US private investment major Carlyle Group doubled its fundraising efforts in the second quarter of the year, amassing over $12bn as part of a strategic turnaround initiative led by CEO Harvey Schwartz, according to a report by the Financial Times.
The group’s latest Japan buyout fund, as well as its real estate and credit businesses, were responsible for the majority of the fundraising. Having set an ambitious target at the start of the year of raising more than $40bn in 2024, Carlyle is now more than halfway to achieving that goal.
Schwartz said: “We have made significant strides compared to a year ago, and the environment continues to improve.”
Carlyle has now reached a record $435bn in AUM and reported $273bn in fee-based earnings, slightly surpassing analysts’ expectations. However, distributable earnings for the quarter, a key metric for cash flow favoured by analysts, stood at $343m, reflecting an 11% decline compared to the same period last year.
Rival investment firms Ares, Apollo, Blackstone and KKR collectively deployed more than $160bn in Q2, ramping up activity in anticipation of the US Federal Reserve potentially cutting rates. KKR, in particular, accelerated its fundraising efforts, attracting $32.4bn in the three months ending June, focusing on expanding its infrastructure, credit and insurance businesses.
