Carlyle Group reported third-quarter distributable earnings of $711m, up 27% year-on-year, as higher performance revenues and strong realizations lifted results across its global private markets platform.

Total assets under management climbed to $452bn, with fee-earning AUM reaching $310bn, both record highs for the firm. Net accrued performance revenue rose to $2.8bn, reflecting increased value creation across its private equity and credit portfolios.

Carlyle raised $19bn in the quarter and $55bn year-to-date, maintaining robust fundraising momentum amid a gradually improving deal environment. Its flagship U.S. buyout fund remains on track to close above its $27bn target by early 2026, positioning it among the largest vehicles in private equity history.

The firm’s private equity portfolio gained 3% in fair value during the quarter and 11% year-to-date, outperforming major public indices. Realisations totalled $7bn, driven by exits in healthcare, industrials, and aerospace.

Carlyle’s credit platform continues to expand rapidly, with AUM up 14% to $164bn on strong inflows into direct lending and opportunistic credit strategies. Its real assets franchise also grew, supported by infrastructure and energy transition investments.

“Our strong third quarter results demonstrate continued execution of our strategic growth plan,” said CEO Harvey Schwartz. “The combination of these growth engines gives us strong momentum through year end and into 2026, and positions Carlyle exceptionally well to exceed our updated 2025 financial targets.”

The firm declared a quarterly dividend of $0.35 per share.

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