighted average relates to the portion of time within a reporting period that common shares have been issued and outstanding to the total time in that period. Such concept is used in determining the weighted average number of shares outstanding for purposes of calculating earnings per share (basic).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 40

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 13

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e2646-109256

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1448-109256

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Earnings Per Common Unit - Additional Information (Detail) (USD $)	3 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2012	Sep. 30, 2012
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Carlyle Holdings partnership units deemed dilutive	46,939,751	255,300,460
Incremental net income from assumed exchange of Carlyle Holdings partnership units		$ 31,121,000	$ 31,121,000
Minority Interest Elimination [Member]
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Carlyle Holdings partnership units deemed antidilutive	212,814,024
Weighted-average vested Carlyle Holdings partnership units [Member]
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Carlyle Holdings partnership units deemed dilutive		205,650,944
Unvested Carlyle Holdings partnership units [Member]
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Carlyle Holdings partnership units deemed dilutive		4,777,828

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Antidilution

-URI http://asc.fasb.org/extlink&oid=6505113

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Diluted Earnings Per Share

-URI http://asc.fasb.org/extlink&oid=6510752

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Contingent Stock Agreement

-URI http://asc.fasb.org/extlink&oid=6508534

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 40

-Subparagraph c

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 13, 14

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 07-4

-Paragraph 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 171

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Basic and Diluted Net Income Per Common Unit (Detail) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2012	Sep. 30, 2012
Earnings Per Share [Line Items]
Net Income Attributable to The Carlyle Group L.P. Diluted	$ 18.6		$ 8.3
Incremental net income from assumed exchange of Carlyle Holdings partnership units		$ 31,121,000	$ 31,121,000
Total	$ 18,600,000		$ 39,421,000
Weighted-Average Common Units Outstanding, Diluted	46,939,751		255,300,460
Net Income per Common Unit, Diluted	$ 0.40		$ 0.15
Net Income Attributable to The Carlyle Group L.P. Basic	$ 18.6		$ 8.3
Incremental net income from assumed exchange of Carlyle Holdings partnership units		$ 31,121,000	$ 31,121,000
Weighted-Average Common Units Outstanding, Basic	43,235,336		42,097,973
Net Income per Common Unit, Basic	$ 0.43		$ 0.20

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 36, 37, 38

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 07-4

-Paragraph 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.21)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 18

-Article 7

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 20

-Article 5

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 21

-Article 9

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 55

-Paragraph 52

-URI http://asc.fasb.org/extlink&oid=16381557&loc=d3e4984-109258

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-04.23)

-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

+ Details

- 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.

+ References+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 10, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 19

-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28, 29, 30

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.22)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e565-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=6519514

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=6518256

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A7

-Appendix A

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 87-21

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.18)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

- Definition

The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.

+ References+ Details

- Definition

Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 07-4

-Paragraph 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 171

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 40

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1448-109256

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Weighted-Average Number of Common Shares Outstanding

-URI http://asc.fasb.org/extlink&oid=6528421

+ Details

Equity-Based Compensation - Additional Information (Detail) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended	9 Months Ended		9 Months Ended	3 Months Ended	9 Months Ended		3 Months Ended	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2012	May 02, 2012	Sep. 30, 2012 Deferred Restricted Common Units [Member]	Sep. 30, 2012 Phantom Units [Member]	Sep. 30, 2012 Phantom Units [Member]	Jun. 30, 2012 Phantom Units [Member]	Sep. 30, 2012 Carlyle Holdings [Member]	Sep. 30, 2012 Carlyle Holdings [Member]	May 02, 2012 Carlyle Holdings [Member]	Dec. 31, 2011 Carlyle Holdings [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of the Partnership's common units and Carlyle Holdings partnership units available for future grant under the equity incentive plan			30,450,000
Partnership units given in exchange of equity interest										274,000,000
Vested Partnership Units										217,239,664
Nonvested Partnership Units								56,255,783	56,255,783	56,760,336
Period of vesting of unvested units	5 years 6 months					3 years			6 years
Forfeiture Rate	15.00%				15.00%				7.50%
Equity-based compensation expense	$ 12.9	$ 21.6			$ 0.6	$ 0.9		$ 39.7	$ 65.9
Unrecognized compensation expense	270.6	270.6					6.6	929.1	929.1
Weighted-average term for unrecognized compensation expenses					2 years 7 months 6 days				5 years 7 months 6 days
Tax benefits related to equity-based compensation expense	$ 0.7	$ 1.1							$ 0
Grant-date fair value of partnership units				$ 22.00
Partnership granted units				17,113,755		361,238

Summary of Status of Non-Vested Equity-Based Awards (Detail) (USD $)	9 Months Ended
	Sep. 30, 2012	May 02, 2012
Carlyle Holdings [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested Units, Beginning Balance
Granted - IPO	56,760,336
Forfeited, units	504,553
Unvested Units, Ending Balance	56,255,783	56,760,336
Balance, May 2, 2012
Granted-IPO	$ 22.00
Forfeited	$ 22.00
Balance, September 30, 2012
Deferred Restricted Common Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted-Post-IPO	17,113,755
Balance, September 30, 2012	$ 22.00
Phantom Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted-Post-IPO	361,238
Equity Settled Awards [Member] \| Deferred Restricted Common Units [Member] \| The Carlyle Group, L.P. [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested Units, Beginning Balance
Granted - IPO	17,113,755
Granted-Post-IPO	114,702
Vested, units	40,599
Forfeited, units	465,166
Unvested Units, Ending Balance	16,722,692
Balance, May 2, 2012
Granted-IPO	$ 22.00
Granted-Post-IPO	$ 24.43
Vested	$ 22.00
Forfeited	$ 22.00
Balance, September 30, 2012
Cash Settled Awards [Member] \| Phantom Units [Member] \| The Carlyle Group, L.P. [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested Units, Beginning Balance
Granted - IPO	361,238
Forfeited, units	15,098
Unvested Units, Ending Balance	346,140
Balance, May 2, 2012
Granted-IPO	$ 22.00
Forfeited	$ 22.00
Balance, September 30, 2012

Segment Reporting - Additional Information (Detail)	9 Months Ended
Segment Reporting - Additional Information (Detail)	Sep. 30, 2012 Segment
Operating Statistics [Line Items]
Number of reportable segments	4
Date of acquisition of AlpInvest	July 1, 2011
Noncontrolling interest in AlpInvest [Member]
Operating Statistics [Line Items]
Percentage of equity interest of acquisition	60.00%
Percentage of economic interest	60.00%
Claren Road [Member] \| Emerging Sovereign Group LLC [Member]
Operating Statistics [Line Items]
Percentage of economic interest	55.00%

Reportable Segments Financial Data (Detail) (USD $)
In Millions, unless otherwise specified

3 Months Ended

9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Performance fee related

Economic Net Income

$ 218.5

$ (191.3)

$ 553.4

$ 578.9

Fee Related Earnings

45.5

36.6

115.0

107.5

Net performance fees

164.6

^[1]

(223.3)

^[1]

392.7

^[1]

407.6

^[1]

Distributable Earnings

$ 206.3

$ 243.8

$ 500.4

$ 617.0

Corporate Private Equity [Member]

Fund level fee revenues

Fund management fees

124.8

128.1

372.7

387.7

Portfolio advisory fees, net

3.1

4.8

15.0

27.0

Transaction fees, net

6.2

3.8

9.4

26.4

Total fee revenues

134.1

136.7

397.1

441.1

Performance fees

Realized

241.4

333.0

545.0

690.7

Unrealized

72.8

(787.2)

44.4

(179.0)

Total performance fees

314.2

(454.2)

589.4

511.7

Investment income (loss)

Realized

(0.2)

8.1

2.1

35.1

Unrealized

(1.0)

(14.8)

17.2

(5.6)

Total investment income

(1.2)

(6.7)

19.3

29.5

Interest and other income

3.4

0.3

6.4

8.1

Total revenues

450.5

(323.9)

1,012.2

990.4

Compensation and benefits

Direct base compensation

56.2

62.8

166.3

189.2

Indirect base compensation

19.9

24.1

64.8

66.7

Equity-based compensation

0.4

0.8

Performance fee related

Realized

115.6

176.2

264.2

355.6

Unrealized

39.2

(444.2)

30.9

(105.1)

Total compensation and benefits

231.3

(181.1)

527.0

506.4

General, administrative, and other indirect expenses

39.5

32.4

116.7

101.6

Interest expense

2.5

9.8

11.9

30.0

Total expenses

273.3

(138.9)

655.6

638.0

Economic Net Income

177.2

(185.0)

356.6

352.4

Fee Related Earnings

19.0

7.9

43.0

61.7

Net Realized Performance Fees

125.8

156.8

280.8

335.1

Net performance fees

159.4

(186.2)

294.3

261.2

Investment Income

(1.2)

(6.7)

19.3

29.5

Distributable Earnings

$ 144.6

$ 172.8

$ 325.9

$ 431.9

Segment assets as of September 30, 2012

2,516.8

Global Market Strategies [Member]

Fund level fee revenues

Fund management fees

58.2

50.4

166.3

128.6

Portfolio advisory fees, net

0.8

2.0

2.2

Transaction fees, net

0.3

Total fee revenues

59.3

51.2

168.6

130.8

Performance fees

Realized

0.9

6.1

34.6

95.7

Unrealized

5.7

(6.8)

22.4

8.1

Total performance fees

6.6

(0.7)

57.0

103.8

Investment income (loss)

Realized

4.6

3.1

8.7

11.0

Unrealized

0.8

(2.1)

9.3

17.5

Total investment income

5.4

1.0

18.0

28.5

Interest and other income

0.5

1.4

1.5

4.4

Total revenues

71.8

52.9

245.1

267.5

Compensation and benefits

Direct base compensation

17.4

16.9

62.3

47.8

Indirect base compensation

5.9

4.0

15.3

11.2

Equity-based compensation

0.1

Performance fee related

Realized

0.2

(0.7)

18.7

46.6

Unrealized

(1.8)

(10.7)

8.1

(10.7)

Total compensation and benefits

21.7

9.5

104.5

94.9

General, administrative, and other indirect expenses

12.8

6.8

30.6

25.8

Interest expense

1.3

2.4

3.9

7.5

Total expenses

35.8

18.7

139.0

128.2

Economic Net Income

36.0

34.2

106.1

139.3

Fee Related Earnings

22.4

22.5

57.9

42.9

Net Realized Performance Fees

0.7

6.8

15.9

49.1

Net performance fees

8.2

10.7

30.2

67.9

Investment Income

5.4

1.0

18.0

28.5

Distributable Earnings

$ 27.7

$ 32.4

$ 82.5

$ 103.0

Segment assets as of September 30, 2012

956.7

Real Assets [Member]

Fund level fee revenues

Fund management fees

34.4

37.2

105.1

114.9

Portfolio advisory fees, net

0.7

1.9

2.6

Transaction fees, net

0.7

1.6

3.9

1.9

Total fee revenues

35.8

40.7

111.6

119.4

Performance fees

Realized

31.9

29.1

82.1

81.1

Unrealized

(27.7)

(78.2)

(1.3)

1.7

Total performance fees

4.2

(49.1)

80.8

82.8

Investment income (loss)

Realized

0.2

1.8

(0.1)

2.3

Unrealized

4.0

(0.7)

8.5

3.5

Total investment income

4.2

1.1

8.4

5.8

Interest and other income

0.4

(0.5)

1.2

2.2

Total revenues

44.6

(7.8)

202.0

210.2

Compensation and benefits

Direct base compensation

16.1

19.4

51.2

58.3

Indirect base compensation

5.7

6.7

17.7

22.7

Equity-based compensation

0.2

0.3

Performance fee related

Realized

2.5

2.4

4.9

8.1

Unrealized

5.3

(4.3)

13.3

(4.4)

Total compensation and benefits

29.8

24.2

87.4

84.7

General, administrative, and other indirect expenses

12.5

12.8

37.0

36.6

Interest expense

0.7

2.9

3.7

8.9

Total expenses

43.0

39.9

128.1

130.2

Economic Net Income

1.6

(47.7)

73.9

80.0

Fee Related Earnings

1.0

(1.6)

2.9

(4.9)

Net Realized Performance Fees

29.4

26.7

77.2

73.0

Net performance fees

(3.6)

(47.2)

62.6

79.1

Investment Income

4.2

1.1

8.4

5.8

Distributable Earnings

$ 30.6

$ 26.9

$ 80.0

$ 70.4

Segment assets as of September 30, 2012

589.3

Fund of Funds Solutions [Member]

Fund level fee revenues

Fund management fees

16.5

18.7

50.2

18.7

Portfolio advisory fees, net

Transaction fees, net

Total fee revenues

16.5

18.7

50.2

18.7

Performance fees

Realized

2.2

19.2

6.8

19.2

Unrealized

(1.8)

(22.5)

22.1

(22.5)

Total performance fees

0.4

(3.3)

28.9

(3.3)

Investment income (loss)

Realized

Unrealized

Total investment income

Interest and other income

0.1

0.2

0.4

0.2

Total revenues

17.0

15.6

79.5

15.6

Compensation and benefits

Direct base compensation

8.2

8.1

25.1

8.1

Indirect base compensation

1.4

4.4

Equity-based compensation

Performance fee related

Realized

1.9

15.3

6.0

15.3

Unrealized

(2.1)

(18.0)

17.3

(18.0)

Total compensation and benefits

9.4

5.4

52.8

5.4

General, administrative, and other indirect expenses

3.7

3.0

8.8

3.0

Interest expense

0.2

1.1

Total expenses

13.3

8.4

62.7

8.4

Economic Net Income

3.7

7.2

16.8

7.2

Fee Related Earnings

3.1

7.8

11.2

7.8

Net Realized Performance Fees

0.3

3.9

0.8

3.9

Net performance fees

0.6

(0.6)

5.6

(0.6)

Investment Income

Distributable Earnings

$ 3.4

$ 11.7

$ 12.0

$ 11.7

Segment assets as of September 30, 2012

349.1

Reportable Segment Only [Member]

Fund level fee revenues

Fund management fees

233.9

234.4

694.3

649.9

Portfolio advisory fees, net

4.6

7.5

19.6

31.8

Transaction fees, net

7.2

5.4

13.6

28.3

Total fee revenues

245.7

247.3

727.5

710.0

Performance fees

Realized

276.4

387.4

668.5

886.7

Unrealized

49.0

(894.7)

87.6

(191.7)

Total performance fees

325.4

(507.3)

756.1

695.0

Investment income (loss)

Realized

4.6

13.0

10.7

48.4

Unrealized

3.8

(17.6)

35.0

15.4

Total investment income

8.4

(4.6)

45.7

63.8

Interest and other income

4.4

1.4

9.5

14.9

Total revenues

583.9

(263.2)

1,538.8

1,483.7

Compensation and benefits

Direct base compensation

97.9

107.2

304.9

303.4

Indirect base compensation

32.9

34.8

102.2

100.6

Equity-based compensation

0.6

1.2

Performance fee related

Realized

120.2

193.2

293.8

425.6

Unrealized

40.6

(477.2)

69.6

(138.2)

Total compensation and benefits

292.2

(142.0)

771.7

691.4

General, administrative, and other indirect expenses

68.5

55.0

193.1

167.0

Interest expense

4.7

15.1

20.6

46.4

Total expenses

365.4

(71.9)

985.4

904.8

Economic Net Income

218.5

(191.3)

553.4

578.9

Fee Related Earnings

45.5

36.6

115.0

107.5

Net Realized Performance Fees

156.2

194.2

374.7

461.1

Net performance fees

164.6

(223.3)

392.7

407.6

Investment Income

8.4

(4.6)

45.7

63.8

Distributable Earnings

$ 206.3

$ 243.8

$ 500.4

$ 617.0

Segment assets as of September 30, 2012

$ 4,411.9

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

Total Segments to Partnership Income Before Provision for Taxes Reconciliation (Detail) (USD $)
In Millions, unless otherwise specified

3 Months Ended

9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Dec. 31, 2011

Operating Statistics [Line Items]

Revenues

$ 858.5

$ (59.6)

$ 2,217.8

$ 2,013.5

Expenses

704.9

218.4

1,631.0

924.9

Other income (loss)

448.9

(341.2)

1,707.6

(618.2)

Economic net income (loss)

602.5

(619.2)

2,294.4

470.4

Total assets

30,044.0

24,651.7

Total Reportable Segment [Member]

Operating Statistics [Line Items]

Revenues

583.9

(263.2)

1,538.8

1,483.7

Expenses

365.4

(71.9)

985.4

904.8

Other income (loss)

Economic net income (loss)

218.5

(191.3)

553.4

578.9

Total assets

4,411.9

Consolidated Funds [Member]

Operating Statistics [Line Items]

Revenues

247.7

191.2

678.4

521.6

Expenses

252.4

149.2

689.6

382.8

Other income (loss)

448.3

(338.4)

1,704.7

(630.5)

Economic net income (loss)

443.6

(296.4)

1,693.5

(491.7)

Total assets

25,694.9

Reconciling Items [Member]

Operating Statistics [Line Items]

Revenues

26.9

^[1]

12.4

^[1]

(0.6)

^[1]

8.2

^[1]

Expenses

87.1

^[2]

141.1

^[2]

(44.0)

^[2]

(362.7)

^[2]

Other income (loss)

0.6

^[3]

(2.8)

^[3]

2.9

^[3]

12.3

^[3]

Economic net income (loss)

(59.6)

^[4]

(131.5)

^[4]

47.5

^[4]

383.2

^[4]

Total assets

$ (62.8)

^[5]

$ (62.8)

^[5]

[1]	The Revenues adjustment principally represents fund management and performance fees earned from the Consolidated Funds which were eliminated in consolidation to arrive at the Partnership's total revenues, adjustments for amounts attributable to non-controlling interests in consolidated entities and adjustments to reflect the Partnership's ownership interests in Claren Road, ESG and AlpInvest which were included in Revenues in the Partnership's segment reporting.
[2]	The Expenses adjustment represents the elimination of intercompany expenses of the Consolidated Funds payable to the Partnership, adjustments for partner compensation, charges and credits associated with Carlyle corporate actions and non-recurring items and adjustments to reflect the Partnership's economic interests in Claren Road, ESG and AlpInvest as detailed below (Dollars in millions):
[3]	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).
[4]	The following table is a reconciliation of Income (Loss) Before Provision for Income Taxes to Economic Net Income (Loss), to Fee Related Earnings, and to Distributable Earnings (Dollars in millions):
[5]	The Total Assets adjustment represents the addition of the assets of the Consolidated Funds which were eliminated in consolidation to arrive at the Partnership's total assets.

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References+ Details

Expenses Adjustment Representing Elimination of Intercompany Expenses (Detail) (USD $)
In Millions, unless otherwise specified

3 Months Ended

9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Operating Statistics [Line Items]

Partner compensation

$ 111.6

^[1]

$ (265.4)

^[1]

$ (458.3)

^[1]

Equity-based compensation issued in conjuction with the initial public offering

52.6

146.2

43.4

22.6

89.0

57.1

Other non-operating expenses

10.3

9.4

6.9

30.0

Severance and lease terminations

0.9

2.0

5.0

6.3

Non-Carlyle economic interests in acquired business

32.0

46.5

103.8

95.9

Other adjustments

(1.8)

(4.8)

Elimination of expenses of Consolidated Funds

(50.3)

(51.0)

(124.7)

(93.7)

Total expenses

$ 87.1

$ 141.1

$ (44.0)

$ (362.7)

[1]

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

Reconciliation of Income Before Provision for Income Taxes to Distributed Earnings (Detail) (USD $)
In Millions, unless otherwise specified

3 Months Ended

9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Operating Statistics [Line Items]

Income (loss) before provision for income taxes

$ 602.5

$ (619.2)

$ 2,294.4

$ 470.4

Adjustments:

Partner compensation

111.6

^[1]

(265.4)

^[1]

(458.3)

^[1]

Equity-based compensation issued in conjuction with the initial public offering

52.6

146.2

43.4

22.6

89.0

57.1

Other non-operating expenses

10.3

9.4

6.9

30.0

Net (income) loss attributable to non-controlling interests in Consolidated entities

(485.4)

282.3

(1,708.2)

473.4

Provision for income taxes attributable to non-controlling interests in Consolidated entities

(4.0)

(9.7)

Severance and lease terminations

0.9

2.0

5.0

6.3

Other adjustments

(1.8)

(4.8)

Economic Net Income (Loss)

218.5

(191.3)

553.4

578.9

Net performance fees

164.6

^[2]

(223.3)

^[2]

392.7

^[2]

407.6

^[2]

Investment income (loss)

8.4

^[2]

(4.6)

^[2]

45.7

^[2]

63.8

^[2]

Fee Related Earnings

45.5

36.6

115.0

107.5

Realized performance fees, net of related compensation

156.2

^[2]

194.2

^[2]

374.7

^[2]

461.1

^[2]

Investment income - realized

$ 4.6

^[2]

$ 13.0

^[2]

$ 10.7

^[2]

$ 48.4

^[2]

Distributable Earnings

$ 206.3

$ 243.8

$ 500.4

$ 617.0

[1]	Adjustments for partner compensation reflect amounts due to senior Carlyle professionals for compensation and performance fees allocated to them, which amounts were classified as distributions from partners' capital in the condensed consolidated financial statements for periods prior to the reorganization and initial public offering in May 2012.
[2]	See reconciliation to most directly comparable U.S. GAAP measure below:

Adjustments for Compensation and Performance Fees Allocated (Detail) (USD $)
In Millions, unless otherwise specified

3 Months Ended

9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Operating Statistics [Line Items]

Realized

$ 291.4

$ 375.2

$ 688.7

$ 870.1

Unrealized

64.9

(859.1)

88.0

(133.6)

Total performance fees

356.3

(483.9)

776.7

736.5

Realized

121.9

51.4

188.3

136.2

Unrealized

41.5

(139.5)

(1.4)

(81.7)

Total net performance fees

164.6

^[1]

(223.3)

^[1]

392.7

^[1]

407.6

^[1]

Realized

9.8

7.5

11.4

50.3

Realized

0.4

(12.9)

27.3

6.3

Total investment income (loss)

10.2

(5.4)

38.7

56.6

Carlyle Consolidated [Member]

Operating Statistics [Line Items]

Realized

291.4

375.2

688.7

870.1

Unrealized

64.9

(859.1)

88.0

(133.6)

Total performance fees

356.3

(483.9)

776.7

736.5

Realized

121.9

51.4

188.3

136.2

Unrealized

41.5

(139.5)

(1.4)

(81.7)

Total performance fee related compensation expense

163.4

(88.1)

186.9

54.5

Realized

169.5

323.8

500.4

733.9

Unrealized

23.4

(719.6)

89.4

(51.9)

Total net performance fees

192.9

(395.8)

589.8

682.0

Realized

7.5

50.3

Realized

9.8

(12.9)

11.4

6.3

Total investment income (loss)

0.4

(5.4)

27.3

56.6

Total investment income

10.2

38.7

Adjustments [Member]

Operating Statistics [Line Items]

Realized

(15.0)

^[2]

12.2

^[2]

(20.2)

^[2]

16.6

^[2]

Unrealized

(15.9)

^[2]

(35.6)

^[2]

(0.4)

^[2]

(58.1)

^[2]

Total performance fees

(30.9)

^[2]

(23.4)

^[2]

(20.6)

^[2]

(41.5)

^[2]

Realized

(1.7)

^[2]

141.8

^[2]

105.5

^[2]

289.4

^[2]

Unrealized

(0.9)

^[2]

(337.7)

^[2]

71.0

^[2]

(56.5)

^[2]

Total performance fee related compensation expense

(2.6)

^[2]

(195.9)

^[2]

176.5

^[2]

232.9

^[2]

Realized

(13.3)

^[2]

(129.6)

^[2]

(125.7)

^[2]

(272.8)

^[2]

Unrealized

(15.0)

^[2]

302.1

^[2]

(71.4)

^[2]

(1.6)

^[2]

Total net performance fees

(28.3)

^[2]

172.5

^[2]

(197.1)

^[2]

(274.4)

^[2]

Realized

5.5

^[2]

(1.9)

^[2]

Realized

(5.2)

^[2]

(4.7)

^[2]

(0.7)

^[2]

9.1

^[2]

Total investment income (loss)

3.4

^[2]

0.8

^[2]

7.7

^[2]

7.2

^[2]

Total investment income

(1.8)

^[2]

7.0

^[2]

Total Reportable Segment [Member]

Operating Statistics [Line Items]

Realized

276.4

387.4

668.5

886.7

Unrealized

49.0

(894.7)

87.6

(191.7)

Total performance fees

325.4

(507.3)

756.1

695.0

Realized

120.2

193.2

293.8

425.6

Unrealized

40.6

(477.2)

69.6

(138.2)

Total performance fee related compensation expense

160.8

(284.0)

363.4

287.4

Realized

156.2

194.2

374.7

461.1

Unrealized

8.4

(417.5)

18.0

(53.5)

Total net performance fees

164.6

(223.3)

392.7

407.6

Realized

13.0

48.4

Realized

4.6

(17.6)

10.7

15.4

Total investment income (loss)

3.8

(4.6)

35.0

63.8

Total investment income

$ 8.4

$ 45.7

[1]

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

[2]

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

Subsequent Events - Additional Information (Detail) (Subsequent Event [Member], USD $)	1 Months Ended
	Oct. 01, 2012 Insurers	Nov. 01, 2012
Subsequent Event [Line Items]
Percentage of business acquired	55.00%
Total value of assets under management	$ 2,200,000,000
Purchase price, cash paid	50,000,000
Number of partnership units to be issued	1,440,276
Number of partnership units to be issued, tenure	4 years 3 months
Litigation settlement amount paid by insurer	18,500,000
Number of insurers	2
Dividend declaration		0.16
Contingent Consideration Payable In 5.25 Years [Member]
Subsequent Event [Line Items]
Number of partnership units to be issued, tenure	5 years 3 months
Performance-based contingent cash payments	$ 131,300,000

Supplemental Financial Information - Supplemental Financial Position (Detail) (USD $) In Millions, unless otherwise specified	Sep. 30, 2012	May 08, 2012	Dec. 31, 2011	Sep. 30, 2011	Dec. 31, 2010
Assets
Cash and cash equivalents	$ 769.2		$ 509.6	$ 712.6	$ 616.9
Cash and cash equivalents held at Consolidated Funds	1,425.1		566.6
Restricted cash	28.5		24.6
Restricted cash and securities of Consolidated Funds	36.7		89.2
Accrued performance fees	2,153.0		2,189.1
Investments	410.5		454.9
Investments of Consolidated Funds	23,994.7		19,507.3
Due from affiliates and other receivables, net	242.8		287.0
Due from affiliates and other receivables of Consolidated Funds, net	234.9		287.6
Fixed assets, net	62.9		52.7
Deposits and other	52.3		70.2
Intangible assets, net	577.3		594.9
Deferred tax assets	56.1		18.0
Total assets	30,044.0		24,651.7
Liabilities and partners' capital
Loans payable	500.0		860.9
Subordinated loan payable to affiliate			262.5
Loans payable of Consolidated Funds	13,044.3		9,689.9
Accounts payable, accrued expenses and other liabilities	212.2		203.4
Accrued compensation and benefits	1,302.7		577.9
Due to Carlyle partners			1,015.9
Due to affiliates	255.7		108.5
Deferred revenue	186.5		89.2
Deferred tax liabilities	69.6		48.3
Other liabilities of Consolidated Funds	956.2		568.1
Accrued giveback obligations	86.1		136.5
Total liabilities	16,613.3		13,561.1
Redeemable non-controlling interests in consolidated entities	2,732.9		1,923.4
Members' equity			873.1
Partners' capital	219.2
Accumulated other comprehensive income	(3.5)		(55.8)
Partners' capital appropriated for Consolidated Funds	983.3		853.7
Non-controlling interests in consolidated entities	8,200.0		7,496.2
Non-controlling interests in Carlyle Holdings	1,298.8
Total partners' capital	10,697.8	10,039.3	9,167.2
Total liabilities and partners' capital	30,044.0		24,651.7
Consolidated Operating Entities [Member]
Assets
Cash and cash equivalents	769.2		509.6
Cash and cash equivalents held at Consolidated Funds
Restricted cash	28.5		24.6
Restricted cash and securities of Consolidated Funds
Accrued performance fees	2,155.4		2,219.9
Investments	458.9		517.3
Investments of Consolidated Funds
Due from affiliates and other receivables, net	254.8		297.2
Due from affiliates and other receivables of Consolidated Funds, net
Fixed assets, net	62.9		52.7
Deposits and other	48.8		60.7
Intangible assets, net	577.3		594.9
Deferred tax assets	56.1		18.0
Total assets	4,411.9		4,294.9
Liabilities and partners' capital
Loans payable	500.0		860.9
Subordinated loan payable to affiliate			262.5
Loans payable of Consolidated Funds
Accounts payable, accrued expenses and other liabilities	212.2		203.4
Accrued compensation and benefits	1,302.7		577.9
Due to Carlyle partners			1,015.9
Due to affiliates	216.1		71.3
Deferred revenue	185.1		87.3
Deferred tax liabilities	69.6		48.3
Other liabilities of Consolidated Funds
Accrued giveback obligations	86.1		136.5
Total liabilities	2,571.8		3,264.0
Redeemable non-controlling interests in consolidated entities	4.8		8.0
Members' equity			879.1
Partners' capital	219.2
Accumulated other comprehensive income	(3.2)		(61.8)
Partners' capital appropriated for Consolidated Funds
Non-controlling interests in consolidated entities	320.5		205.6
Non-controlling interests in Carlyle Holdings	1,298.8
Total partners' capital	1,835.3		1,022.9
Total liabilities and partners' capital	4,411.9		4,294.9
Consolidated Funds [Member]
Assets
Cash and cash equivalents
Cash and cash equivalents held at Consolidated Funds	1,425.1		566.6
Restricted cash
Restricted cash and securities of Consolidated Funds	36.7		89.2
Accrued performance fees
Investments
Investments of Consolidated Funds	23,994.7		19,507.3
Due from affiliates and other receivables, net
Due from affiliates and other receivables of Consolidated Funds, net	234.9		287.7
Fixed assets, net
Deposits and other	3.5		9.5
Intangible assets, net
Deferred tax assets
Total assets	25,694.9		20,460.3
Liabilities and partners' capital
Loans payable
Subordinated loan payable to affiliate
Loans payable of Consolidated Funds	13,091.1		9,738.9
Accounts payable, accrued expenses and other liabilities
Accrued compensation and benefits
Due to Carlyle partners
Due to affiliates	39.7		37.3
Deferred revenue	1.7		1.9
Deferred tax liabilities
Other liabilities of Consolidated Funds	970.0		589.7
Accrued giveback obligations
Total liabilities	14,102.5		10,367.8
Redeemable non-controlling interests in consolidated entities	2,728.1		1,915.4
Members' equity			22.9
Partners' capital	3.9
Accumulated other comprehensive income
Partners' capital appropriated for Consolidated Funds	980.9		863.6
Non-controlling interests in consolidated entities	7,879.5		7,290.6
Non-controlling interests in Carlyle Holdings
Total partners' capital	8,864.3		8,177.1
Total liabilities and partners' capital	25,694.9		20,460.3
Eliminations [Member]
Assets
Cash and cash equivalents
Cash and cash equivalents held at Consolidated Funds
Restricted cash
Restricted cash and securities of Consolidated Funds
Accrued performance fees	(2.4)		(30.8)
Investments	(48.4)		(62.4)
Investments of Consolidated Funds
Due from affiliates and other receivables, net	(12.0)		(10.2)
Due from affiliates and other receivables of Consolidated Funds, net			(0.1)
Fixed assets, net
Deposits and other
Intangible assets, net
Deferred tax assets
Total assets	(62.8)		(103.5)
Liabilities and partners' capital
Loans payable
Subordinated loan payable to affiliate
Loans payable of Consolidated Funds	(46.8)		(49.0)
Accounts payable, accrued expenses and other liabilities
Accrued compensation and benefits
Due to Carlyle partners
Due to affiliates	(0.1)		(0.1)
Deferred revenue	(0.3)
Deferred tax liabilities
Other liabilities of Consolidated Funds	(13.8)		(21.6)
Accrued giveback obligations
Total liabilities	(61.0)		(70.7)
Redeemable non-controlling interests in consolidated entities
Members' equity			(28.9)
Partners' capital	(3.9)
Accumulated other comprehensive income	(0.3)		6.0
Partners' capital appropriated for Consolidated Funds	2.4		(9.9)
Non-controlling interests in consolidated entities
Non-controlling interests in Carlyle Holdings
Total partners' capital	(1.8)		(32.8)
Total liabilities and partners' capital	$ (62.8)		$ (103.5)

Supplemental Results of Operations (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		5 Months Ended	4 Months Ended	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	May 08, 2012	Sep. 30, 2012	Sep. 30, 2011
Revenues
Fund management fees	$ 239.8	$ 236.0			$ 714.1	$ 683.2
Performance fees
Realized	291.4	375.2			688.7	870.1
Unrealized	64.9	(859.1)			88.0	(133.6)
Total performance fees	356.3	(483.9)			776.7	736.5
Investment income (loss)
Realized	9.8	7.5			11.4	50.3
Unrealized	0.4	(12.9)			27.3	6.3
Total investment income	10.2	(5.4)			38.7	56.6
Interest and other income	4.5	2.5			9.9	15.6
Interest and other income of Consolidated Funds	247.7	191.2			678.4	521.6
Total revenues	858.5	(59.6)			2,217.8	2,013.5
Compensation and benefits
Base compensation	177.0	101.9			433.0	277.2
Equity-based compensation	53.2				147.4
Performance fee related
Realized	121.9	51.4			188.3	136.2
Unrealized	41.5	(139.5)			(1.4)	(81.7)
Total compensation and benefits	393.6	13.8			767.3	331.7
General, administrative and other expenses	92.9	80.4			268.1	224.7
Interest	4.0	15.7			20.6	48.5
Interest and other expenses of Consolidated Funds	204.1	99.1			568.1	290.0
Other non-operating expenses	10.3	9.4			6.9	30.0
Total expenses	704.9	218.4			1,631.0	924.9
Other income
Net investment gains of Consolidated Funds	448.9	(341.2)			1,707.6	(618.2)
Income (loss) before provision for income taxes	602.5	(619.2)			2,294.4	470.4
Provision for income taxes	5.5	12.9			27.8	25.7
Net income (loss)	597.0	(632.1)	758.5	1,535.7	2,266.6	444.7
Net income (loss) attributable to non-controlling interests in consolidated entities	485.4	(282.3)			1,708.2	(473.4)
Net income (loss) attributable to Carlyle Holdings	111.6	(349.8)			558.4	918.1
Net income attributable to non-controlling interests in Carlyle Holdings	93.0				550.1
Net income attributable to The Carlyle Group L.P.	18.6				8.3
Consolidated Operating Entities [Member]
Revenues
Fund management fees	276.4	274.0			816.5	757.7
Performance fees
Realized	292.1	404.9			700.9	909.4
Unrealized	70.7	(888.5)			88.0	(160.0)
Total performance fees	362.8	(483.6)			788.9	749.4
Investment income (loss)
Realized	13.4	10.5			22.1	60.8
Unrealized	(1.2)	(18.7)			27.1	19.3
Total investment income	12.2	(8.2)			49.2	80.1
Interest and other income	4.5	1.4			9.9	14.9
Interest and other income of Consolidated Funds
Total revenues	655.9	(216.4)			1,664.5	1,602.1
Compensation and benefits
Base compensation	177.0	101.9			433.0	277.2
Equity-based compensation	53.2				147.4
Performance fee related
Realized	121.9	51.4			188.3	136.2
Unrealized	41.5	(139.5)			(1.4)	(81.7)
Total compensation and benefits	393.6	13.8			767.3	331.7
General, administrative and other expenses	94.9	81.3			271.3	225.6
Interest	4.0	15.7			20.6	48.5
Interest and other expenses of Consolidated Funds
Other non-operating expenses	10.3	9.4			6.9	30.0
Total expenses	502.8	120.2			1,066.1	635.8
Other income
Net investment gains of Consolidated Funds
Income (loss) before provision for income taxes	153.1	(336.6)			598.4	966.3
Provision for income taxes	5.5	12.9			27.8	25.7
Net income (loss)	147.6	(349.5)			570.6	940.6
Net income (loss) attributable to non-controlling interests in consolidated entities	36.0	0.3			12.2	22.5
Net income (loss) attributable to Carlyle Holdings	111.6	(349.8)			558.4	918.1
Net income attributable to non-controlling interests in Carlyle Holdings	93.0				550.1
Net income attributable to The Carlyle Group L.P.	18.6				8.3
Consolidated Funds [Member]
Revenues
Fund management fees
Performance fees
Realized
Unrealized
Total performance fees
Investment income (loss)
Realized
Unrealized
Total investment income
Interest and other income
Interest and other income of Consolidated Funds	247.7	191.2			678.4	521.6
Total revenues	247.7	191.2			678.4	521.6
Compensation and benefits
Base compensation
Equity-based compensation
Performance fee related
Realized
Unrealized
Total compensation and benefits
General, administrative and other expenses
Interest
Interest and other expenses of Consolidated Funds	252.4	149.2			689.6	382.8
Other non-operating expenses
Total expenses	252.4	149.2			689.6	382.8
Other income
Net investment gains of Consolidated Funds	448.3	(338.4)			1,704.7	(630.5)
Income (loss) before provision for income taxes	443.6	(296.4)			1,693.5	(491.7)
Provision for income taxes
Net income (loss)	443.6	(296.4)			1,693.5	(491.7)
Net income (loss) attributable to non-controlling interests in consolidated entities
Net income (loss) attributable to Carlyle Holdings	443.6	(296.4)			1,693.5	(491.7)
Net income attributable to non-controlling interests in Carlyle Holdings
Net income attributable to The Carlyle Group L.P.	443.6				1,693.5
Eliminations [Member]
Revenues
Fund management fees	(36.6)	(38.0)			(102.4)	(74.5)
Performance fees
Realized	(0.7)	(29.7)			(12.2)	(39.3)
Unrealized	(5.8)	29.4				26.4
Total performance fees	(6.5)	(0.3)			(12.2)	(12.9)
Investment income (loss)
Realized	(3.6)	(3.0)			(10.7)	(10.5)
Unrealized	1.6	5.8			0.2	(13.0)
Total investment income	(2.0)	2.8			(10.5)	(23.5)
Interest and other income		1.1				0.7
Interest and other income of Consolidated Funds
Total revenues	(45.1)	(34.4)			(125.1)	(110.2)
Compensation and benefits
Base compensation
Equity-based compensation
Performance fee related
Realized
Unrealized
Total compensation and benefits
General, administrative and other expenses	(2.0)	(0.9)			(3.2)	(0.9)
Interest
Interest and other expenses of Consolidated Funds	(48.3)	(50.1)			(121.5)	(92.8)
Other non-operating expenses
Total expenses	(50.3)	(51.0)			(124.7)	(93.7)
Other income
Net investment gains of Consolidated Funds	0.6	(2.8)			2.9	12.3
Income (loss) before provision for income taxes	5.8	13.8			2.5	(4.2)
Provision for income taxes
Net income (loss)	5.8	13.8			2.5	(4.2)
Net income (loss) attributable to non-controlling interests in consolidated entities	449.4	(282.6)			1,696.0	(495.9)
Net income (loss) attributable to Carlyle Holdings	(443.6)	296.4			(1,693.5)	491.7
Net income attributable to non-controlling interests in Carlyle Holdings
Net income attributable to The Carlyle Group L.P.	$ (443.6)				$ (1,693.5)

Supplemental Statements of Cash Flows (Detail) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Cash flows from operating activities
Net income	$ 570.6	$ 940.6
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	74.1	61.6
Amortization of deferred financing fees	1.1	0.8
Equity-based compensation	147.4
Non-cash performance fees	(124.7)	158.7
Other non-cash amounts	7.0	41.7
Investment income	(40.8)	(67.3)
Purchases of investments	(41.1)	(92.8)
Proceeds from the sale of investments	187.7	273.0
Proceeds from the sale of trading securities	(15.1)	0.2
Change in deferred taxes	(3.5)	(9.4)
Change in due from affiliates and other receivables	(14.0)	15.1
Change in deposits and other	10.6	(13.7)
Change in accounts payable, accrued expenses and other liabilities	3.7	(57.9)
Change in accrued compensation and benefits	(6.3)	(185.7)
Change in due to affiliates	(13.1)	(0.6)
Change in deferred revenue	96.7	14.0
Net cash provided by operating activities	840.3	1,078.3
Cash flows from investing activities
Change in restricted cash	(3.6)	(15.7)
Purchases of fixed assets, net	(26.0)	(25.8)
Purchases of intangible assets	(41.0)	(8.1)
Acquisitions, net of cash acquired		(53.9)
Net cash used in investing activities	(70.6)	(103.5)
Cash flows from financing activities
Borrowings under credit facility	433.7	125.0
Repayments under credit facility	(744.6)
Payments on loans payable	(310.0)	(24.0)
Net proceeds from issuance of units in Initial Public Offering	615.8
Distributions to common unitholders	(4.8)
Contributions from predecessor owners	9.3	9.6
Distributions to predecessor owners	(452.3)	(1,040.9)
Contributions from non-controlling interest holders	27.6	25.3
Distributions to non-controlling interest holders	(93.3)	(33.6)
Change in due to/from affiliates financing activities	(1.0)	56.7
Net cash used in financing activities	(519.6)	(881.9)
Effect of foreign exchange rate changes	9.5	2.8
Increase in cash and cash equivalents	259.6	95.7
Cash and cash equivalents, beginning of period	509.6	616.9
Cash and cash equivalents, end of period	$ 769.2	$ 712.6

Fair Value Measurement - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2012
Maximum lag period for which the partnership investments in funds are valued	90 days

Unfunded Commitments (Detail) (USD $) In Millions, unless otherwise specified	Sep. 30, 2012
Operating Statistics [Line Items]
Total unfunded commitments	$ 2,063.6
Corporate Private Equity [Member]
Operating Statistics [Line Items]
Total unfunded commitments	1,728.6
Global Market Strategies [Member]
Operating Statistics [Line Items]
Total unfunded commitments	117.9
Real Assets [Member]
Operating Statistics [Line Items]
Total unfunded commitments	$ 217.1