Carlyle has attracted $13.4bn in fresh commitments in the second quarter of 2025, with strong performance in its private credit and secondaries platforms helping the firm surpass Wall Street expectations.

The New York- and Washington-based group grew its assets under management to $465bn. While the inflow pace was slightly lower than the previous quarter, it comfortably beat analyst forecasts of $10.5bn, according to Visible Alpha.

Fee-related earnings rose 18% year-on-year to $323m, supported by robust growth in credit and secondary strategies. AlpInvest, Carlyle’s secondaries unit, saw a more than 50% increase in revenues over the same period.

“We’re delivering record financial results, investing with conviction, and returning significant capital to our investors at a pace and scale that sets Carlyle apart in today’s market,” said CEO Harvey Schwartz, who took the helm in 2023 following a leadership reshuffle.

Carlyle’s global private equity unit posted a slight dip of less than 1% in fee income but contributed $5.1bn in exit proceeds during the quarter, bolstering distributable earnings, up more than 16% to $232m. Notable exits included StandardAero and Forgital, contributing to $21bn in realisations across private equity, real estate, and infrastructure over the past year.

Carlyle’s share performance, while still trailing rivals like Blackstone and Apollo over a five-year horizon, has rebounded significantly over the past 12 months. The stock has returned more than 50% in that time, outpacing the S&P 500 and surpassing peers such as KKR.

According to FactSet data, over half of analysts now rate Carlyle a ‘buy’, the highest level since late 2023, as optimism around the firm’s recovery continues to build.

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