Carlyle Group expects to raise at least $200bn in inflows by the end of 2028, accelerating fundraising compared with the $158bn secured between 2023 and 2025.

The firm, which manages approximately $477bn in assets, is targeting $1.9bn in fee-related earnings by 2028, up from $1.2bn in 2025. Distributed earnings per common share are projected to exceed $6 in 2028, compared with $4.02 last year.

Chief Executive Harvey Schwartz, who joined three years ago following a period of industry downturn and internal succession challenges, said he had “systematically reshaped” the firm.

The fundraising outlook comes amid volatility in technology markets and broader scrutiny of private capital exposure to software and credit assets. Despite this, Carlyle’s most recent earnings modestly exceeded analyst expectations, supported by private equity deal income and gains in its credit and secondaries businesses.

Chief Financial Officer Justin Plouffe said: “We’re confident that we can meet or exceed each of these targets.”

Carlyle also approved a $2bn share repurchase authorisation, reinforcing management’s confidence in the firm’s earnings trajectory and capital generation capacity.

The $200bn target signals renewed momentum for the private equity group as mergers and acquisitions activity improves and lower interest rates support financing conditions.

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