Carlyle Group Inc.
swung to a profit in the December quarter, as the value of its investments climbed with a buoyant market.
The Washington, D.C., firm reported a fourth-quarter profit of $518.8 million or $1.44 a share, up from a loss of $8.3 million, or 8 cents a share in the fourth quarter of 2019. The firm’s private-equity portfolio appreciated by 11% during the period, compared with an 11.7% gain by the S&P 500.
Distributable earnings, or cash that could be given back to shareholders, rose to $236.9 million, or 64 cents a share, from $171.7 million, or 47 cents a share in the year-earlier period.
Net accrued performance revenues were a record $2.33 billion, up 19% from the third quarter and 36% from the year earlier.
Carlyle’s fee-related earnings for the quarter came in at $144.9 million, up from $108 million a year earlier, driving a record $519.7 million for the year. The firm’s credit platform and investment solutions segment saw fee-related earnings more than double.
The firm’s assets under management were about $246 billion as of Dec. 31, up about 10% for the year.
Carlyle raised about $9.7 billion in new capital during the fourth quarter, bringing total fundraising for 2020 to $27.5 billion. The bulk of that came from global credit and investment solutions.
The firm invested $8.7 billion during the quarter, bringing the total for the year to $18.3 billion. Investments during the quarter included pet-care products company Manna Pro Products LLC.
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