The Carlyle Group reported Wednesday that second quarter net losses narrowed to $3.3 million for the time period ended June 30. This compares to $10.3 million in losses for the same time period in 2012. Economic net income was $156 million versus a $57 million loss in Q2 2012. Pre-tax Distributable Earnings rose 41% to $163 million. The Washington D.C.-based buyout shop said it generated net realized proceeds of $3.9 billion during the quarter, while dry powder was $49 billion, including $20.1 billion in corporate private equity, $17.9 billion in global solutions and $9.2 billion in real assets. Total assets under management for the firm also increased 16% to $180.4 billion, Carlyle said.
PRESS RELEASE
The Carlyle Group Announces Second Quarter 2013 Financial Results
• $163 million of Distributable Earnings on a pre-tax basis in Q2 2013 , or $0.53 per common unit on a post-tax basis
• $6.9 billion in new capital raised in Q2 2013 and $19.7 billion raised over the past twelve months
• $3.9 billion in realized proceeds in Q2 2013, with $19.9 billion realized over the past twelve months
• $1.3 billion in equity invested in Q2 2013, and $8.8 billion invested over the past twelve months
• 3% portfolio appreciation in Q2 2013, driving Economic Net Income of $156 million on a pre-tax basis
• Declared quarterly distribution of $0.16 per common unit for Q2 2013
• U.S. GAAP net income/(loss) attributable to The Carlyle Group L.P. of ($3.3) million, or ($0.07) per common unit on a diluted basis, in Q2 2013
WASHINGTON–(BUSINESS WIRE)–Global alternative asset manager The Carlyle Group L.P. (NASDAQ: CG) today reported its unaudited results for the second quarter of 2013, which ended on June 30, 2013.
“CLOs“), as defined in the fund indentures (typically exclusive of equities and defaulted positions) as of the quarterly cut-off date for each CLO, and the reference portfolio notional amount of our synthetic collateralized loan obligations (“synthetic CLOs“)”
Carlyle Co-CEO David M. Rubenstein said, “We had a solid quarter across the firm and continued to demonstrate our ability to produce cash distributions for unitholders. Fundraising strengthened across the board, and we continue to invest in growth initiatives to build our capabilities.”
Carlyle Co-CEO William E. Conway, Jr. said, “Our global portfolio is in great shape and our pace of producing realized proceeds continues to be brisk. I am particularly pleased with the state of our U.S. buyout portfolio which is producing large amounts of cash carry and accrued carry for future distributions.”
U.S. GAAP results for Q2 2013 included income before provision for income taxes of $286 million and net income/(loss) attributable to the common unitholders through The Carlyle Group L.P. of ($3.3) million, or net income/(loss) per common unit of ($0.07) on a diluted basis. Total balance sheet assets were $33.8 billion as of June 30, 2013.
Second Quarter Distribution
The Board of Directors has declared a quarterly distribution of $0.16 per common unit to holders of record at the close of business on August 19, 2013, payable on August 30, 2013.
Year-to-date, the Board of Directors has declared $0.32 in distributions per common unit. Carlyle has generated $1.00 in year-to-date after-tax Distributable Earnings per common unit.
The Carlyle Group Distribution Policy
As further discussed in its Annual Report on Form 10-K for the year ended December 31, 2012, Carlyle currently anticipates that it will cause Carlyle Holdings to make quarterly distributions to its partners, including The Carlyle Group L.P.’s wholly owned subsidiaries, that will enable The Carlyle Group L.P. to pay a quarterly distribution of $0.16 per common unit for each of the first three quarters of each year, and, for the fourth quarter of each year, to pay a distribution of at least $0.16 per common unit, that, taken together with the prior quarterly distributions in respect of that year, represents its share, net of taxes and amounts payable under the tax receivable agreement, of Carlyle’s Distributable Earnings in excess of the amount determined by the General Partner to be necessary or appropriate to provide for the conduct of its business, to make appropriate investments in its business and its funds or to comply with applicable law or any of its financing agreements. Carlyle anticipates that the aggregate amount of its distributions for most years will be less than its Distributable Earnings for that year due to these funding requirements. The declaration and payment of any distributions is at the sole discretion of the General Partner, which may change the distribution policy at any time.
The Carlyle Engine
Carlyle evaluates the underlying performance of its business on four key metrics known as the Carlyle Engine: funds raised, equity invested, carry fund returns and realized proceeds for fund investors. The table below highlights the results of these metrics for Q2 2013, year-to-date (YTD) and for the last twelve months (LTM)1.
Funds Raised
Equity Invested
Q2
$6.9 billion
Q2
$1.3 billion
YTD: $11.7 bn
LTM: $19.7 bn
YTD: $3.8 bn
LTM: $8.8 bn
Realized Proceeds
Carry Fund Returns
Q2
$3.9 billion
Q2
3%
YTD: $8.0 bn
LTM: $19.9 bn
YTD: 9%
LTM: 16%
Note: Equity Invested and Realized Proceeds reflect carry funds only.
During Q2 2013, within its carry funds, Carlyle generated net realized proceeds of $3.9 billion from 144 different investments across 29 carry funds. Carlyle deployed $1.3 billion of equity in 75 new or follow-on investments across 19 carry funds. On an LTM basis, Carlyle realized proceeds of $19.9 billion and invested $8.8 billion.
Segment
Realized Proceeds
Equity Invested
# of
Investments
# of Funds
$ in millions
# of Investments
# of Funds
$ in millions
Q2
Corporate Private Equity
36
12
$2,481
12
8
$817
Global Market Strategies
33
5
$223
7
4
$266
Real Assets
77
12
$1,173
56
7
$264
Carlyle
144
29
$3,876
75
19
$1,347
YTD
Corporate Private Equity
61
20
$5,468
23
11
$2,728
Global Market Strategies
50
5
$614
10
4
$337
Real Assets
88
12
$1,915
89
10
$779
Carlyle
193
37
$7,997
121
25
$3,843
Note: The columns may not sum as some investments cross segment lines, but are only counted one time for Carlyle results.
1 LTM, or last twelve months, refers to the period Q3 2012 through Q2 2013. Prior LTM, or the prior rolling twelve month period, refers to the period Q3 2011 through Q2 2012.
Carlyle All Segment Results
• Distributable Earnings (DE): $163 million for Q2 2013 and $729 million on an LTM basis
◦ Pre-tax Distributable Earnings were $163 million for Q2 2013, or $0.53 per common unit on a post-tax basis. On a year-to-date basis, pre-tax Distributable Earnings were $334 million, 13% higher than the first half of 2012, and Distributable Earnings per common unit were $1.00 on a post-tax basis. Distributable Earnings were $729 million on an LTM basis, which is 7% lower than the prior rolling twelve month period.
▪ During Q2 2013, the definition of DE was modified to exclude all equity-based compensation expense. All prior periods have been recast to conform to the new definition.
◦ Fee-Related Earnings were $26 million for Q2 2013 and declined by $10 million from $36 million in Q2 2012 due to higher fundraising costs and fee and basis step downs of several funds exiting their investment periods, offset by higher Fee-Earning Assets Under Management. Fee-Related Earnings were $163 million on an LTM basis, up 36% compared with the prior rolling twelve month period.
◦ Realized Net Performance Fees were $118 million for Q2 2013, compared to $76 million in Q2 2012. For Q2 2013, Realized Net Performance Fees were positively impacted by exits in The Hertz Corporation, The Nielsen Company, CommScope Inc, SS&C Technologies Inc, Wesco Holdings Inc., Cobalt International Energy, Boston Private Financial Holdings Inc., among others. Realized Net Performance Fees were $543 million on an LTM basis, which was 14% lower than the prior rolling twelve month period.
◦ Realized Investment Income was $15 million in Q2 2013, largely driven by gains on a single debt investment, with some additional gains on other balance sheet investments.
• Economic Net Income (ENI): $156 million for Q2 2013 and $950 million on an LTM basis
◦ Economic Net Income was $156 million for Q2 2013 and $950 million on an LTM basis. On a post-tax basis, Carlyle generated $0.39 in ENI per Adjusted Unit for Q2 2013.
◦ Q2 2013 ENI was impacted by appreciation of 3% in Carlyle’s carry fund portfolio. Corporate Private Equity carry funds were up 5%, Global Market Strategies carry funds increased 8%, while Real Assets carry funds declined 2% compared to the end of Q1 2013. Carry fund appreciation was 16% on an LTM basis, compared to 9% in the prior twelve month period.
The Carlyle Group L.P. – All Segments (Actual Results)
Period
LTM
% Change
$ in millions, except where noted
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 12 – Q2 13
QoQ
YoY
YTD
Revenues
61
584
505
852
508
2,449
(40%)
727%
42%
Expenses
119
365
323
458
352
1,499
(23%)
197%
31%
Economic Net Income
(57)
219
182
394
156
950
(60%)
372%
64%
Fee-Related Earnings
36
46
55
36
26
163
(27%)
(26%)
(10%)
Net Performance Fees
(107)
165
132
355
123
774
(65%)
215%
109%
Realized Net Performance Fees
76
156
127
142
118
543
(17%)
55%
19%
Distributable Earnings
116
207
188
171
163
729
(5%)
41%
13%
Total Assets Under Management ($ billion)
156.2
157.4
170.2
176.3
180.4
2%
16%
6%
Fee-Earning Assets Under Management ($ billion)
112.0
115.1
123.1
122.9
132.0
7%
18%
7%
Note: Totals may not sum due to rounding.
Assets Under Management and Remaining Fair Value of Capital
• Total Assets Under Management: $180.4 billion as of Q2 2013 (+16% LTM)
◦ Major drivers of change versus Q1 2013: New capital commitments (+$4.7 billion), market appreciation ($+3.5 billion) and net subscriptions to our hedge funds and open end structured credit funds (+$0.9 billion), offset by net distributions (-$6.0 billion).
◦ Total Dry Powder of $49.0 billion as of Q2 2013, comprised of $20.1 billion in Corporate Private Equity, $1.8 billion in Global Market Strategies, $9.2 billion in Real Assets and $17.9 billion in Global Solutions.
• Fee-Earning Assets Under Management: $132.0 billion as of Q2 2013 (+18% LTM)
◦ Major drivers of change versus Q1 2013: Asset inflows including commitments (+$14.9 billion), net subscriptions (+$0.8 billion), and change in CLO collateral balances (+$508 million), offset by net distributions and outflows (-$7.2 billion).
◦ Fee-Earning AUM was positively impacted by the addition of inception to date fundraising in Carlyle Partners VI (+$9.4 billion) and Carlyle Asia Partners IV (+$1.1 billion), and negatively impacted by the step down in basis in Carlyle Partners V and Carlyle Asia Partners III.
• Remaining Fair Value of Capital (carry funds only) as of Q2 2013: $61.1 billion
◦ Current Multiple of Invested Capital (MOIC) of remaining fair value of capital: 1.3x.
◦ Remaining fair value of capital in the ground in investments made in 2009 or earlier: 50% of total fair value.
◦ AUM in-carry ratio as of the end of Q2 2013: 61%.
Non-GAAP Operating Results
Carlyle’s non-GAAP results for Q2 2013 are provided in the table below:
Carlyle Group Summary
$ in millions, except unit and per unit amounts
Economic Net income
Q2 2013
Economic Net Income (pre-tax)
$
155.8
Less: Provision for income taxes (1)
32.6
Economic Net Income, After Taxes
$
123.2
Fully diluted units (in millions)
316.8
Economic Net Income, After Taxes per Adjusted Unit
$
0.39
Distributable Earnings
Distributable Earnings
$
163.0
Less: Estimated foreign, state, and local taxes (2)
6.7
Distributable Earnings, After Taxes
$
156.3
Allocating Distributable Earnings for only public unitholders of The Carlyle Group L.P.
Distributable Earnings to The Carlyle Group L.P.
$
24.6
Less: Estimated current corporate income taxes (benefit) (3)
(1.2
)
Distributable Earnings to The Carlyle Group L.P. net of corporate income taxes
$
25.8
Units in public float (in millions)(4)
49.0
Distributable Earnings, net, per The Carlyle Group L.P. common unit outstanding
$
0.53
(1)
Represents the implied provision for income taxes that was calculated using a similar methodology applied in calculating the tax provision for The Carlyle Group L.P., without any reduction for noncontrolling interests.
(2)
Represents the implied provision for current income taxes that was calculated using a similar methodology applied in calculating the current tax provision for The Carlyle Group L.P., without any reduction for noncontrolling interests.
(3)
Represents current corporate income taxes payable (benefit) upon distributable earnings allocated to Carlyle Holdings I GP Inc. and estimated current Tax Receivable Agreement payments owed.
(4)
Includes 2.9 million common units issued in August 2013 related to the closing of the AlpInvest transaction and to vested DRUs. These units are included in this calculation because these newly-issued units will participate in the unitholder distribution that will be paid in August 2013.
Corporate Private Equity (CPE)
Funds Raised
Equity Invested
Realized Proceeds
Carry Fund Returns
Q2
$3.8 bn
Q2
$0.8 bn
Q2
$2.5 bn
Q2
5%
YTD: $5.2 bn
LTM: $10.3 bn
YTD: $2.7 bn
LTM: $6.0 bn
YTD: $5.5 bn
LTM: $13.9 bn
YTD: 14%
LTM: 24%
• Distributable Earnings (DE): $84 million for Q2 2013 and $417 million on an LTM basis. The following components impacted Distributable Earnings in Q2 2013:
◦ Fee-Related Earnings were ($6) million in Q2 2013 and were $31 million on an LTM basis, compared to $10 million in Q2 2012, with the decline driven by higher fundraising costs and fee and basis step downs in two CPE funds during 2012.
◦ Realized Net Performance Fees were $86 million for Q2 2013 and were $377 million on an LTM basis, compared to $50 million for Q2 2012.
• Economic Net Income (ENI): $106 million for Q2 2013
◦ Economic Net Income/(Loss) of $106 million for Q2 2013 and $645 million on an LTM basis, compared to ($65) million for Q2 2012.
◦ CPE carry fund valuations increased 5% in Q2 2013 and 24% on an LTM basis, compared with (2%) in Q2 2012.
◦ Net Performance Fees of $109 million for Q2 2013 and $602 million on an LTM basis, compared to ($80) million for Q2 2012.
• Total Assets Under Management (AUM): $57.9 billion as of Q2 2013
◦ Total AUM increased 10% to $57.9 billion from $52.5 billion as of Q2 2012.
◦ Funds Raised of $3.8 billion were driven by additional closings of our latest vintage U.S. and Asia buyout funds, closings in our Financial Services fund and various co-investments.
◦ Fee-Earning Assets Under Management were $38.5 billion as of Q2 2013, up 4% from $37.1 billion as of Q2 2012, with the increase driven by $11.3 billion in inflows, and partially offset by $9.2 billion in outflows, including distributions and basis step downs.
Corporate Private Equity (Actual Results)
Period
LTM
% Change
$ in millions, except where noted
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 12 – Q2 13
QoQ
YoY
YTD
Economic Net Income
(65)
177
122
239
106
645
(56%)
265%
93%
Fee-Related Earnings
10
19
18
(0)
(6)
31
NM
NM
NM
Net Performance Fees
(80)
159
100
235
109
602
(54%)
236%
155%
Realized Net Performance Fees
50
126
54
111
86
377
(22%)
74%
27%
Distributable Earnings
62
145
74
114
84
417
(26%)
36%
9%
Total Assets Under Management ($ in billions)
52.5
53.2
53.3
55.1
57.9
5%
10%
Fee-Earning Assets Under Management ($ in billions)
37.1
36.9
33.8
33.2
38.5
16%
4%
Note: Totals may not sum due to rounding.
Global Market Strategies (GMS)
Funds Raised
Equity Invested
Realized Proceeds
Carry Fund Returns
Q2
$2.3 bn
Q2
$0.3 bn
Q2
$0.2 bn
Q2
8%
YTD: $3.6 bn
LTM: $6.0 bn
YTD: $0.3 bn
LTM: $0.7 bn
YTD: $0.6 bn
LTM: $1.3 bn
YTD: 16%
LTM: 22%
Note: Funds Raised excludes acquisitions, but includes hedge funds and CLOs. Equity Invested and Realized Proceeds are for carry funds only.
• Distributable Earnings (DE): $46 million for Q2 2013 and $201 million on an LTM basis. The following components impacted Distributable Earnings in Q2 2013:
◦ Fee-Related Earnings were $22 million in Q2 2013 and $100 million on an LTM basis, compared to $20 million in Q2 2012. The increase was driven by a net growth in hedge fund assets and the pricing of six new CLOs, partially offset by higher fundraising costs.
◦ Realized Net Performance Fees were $11 million for Q2 2013 and $77 million on an LTM basis, compared to $1 million for Q2 2012. Realized Net Performance Fees in Q2 2013 largely were driven by carry generating exits in distressed debt carry funds.
◦ Realized Investment Income of $12 million was driven by the sale of a single debt investment.
• Economic Net Income (ENI): $47 million for Q2 2013
◦ Economic Net Income of $47 million for Q2 2013 and $246 million on an LTM basis, compared to $32 million for Q2 2012.
◦ GMS carry fund valuations increased 8% in Q2 2013, compared to 3% in Q2 2012.
◦ Net Performance Fees of $25 million for Q2 2013 and $129 million on an LTM basis, compared to $4 million for Q2 2012.
• Total Assets Under Management (AUM): $34.7 billion as of Q2 2013
◦ Total AUM of $34.7 billion as of Q2 2013 increased 20% versus Q2 2012, while Fee-Earning AUM of $33.1 billion increased 19% versus Q2 2012.
◦ Total hedge fund AUM was $13.6 billion as of Q2 2013.
◦ Carlyle priced two new CLOs during Q2 2013 totaling $1.0 billion in assets, and secured $250 million of new funding for the Carlyle GMS Finance business development company (BDC).
◦ GMS carry fund AUM ended Q2 2013 at $3.6 billion.
◦ Total Structured Credit AUM ended Q2 2013 at $17.4 billion.
Global Markets Strategies (Actual Results)
Period
LTM
% Change
$ in millions, except where noted
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 12 – Q2 13
QoQ
YoY
YTD
Economic Net Income
32
36
59
104
47
246
(55%)
47%
116%
Fee-Related Earnings
20
22
31
25
22
100
(9%)
11%
32%
Net Performance Fees
4
8
23
73
25
129
(66%)
459%
341%
Realized Net Performance Fees
1
1
50
14
11
77
(22%)
1767%
68%
Distributable Earnings
24
28
86
41
46
201
12%
97%
59%
Total Assets Under Management ($ in billions)
29.0
30.1
32.5
33.1
34.7
5%
20%
Fee-Earning Assets Under Management ($ in billions)
27.7
28.5
31.0
31.4
33.1
5%
19%
Funds Raised, excluding hedge funds ($ in billions)
0.8
0.8
1.2
1.3
1.5
4.8
19%
90%
Hedge Fund Net Inflows ($ in billions)
0.7
0.4
0.0
0.0
0.8
1.2
NM
12%
Note: Totals may not sum due to rounding. Funds Raised excludes the impact of acquisitions.
Real Assets (RA)
Funds Raised
Equity Invested
Realized Proceeds
Carry Fund Returns
Q2
$0.3 bn
Q2
$0.3 bn
Q2
$1.2 bn
Q2
-2%
YTD: $0.8 bn
LTM: $1.0 bn
YTD: $0.8 bn
LTM: $2.2 bn
YTD: $1.9 bn
LTM: $4.7 bn
YTD: 1%
LTM: 3%
Note: Equity Invested and Realized Proceeds are for carry funds only. Funds Raised excludes acquisitions.
• Distributable Earnings (DE): $25 million for Q2 2013 and $91 million on an LTM basis. The following components impacted Distributable Earnings in Q2 2013:
◦ Fee-Related Earnings were $4 million in Q2 2013 and $14 million on an LTM basis, compared to $3 million in Q2 2012. The increase largely was driven by earnings from our equity interest in NGP Energy Capital Management, offset by a lower invested capital basis in the real estate funds.
◦ Realized Net Performance Fees were $19 million for Q2 2013 and $86 million on an LTM basis, compared to $26 million for Q2 2012.
◦ Realized Investment Income/(Loss) of $1 million during Q2 2013 and ($12) million LTM.
• Economic Net Income/(Loss) (ENI): ($11) million for Q2 2013
◦ Economic Net Income/(Loss) of ($11) million for Q2 2013 and $26 million on an LTM basis compared to ($29) million for Q2 2012. The ENI loss in Q2 2013 was largely driven by unrealized losses on the legacy energy carry fund portfolio.
◦ RA carry fund valuations declined 2% in Q2 2013, compared to a 3% decline in Q2 2012.
◦ Net Performance Fees of ($17) million for Q2 2013 and $27 million on an LTM basis, compared to ($33) million for Q2 2012.
• Total Assets Under Management (AUM): $39.8 billion as of Q2 2013
◦ Total AUM of $39.8 billion increased 33% versus Q2 2012, driven largely by the acquisition of an equity interest in NGP Energy Capital Management, partially offset by fund distributions.
◦ Fee-Earning AUM of $28.7 billion was up 47% versus Q2 2012, with the increase driven largely by the AUM associated with NGP Energy Capital Management, partially offset by distributions and step downs in basis for funds at the end of their original investment period.
Real Assets (Actual Results)
Period
LTM
% Change
$ in millions, except where noted
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 12 – Q2 13
QoQ
YoY
YTD
Economic Net Income
(29)
2
(7)
42
(11)
26
(125%)
63%
(57%)
Fee-Related Earnings
3
1
0
9
4
14
(49%)
59%
574%
Net Performance Fees
(33)
(4)
6
42
(17)
27
(141%)
47%
(63%)
Realized Net Performance Fees
26
29
22
16
19
86
19%
(25%)
(27%)
Distributable Earnings
28
31
23
12
25
91
110%
(10%)
(25%)
Total Assets Under Management ($ in billions)
30.0
29.5
40.2
40.3
39.8
(1%)
33%
Fee-Earning Assets Under Management ($ in billions)
19.5
19.6
29.3
29.4
28.7
(2%)
47%
Note: Totals may not sum due to rounding.
Global Solutions
• Distributable Earnings (DE): $8 million for Q2 2013 and $21 million on an LTM basis
◦ Fee-Related Earnings were $6 million for Q2 2013 and $17 million on an LTM basis.
◦ Realized Net Performance Fees were $1 million for Q2 2013 and $3 million on an LTM basis.
• Economic Net Income (ENI): $13 million for Q2 2013 and $33 million on an LTM basis, compared to $4 million in Q2 2012.
• Total Assets Under Management (AUM): $48.0 billion as of Q2 2013
◦ Total AUM of $48.0 billion was up 8% compared to Q2 2012.
◦ Fee-Earning AUM of $31.8 billion increased 15% versus Q2 2012, with the increase driven primarily due to an increase in the fee basis of certain funds and inflows, partially offset by outflows and fee basis step downs.
◦ AlpInvest attracted $249 million in new commitments for its secondaries fund and $155 million in capital commitments to manage an existing external account during Q2 2013.
• On August 1, 2013, Carlyle acquired the remaining 40% equity interest in AlpInvest from the AlpInvest management holders. Had the transaction closed on January 1, 2013, Carlyle would have realized increased Fee-Related Earnings of $10 million for the first half of 2013.
Global Solutions (Actual Results)
Period
LTM
% Change
$ in millions, except where noted
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 12 – Q2 13
QoQ
YoY
YTD
Economic Net Income
4
4
8
9
13
33
45%
223%
66%
Fee-Related Earnings
3
3
5
3
6
17
91%
133%
19%
Net Performance Fees
1
1
3
6
7
16
14%
400%
144%
Realized Net Performance Fees
0
0
1
1
1
3
160%
1200%
260%
Distributable Earnings
3
3
6
4
8
21
97%
175%
35%
Total Assets Under Management ($ in billions)
44.6
44.6
44.1
47.8
48.0
1%
8%
Fee-Earning Assets Under Management ($ in billions)
27.6
30.2
28.9
28.9
31.8
10%
15%
Note: Totals may not sum due to rounding.
Balance Sheet Highlights
The amounts presented below exclude the effect of U.S. GAAP consolidation eliminations on investments and accrued performance fees, as well as cash and debt associated with Carlyle’s consolidated funds. All data is as of June 30, 2013.
• Cash and Cash Equivalents of $573 million.
• On-balance sheet investments attributable to unitholders of $262 million, excluding the equity investment by Carlyle in NGP Energy Capital Management.
• Net Accrued Performance Fees attributable to unitholders of $1,454 million. These performance fees are comprised of Gross Accrued Performance Fees of $2,681 million less $59 million in accrued giveback obligation and $1,168 million in accrued performance fee compensation and non-controlling interest.
• Loans payable and senior notes totaling $923 million.
Conference Call
Carlyle will host a conference call on August 7, 2013 at 8:00 a.m. EDT to discuss Q2 2013 financial results and industry trends. Immediately following the prepared remarks, there will be a question and answer session for analysts and institutional investors.
Analysts and institutional investors may listen to the call by dialing +1-800-850-2903 (international +1-253-237-1169) and referencing “Carlyle Group Second Quarter 2013 Earnings Conference Call.” The conference call will be webcast simultaneously to the public through a link on the investor relations section of The Carlyle Group web site at ir.carlyle.com. An archived replay of the webcast will be available soon after the live call.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $180 billion of assets under management across 118 funds and 81 fund of funds vehicles as of June 30, 2013. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Global Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,400 people in 34 offices across six continents.
Web: www.carlyle.com
Videos: www.youtube.com/onecarlyle
Tweets: www.twitter.com/onecarlyle
Podcasts: www.carlyle.com/about-carlyle/market-commentary
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. These statements are subject to risks, uncertainties and assumptions, including those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2012 filed with the SEC on March 14, 2013, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.
This release does not constitute an offer for any Carlyle fund.
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