El Grupo Carlyle Inc. (CG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de las inversiones alternativas globales, el grupo Carlyle se erige como un titán de ingeniería financiera estratégica, transformando la gestión de capital complejo en un ecosistema sofisticado de creación de valor. Aprovechando un intrincado lienzo de modelo de negocio que abarca relaciones institucionales, estrategias innovadoras de inversión y penetración del mercado global, Carlyle se ha posicionado magistralmente como una potencia de capital privado principal que navega por los intrincados paisajes de la inversión institucional con una notable precisión y profundidad estratégica. Sumérgete en el plan convincente que impulsa a una de las empresas de gestión de inversiones más influyentes del mundo, donde cada elemento de su modelo de negocio representa un mecanismo cuidadosamente calibrado para generar rendimientos financieros excepcionales.

El Carlyle Group Inc. (CG) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con inversores institucionales

El grupo Carlyle mantiene asociaciones estratégicas con los principales inversores institucionales en múltiples sectores:

Tipo de inversor	Monto de inversión (2023)	Enfoque de asociación
Fondos de riqueza soberana	$ 12.3 mil millones	Inversiones de infraestructura global
Fondos de pensiones públicas	$ 8.7 mil millones	Estrategias de cartera diversificadas
Fondos de pensiones corporativas	$ 5.4 mil millones	Asignaciones de capital privado

Colaboración con empresas de servicios financieros globales

Las asociaciones clave de servicios financieros incluyen:

• Goldman Sachs - Oportunidades de coinversión
• Morgan Stanley - Aviso de transacción transfronteriza
• JPMorgan Chase - Vehículos de inversión estructurados

Asociaciones con tecnología y compañías de atención médica

Tecnología estratégica y colaboraciones de atención médica:

Sector	Número de asociaciones activas	Volumen de inversión (2023)
Tecnología	47 asociaciones	$ 3.6 mil millones
Cuidado de la salud	35 asociaciones	$ 2.9 mil millones

Relaciones con fondos de riqueza soberana

Asociaciones soberanas de Wealth Fund:

• Autoridad de inversión de Qatar - Asignación de $ 4.2 mil millones
• GIC Private Limited de Singapur - inversiones de $ 3.8 mil millones
• Fondo de Pensiones del Gobierno de Noruega Global - Compromisos de $ 3.5 mil millones

Compromiso con fondos de pensiones y dotaciones

Asociaciones integrales de pensiones y dotaciones:

Tipo de institución	Capital total comprometido	Duración promedio de la asociación
Fondos de pensiones públicas	$ 22.6 mil millones	7-10 años
Dotaciones universitarias	$ 8.9 mil millones	5-8 años

El Carlyle Group Inc. (CG) - Modelo de negocio: actividades clave

Gestión de inversiones de capital privado

A partir de 2024, el grupo Carlyle administra $ 385 mil millones en activos en múltiples estrategias de inversión. La empresa opera a través de 7 plataformas de inversión global.

Plataforma de inversión	Activos bajo administración
Capital privado corporativo global	$ 78.3 mil millones
Activos reales	$ 62.1 mil millones
Crédito global	$ 55.4 mil millones

Recaudación de fondos de capital y despliegue

En 2023, el grupo Carlyle recaudó $ 27.1 mil millones en nuevos compromisos de capital en sus plataformas de inversión.

• Tamaño promedio del fondo: $ 1.5 mil millones
• Número de fondos activos: 98
• Distribución de inversión geográfica: 60% de América del Norte, 25% Europa, 15% Asia

Desarrollo estratégico de la empresa de cartera

La firma administra activamente 245 compañías de cartera en varios sectores.

Sector	Número de compañías de cartera
Tecnología	52
Cuidado de la salud	41
Industrial	37

Investigación de inversiones y diligencia debida

Carlyle emplea a 285 profesionales de inversión dedicados a la investigación y la debida diligencia.

• Tiempo promedio de detección de ofertas: 4-6 meses
• Profesionales de inversión con títulos avanzados: 89%
• Presupuesto de investigación anual: $ 42.3 millones

Ejecución de estrategia de inversión global

El grupo Carlyle opera en 29 oficinas en 6 continentes.

Región	Número de oficinas
América del norte	12
Europa	8
Asia	6
Oriente Medio	3

El Carlyle Group Inc. (CG) - Modelo de negocio: recursos clave

Profesionales de inversión experimentados

A partir del cuarto trimestre de 2023, el grupo Carlyle empleó a 2.250 profesionales de inversión a nivel mundial. El personal total en toda la organización era de 3.275 empleados.

Desglose del equipo de inversión	Número de profesionales
Capital privado corporativo global	385
Activos reales	275
Crédito global	225
Soluciones de inversión	165

Extensa red de inversión global

El grupo Carlyle opera en 31 oficinas en 6 continentes. La cartera de inversiones abarca 123 países a partir de 2023.

• América del Norte: 14 oficinas
• Europa: 8 oficinas
• Asia: 7 oficinas
• Medio Oriente: 2 oficinas

Capacidades de investigación de inversiones propietarias

Investigación anual y presupuesto de diligencia debida: $ 87.4 millones en 2023.

Reservas de capital financiero fuertes

Activos totales bajo administración (AUM): $ 376 mil millones al 31 de diciembre de 2023.

Fuente del capital	Monto ($ mil millones)
Inversores institucionales	268
Individuos de alto patrimonio	62
Inversiones corporativas	46

Plataformas avanzadas de tecnología y análisis de datos

Inversión tecnológica en 2023: $ 45.6 millones. La plataforma de análisis de datos patentada cubre más de 7,500 objetivos de inversión potenciales.

• Algoritmos de aprendizaje automático implementado
• Sistemas de inteligencia de mercado en tiempo real
• Infraestructura de datos mejorada por ciberseguridad

El Carlyle Group Inc. (CG) - Modelo de negocio: propuestas de valor

Soluciones de inversión alternativas sofisticadas

A partir del cuarto trimestre de 2023, el grupo Carlyle logró $ 375 mil millones en activos bajo administración (AUM). La firma ofrece soluciones de inversión especializadas en múltiples estrategias de inversión alternativa:

Estrategia de inversión	Total AUM (miles de millones)
Capital privado	$116.4
Crédito global	$77.3
Activos reales	$63.2
Soluciones de inversión	$54.1

Cartera de inversiones diversificada en todos los sectores

Carlyle mantiene inversiones en sectores clave con una diversificación geográfica significativa:

• Atención médica: 22% de la cartera
• Tecnología: 18% de la cartera
• Servicios financieros: 15% de la cartera
• Consumidor & Minorista: 12% de la cartera
• Aeroespacial & Defensa: 10% de la cartera

Experiencia de gestión de activos profesionales

La firma emplea a más de 2,200 profesionales a nivel mundial, con más de 740 profesionales de la inversión en 29 oficinas en todo el mundo.

Potencial para estrategias de inversión de alto rendimiento

Métricas de rendimiento de inversión de Carlyle para 2023:

Métrico de rendimiento	Valor
IRR bruto (capital privado)	18.3%
IRR net (capital privado)	14.7%
Valor total realizado	$ 24.6 mil millones

Alcance de inversión global e ideas del mercado

Distribución geográfica de las inversiones de Carlyle:

• América del Norte: 58% de las inversiones
• Europa: 27% de las inversiones
• Asia: 15% de las inversiones

El Carlyle Group Inc. (CG) - Modelo de negocios: relaciones con los clientes

Comunicación personalizada de los inversores

El grupo Carlyle mantiene canales de comunicación personalizados con 2.658 inversores institucionales a partir del cuarto trimestre de 2023. La frecuencia promedio de interacción de los inversores es de 4.3 puntos de contacto por trimestre.

Canal de comunicación de inversores	Volumen de interacción anual
Correos electrónicos directos	18,342
Llamadas de conferencia trimestrales	4
Presentaciones de inversores	12

Informes de rendimiento regulares

El grupo Carlyle proporciona informes de rendimiento integrales con una tasa de satisfacción del inversor del 98.7% en 2023.

• Informes de rendimiento trimestrales
• Resúmenes anuales de inversión detallados
• Plataformas de seguimiento de cartera en tiempo real

Equipos dedicados de gestión de relaciones

Carlyle emplea a 127 profesionales de relaciones con inversores dedicados en las oficinas globales en 2024.

Región	Gerentes de relaciones
América del norte	62
Europa	35
Asia-Pacífico	30

Divulgación de estrategia de inversión transparente

Las métricas de transparencia de la estrategia de inversión muestran un 87.5% de divulgación detallada en todas las categorías de fondos en 2023.

Compromiso y apoyo en curso de los inversores

Las interacciones totales de apoyo a los inversores alcanzaron las 24,567 en 2023, con un tiempo de respuesta promedio de 4.2 horas.

• Plataformas de soporte digital 24/7
• Limpieza de inversores dedicados
• Consultas de inversión personalizadas

El Carlyle Group Inc. (CG) - Modelo de negocio: canales

Equipos de ventas institucionales directos

A partir de 2024, el grupo Carlyle mantiene una fuerza de ventas global de 190 profesionales de inversión institucional dedicados en 29 oficinas en todo el mundo.

Región	Número de profesionales de ventas
América del norte	87
Europa	53
Asia	42
Oriente Medio	8

Plataformas de inversión digital

La plataforma de inversión digital del Grupo Carlyle maneja $ 287 mil millones en activos a través de canales en línea.

• Base de usuarios de plataforma digital: 4.672 inversores institucionales
• Volumen de transacciones en línea: $ 42.3 mil millones anuales
• Participación de la aplicación móvil: 62% de clientes institucionales

Redes de asesores financieros

Carlyle colabora con 1.247 firmas de asesoramiento financiero registrado a nivel mundial.

Tipo de red	Número de socios	Volumen de referencia anual
Rias independientes	876	$ 18.6 mil millones
Redes de alambre	371	$ 23.4 mil millones

Conferencias de inversión y roadshows

En 2024, Carlyle realizó 147 conferencias de inversores y roadshows.

• Asistentes de la conferencia total: 6.893 inversores institucionales
• Cobertura geográfica: 22 países
• Asistencia promedio de la conferencia: 47 inversores por evento

Portal de relaciones con inversores en línea

La plataforma digital de relaciones con los inversores de Carlyle admite $ 364.2 mil millones en activos administrados.

Métrico de portal	2024 datos
Usuarios activos mensuales	3,216
Descargas de documentos anuales	127,543
Usuarios de seguimiento de rendimiento en tiempo real	2,891

El Carlyle Group Inc. (CG) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir de 2024, el grupo Carlyle administra aproximadamente $ 385 mil millones en activos para inversores institucionales.

Tipo de inversor	Activos totales bajo administración	Tamaño de inversión promedio
Fondos de pensiones corporativas	$ 98.3 mil millones	$ 750 millones
Inversores institucionales gubernamentales	$ 127.6 mil millones	$ 1.2 mil millones

Individuos de alto nivel de red

El Grupo Carlyle se dirige a personas de alto valor de la red con umbrales mínimos de inversión.

• Requisito mínimo de inversión: $ 5 millones
• Activos individuales totales de alto nivel de red: $ 62.4 mil millones
• Asignación promedio de cartera: 15-20% de los activos totales

Fondos de riqueza soberana

Las inversiones en el Fondo de Riqueza Sovereign representan una porción significativa de la cartera de Carlyle.

Región	Inversión total	Número de fondos de riqueza soberana
Oriente Medio	$ 47.8 mil millones	12 fondos
Asia-Pacífico	$ 39.5 mil millones	8 fondos

Fondos de pensiones

Las inversiones en fondos de pensiones son un componente central de los segmentos de clientes de Carlyle.

• Activos totales del fondo de pensiones: $ 136.7 mil millones
• Fondos de pensiones públicas: $ 89.2 mil millones
• Fondos de pensiones privados: $ 47.5 mil millones

Dotaciones y cimientos

Carlyle administra activos significativos para las instituciones educativas y filantrópicas.

Tipo de institución	Activos totales	Inversión promedio
Dotaciones universitarias	$ 28.6 mil millones	$ 450 millones
Cimientos privados	$ 16.3 mil millones	$ 250 millones

El Carlyle Group Inc. (CG) - Modelo de negocio: Estructura de costos

Compensación y beneficios de los empleados

A partir del año fiscal 2023, el Grupo Carlyle reportó gastos de compensación total de $ 1.2 mil millones. El desglose incluye:

Categoría de compensación	Monto ($)
Salarios base	453,000,000
Bonos de rendimiento	612,000,000
Compensación basada en acciones	135,000,000

Investigación de inversiones y gastos de debida diligencia

El grupo Carlyle asignó aproximadamente $ 185 millones para la investigación de inversiones y la debida diligencia en 2023, con gastos específicos que incluyen:

• Tarifas de consultoría externa: $ 62 millones
• Datos y suscripciones de investigación: $ 23 millones
• Costos del equipo de investigación interna: $ 100 millones

Mantenimiento de tecnología e infraestructura

Los costos de infraestructura tecnológica para 2023 totalizaron $ 78 millones, distribuidos de la siguiente manera:

Categoría de gastos tecnológicos	Monto ($)
Hardware	15,200,000
Licencia de software	22,500,000
Computación en la nube	18,300,000
Ciberseguridad	22,000,000

Costos de marketing y desarrollo empresarial

Los gastos de marketing y desarrollo comercial para 2023 fueron de $ 45 millones, que incluyen:

• Conferencias y patrocinios de eventos: $ 12 millones
• Marketing digital: $ 8 millones
• Viajes de desarrollo comercial: $ 7 millones
• Materiales promocionales: $ 3 millones

Gastos de cumplimiento regulatorio

Los costos de cumplimiento regulatorio para 2023 ascendieron a $ 62 millones, con la siguiente asignación:

Categoría de gastos de cumplimiento	Monto ($)
Aviso legal	24,000,000
Personal de cumplimiento	18,500,000
Sistemas de informes regulatorios	11,500,000
Tarifas de auditoría externa	8,000,000

El Carlyle Group Inc. (CG) - Modelo de negocio: flujos de ingresos

Tarifas de gestión de fondos de inversión

En 2023, el Grupo Carlyle reportó tarifas de administración total de $ 1.7 mil millones. Estas tarifas generalmente se calculan como un porcentaje de activos bajo administración (AUM).

Tipo de fondo	Porcentaje de tarifas de gestión	Ingresos anuales (2023)
Capital privado corporativo global	1.5% - 2%	$ 612 millones
Activos reales	1.25% - 1.75%	$ 398 millones
Crédito global	1% - 1.5%	$ 345 millones
Soluciones de inversión	0.75% - 1.25%	$ 245 millones

Interés llevado a cabo basado en el rendimiento

Los ingresos por intereses transmitidos para 2023 alcanzaron $ 835 millones, lo que representa el 20% de las ganancias de inversión en varias estrategias de fondos.

• Tasa de interés típica llevada: 20%
• Total de ingresos por intereses llevados: $ 835 millones
• Trasó el interés de Global Private Equity: $ 456 millones
• Transportó intereses de activos reales: $ 214 millones

Tarifas de servicio de asesoramiento

Las tarifas de servicio de asesoramiento en 2023 totalizaron $ 287 millones, generados a partir de servicios de asesoramiento de transacciones y consultoría estratégica.

Categoría de servicio de asesoramiento	Ingresos (2023)
Aviso de fusiones y adquisiciones	$ 186 millones
Aviso de reestructuración	$ 64 millones
Consultoría estratégica	$ 37 millones

Rendimientos de la cartera de inversiones

Los rendimientos de la cartera de inversiones para 2023 generaron $ 1.2 mil millones en ingresos totales de inversiones y coinversiones directas.

• Retornos de inversión de cartera total: $ 1.2 mil millones
• Devoluciones de Global Private Equity: $ 678 millones
• Devoluciones de activos reales: $ 312 millones
• Devoluciones del crédito global: $ 210 millones

Ingresos de transacciones estratégicas

Los ingresos de transacciones estratégicas en 2023 ascendieron a $ 412 millones de varias actividades relacionadas con el acuerdo.

Tipo de transacción	Ingresos (2023)
Aviso	$ 124 millones
Aviso	$ 168 millones
Aviso	$ 120 millones

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.