Carlyle Group’s US buyout platform is set to return almost $12bn in proceeds over the past 13 months, highlighting the firm’s strong track record in monetising assets despite a challenging exit environment, according to a report by Buyouts Insider.
The reports cites Brian Bernasek, co-head of Americas corporate private equity at Carlyle, as revealing that the US portfolio generated $6.6bn in exits in 2025, up 24% from $5.3bn in 2024. Adding deals signed or closed in January 2026 worth $5bn brings total expected proceeds to $11.6bn over the period.
The realisations reflect Carlyle’s broad monetisation strategy, which includes strategic sales, IPOs, financial sponsor-to-sponsor transactions, and dividend recapitalisations.
A standout transaction was the record-breaking IPO of medical supply company Medline, which raised over $7bn, making it the largest sponsor-backed and healthcare IPO of 2025. Other notable exits included HR software provider Neogov, sold to EQT for more than $3bn.
Carlyle’s broader private equity business also performed well, with all strategies — including infrastructure, natural resources, and real estate — realising $18.2bn in 2025, up from $17.8bn in 2024.
The strong exit momentum is expected to support the upcoming launch of Carlyle Partners IX. Carlyle Partners VIII, the current flagship fund, achieved a 22% gross IRR and a 12% net IRR as of December 31, 2025, with 17% appreciation over the year.
