The Carlyle Group Announces Second Quarter 2017 Financial Results

8/2/17

WASHINGTON, Aug. 02, 2017 (GLOBE NEWSWIRE) -- Global alternative asset manager The Carlyle Group L.P. (NASDAQ:CG) today reported its unaudited results for the second quarter ended June 30, 2017.

Carlyle Co-CEO David M. Rubenstein said, “Carlyle produced another strong value creation quarter, with our net accrued carry balance increasing 46% year to date. As a result of the strong performance we have delivered for our fund investors, demand is high for new funds. We raised over $8 billion of capital in the second quarter with acceleration likely in the second half of 2017.”

Carlyle Co-CEO William E. Conway, Jr. said, “Our diverse carry fund portfolio appreciated 5% in the quarter and a robust 19% over the past twelve months. We continue to deploy capital at a steady pace. The environment for new investments remains competitive, but our deep, global teams continue to find good investments.”

U.S. GAAP results for Q2 2017 included income before provision for income taxes of $244 million, and net income attributable to the common unitholders through The Carlyle Group L.P. of $58 million, or net income per common unit of $0.59, on a diluted basis. U.S. GAAP results for the twelve months ended June 30, 2017 included income before provision for income taxes of $534 million and net income attributable to The Carlyle Group L.P. of $133 million. Total balance sheet assets were $11 billion as of June 30, 2017.

In addition to this release, Carlyle issued a full detailed presentation of its second quarter 2017 results, which can be viewed on the investor relations section of our website at ir.carlyle.com.

Settlement and final resolution of commodities related exposure

Included in our Q2 2017 quarterly results is the impact of settlements with investors in two commodities investment vehicles managed by an affiliate of Carlyle, thereby fully resolving investor claims relating to these matters. Net of previously recorded reserves and certain insurance proceeds, we recorded a charge of $6 million in connection with the settlements, which is included in general, administrative and other expense in Global Market Strategies. The full amount of the net charge affected GAAP earnings, Economic Net Income, Fee Related Earnings and Distributable Earnings. The charge is lower than our previous estimate of up to $60 million due to the offset of general liability insurance. We continue to pursue additional efforts to recover reimbursement.

With these settlements, Carlyle completes the exit of the commodities investment advisory business and other hedge fund investment advisory businesses that it had acquired from 2010 to 2014.

Distribution

The Board of Directors has declared a quarterly distribution of $0.42 per common unit to holders of record at the close of business on August 14, 2017, payable on August 21, 2017.

About The Carlyle Group

The Carlyle Group (NASDAQ:CG) is a global alternative asset manager with $170 billion of assets under management across 299 investment vehicles as of June 30, 2017. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,550 people in 31 offices across six continents.

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