Global private equity firm Carlyle Group has set a target to raise $200bn in new assets by 2028, aiming to bolster fee-related earnings and expand its investment footprint, according to a report by Reuters.
The target would surpass the $158bn raised between 2023 and 2025, with total assets under management currently around $477bn.
Carlyle plans to source about $90bn from credit strategies, $60bn via its AlpInvest secondaries unit, and $50bn from private equity. Fee-related earnings are projected to reach $1.9bn by 2028, up from $1.2bn in 2025, while distributed earnings per share are expected to exceed $6.
CEO Harvey Schwartz, a former Goldman Sachs executive, highlighted Carlyle’s Washington DC, headquarters as a strategic advantage for aerospace and defence investing. Co-head of Americas corporate private equity Brian Bernasek noted the firm’s proximity to policymakers and defence contractors as a key differentiator, describing aerospace and defence as one of Carlyle’s core “power alleys.”
Shares initially jumped more than 6% on the news, with the firm also approving a $2bn share buyback, before settling 3.6% higher. Carlyle’s fourth-quarter earnings modestly exceeded analyst expectations, boosted by private equity deal income and gains in credit and secondaries, even amid broader market concerns over AI-related disruption in technology sectors.
