The Carlyle Group Inc. (CG): Business Model Canvas

In der dynamischen Welt globaler alternativer Investitionen gilt die Carlyle Group als Gigant des strategischen Finanz-Engineerings und verwandelt komplexes Kapitalmanagement in ein anspruchsvolles Ökosystem der Wertschöpfung. Durch die Nutzung eines komplexen Geschäftsmodells, das institutionelle Beziehungen, innovative Anlagestrategien und globale Marktdurchdringung umfasst, hat sich Carlyle meisterhaft als führendes Private-Equity-Unternehmen positioniert, das sich mit bemerkenswerter Präzision und strategischer Tiefe durch die komplizierten Landschaften institutioneller Investitionen bewegt. Tauchen Sie ein in den überzeugenden Plan, der einer der einflussreichsten Investmentverwaltungsfirmen der Welt zugrunde liegt, bei der jedes Element ihres Geschäftsmodells einen sorgfältig kalibrierten Mechanismus zur Erzielung außergewöhnlicher finanzieller Erträge darstellt.

The Carlyle Group Inc. (CG) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit institutionellen Investoren

Die Carlyle Group unterhält strategische Partnerschaften mit großen institutionellen Investoren in verschiedenen Sektoren:

Anlegertyp	Investitionsbetrag (2023)	Partnerschaftsfokus
Staatsfonds	12,3 Milliarden US-Dollar	Globale Infrastrukturinvestitionen
Öffentliche Pensionsfonds	8,7 Milliarden US-Dollar	Diversifizierte Portfoliostrategien
Betriebliche Pensionskassen	5,4 Milliarden US-Dollar	Private-Equity-Allokationen

Zusammenarbeit mit globalen Finanzdienstleistungsunternehmen

Zu den wichtigsten Partnerschaften im Finanzdienstleistungsbereich gehören:

• Goldman Sachs – Co-Investitionsmöglichkeiten
• Morgan Stanley – Beratung zu grenzüberschreitenden Transaktionen
• JPMorgan Chase – Strukturierte Anlageinstrumente

Partnerschaften mit Technologie- und Gesundheitsunternehmen

Strategische Technologie- und Gesundheitskooperationen:

Sektor	Anzahl aktiver Partnerschaften	Investitionsvolumen (2023)
Technologie	47 Partnerschaften	3,6 Milliarden US-Dollar
Gesundheitswesen	35 Partnerschaften	2,9 Milliarden US-Dollar

Beziehungen zu Staatsfonds

Partnerschaften mit Staatsfonds:

• Qatar Investment Authority – Zuteilung von 4,2 Milliarden US-Dollar
• Singapurs GIC Private Limited – Investitionen in Höhe von 3,8 Milliarden US-Dollar
• Norwegens staatlicher Pensionsfonds Global – Zusagen in Höhe von 3,5 Milliarden US-Dollar

Engagement mit Pensionsfonds und Stiftungen

Umfassende Vorsorge- und Stiftungspartnerschaften:

Institutionstyp	Gesamtes gebundenes Kapital	Durchschnittliche Partnerschaftsdauer
Öffentliche Pensionsfonds	22,6 Milliarden US-Dollar	7-10 Jahre
Universitätsstiftungen	8,9 Milliarden US-Dollar	5-8 Jahre

The Carlyle Group Inc. (CG) – Geschäftsmodell: Hauptaktivitäten

Private-Equity-Investmentmanagement

Im Jahr 2024 verwaltet die Carlyle Group ein Vermögen von 385 Milliarden US-Dollar über mehrere Anlagestrategien hinweg. Das Unternehmen ist über sieben globale Investitionsplattformen tätig.

Investitionsplattform	Verwaltetes Vermögen
Globales Corporate Private Equity	78,3 Milliarden US-Dollar
Sachwerte	62,1 Milliarden US-Dollar
Globaler Kredit	55,4 Milliarden US-Dollar

Kapitalbeschaffung und -einsatz

Im Jahr 2023 hat die Carlyle Group über ihre Investitionsplattformen neue Kapitalzusagen in Höhe von 27,1 Milliarden US-Dollar aufgenommen.

• Durchschnittliche Fondsgröße: 1,5 Milliarden US-Dollar
• Anzahl aktiver Fonds: 98
• Geografische Verteilung der Investitionen: 60 % Nordamerika, 25 % Europa, 15 % Asien

Strategische Entwicklung des Portfoliounternehmens

Das Unternehmen verwaltet aktiv 245 Portfoliounternehmen in verschiedenen Sektoren.

Sektor	Anzahl der Portfoliounternehmen
Technologie	52
Gesundheitswesen	41
Industriell	37

Investment Research und Due Diligence

Carlyle beschäftigt 285 Investmentexperten, die sich mit Research und Due Diligence befassen.

• Durchschnittliche Deal-Screening-Zeit: 4–6 Monate
• Investmentprofis mit höheren Abschlüssen: 89 %
• Jährliches Forschungsbudget: 42,3 Millionen US-Dollar

Umsetzung globaler Anlagestrategien

Die Carlyle Group ist in 29 Niederlassungen auf 6 Kontinenten tätig.

Region	Anzahl der Büros
Nordamerika	12
Europa	8
Asien	6
Naher Osten	3

The Carlyle Group Inc. (CG) – Geschäftsmodell: Schlüsselressourcen

Erfahrene Investmentprofis

Im vierten Quartal 2023 beschäftigte die Carlyle Group weltweit 2.250 Investmentexperten. Die Gesamtzahl der Mitarbeiter im gesamten Unternehmen betrug 3.275 Mitarbeiter.

Aufschlüsselung des Investmentteams	Anzahl der Fachkräfte
Globales Corporate Private Equity	385
Sachwerte	275
Globaler Kredit	225
Anlagelösungen	165

Umfangreiches globales Investmentnetzwerk

Die Carlyle Group verfügt über 31 Niederlassungen auf 6 Kontinenten. Das Anlageportfolio umfasst ab 2023 123 Länder.

• Nordamerika: 14 Niederlassungen
• Europa: 8 Büros
• Asien: 7 Büros
• Naher Osten: 2 Büros

Eigene Investment-Research-Funktionen

Jährliches Forschungs- und Due-Diligence-Budget: 87,4 Millionen US-Dollar im Jahr 2023.

Starke finanzielle Kapitalreserven

Gesamtes verwaltetes Vermögen (AUM): 376 Milliarden US-Dollar, Stand 31. Dezember 2023.

Kapitalquelle	Betrag (in Milliarden US-Dollar)
Institutionelle Anleger	268
Vermögende Privatpersonen	62
Unternehmensinvestitionen	46

Fortschrittliche Technologie- und Datenanalyseplattformen

Technologieinvestitionen im Jahr 2023: 45,6 Millionen US-Dollar. Die proprietäre Datenanalyseplattform deckt über 7.500 potenzielle Investitionsziele ab.

• Eingesetzte Algorithmen für maschinelles Lernen
• Echtzeit-Marktinformationssysteme
• Durch Cybersicherheit verbesserte Dateninfrastruktur

The Carlyle Group Inc. (CG) – Geschäftsmodell: Wertversprechen

Anspruchsvolle alternative Anlagelösungen

Im vierten Quartal 2023 verwaltete die Carlyle Group ein verwaltetes Vermögen (AUM) in Höhe von 375 Milliarden US-Dollar. Das Unternehmen bietet spezialisierte Anlagelösungen für mehrere alternative Anlagestrategien:

Anlagestrategie	Gesamtes verwaltetes Vermögen (Milliarden)
Private Equity	$116.4
Globaler Kredit	$77.3
Sachwerte	$63.2
Anlagelösungen	$54.1

Diversifiziertes Anlageportfolio über Branchen hinweg

Carlyle unterhält Investitionen in Schlüsselsektoren mit erheblicher geografischer Diversifizierung:

• Gesundheitswesen: 22 % des Portfolios
• Technologie: 18 % des Portfolios
• Finanzdienstleistungen: 15 % des Portfolios
• Verbraucher & Einzelhandel: 12 % des Portfolios
• Luft- und Raumfahrt & Verteidigung: 10 % des Portfolios

Professionelles Asset-Management-Know-how

Das Unternehmen beschäftigt weltweit mehr als 2.200 Fachleute, davon mehr als 740 Investmentexperten in 29 Niederlassungen weltweit.

Potenzial für renditestarke Anlagestrategien

Carlyles Investment-Performance-Kennzahlen für 2023:

Leistungsmetrik	Wert
Brutto-IRR (Private Equity)	18.3%
Netto-IRR (Private Equity)	14.7%
Gesamter realisierter Wert	24,6 Milliarden US-Dollar

Globale Investitionsreichweite und Markteinblicke

Geografische Verteilung der Investitionen von Carlyle:

• Nordamerika: 58 % der Investitionen
• Europa: 27 % der Investitionen
• Asien: 15 % der Investitionen

The Carlyle Group Inc. (CG) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Anlegerkommunikation

Die Carlyle Group unterhält personalisierte Kommunikationskanäle mit 2.658 institutionellen Anlegern (Stand: Q4 2023). Die durchschnittliche Interaktionshäufigkeit der Anleger beträgt 4,3 Kontaktpunkte pro Quartal.

Kommunikationskanal für Investoren	Jährliches Interaktionsvolumen
Direkte E-Mails	18,342
Vierteljährliche Telefonkonferenzen	4
Investorenpräsentationen	12

Regelmäßige Leistungsberichte

Die Carlyle Group liefert umfassende Leistungsberichte mit einer Anlegerzufriedenheitsrate von 98,7 % im Jahr 2023.

• Vierteljährliche Leistungsberichte
• Jährliche detaillierte Investitionszusammenfassungen
• Echtzeit-Portfolio-Tracking-Plattformen

Dedizierte Relationship-Management-Teams

Carlyle beschäftigt im Jahr 2024 127 engagierte Investor-Relations-Experten in seinen weltweiten Niederlassungen.

Region	Beziehungsmanager
Nordamerika	62
Europa	35
Asien-Pazifik	30

Transparente Offenlegung der Anlagestrategie

Die Kennzahlen zur Transparenz der Anlagestrategie zeigen im Jahr 2023 eine detaillierte Offenlegung von 87,5 % über alle Fondskategorien hinweg.

Kontinuierliche Einbindung und Unterstützung der Investoren

Im Jahr 2023 belief sich die Gesamtzahl der Interaktionen mit dem Anlegersupport auf 24.567, mit einer durchschnittlichen Reaktionszeit von 4,2 Stunden.

• Digitale Support-Plattformen rund um die Uhr
• Spezielle Anleger-Helplines
• Personalisierte Anlageberatung

The Carlyle Group Inc. (CG) – Geschäftsmodell: Kanäle

Direkte institutionelle Vertriebsteams

Ab 2024 verfügt die Carlyle Group über ein globales Vertriebsteam von 190 engagierten institutionellen Anlageexperten in 29 Niederlassungen weltweit.

Region	Anzahl der Vertriebsprofis
Nordamerika	87
Europa	53
Asien	42
Naher Osten	8

Digitale Investitionsplattformen

Die digitale Investmentplattform der Carlyle Group verwaltet Vermögenswerte in Höhe von 287 Milliarden US-Dollar über Online-Kanäle.

• Nutzerbasis der digitalen Plattform: 4.672 institutionelle Anleger
• Online-Transaktionsvolumen: 42,3 Milliarden US-Dollar pro Jahr
• Engagement in mobilen Apps: 62 % der institutionellen Kunden

Finanzberaternetzwerke

Carlyle arbeitet weltweit mit 1.247 registrierten Finanzberatungsunternehmen zusammen.

Netzwerktyp	Anzahl der Partner	Jährliches Empfehlungsvolumen
Unabhängige RIAs	876	18,6 Milliarden US-Dollar
Wirehouse-Netzwerke	371	23,4 Milliarden US-Dollar

Investmentkonferenzen und Roadshows

Im Jahr 2024 führte Carlyle 147 Investorenkonferenzen und Roadshows durch.

• Gesamtzahl der Konferenzteilnehmer: 6.893 institutionelle Anleger
• Geografische Abdeckung: 22 Länder
• Durchschnittliche Konferenzteilnahme: 47 Investoren pro Veranstaltung

Online-Investor-Relations-Portal

Die digitale Investor-Relations-Plattform von Carlyle unterstützt ein verwaltetes Vermögen von 364,2 Milliarden US-Dollar.

Portalmetrik	Daten für 2024
Monatlich aktive Benutzer	3,216
Jährliche Dokumenten-Downloads	127,543
Echtzeit-Leistungsverfolgung für Benutzer	2,891

The Carlyle Group Inc. (CG) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Im Jahr 2024 verwaltet die Carlyle Group ein Vermögen von rund 385 Milliarden US-Dollar für institutionelle Anleger.

Anlegertyp	Gesamtes verwaltetes Vermögen	Durchschnittliche Investitionsgröße
Betriebliche Pensionskassen	98,3 Milliarden US-Dollar	750 Millionen Dollar
Staatliche institutionelle Investoren	127,6 Milliarden US-Dollar	1,2 Milliarden US-Dollar

Vermögende Privatpersonen

Die Carlyle Group richtet sich an vermögende Privatpersonen mit Mindestinvestitionsschwellen.

• Mindestinvestitionsanforderung: 5 Millionen US-Dollar
• Gesamtvermögen vermögender Privatpersonen: 62,4 Milliarden US-Dollar
• Durchschnittliche Portfolioallokation: 15–20 % des Gesamtvermögens

Staatsfonds

Investitionen in Staatsfonds machen einen erheblichen Teil des Carlyle-Portfolios aus.

Region	Gesamtinvestition	Anzahl der Staatsfonds
Naher Osten	47,8 Milliarden US-Dollar	12 Fonds
Asien-Pazifik	39,5 Milliarden US-Dollar	8 Fonds

Pensionskassen

Pensionsfondsinvestitionen sind ein zentraler Bestandteil der Kundensegmente von Carlyle.

• Gesamtvermögen der Pensionsfonds: 136,7 Milliarden US-Dollar
• Öffentliche Pensionsfonds: 89,2 Milliarden US-Dollar
• Private Pensionsfonds: 47,5 Milliarden US-Dollar

Stiftungen und Stiftungen

Carlyle verwaltet bedeutende Vermögenswerte für Bildungs- und Wohltätigkeitseinrichtungen.

Institutionstyp	Gesamtvermögen	Durchschnittliche Investition
Universitätsstiftungen	28,6 Milliarden US-Dollar	450 Millionen Dollar
Private Stiftungen	16,3 Milliarden US-Dollar	250 Millionen Dollar

The Carlyle Group Inc. (CG) – Geschäftsmodell: Kostenstruktur

Vergütung und Zusatzleistungen für Mitarbeiter

Für das Geschäftsjahr 2023 meldete die Carlyle Group Gesamtvergütungsaufwendungen in Höhe von 1,2 Milliarden US-Dollar. Die Aufschlüsselung umfasst:

Vergütungskategorie	Betrag ($)
Grundgehälter	453,000,000
Leistungsprämien	612,000,000
Aktienbasierte Vergütung	135,000,000

Kosten für Investment Research und Due Diligence

Die Carlyle Group hat im Jahr 2023 etwa 185 Millionen US-Dollar für Investitionsforschung und Due Diligence bereitgestellt, wobei die spezifischen Ausgaben Folgendes umfassen:

• Externe Beratungsgebühren: 62 Millionen US-Dollar
• Daten- und Forschungsabonnements: 23 Millionen US-Dollar
• Kosten für das interne Forschungsteam: 100 Millionen US-Dollar

Wartung von Technologie und Infrastruktur

Die Kosten für die Technologieinfrastruktur beliefen sich im Jahr 2023 auf insgesamt 78 Millionen US-Dollar und verteilen sich wie folgt:

Kategorie der Technologieausgaben	Betrag ($)
IT-Hardware	15,200,000
Softwarelizenzierung	22,500,000
Cloud-Computing	18,300,000
Cybersicherheit	22,000,000

Kosten für Marketing und Geschäftsentwicklung

Die Ausgaben für Marketing und Geschäftsentwicklung beliefen sich im Jahr 2023 auf 45 Millionen US-Dollar, darunter:

• Sponsoring von Konferenzen und Veranstaltungen: 12 Millionen US-Dollar
• Digitales Marketing: 8 Millionen US-Dollar
• Geschäftsentwicklungsreisen: 7 Millionen US-Dollar
• Werbematerialien: 3 Millionen US-Dollar

Ausgaben für die Einhaltung gesetzlicher Vorschriften

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf 62 Millionen US-Dollar mit folgender Aufteilung:

Compliance-Ausgabenkategorie	Betrag ($)
Rechtsberatung	24,000,000
Compliance-Personal	18,500,000
Regulatorische Meldesysteme	11,500,000
Gebühren für externe Prüfungen	8,000,000

The Carlyle Group Inc. (CG) – Geschäftsmodell: Einnahmequellen

Verwaltungsgebühren von Investmentfonds

Im Jahr 2023 meldete die Carlyle Group Verwaltungsgebühren in Höhe von insgesamt 1,7 Milliarden US-Dollar. Diese Gebühren werden in der Regel als Prozentsatz des verwalteten Vermögens (AUM) berechnet.

Fondstyp	Prozentsatz der Verwaltungsgebühr	Jahresumsatz (2023)
Globales Corporate Private Equity	1.5% - 2%	612 Millionen Dollar
Sachwerte	1.25% - 1.75%	398 Millionen US-Dollar
Globaler Kredit	1% - 1.5%	345 Millionen Dollar
Anlagelösungen	0.75% - 1.25%	245 Millionen Dollar

Leistungsbasiertes Carried Interest

Die Carried-Interest-Erträge für 2023 erreichten 835 Millionen US-Dollar, was 20 % der Anlagegewinne verschiedener Fondsstrategien entspricht.

• Typischer Zinssatz: 20 %
• Gesamtertrag aus übertragenen Zinsen: 835 Millionen US-Dollar
• Carried Interest von Global Private Equity: 456 Millionen US-Dollar
• Übertragene Zinsen aus Sachwerten: 214 Millionen US-Dollar

Gebühren für Beratungsleistungen

Die Gebühren für Beratungsdienstleistungen beliefen sich im Jahr 2023 auf insgesamt 287 Millionen US-Dollar und wurden aus Transaktionsberatung und strategischen Beratungsdienstleistungen generiert.

Kategorie „Beratungsdienstleistung“.	Umsatz (2023)
M&A-Beratung	186 Millionen Dollar
Restrukturierungsberatung	64 Millionen Dollar
Strategische Beratung	37 Millionen Dollar

Renditen des Anlageportfolios

Die Erträge des Anlageportfolios für 2023 generierten einen Gesamtumsatz von 1,2 Milliarden US-Dollar aus Direktinvestitionen und Co-Investitionen.

• Gesamtrendite der Portfolioinvestitionen: 1,2 Milliarden US-Dollar
• Erträge aus Global Private Equity: 678 Millionen US-Dollar
• Erträge aus Sachwerten: 312 Millionen US-Dollar
• Erträge aus Globalkrediten: 210 Millionen US-Dollar

Strategische Transaktionserlöse

Die strategischen Transaktionseinnahmen beliefen sich im Jahr 2023 auf 412 Millionen US-Dollar aus verschiedenen geschäftsbezogenen Aktivitäten.

Transaktionstyp	Umsatz (2023)
IPO-Beratung	124 Millionen Dollar
Fusionsberatung	168 Millionen Dollar
Veräußerungsberatung	120 Millionen Dollar

The Carlyle Group Inc. (CG) - Canvas Business Model: Value Propositions

You're looking at how The Carlyle Group Inc. creates value for its Limited Partners (LPs) and the market, which really boils down to access, performance, and operational muscle. It's not just about moving money around; it's about deploying capital where others can't or won't, and then actively managing those assets.

Access to complex, illiquid private markets (Credit, Equity, Solutions)

The core value here is providing a gateway to assets that aren't traded on public exchanges. As of September 30, 2025, The Carlyle Group Inc. managed a total of $474 billion in Assets Under Management (AUM). This massive scale allows them to access deals that smaller players simply can't touch. You see this access clearly in their specialized platforms.

For instance, their Global Credit segment commanded $208 billion in AUM in Q3 2025, making up 45% of the firm-wide assets. Plus, they are actively building out complex credit solutions; their Asset-Backed Finance platform alone raised $2 billion in Q3 2025, pushing that platform's AUM to $10 billion.

The Solutions side, primarily Carlyle AlpInvest, is also a major draw for illiquid access, closing its largest-ever secondaries fund at $20 billion. Honestly, that's the kind of specialized access LPs pay a premium for.

Generating superior, risk-adjusted returns for limited partners

LPs invest in The Carlyle Group Inc. expecting outperformance relative to public markets, and the firm measures this through distributable earnings and Fee-Related Earnings (FRE). Fee-related earnings are the recurring revenue stream that shows the underlying health of the asset management business, independent of volatile investment gains.

Here's a quick look at the performance metrics through Q3 2025:

Metric	Q3 2025 Amount	Year-over-Year Change	Year-to-Date 2025 Amount
Fee-Related Earnings (FRE)	$312 million	Up 12%	$946 million (Up 16% YTD)
Distributable Earnings	$368 million	Flat compared to prior year	$1.3 billion
Distributable Earnings Per Share (Post-Tax)	$0.96	N/A	Just over $3.01
FRE Margin	48%	Up from 47% (Q3 2024)	48% (Up from 46% YTD 2024)

The firm also returned $19 billion in capital to investors over the past year, which is a concrete way they deliver value back to their LPs.

Operational expertise to transform and grow portfolio companies

The Carlyle Group Inc. doesn't just provide capital; they embed operational teams to drive tangible improvements in the companies they own. This hands-on approach is what separates them from passive investors. You can see the results of this expertise showing up in portfolio company performance.

For example, management noted that portfolio company revenues within the U.S. private equity segment were up almost double digits, and EBITDA grew by 8% over the past year. That kind of organic growth is a direct reflection of their operational playbook being used effectively across their holdings.

Also, their ability to generate recurring revenue from fees, which hit $32 million in Q3 2025 for Capital Markets and Transaction Fees-an almost 20% year-over-year increase-suggests successful transaction execution and advisory services around those portfolio companies.

Diversification across three core segments: Equity, Credit, and Solutions

Diversification is key to smoothing out returns across economic cycles, and The Carlyle Group Inc. has strategically shifted its center of gravity toward its more stable, fee-generating platforms. They operate through three main segments: Global Private Equity, Global Credit, and Carlyle AlpInvest (Solutions).

The shift is evident in the growth of non-Equity related earnings:

• Global Credit AUM reached $208 billion in Q3 2025.
• Carlyle AlpInvest AUM stood at $102 billion as of Q3 2025.
• Fee-Related Earnings from Global Credit and AlpInvest now account for 55% of total FRE, up from less than 30% two years prior.
• The Insurance Solutions platform has grown to $87 billion in AUM.

This diversification is supported by strong capital inflows, with $17 billion raised in Q3 2025 alone, and a revised full-year inflow target of $50 billion. Finance: draft 13-week cash view by Friday.

The Carlyle Group Inc. (CG) - Canvas Business Model: Customer Relationships

For The Carlyle Group Inc., managing relationships is about demonstrating deep expertise and delivering consistent results across very different client types. You see this in how they segment their engagement efforts.

Dedicated, high-touch relationship management for institutional LPs

Institutional Limited Partners (LPs) are the bedrock of The Carlyle Group Inc.'s capital base. These relationships require dedicated, senior-level attention because the capital commitments are substantial and the investment horizon is long. The firm's focus on deep industry expertise across its three segments-Global Private Equity, Global Credit, and Carlyle AlpInvest-is designed to serve these sophisticated investors directly. The total Assets Under Management (AUM) reached $474 billion as of September 30, 2025, a significant portion of which comes from these large, established institutional relationships.

The firm emphasizes its ability to return capital, noting that over the last twelve months leading up to Q2 2025, they returned almost $15,000,000,000 to investors in corporate private equity, which is nearly triple the industry average. This focus on realization and return is central to maintaining trust with institutional clients.

Long-term, trust-based engagement with sovereign wealth funds

Sovereign Wealth Funds (SWFs) and large global insurers fall into this category, representing capital that requires the highest level of assurance regarding stability and long-term partnership. The Carlyle Group Inc. actively courts global insurers, noting that they continue to represent an important and growing client base. For example, in Q2 2025, the firm provided a landmark hybrid capital solution to Tricordia, a leading insurance broker, showing a willingness to structure bespoke solutions for large institutional partners. While specific SWF AUM is not broken out, the overall firm-wide inflows of $51,000,000,000 over the last twelve months, representing a 12 percent organic growth rate, reflect strong confidence from these long-term capital providers.

Digital and personalized service for the growing Global Wealth channel

This channel is seeing rapid expansion, requiring a different, yet still personalized, approach that incorporates digital accessibility. The Carlyle Group Inc. is making significant strides here, with CEO Harvey Schwartz stating that their Global Wealth platform is "just getting started." The firm raised $3 billion via evergreen vehicles in the third quarter of 2025 alone, a figure about 10 times higher than the level seen in 2023. This platform now holds $32 billion in assets under management. To further tailor service, the firm is planning the launch of a new wealth platform towards the end of 2025.

Here's a quick look at the scale across the client-facing metrics as of late 2025:

Client Segment Focus	Key Metric	Latest Reported Value (2025)
Institutional/Overall Base	Total Assets Under Management (AUM)	$474 billion (as of Q3 2025)
Global Wealth Channel	Platform Assets Under Management	$32 billion
Global Wealth Channel	Q3 2025 Evergreen Inflows	$3 billion
Institutional/Overall Base	Last Twelve Months Inflows	$51 billion
Global Wealth Channel	Percentage of Business from US Channels	Around 60 percent

The relationship strategy is clearly segmented by capital type and need:

• Dedicated relationship teams for institutional LPs.
• Focus on long-term partnerships with global insurers.
• Platform expansion targeting high-net-worth individuals.
• Achieved record fee-related earnings (FRE) of $323 million in Q2 2025.
• Fee-earning AUM reached $325 billion as of June 30, 2025.

If you're looking at the Global Wealth segment, the growth rate is definitely accelerating; the Q3 2025 inflow number is a strong indicator of success there. Finance: draft 13-week cash view by Friday.

The Carlyle Group Inc. (CG) - Canvas Business Model: Channels

You're looking at how The Carlyle Group Inc. gets its capital and communicates with its investors-it's all about scale and targeted access across different client types. The firm's distribution strategy relies on direct relationships for large institutional capital and expanding platforms for the growing wealth segment.

Direct sales teams engaging sovereign wealth funds and pension funds.

The bedrock of The Carlyle Group Inc.'s capital base comes from direct engagement with major institutional investors. This channel is crucial for raising the multi-billion dollar flagship funds. For instance, Carlyle AlpInvest, which focuses on private equity asset management, operates on behalf of more than 500 institutional investors from North America, Asia, Europe, South America and Africa. The firm's total Assets Under Management (AUM) reached $474 billion as of September 30, 2025. This massive pool of capital is the direct result of these deep, long-term relationships.

Global network of 27 offices for local market origination and distribution.

The Carlyle Group Inc. uses its physical footprint to maintain local insight while deploying global capital. As of late 2025, The Carlyle Group Inc. employs more than 2,400 people operating out of 27 offices across four continents. This network supports origination and distribution, ensuring they can service clients globally. The firm generated $17 billion of organic quarterly inflows in the third quarter of 2025 alone.

Here's a quick look at the scale of capital managed and recent inflows:

Metric	Value as of Late 2025	Date Reference
Total Assets Under Management (AUM)	$474 billion	September 30, 2025
Fee-Earning AUM	$325 billion	June 30, 2025
Organic Inflows (Last 12 Months)	$51 billion	First Half 2025
Capital Raised in Q4 2024	$16.9 billion	Q4 2024

This global presence helps them execute on their strategy, which includes launching the next private equity flagship, Fund IX, targeted for the fourth quarter of 2025.

Third-party wealth managers and wirehouses for retail distribution.

The Carlyle Group Inc. is actively scaling its Global Wealth platform, recognizing the shift toward alternative investments by individual and high-net-worth investors. This involves partnering with external distribution networks. For example, in September 2025, The Carlyle Group Inc. announced a strategic distribution partnership with BECON Investment Management focused on Latin America and the US offshore wealth market. This partnership aims to distribute select semi-liquid vehicles via wealth management platforms, including broker-dealers and private banks. The firm has been focused on building out its wealth channel, which is one of its four strategic initiatives. As of early 2024, the firm had already gathered $50 billion of inflows from the wealth channel since inception.

The retail-focused offerings include:

• Carlyle AlpInvest Private Markets Fund (CAPM), with a minimum investment of $50,000.
• Carlyle Tactical Private Credit Fund (CTAC), in the market since June 2018.
• A private-equity-focused offering dedicated to the wealth channel, targeted for launch in late 2025.

Investor Relations website and quarterly earnings calls for public investors.

For public shareholders, communication is standardized and regular. The Carlyle Group Inc. hosts quarterly conference calls to discuss results, such as the Q3 2025 call on October 31, 2025. The full financial presentations are made available on the Investor Relations website, for example, at ir.carlyle.com. The Board of Directors declared a quarterly dividend of $0.35 per common share in August 2025 and again in November 2025. The firm repurchased roughly 12 million shares in 2024, about $550 million worth, with $850 million remaining on the authorization as of early 2025.

Finance: draft 13-week cash view by Friday.

The Carlyle Group Inc. (CG) - Canvas Business Model: Customer Segments

You're looking at The Carlyle Group Inc.'s client base as of late 2025, which is heavily weighted toward large, sophisticated capital allocators. The firm reported total Assets Under Management (AUM) reached $474 billion as of September 30, 2025, up 7% year-to-date.

The client base is diversified across institutional and private capital, with significant inflows continuing to fuel growth. For instance, The Carlyle Group Inc. generated $17 billion in organic quarterly inflows during the third quarter of 2025.

Here is a look at the composition of the capital base, based on the latest detailed breakdown available from March 31, 2025, which shows the scale of commitments from key segments:

Customer Segment Category	Number of Accounts	AUM as of March 31, 2025 ($B)
Pooled investment vehicles	585	$204.2
Insurance companies	14	$70.9
Sovereign wealth funds and foreign official institutions	1	$0.8
High-Net-Worth Individuals (HNWIs)	0	$0.0

The category for Pooled investment vehicles primarily captures large institutional investors, including public and corporate pension funds, which are core to the Global Private Equity and Carlyle AlpInvest segments. The Global Credit segment, with AUM at $208 billion as of Q3 2025, is a major destination for insurance company capital.

Regarding High-Net-Worth Individuals (HNWIs), The Carlyle Group Inc. has been actively building out this channel. Management noted significant capital coming from global wealth during Q3 2025 inflows. The firm signaled a strategic move by discussing the launch of a new wealth platform towards the end of 2025 to diversify fundraising streams.

The key client groups driving capital formation include:

• Large institutional investors: Represented heavily within the 585 pooled investment vehicles.
• Sovereign Wealth Funds and Endowments: A small but significant anchor client base, with 1 account reported at $0.8 billion AUM as of March 31, 2025.
• Insurance companies: A growing focus, particularly for Global Credit strategies, accounting for $70.9 billion in AUM across 14 accounts on that date.
• High-Net-Worth Individuals (HNWIs): A key area for near-term growth, with momentum noted in global wealth products in Q3 2025.

To be fair, the zero reported AUM for HNWIs in the March 31, 2025 table likely reflects that capital was not yet fully aggregated under the specific reporting line for the new platform, given the strategic emphasis on its launch later in 2025.

Finance: review the Q4 2025 investor deck to see the initial AUM contribution from the new Global Wealth platform by December 15.

The Carlyle Group Inc. (CG) - Canvas Business Model: Cost Structure

The Cost Structure for The Carlyle Group Inc. is heavily weighted toward personnel costs, reflecting the firm's reliance on its investment professionals to generate management fees and performance allocations. You see this expense profile across the private capital industry, but for The Carlyle Group Inc., the numbers for the first half of 2025 clearly show this dynamic.

Operating expenses for the twelve months ending June 30, 2025, totaled $4.637 billion. This figure encompasses the core costs of running a global investment platform with over 2,400 people across 27 offices.

Compensation and benefits represent the largest variable cost component, directly tied to the firm's fee and performance revenue generation. For the three months ended June 30, 2025, cash-based compensation and benefits alone were $108.4 million. This is a significant outlay, especially when considering the performance allocation-related compensation that is also a major driver of total compensation expense.

General and administrative costs cover the global footprint and operational overhead. For the six months ended June 30, 2025, general, administration and other indirect expenses totaled $99.0 million. This category includes costs related to global operations, technology, and, at times, specific deal origination activities, though deal costs are often embedded or realized differently.

Here's a look at the key operating expenses for the second quarter of 2025, which gives you a sense of the current run-rate:

Cost Component	Amount (Three Months Ended June 30, 2025)
Total Operating Expenses	$165.7 million
Cash-based Compensation and Benefits	$108.4 million
General, Administration and Other Indirect Expenses	$50.3 million
Depreciation and Amortization Expense	$7.0 million

Fund-raising and deal origination costs are embedded within the G&A line or are realized through transaction-related fees, which can fluctuate. While specific, isolated costs for fund-raising for the full twelve months ending June 30, 2025, aren't itemized separately from the broader G&A, we know that the firm raised significant capital during this period. For instance, The Carlyle Group Inc. raised $5.1 billion of new capital in the second quarter of 2025 alone. The cost structure must support this continuous global capital-raising effort.

The expense structure is characterized by:

• High proportion of compensation and benefits expense for investment professionals, directly linked to fee revenue.
• Significant general and administrative costs for global operations, supporting over 2,400 employees.
• Total operating expenses for the twelve months ending June 30, 2025, reached $4.637 billion.
• Fluctuating fund-raising and deal origination costs, which impact the G&A line.

The Carlyle Group Inc. (CG) - Canvas Business Model: Revenue Streams

You're looking at how The Carlyle Group Inc. actually brings in the money, which is key to understanding its valuation, especially when markets get choppy. The business model here is clearly weighted toward the stable, recurring side, but the big swings still come from investment success.

Management Fees: Recurring income

This is the bedrock. These fees are charged on assets under management (AUM), so they keep coming even if a deal doesn't sell this quarter. For the year-to-date period ending June 30, 2025 (YTD Q2 2025), Fund management fees totaled $1,206.5 million. For just the second quarter of 2025, management fees were $620.4 million. This growth was driven by fee activation in Global Private Equity funds and fundraising success in Carlyle AlpInvest. Also, catch-up management fees in Global Private Equity and Carlyle AlpInvest hit $24 million in Q2 2025.

Performance-Related Revenue (Carry): Non-recurring, tied to investment realization

This is the variable, high-upside component, often called incentive fees. It's what you get when The Carlyle Group Inc. successfully sells an investment for a profit above the hurdle rate. For Q2 2025, realized performance revenues were $260 million. This contrasts with the $157 million realized in the comparable period of 2024. Keep in mind, the GAAP results for Q3 2025 included investment income reflecting the accrual of unrealized performance allocations, but the realized portion is what hits the cash flow statement more directly.

Fee-Related Earnings (FRE) are strong

Fee-Related Earnings (FRE) are the recurring management fees minus the associated compensation costs. This metric shows operational efficiency from the management side of the business. For the third quarter of 2025 (Q3 2025), FRE was $312 million. That's up 12% year-over-year. Year-to-date through Q3 2025, FRE reached $946 million, representing a 16% increase year-to-date. The FRE margin for Q3 2025 stood strong at 48%.

Capital Market Fees: Transaction and advisory fees

These are the fees generated from arranging financing, advising on transactions, or other capital markets activities. For the year-to-date period ending June 30, 2025 (YTD Q2 2025), Capital Market Fees were $126 million. This figure more than doubled compared to the prior year's corresponding period. Specifically for Q2 2025, these fees contributed $48 million.

Here's a quick look at how these key fee components stacked up in the first half of 2025:

Revenue Stream Component	Period Ending June 30, 2025 (YTD)	Period Ending June 30, 2025 (Quarterly)
Fund Management Fees	$1,206.5 million	$620.4 million
Capital Market Fees	$126 million	$48 million
Fee-Related Earnings (FRE)	$634 million	$323 million

The shift in where the recurring revenue comes from is notable; roughly 55% of firm-wide FRE now comes from Global Credit and Carlyle AlpInvest. That's up significantly from about 25% just five years ago.

You can see the overall fee revenue momentum:

• Total fee revenue increased 11% in Q3 2025.
• Year-to-date fee revenue growth reached 13% through Q3 2025.
• The firm's Global Wealth channel raised $3 billion in Q3 2025.

Finance: draft 13-week cash view by Friday.