The Carlyle Group Inc. (CG): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico dos investimentos alternativos globais, o Carlyle Group é um titã de engenharia financeira estratégica, transformando o gerenciamento complexo de capital em um ecossistema sofisticado da criação de valor. Aproveitando uma intrincada lona de modelo de negócios que abrange relações institucionais, estratégias inovadoras de investimento e penetração no mercado global, Carlyle se posicionou magistralmente como uma principal potência de private equity que navega nas intrincadas paisagens de investimento institucional com precisão notável e profundidade estratégica. Mergulhe no projeto atraente que impulsiona uma das empresas de gerenciamento de investimentos mais influentes do mundo, onde todos os elementos de seu modelo de negócios representam um mecanismo cuidadosamente calibrado para gerar retornos financeiros excepcionais.

The Carlyle Group Inc. (CG) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com investidores institucionais

O Carlyle Group mantém parcerias estratégicas com os principais investidores institucionais de vários setores:

Tipo de investidor	Valor do investimento (2023)	Foco em parceria
Fundos soberanos de riqueza	US $ 12,3 bilhões	Investimentos globais de infraestrutura
Fundos de pensão pública	US $ 8,7 bilhões	Estratégias de portfólio diversificadas
Fundos de pensão corporativa	US $ 5,4 bilhões	Alocações de private equity

Colaboração com empresas globais de serviços financeiros

As principais parcerias de serviços financeiros incluem:

• Goldman Sachs - Oportunidades de co -investimento
• Morgan Stanley - Conselho de transações transfronteiriço
• JPMorgan Chase - Veículos de investimento estruturado

Parcerias com empresas de tecnologia e saúde

Tecnologia estratégica e colaborações de saúde:

Setor	Número de parcerias ativas	Volume de investimento (2023)
Tecnologia	47 parcerias	US $ 3,6 bilhões
Assistência médica	35 parcerias	US $ 2,9 bilhões

Relacionamentos com fundos soberanos

Parcerias soberanas de fundos de riqueza:

• Autoridade de Investimento do Catar - Alocação de US $ 4,2 bilhões
• GIC Private Limited de Cingapura - US $ 3,8 bilhões investimentos
• Fundo de Pensões do Governo da Noruega Global - US $ 3,5 bilhões compromissos

Engajamento com fundos de pensão e doações

Parcerias abrangentes de pensão e doação:

Tipo de instituição	Capital total comprometido	Duração média da parceria
Fundos de pensão pública	US $ 22,6 bilhões	7-10 anos
Doações da universidade	US $ 8,9 bilhões	5-8 anos

The Carlyle Group Inc. (CG) - Modelo de Negócios: Atividades -chave

Gestão de investimentos em private equity

A partir de 2024, o Carlyle Group gerencia US $ 385 bilhões em ativos em várias estratégias de investimento. A empresa opera através de 7 plataformas de investimento global.

Plataforma de investimento	Ativos sob gestão
Patrimônio líquido corporativo global	US $ 78,3 bilhões
Ativos reais	US $ 62,1 bilhões
Crédito global	US $ 55,4 bilhões

Captação de recursos de capital e implantação

Em 2023, o Carlyle Group levantou US $ 27,1 bilhões em novos compromissos de capital em suas plataformas de investimento.

• Tamanho médio do fundo: US $ 1,5 bilhão
• Número de fundos ativos: 98
• Distribuição de investimento geográfico: 60% da América do Norte, 25% Europa, 15% Ásia

Desenvolvimento estratégico da empresa de portfólio

A empresa gerencia ativamente 245 empresas de portfólio em vários setores.

Setor	Número de empresas de portfólio
Tecnologia	52
Assistência médica	41
Industrial	37

Pesquisa de investimento e due diligence

A Carlyle emprega 285 profissionais de investimento dedicados à pesquisa e à devida diligência.

• Tempo médio de triagem de negócios: 4-6 meses
• Profissionais de investimento com graus avançados: 89%
• Orçamento de pesquisa anual: US $ 42,3 milhões

Execução da estratégia de investimento global

O grupo Carlyle opera em 29 escritórios em 6 continentes.

Região	Número de escritórios
América do Norte	12
Europa	8
Ásia	6
Médio Oriente	3

O Carlyle Group Inc. (CG) - Modelo de Negócios: Recursos -Principais

Profissionais de investimento experientes

A partir do quarto trimestre de 2023, o Carlyle Group empregou 2.250 profissionais de investimento globalmente. O número total de funcionários da organização era de 3.275 funcionários.

Partida da equipe de investimentos	Número de profissionais
Patrimônio líquido corporativo global	385
Ativos reais	275
Crédito global	225
Soluções de investimento	165

Extensa rede de investimentos globais

O grupo Carlyle opera em 31 escritórios em 6 continentes. O portfólio de investimentos abrange 123 países a partir de 2023.

• América do Norte: 14 escritórios
• Europa: 8 escritórios
• Ásia: 7 escritórios
• Oriente Médio: 2 escritórios

Capacidades de pesquisa de investimento proprietárias

Pesquisa anual e orçamento de due diligence: US $ 87,4 milhões em 2023.

Fortes reservas de capital financeiro

Total de ativos sob gestão (AUM): US $ 376 bilhões em 31 de dezembro de 2023.

Fonte de capital	Valor (US $ bilhões)
Investidores institucionais	268
Indivíduos de alto patrimônio líquido	62
Investimentos corporativos	46

Plataformas avançadas de tecnologia e análise de dados

Investimento de tecnologia em 2023: US $ 45,6 milhões. A plataforma proprietária de análise de dados abrange mais de 7.500 metas de investimento em potencial.

• Algoritmos de aprendizado de máquina implantados
• Sistemas de inteligência de mercado em tempo real
• Infraestrutura de dados aprimorada por segurança cibernética

The Carlyle Group Inc. (CG) - Modelo de Negócios: Proposições de Valor

Soluções sofisticadas de investimento alternativo

A partir do quarto trimestre de 2023, o Carlyle Group administrou US $ 375 bilhões em ativos sob gestão (AUM). A empresa oferece soluções de investimento especializadas em várias estratégias alternativas de investimento:

Estratégia de investimento	Total AUM (bilhões)
Private equity	$116.4
Crédito global	$77.3
Ativos reais	$63.2
Soluções de investimento	$54.1

Portfólio de investimentos diversificado entre setores

Carlyle mantém investimentos em setores -chave com diversificação geográfica significativa:

• Saúde: 22% do portfólio
• Tecnologia: 18% do portfólio
• Serviços financeiros: 15% do portfólio
• Consumidor & Varejo: 12% do portfólio
• Aeroespacial & Defesa: 10% do portfólio

Experiência profissional de gerenciamento de ativos

A empresa emprega mais de 2.200 profissionais em todo o mundo, com mais de 740 profissionais de investimento em 29 escritórios em todo o mundo.

Potencial para estratégias de investimento de alto retorno

Métricas de desempenho de investimento de Carlyle para 2023:

Métrica de desempenho	Valor
IRR bruto (private equity)	18.3%
IRR líquido (private equity)	14.7%
Valor total realizado	US $ 24,6 bilhões

Alcance de investimento global e insights de mercado

Distribuição geográfica dos investimentos de Carlyle:

• América do Norte: 58% dos investimentos
• Europa: 27% dos investimentos
• Ásia: 15% dos investimentos

O Carlyle Group Inc. (CG) - Modelo de Negócios: Relacionamentos do Cliente

Comunicação personalizada para investidores

O Carlyle Group mantém canais de comunicação personalizados com 2.658 investidores institucionais a partir do quarto trimestre 2023. A frequência média de interação do investidor é de 4,3 pontos de contato por trimestre.

Canal de comunicação do investidor	Volume anual de interação
E -mails diretos	18,342
Ligações trimestrais da conferência	4
Apresentações de investidores	12

Relatórios de desempenho regulares

O Carlyle Group fornece relatórios abrangentes de desempenho com uma taxa de satisfação de 98,7% no investidor em 2023.

• Relatórios trimestrais de desempenho
• Resumos anuais de investimento detalhados
• Plataformas de rastreamento de portfólio em tempo real

Equipes de gerenciamento de relacionamento dedicadas

A Carlyle emprega 127 profissionais de relacionamento com investidores dedicados em escritórios globais em 2024.

Região	Gerentes de relacionamento
América do Norte	62
Europa	35
Ásia-Pacífico	30

Divisão de Estratégia de Investimento Transparente

As métricas de transparência de estratégia de investimento mostram 87,5% de divulgação detalhada em categorias de fundos em 2023.

Engajamento e suporte em andamento dos investidores

As interações totais de apoio ao investidor atingiram 24.567 em 2023, com um tempo médio de resposta de 4,2 horas.

• Plataformas de suporte digital 24/7
• Helplines de investidores dedicados
• Consultas de investimento personalizadas

The Carlyle Group Inc. (CG) - Modelo de Negócios: Canais

Equipes de vendas institucionais diretas

A partir de 2024, o Carlyle Group mantém uma força de vendas global de 190 profissionais de investimento institucional dedicado em 29 escritórios em todo o mundo.

Região	Número de profissionais de vendas
América do Norte	87
Europa	53
Ásia	42
Médio Oriente	8

Plataformas de investimento digital

A plataforma de investimento digital do Carlyle Group lida com US $ 287 bilhões em ativos por meio de canais on -line.

• Base de usuário da plataforma digital: 4.672 investidores institucionais
• Volume de transação online: US $ 42,3 bilhões anualmente
• Engajamento de aplicativos móveis: 62% dos clientes institucionais

Redes de consultores financeiros

Carlyle colabora com 1.247 empresas de consultoria financeira registradas em todo o mundo.

Tipo de rede	Número de parceiros	Volume anual de referência
RIAS independente	876	US $ 18,6 bilhões
Redes de arame	371	US $ 23,4 bilhões

Conferências de investimento e roadshows

Em 2024, Carlyle conduziu 147 conferências e roadshows de investidores.

• Total de participantes da conferência: 6.893 investidores institucionais
• Cobertura geográfica: 22 países
• Participação média da conferência: 47 investidores por evento

Portal de Relações com Investidores Online

A plataforma digital de relações com investidores da Carlyle suporta US $ 364,2 bilhões em ativos gerenciados.

Métrica portal	2024 dados
Usuários ativos mensais	3,216
Downloads anuais de documentos	127,543
Usuários de rastreamento de desempenho em tempo real	2,891

O Carlyle Group Inc. (CG) - Modelo de Negócios: Segmentos de Clientes

Investidores institucionais

A partir de 2024, o Carlyle Group gerencia aproximadamente US $ 385 bilhões em ativos para investidores institucionais.

Tipo de investidor	Total de ativos sob gestão	Tamanho médio de investimento
Fundos de pensão corporativa	US $ 98,3 bilhões	US $ 750 milhões
Investidores institucionais do governo	US $ 127,6 bilhões	US $ 1,2 bilhão

Indivíduos de alta rede

O Carlyle Group tem como alvo indivíduos de alta rede com limites mínimos de investimento.

• Requisito mínimo de investimento: US $ 5 milhões
• Total de ativos individuais de alta rede: US $ 62,4 bilhões
• Alocação média de portfólio: 15-20% do total de ativos

Fundos soberanos de riqueza

Os investimentos soberanos do fundo de riqueza representam uma parcela significativa do portfólio de Carlyle.

Região	Investimento total	Número de fundos soberanos
Médio Oriente	US $ 47,8 bilhões	12 fundos
Ásia-Pacífico	US $ 39,5 bilhões	8 fundos

Fundos de pensão

Os investimentos em fundos de pensão são um componente central dos segmentos de clientes da Carlyle.

• Total de ativos do fundo de pensão: US $ 136,7 bilhões
• Fundos de pensão pública: US $ 89,2 bilhões
• Fundos de pensão privados: US $ 47,5 bilhões

Doações e fundações

Carlyle gerencia ativos significativos para instituições educacionais e filantrópicas.

Tipo de instituição	Total de ativos	Investimento médio
Doações da universidade	US $ 28,6 bilhões	US $ 450 milhões
Fundações privadas	US $ 16,3 bilhões	US $ 250 milhões

O Carlyle Group Inc. (CG) - Modelo de Negócios: Estrutura de Custo

Compensação e benefícios dos funcionários

A partir de 2023, o ano fiscal, o Carlyle Group registrou despesas totais de compensação de US $ 1,2 bilhão. O colapso inclui:

Categoria de compensação	Valor ($)
Salários da base	453,000,000
Bônus de desempenho	612,000,000
Remuneração baseada em ações	135,000,000

Pesquisa de investimento e despesas de due diligence

O grupo Carlyle alocou aproximadamente US $ 185 milhões para pesquisa de investimento e due diligence em 2023, com despesas específicas, incluindo:

• Taxas de consultoria externa: US $ 62 milhões
• Dados e assinaturas de pesquisa: US $ 23 milhões
• Custos internos da equipe de pesquisa: US $ 100 milhões

Manutenção de tecnologia e infraestrutura

Os custos de infraestrutura de tecnologia para 2023 totalizaram US $ 78 milhões, distribuídos da seguinte forma:

Categoria de despesa de tecnologia	Valor ($)
É hardware	15,200,000
Licenciamento de software	22,500,000
Computação em nuvem	18,300,000
Segurança cibernética	22,000,000

Custos de marketing e desenvolvimento de negócios

As despesas de marketing e desenvolvimento de negócios para 2023 foram de US $ 45 milhões, incluindo:

• Patrocínios de conferência e evento: US $ 12 milhões
• Marketing Digital: US $ 8 milhões
• Viagens de desenvolvimento de negócios: US $ 7 milhões
• Materiais promocionais: US $ 3 milhões

Despesas de conformidade regulatória

Os custos de conformidade regulatórios para 2023 totalizaram US $ 62 milhões, com a seguinte alocação:

Categoria de despesa de conformidade	Valor ($)
Consultoria jurídica	24,000,000
Pessoal de conformidade	18,500,000
Sistemas de relatórios regulatórios	11,500,000
Taxas de auditoria externas	8,000,000

The Carlyle Group Inc. (CG) - Modelo de negócios: fluxos de receita

Taxas de gerenciamento de fundos de investimento

Em 2023, o Carlyle Group registrou taxas totais de gerenciamento de US $ 1,7 bilhão. Essas taxas são normalmente calculadas como uma porcentagem de ativos sob gestão (AUM).

Tipo de fundo	Porcentagem de taxa de gerenciamento	Receita anual (2023)
Patrimônio líquido corporativo global	1.5% - 2%	US $ 612 milhões
Ativos reais	1.25% - 1.75%	US $ 398 milhões
Crédito global	1% - 1.5%	US $ 345 milhões
Soluções de investimento	0.75% - 1.25%	US $ 245 milhões

Baseado em desempenho carregou juros

A receita de juros de 2023 atingiu US $ 835 milhões, representando 20% dos lucros do investimento em várias estratégias de fundos.

• Taxa de juros típicos transportados: 20%
• Receita total de juros transportados: US $ 835 milhões
• Carregava juros do Private Equity Global: US $ 456 milhões
• Carregava juros de ativos reais: US $ 214 milhões

Taxas de serviço de consultoria

As taxas de serviço de consultoria em 2023 totalizaram US $ 287 milhões, geradas a partir de serviços de consultoria de transações e consultoria estratégica.

Categoria de serviço de consultoria	Receita (2023)
Aviso de M&A	US $ 186 milhões
Advogado de reestruturação	US $ 64 milhões
Consultoria estratégica	US $ 37 milhões

Retornos do portfólio de investimentos

O portfólio de investimentos retorna para 2023 gerou US $ 1,2 bilhão em receita total de investimentos diretos e co-investimentos.

• Retornos totais de investimento do portfólio: US $ 1,2 bilhão
• Retornos do Private Equity Global: US $ 678 milhões
• Retornos de ativos reais: US $ 312 milhões
• Retornos do Crédito Global: US $ 210 milhões

Receitas de transações estratégicas

As receitas de transações estratégicas em 2023 totalizaram US $ 412 milhões de várias atividades relacionadas ao acordo.

Tipo de transação	Receita (2023)
Aviso de IPO	US $ 124 milhões
Conselho de fusão	US $ 168 milhões
Aviso de desinvestimento	US $ 120 milhões

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.