Private investment major Carlyle Group has nearly doubled the size of its wealth business since Harvey Schwartz took over as chief executive in 2023, underscoring the firm’s accelerating push into the private wealth and retail market, according to a report by Bloomberg.
The alternative asset manager is on track for its wealth channel to account for around 20% of overall capital flows, according to Shane Clifford, Carlyle’s global head of wealth. Carlyle oversees approximately $474bn in assets.
Schwartz has made expansion into the wealth segment a strategic priority, as large alternative managers compete for a share of capital held by high-net-worth individuals and defined-contribution retirement plans. Carlyle has launched new products aimed at individual investors, including vehicles designed to buy and sell secondhand private equity fund stakes.
Clifford pointed to the so-called “silver tsunami” — the ongoing transfer of wealth from Baby Boomers to spouses and younger generations — as a key driver of demand. He said wealthy investors are increasingly allocating a greater proportion of their portfolios to private markets.
Private assets previously accounted for around 5% to 6% of allocations within wealthy portfolios, but that figure is now moving into a range of 10% to 30%, he said, reflecting a broader shift toward alternative investments.
Carlyle’s push comes as the industry targets an estimated $12tn held in US retirement accounts such as 401(k) plans. Rival firms including Blackstone and Apollo Global Management have also expanded their wealth-focused teams and launched new products and partnerships to capture retail inflows.
As part of its brand-building and wealth strategy, Carlyle last year announced a multi-year global partnership with Formula One team Oracle Red Bull Racing, aiming to increase engagement with a broader and more diverse investor base.
