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Carlyle Group announces first quarter 2014 financial results

The Carlyle Group has reported its unaudited results for the first quarter of 2014, which ended on March 31, 2014. Highlights include distributable earnings increasing 25 percent over the prior twelve month period to more than $850 million. Fundraising, fund performance, and investing activity were all reported to be running at strong levels.

PRESS RELEASE

The Carlyle Group Announces First Quarter 2014 Financial Results

• $183 million of Distributable Earnings on a pre-tax basis in Q1 2014 and $852 million over last twelve months; $0.52 per common unit on a post-tax basis
• Net accrued performance fee balance of $2.0 billion up 36% over Q1 2013, or $6.16 per Adjusted Unit, and gross accrued performance fee balance of $3.8 billion
• $5.5 billion in new capital raised in Q1 2014 and $22.8 billion raised over the last twelve months
• $3.1 billion in realized proceeds in Q1 2014 and $16.3 billion realized over the last twelve months
• $1.1 billion in equity invested in Q1 2014 and another $3.1 billion committed, and $6.8 billion invested over the last twelve months
• 6% carry fund portfolio appreciation in Q1 2014, driving Economic Net Income of $322 million on a pre-tax basis and $0.85 per Adjusted Unit on a post-tax basis
• U.S. GAAP net income attributable to The Carlyle Group L.P. of $25 million, or $0.41 per common unit on a diluted basis, in Q1 2014
Washington, DC – Global alternative asset manager The Carlyle Group L.P. (NASDAQ: CG) today reported its unaudited results for the first quarter of 2014, which ended on March 31, 2014.
Carlyle Co-CEO David M. Rubenstein said, “Carlyle had a solid start to 2014, which has resulted in our last twelve month Distributable Earnings increasing 25% over the prior twelve month period to more than $850 million. Fundraising, fund performance, and investing activity are all running at strong levels. As new top talent joins our seasoned leadership team and we launch new fund
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strategies and make targeted acquisitions, Carlyle continues to meet the increasingly complex
demands of our global investor base.”
Carlyle Co-CEO William E. Conway, Jr. said, “Carlyle’s funds produced great returns for our fund
investors this quarter, led by an 8% increase in the value of our Private Equity carry funds, which
helped drive a 36% increase in Carlyle’s net accrued performance fee balance year over year to $2.0
billion. Although the investing environment has grown more challenging over the past few quarters,
we have been successful in committing to several exciting investment opportunities, and we are
executing sales at attractive prices around the world.”
U.S. GAAP results for Q1 2014 included income before provision for income taxes of $472 million and
net income attributable to the common unitholders through The Carlyle Group L.P. of $25 million, or
net income per common unit of $0.41 on a diluted basis. Total balance sheet assets were $36.3 billion
as of March 31, 2014.