The Carlyle Group Inc. (CG): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des investissements alternatifs mondiaux, le groupe Carlyle est un titan de l'ingénierie financière stratégique, transformant la gestion complexe du capital en un écosystème sophistiqué de création de valeur. Tirant parti d'une toile de modèle commercial complexe qui couvre les relations institutionnelles, des stratégies d'investissement innovantes et la pénétration mondiale du marché, Carlyle s'est magistralement positionné comme une première centrale de capital-investissement qui navigue dans les paysages complexes de l'investissement institutionnel avec une précision remarquable et une profondeur stratégique. Plongez dans le plan convaincant qui anime l'une des sociétés de gestion des investissements les plus influentes au monde, où chaque élément de leur modèle commercial représente un mécanisme soigneusement calibré pour générer des rendements financiers exceptionnels.

The Carlyle Group Inc. (CG) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec des investisseurs institutionnels

Le groupe Carlyle maintient des partenariats stratégiques avec les principaux investisseurs institutionnels dans plusieurs secteurs:

Type d'investisseur	Montant d'investissement (2023)	Focus de partenariat
Fonds de richesse souverain	12,3 milliards de dollars	Investissements mondiaux d'infrastructure
Fonds de pension publique	8,7 milliards de dollars	Stratégies de portefeuille diversifiées
Fonds de retraite d'entreprise	5,4 milliards de dollars	Allocations de capital-investissement

Collaboration avec les sociétés mondiales de services financiers

Les partenariats clés des services financiers comprennent:

• Goldman Sachs - Opportunités de co-investissement
• MORGAN STANLEY - Cross-Border Transaction Advisory
• JPMorgan Chase - Véhicules d'investissement structurés

Partenariats avec les entreprises de technologie et de soins de santé

Technologie stratégique et collaborations de soins de santé:

Secteur	Nombre de partenariats actifs	Volume d'investissement (2023)
Technologie	47 partenariats	3,6 milliards de dollars
Soins de santé	35 partenariats	2,9 milliards de dollars

Relations avec les fonds souverains

Fonds de fortune souverain: Partenariats:

• Qatar Investment Authority - 4,2 milliards de dollars allocation
• GIC Private Limited de Singapour - 3,8 milliards de dollars investissements
• Fonds de retraite du gouvernement de Norvège mondial - 3,5 milliards de dollars engagements

Engagement avec les fonds de pension et les dotations

Partenariats de pension et de dotation complets:

Type d'institution	Capital engagé total	Durée du partenariat moyen
Fonds de pension publique	22,6 milliards de dollars	7-10 ans
Dotations universitaires	8,9 milliards de dollars	5-8 ans

The Carlyle Group Inc. (CG) - Modèle d'entreprise: activités clés

Gestion des investissements en capital-investissement

En 2024, le groupe Carlyle gère 385 milliards de dollars d'actifs sur plusieurs stratégies d'investissement. L'entreprise exploite 7 plateformes d'investissement mondiales.

Plate-forme d'investissement	Actifs sous gestion
Private Equity Global Corporate	78,3 milliards de dollars
Réels actifs	62,1 milliards de dollars
Crédit mondial	55,4 milliards de dollars

Collecte de fonds et déploiement en capital

En 2023, le groupe Carlyle a levé 27,1 milliards de dollars de nouveaux engagements en capital sur ses plateformes d'investissement.

• Taille moyenne du fonds: 1,5 milliard de dollars
• Nombre de fonds actifs: 98
• Distribution des investissements géographiques: 60% d'Amérique du Nord, 25% d'Europe, 15% d'Asie

Entreprise de portefeuille Développement stratégique

L'entreprise gère activement 245 sociétés de portefeuille dans divers secteurs.

Secteur	Nombre de sociétés de portefeuille
Technologie	52
Soins de santé	41
Industriel	37

Recherche d'investissement et diligence raisonnable

Carlyle emploie 285 professionnels de l'investissement dédiés à la recherche et à la diligence raisonnable.

• Temps de dépistage moyen de l'accord: 4-6 mois
• Professionnels de l'investissement avec des diplômes avancés: 89%
• Budget de recherche annuel: 42,3 millions de dollars

Exécution de la stratégie d'investissement mondiale

Le groupe Carlyle opère dans 29 bureaux sur 6 continents.

Région	Nombre de bureaux
Amérique du Nord	12
Europe	8
Asie	6
Moyen-Orient	3

The Carlyle Group Inc. (CG) - Modèle d'entreprise: Ressources clés

Professionnels de l'investissement expérimentés

Au quatrième trimestre 2023, le groupe Carlyle a employé 2 250 professionnels de l'investissement dans le monde. Les effectifs totaux de l'organisation étaient de 3 275 employés.

Dépression de l'équipe d'investissement	Nombre de professionnels
Private Equity Global Corporate	385
Réels actifs	275
Crédit mondial	225
Solutions d'investissement	165

Vaste réseau d'investissement mondial

Le groupe Carlyle opère dans 31 bureaux sur 6 continents. Le portefeuille d'investissement s'étend sur 123 pays en 2023.

• Amérique du Nord: 14 bureaux
• Europe: 8 bureaux
• Asie: 7 bureaux
• Moyen-Orient: 2 bureaux

Capacités de recherche en investissement propriétaire

Budget annuel de recherche et de diligence raisonnable: 87,4 millions de dollars en 2023.

Solides réserves de capital financier

Total des actifs sous gestion (AUM): 376 milliards de dollars au 31 décembre 2023.

Source de capital	Montant (milliards de dollars)
Investisseurs institutionnels	268
Individus de valeur nette élevée	62
Investissements d'entreprise	46

Plateformes de technologie de technologie et d'analyse de données

Investissement technologique en 2023: 45,6 millions de dollars. La plate-forme d'analyse de données exclusive couvre plus de 7 500 objectifs d'investissement potentiels.

• Algorithmes d'apprentissage automatique déployés
• Systèmes d'intelligence du marché en temps réel
• Infrastructure de données améliorée par la cybersécurité

The Carlyle Group Inc. (CG) - Modèle d'entreprise: propositions de valeur

Solutions d'investissement alternatives sophistiquées

Au quatrième trimestre 2023, le groupe Carlyle a géré 375 milliards de dollars d'actifs sous gestion (AUM). L'entreprise propose des solutions d'investissement spécialisées sur plusieurs stratégies d'investissement alternatives:

Stratégie d'investissement	AUM total (milliards)
Capital-investissement	$116.4
Crédit mondial	$77.3
Réels actifs	$63.2
Solutions d'investissement	$54.1

Portfolio d'investissement diversifié dans tous les secteurs

Carlyle maintient des investissements dans les secteurs clés avec une diversification géographique importante:

• Santé: 22% du portefeuille
• Technologie: 18% du portefeuille
• Services financiers: 15% du portefeuille
• Consommateur & Retail: 12% du portefeuille
• Aérospatial & Défense: 10% du portefeuille

Expertise professionnelle de la gestion des actifs

L'entreprise emploie plus de 2 200 professionnels dans le monde, avec plus de 740 professionnels de l'investissement dans 29 bureaux dans le monde.

Potentiel de stratégies d'investissement à haut rendement

Mesures de performance d'investissement de Carlyle pour 2023:

Métrique de performance	Valeur
IRR brut (private equity)	18.3%
IRR NET (capital-investissement)	14.7%
Valeur réalisée totale	24,6 milliards de dollars

Investissement mondial et informations sur le marché

Distribution géographique des investissements de Carlyle:

• Amérique du Nord: 58% des investissements
• Europe: 27% des investissements
• Asie: 15% des investissements

The Carlyle Group Inc. (CG) - Modèle d'entreprise: relations avec les clients

Communication des investisseurs personnalisés

Le groupe Carlyle maintient des canaux de communication personnalisés avec 2 658 investisseurs institutionnels au T4 2023. La fréquence d'interaction moyenne des investisseurs est de 4,3 points de contact par trimestre.

Canal de communication des investisseurs	Volume d'interaction annuel
E-mails directs	18,342
Conférences téléphoniques trimestrielles	4
Présentations des investisseurs	12

Rapports de performances réguliers

Le groupe Carlyle fournit des rapports de performance complets avec un taux de satisfaction des investisseurs de 98,7% en 2023.

• Rapports de performance trimestriels
• Résumé des investissements détaillés annuels
• Plates-formes de suivi de portefeuille en temps réel

Équipes de gestion des relations dédiées

Carlyle emploie 127 professionnels de la relation d'investisseurs dévoués dans les bureaux mondiaux en 2024.

Région	Gestionnaires de relations
Amérique du Nord	62
Europe	35
Asie-Pacifique	30

Divulgation de la stratégie d'investissement transparente

Les mesures de transparence de la stratégie d'investissement montrent 87,5% de divulgation détaillée entre les catégories de fonds en 2023.

Engagement et soutien des investisseurs en cours

Les interactions totales de soutien aux investisseurs ont atteint 24 567 en 2023, avec un temps de réponse moyen de 4,2 heures.

• Plates-formes de support numérique 24/7
• Des lignes d'assistance pour les investisseurs dédiés
• Consultations d'investissement personnalisées

The Carlyle Group Inc. (CG) - Modèle d'entreprise: canaux

Équipes de vente institutionnelles directes

En 2024, le groupe Carlyle maintient une force de vente mondiale de 190 professionnels de l'investissement institutionnels dédiés dans 29 bureaux dans le monde.

Région	Nombre de professionnels de la vente
Amérique du Nord	87
Europe	53
Asie	42
Moyen-Orient	8

Plates-formes d'investissement numériques

La plate-forme d'investissement numérique du groupe Carlyle gère 287 milliards de dollars d'actifs via des canaux en ligne.

• Base d'utilisateurs de plate-forme numérique: 4 672 investisseurs institutionnels
• Volume de transaction en ligne: 42,3 milliards de dollars par an
• Engagement des applications mobiles: 62% des clients institutionnels

Réseaux de conseillers financiers

Carlyle collabore avec 1 247 cabinets de conseil financier enregistrés dans le monde.

Type de réseau	Nombre de partenaires	Volume de référence annuel
RIAS indépendants	876	18,6 milliards de dollars
Réseaux de fil	371	23,4 milliards de dollars

Conférences d'investissement et roadshows

En 2024, Carlyle a effectué 147 conférences d'investisseurs et roadshows.

• Total des participants à la conférence: 6 893 investisseurs institutionnels
• Couverture géographique: 22 pays
• Association moyenne de la conférence: 47 investisseurs par événement

Portail des relations avec les investisseurs en ligne

La plate-forme numérique des relations avec les investisseurs de Carlyle prend en charge 364,2 milliards de dollars d'actifs gérés.

Métrique du portail	2024 données
Utilisateurs actifs mensuels	3,216
Téléchargements annuels de documents	127,543
Utilisateurs de suivi des performances en temps réel	2,891

The Carlyle Group Inc. (CG) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

En 2024, le groupe Carlyle gère environ 385 milliards de dollars d'actifs pour les investisseurs institutionnels.

Type d'investisseur	Total des actifs sous gestion	Taille moyenne de l'investissement
Fonds de retraite d'entreprise	98,3 milliards de dollars	750 millions de dollars
Investisseurs institutionnels gouvernementaux	127,6 milliards de dollars	1,2 milliard de dollars

Individus à haute nette

Le groupe Carlyle cible les individus à haute netteur avec un minimum de seuils d'investissement.

• Exigence d'investissement minimum: 5 millions de dollars
• Actifs individuels totaux à forte intensité: 62,4 milliards de dollars
• Attribution moyenne du portefeuille: 15-20% du total des actifs

Fonds de richesse souverain

Les investissements du Fonds de patrimoine souverain représentent une partie importante du portefeuille de Carlyle.

Région	Investissement total	Nombre de fonds souverains
Moyen-Orient	47,8 milliards de dollars	12 fonds
Asie-Pacifique	39,5 milliards de dollars	8 fonds

Fonds de pension

Les investissements des fonds de retraite sont une composante centrale des segments de clientèle de Carlyle.

• Actifs totaux de fonds de retraite: 136,7 milliards de dollars
• Fonds de pension publique: 89,2 milliards de dollars
• Fonds de pension privés: 47,5 milliards de dollars

Dotations et fondations

Carlyle gère des actifs importants pour les institutions éducatives et philanthropiques.

Type d'institution	Actif total	Investissement moyen
Dotations universitaires	28,6 milliards de dollars	450 millions de dollars
Fondations privées	16,3 milliards de dollars	250 millions de dollars

The Carlyle Group Inc. (CG) - Modèle d'entreprise: Structure des coûts

Compensation et avantages sociaux des employés

Depuis 2023, le groupe Carlyle a déclaré des frais de rémunération totale de 1,2 milliard de dollars. La ventilation comprend:

Catégorie de compensation	Montant ($)
Salaires de base	453,000,000
Bonus de performance	612,000,000
Compensation en stock	135,000,000

Recherche d'investissement et dépenses de diligence raisonnable

Le groupe Carlyle a alloué environ 185 millions de dollars pour la recherche en investissement et la diligence raisonnable en 2023, avec des dépenses spécifiques, notamment:

• Frais de conseil externe: 62 millions de dollars
• Abonnements de données et de recherche: 23 millions de dollars
• Coûts de l'équipe de recherche interne: 100 millions de dollars

Maintenance de technologie et d'infrastructure

Les coûts d'infrastructure technologique pour 2023 ont totalisé 78 millions de dollars, distribué comme suit:

Catégorie de dépenses technologiques	Montant ($)
Matériel informatique	15,200,000
Licence de logiciel	22,500,000
Cloud computing	18,300,000
Cybersécurité	22,000,000

Coûts de marketing et de développement commercial

Les dépenses de marketing et de développement commercial pour 2023 étaient de 45 millions de dollars, notamment:

• Conférences et parrainages d'événements: 12 millions de dollars
• Marketing numérique: 8 millions de dollars
• Voyage du développement des entreprises: 7 millions de dollars
• Matériel promotionnel: 3 millions de dollars

Dépenses de conformité réglementaire

Les frais de conformité réglementaire pour 2023 s'élevaient à 62 millions de dollars, l'allocation suivante:

Catégorie de dépenses de conformité	Montant ($)
Avis juridique	24,000,000
Personnel de conformité	18,500,000
Systèmes de rapports réglementaires	11,500,000
Frais d'audit externe	8,000,000

The Carlyle Group Inc. (CG) - Modèle d'entreprise: Strots de revenus

Frais de gestion des fonds d'investissement

En 2023, le groupe Carlyle a déclaré des frais de gestion totaux de 1,7 milliard de dollars. Ces frais sont généralement calculés en pourcentage d'actifs sous gestion (AUM).

Type de fonds	Pourcentage de frais de gestion	Revenus annuels (2023)
Private Equity Global Corporate	1.5% - 2%	612 millions de dollars
Réels actifs	1.25% - 1.75%	398 millions de dollars
Crédit mondial	1% - 1.5%	345 millions de dollars
Solutions d'investissement	0.75% - 1.25%	245 millions de dollars

Intérêt porté sur la performance

Les revenus des intérêts ont été transportés pour 2023 ont atteint 835 millions de dollars, ce qui représente 20% des bénéfices d'investissement dans diverses stratégies de fonds.

• Taux d'intérêt transporté typique: 20%
• Revenu total des intérêts transportés: 835 millions de dollars
• Intérêt porté par le capital-investissement mondial: 456 millions de dollars
• Intérêt porté par les actifs réels: 214 millions de dollars

Frais de service consultatif

Les frais de service consultatifs en 2023 ont totalisé 287 millions de dollars, générés par les services de conseil en transaction et de conseil stratégique.

Catégorie de service consultatif	Revenus (2023)
Avis de fusions et acquisitions	186 millions de dollars
Avis de restructuration	64 millions de dollars
Conseil stratégique	37 millions de dollars

Returns du portefeuille d'investissement

Les rendements du portefeuille d'investissement pour 2023 ont généré 1,2 milliard de dollars de revenus totaux des investissements directs et des co-investissements.

• Rendement total d'investissement de portefeuille: 1,2 milliard de dollars
• Retours du capital-investissement mondial: 678 millions de dollars
• Renvoie des actifs réels: 312 millions de dollars
• Retours du crédit mondial: 210 millions de dollars

Revenus de transaction stratégique

Les revenus des transactions stratégiques en 2023 s'élevaient à 412 millions de dollars provenant de diverses activités liées à l'accord.

Type de transaction	Revenus (2023)
IPO Advisory	124 millions de dollars
Avis de fusion	168 millions de dollars
Avis de désinvestissement	120 millions de dollars

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.