The Carlyle Group Inc. (NASDAQ: CG) is a global investment firm that manages private capital across various asset classes. The company advises funds and vehicles in private equity, credit, and investment solutions, offering services such as fund management, transaction advisory, and oversight. Carlyle operates through three main business segments, each contributing to its diverse portfolio of investment strategies and solutions.
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Global Private Equity - Advises buyout, middle market, and growth capital funds, as well as real estate, infrastructure, and natural resources funds. Includes NGP Carry Funds focused on energy and natural resources.
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Global Credit - Manages funds and vehicles focused on loans, structured credit, direct lending, distressed credit, infrastructure debt, and insurance solutions. Also includes aircraft financing and global capital markets activities.
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Global Investment Solutions - Advises private equity programs and supports co-investment and secondary market activities.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Harvey M. Schwartz ExecutiveBoard | Chief Executive Officer (CEO) |
| Former President and Co-COO of Goldman Sachs; joined CG in 2023 and has driven strong financial results and strategic growth. | View Report → |
Christopher Finn Executive | Chief Operating Officer (COO) | None | Joined CG in 1996; retiring as COO effective 2024-06-30; has played a key role in global operations and fund management. | |
Jeffrey W. Ferguson Executive | General Counsel | None | Joined CG in 1999; leads legal and compliance functions; previously worked at Latham & Watkins and Vinson & Elkins. | |
Lindsay LoBue Executive | Chief Operating Officer (COO) |
| Joined CG in 2023; promoted to COO in 2024; previously spent over 20 years at Goldman Sachs, specializing in credit products and strategic growth initiatives. | |
Afsaneh Beschloss Board | Director |
| Rejoined CG's Board in 2024; former Managing Director at CG; extensive experience in sustainable investing and global finance. | |
Daniel A. D’Aniello Board | Co-Founder and Chairman Emeritus |
| Co-founded CG in 1987; served as Chairman until 2018; key figure in CG's operational and strategic development. | |
David M. Rubenstein Board | Co-Founder and Co-Chairman |
| Co-founded CG in 1987; former Co-CEO; influential in CG's global expansion and philanthropic initiatives. | |
Derica W. Rice Board | Director |
| Joined CG's Board in 2021; former CFO of Eli Lilly and President of CVS Caremark; extensive experience in finance and healthcare. | |
Lawton W. Fitt Board | Lead Independent Director |
| Joined CG's Board in 2012; Chair of the Nominating and Corporate Governance Committee; extensive experience in investment banking and governance. | |
Linda H. Filler Board | Director |
| Appointed to CG's Board in 2022; serves as Sustainability Lead and member of the Nominating and Corporate Governance Committee. | |
Mark S. Ordan Board | Director |
| Appointed to CG's Board in 2022; extensive leadership experience as CEO of multiple companies, including Sunrise Senior Living and Washington Prime Group. | |
Sharda Cherwoo Board | Director |
| Appointed to CG's Board in 2023; nearly 40 years at EY, specializing in digital transformation and private equity advisory. | |
William E. Conway, Jr. Board | Co-Founder and Co-Chairman |
| Co-founded CG in 1987; served as interim CEO in 2022-2023; instrumental in CG's growth and investment strategy. |
- Despite significant improvements in FRE margins this year, what specific steps do you plan to take to further enhance the FRE margin in 2025, and how much more incremental margin expansion is realistically achievable?
- Given the modest 2% year-on-year growth in management fees, even with increased AUM, how do you reconcile this with the momentum you've highlighted, and is there a clear path to achieving double-digit management fee growth as you deploy more capital?
- With the potential for aggressive trade policies like tariffs under the Trump administration, how have you scenario-tested the impact on your global investment strategy and portfolio companies, particularly in regions like Europe and Japan?
- While you've had some notable exits like StandardAero and Rigaku, the net IRR in key buyout funds remains underwhelming, with CP VII at 8% and CEP V declining to 4%; how do you plan to address these performance challenges, and do you expect this to affect future fundraising?
- Year-to-date fundraising appears to be lagging behind your $40 billion target, with around $26 billion raised so far; can you clarify whether you still expect to meet this goal in the current quarter, and what are the main drivers or hurdles influencing this?
Research analysts who have asked questions during Carlyle Group earnings calls.
Brian Bedell
Deutsche Bank
5 questions for CG
Brian McKenna
Citizens JMP Securities
5 questions for CG
Michael Cyprys
Morgan Stanley
5 questions for CG
Patrick Davitt
Autonomous Research
5 questions for CG
William Katz
TD Cowen
5 questions for CG
Glenn Schorr
Evercore ISI
4 questions for CG
Kyle Voigt
Keefe, Bruyette & Woods
4 questions for CG
Alexander Blostein
Goldman Sachs
3 questions for CG
Benjamin Budish
Barclays PLC
3 questions for CG
Daniel Fannon
Jefferies Financial Group Inc.
3 questions for CG
Kenneth Worthington
JPMorgan Chase & Co.
3 questions for CG
Michael Brown
Wells Fargo Securities
3 questions for CG
Steven Chubak
Wolfe Research
3 questions for CG
Alex Blostein
Goldman Sachs
2 questions for CG
Ben Budish
Barclays PLC
2 questions for CG
Ken Worthington
JPMorgan Chase & Co.
2 questions for CG
Brendan O'Brien
Wolfe Research
1 question for CG
Brennan Hawken
UBS Group AG
1 question for CG
Craig Siegenthaler
Bank of America
1 question for CG
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Carlyle Aviation Partners | 2023 | Acquisition included an earn-out of up to $150 million based on revenue and earnings targets from 2020 to 2025, with a termination and settlement agreement in Q1 2023 that resulted in a $68.6 million payment (plus additional installments scheduled for 2024 and 2025) and prior payments totaling $53.6 million. |
Abingworth LLP | 2022 | Acquired on August 1, 2022 to expand Carlyle’s healthcare platform, adding over $2 billion in assets under management and a specialized team, with a base purchase price of $185.6 million (including a $25 million equity component) and potential future incentive payments of up to $130 million plus performance revenue rights. |
CBAM Partners LLC | 2022 | Completed on March 21, 2022, the acquisition of management contracts for $812.9 million involved $618.4 million in cash and approximately 4.2 million newly issued shares, integrating a portfolio with $15 billion in assets under management in U.S. and European CLOs, along with CLO notes valued at $175.9 million. |
iStar Triple Net Lease Portfolio | 2022 | Acquired in March 2022 with an enterprise value of $3 billion, the deal was funded with $2 billion in debt and $1 billion in equity (including a $200 million balance sheet investment by Carlyle), and involved a portfolio spanning 18.3 million square feet across diverse US properties, aimed at scaling the real estate credit platform to a $10 billion AUM strategy. |
Recent press releases and 8-K filings for CG.
- Fortitude Re, supported by investors including Carlyle, is entering the funding agreement backed note market with an inaugural offering.
- The offering consists of $500 million aggregate principal amount of 4.625% notes due Oct. 6, 2028, with settlement expected on October 6, 2025.
- These notes are anticipated to carry ratings of BBB+ from Fitch and A3 from Moody's.
- This strategic move is part of Fortitude Re's growth strategy to diversify capital sources and reinforce its balance sheet.
- The Carlyle Group Inc. entered into an underwriting agreement on September 16, 2025, to issue $800,000,000 aggregate principal amount of 5.050% Senior Notes due 2035.
- The notes were issued by The Carlyle Group Inc. and are unconditionally guaranteed by Carlyle Holdings I L.P., Carlyle Holdings II L.L.C., Carlyle Holdings III L.P., and CG Subsidiary Holdings L.L.C..
- The settlement date for these notes is September 19, 2025, and they will mature on September 19, 2035.
- The notes have a coupon rate of 5.050% and were offered to the public at 99.767% per note.
- The gross proceeds from the offering, before expenses and underwriting discount, are $798,136,000.
- Global investment firm Carlyle (NASDAQ: CG) priced an offering of $800 million aggregate principal amount of its 5.050% senior notes due 2035 on September 16, 2025.
- The offering is expected to close on September 19, 2025, with the net proceeds intended for general corporate purposes.
- The notes will be fully and unconditionally guaranteed by Carlyle Holdings I L.P., Carlyle Holdings II L.L.C., Carlyle Holdings III L.P., and CG Subsidiary Holdings L.L.C..
- Carlyle Group Inc. reported a strong second quarter of 2025, achieving record Fee Related Earnings (FRE) of $323 million , an 18% increase year-over-year , and record Assets Under Management (AUM) of $465 billion.
- The firm demonstrated significant capital activity, with $51 billion of organic inflows over the past twelve months and nearly $15 billion returned to investors in corporate private equity during the same period.
- Carlyle updated its 2025 outlook, now expecting full year FRE growth of approximately 10%, an increase from the prior outlook of 6%. Full year inflows are also projected to reach $50 billion, up from the previous outlook of $40 billion.
- Key leadership appointments were announced, including John Ruddett, Mark Jenkins, and Jeff Nettleman as Co-Presidents, and Justin Bluff as the new Chief Financial Officer, effective January.
- Carlyle Group Inc. (NASDAQ: CG) has agreed to acquire a majority stake in Adastra Group SE, a global IT consultancy and services provider specializing in AI, data, and cloud transformations.
- The acquisition aims to support Adastra in growing its data, cloud, and AI offerings, and expanding its international presence via organic investments and targeted M&A.
- Equity for the investment will be provided jointly by Carlyle Europe Technology Partners V and Carlyle Asia Partners Growth II.
- As of March 31, 2025, Carlyle manages $453 billion of assets.
- Harvey Schwartz became CEO of Carlyle in 2023, having previously been a co-president at Goldman Sachs.
- Carlyle, a private markets firm, manages over $450 billion and indirectly employs more than 1 million people globally.
- Under Schwartz's leadership, Carlyle has increased its focus on private credit, which now accounts for over 40% of its business.
- Since 2023, Carlyle's assets under management have increased by 21%.
- Schwartz believes there is a significant trend of power shifting from banks to private markets, with private capital serving as a more efficient alternative for companies seeking funding.
- The Abu Dhabi consortium, including Carlyle Group, has made a non-binding offer of A$28.9 billion (about $30 billion) for Santos at A$5.76 per share, a 28% premium to the June 13 closing price.
- This proposal follows two earlier non-binding bids in March at A$8.00 and A$8.60 per share, showing sustained interest in Santos assets.
- Santos, Australia’s second-largest oil and gas producer, operates in Australia, Papua New Guinea and Alaska, and is advancing a major offshore LNG project.
- The deal underscores ongoing energy-sector consolidation amid rising crude and natural gas prices driven by Middle East geopolitical tensions.
- Carlyle and Citigroup have formed a strategic partnership to co-invest in early-stage fintech lending platforms and their originated assets, including consumer loans, auto financing, and solar power contracts.
- Carlyle will focus on private credit investments, while Citi’s SPRINT venture team may securitize loans to support fintechs from seed stage to public markets.
- The deal grants Carlyle access to deal flow beyond traditional bank risk appetites and represents Citi’s third partnership in 18 months to expand its private credit offerings.
- Both firms will share market intelligence and explore co-investment opportunities to back startups innovating in AI and specialty finance.
- Credit Facility Update: On May 29, 2025, Carlyle maintained its revolving credit facility at $1.0 billion with the option to increase up to $250.0 million, and extended its maturity to May 29, 2030.
- Annual Meeting Votes: At the 2025 Annual Meeting held on May 29, 2025, shareholders reviewed proposals including the election of eight board nominees, the ratification of Ernst & Young LLP as auditor, and a non-binding say-on-pay measure, with detailed vote counts disclosed.
- Achieved record fee-related earnings of $311 million (up 17% YoY), with a FRE margin of 48%-58% and assets under management of $453 billion as of March 31, 2025 .
- Reported income before taxes of $171 million at a margin of 17.6% and declared a quarterly dividend of $0.35 per share, payable on May 27, 2025 .
- Drove momentum in key business segments including Carlyle AlpInvest, Global Credit, and Global Private Equity, underpinned by significant inflows and strong transaction fees .
- Advanced fundraising with billions in inflows and launched strategic initiatives such as the upcoming Fund IX and the expansion of the global wealth platform .