Carlyle has reported full-year profit, seeking to reassure investors over potential disruption to the technology sector from AI, stating its software exposure sits at around 6% of the portfolio, according to a report by Reuters.
CFO Justin Plouffe said the firm was “not overweight or underweight” in software on a call with analysts. Distributable earnings increased 13.7% year on year to $436m, or $1.01 per share, supported by stronger performance in the private equity platform alongside gains in credit and secondaries.
Net realised performance revenue reached $123m in the quarter, driven by exit activity across its US buyout fund, two European technology funds and an opportunistic credit strategy. Fee-related earnings were up 1% to $290m.
Management said 2025 marked a record year for the firm, with lower interest rates reducing financing costs, and M&A activity recovering late in the year. The firm completed several exits, including the sale of stakes in chip start-up Ampere and UK fund network Calastone, and the listing of medical supplies group Medline.
Carlyle raised $53.7bn of new capital during 2025, lifting AUM to $477bn, up 8% from a year earlier. Inflows are concentrated in the AlpInvest secondaries platform, which trades private equity stakes in the secondary market, and across the firm’s credit strategies.
