Carlyle Group Inc
carlyle.comWhat Do They Do?
Advises funds that invest in companies, loans and existing private-equity portfolios for fund investors.
10-K for FY2025, filed Feb 27, 2026Global Private Equity — Our Global Private Equity segment advises our buyout, growth, real estate, andView ↗
Global Credit — Our Global Credit segment advises funds and vehicles that pursue investment strategiesView ↗
Carlyle AlpInvest — Our Carlyle AlpInvest segment advises global private equity programs that pursueView ↗
How Do They Make Money?
Funds pay recurring management fees for investment services, generally called semi-annually in advance; incentive fees are paid quarterly when investment returns exceed targets.
10-K for FY2025, filed Feb 27, 2026As it relates to the Company’s performance obligation to provide investment management services, the Company typically satisfies this…View ↗
For closed-end carry funds in the Global Private Equity segment, management fees generally range from 1.0% to 2.0% of limited partners’…View ↗
The Company is also entitled to receive performance-based incentive fees when the return on assets under management exceeds certain…View ↗
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10-K for FY2025, filed Feb 27, 2026
FY2025 revenue by product or service (Fund management fees and incentive fees) ↗
$4.8B
-
10-K for FY2025, filed Feb 27, 2026
$4.8B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Fund management fees
Recurring
10-K for FY2025, filed Feb 27, 2026 |
93%
FY2022: 97%
|
Fund management fees, FY2025
$2.4B Sources
|
Recurring |
|
Incentive fees
|
7.4%
FY2022: 3.0%
|
Incentive fees, FY2025
$190.5M Sources
|
Who Are Their Customers?
Investment funds are generally customers under management and advisory contracts; Carlyle also provides transaction and portfolio advisory services to portfolio companies.
10-K for FY2025, filed Feb 27, 2026While the determination of who is the customer in a contractual arrangement will be made on a contract-by-contract basis, the customer will…View ↗
Fund Management FeesView ↗
The Company also provides transaction advisory and portfolio advisory services to the portfolio companies, and where covered by separate…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 17 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$3.4B.
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 10, 2026
$137.1MView ↗
- ▼ −57%
- vs $319.7M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 10, 2026
Open tableView ↗
Shrinking. Revenue fell 46% in 4 years, from $8.8B in FY2021 to $4.8B in FY2025, about 14% a year.
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