Q4 2025 Carlyle Group Inc Earnings Call Transcript
Key Points
- The Carlyle Group Inc (CG) achieved record fee-related earnings in 2025, up 12% year over year, significantly exceeding their original forecast.
- The company generated $54 billion of inflows, surpassing their initial $40 billion target.
- Record assets under management reached $477 million, driven by strong investment performance and robust fundraising.
- Carlyle AlpInvest had a record year, returning over $10 billion to investors and investing a record $14 billion.
- The Global Credit and Insurance segment saw strong momentum, with direct lending achieving a record quarter of originations.
- The macro environment remains complex, with market volatility and geopolitical concerns potentially impacting future performance.
- Despite strong performance, the Global Private Equity segment saw a decline in margins.
- There is a reliance on equity market exits for monetization, which could be affected by market conditions.
- The software exposure, although only 6% of total AUM, could be impacted by market volatility and technological disruptions.
- The CLO market, while strong, faces potential challenges from AI and software-related market anxieties.
Good day, and welcome to the Carlyle Group fourth-quarter 2025 earnings call. (Operator Instructions) As a reminder, this call may be recorded. I would now like to turn the call over to Daniel Harris, Head of Investor Relations. Please go ahead.
Thank you, Michelle. Good morning, and welcome to Carlyle's fourth-quarter and full-year 2025 earnings call. With me on the call this morning is our Chief Executive Officer, Harvey Schwartz; and our Chief Financial Officer, Justin Plouffe. Earlier this morning, we issued a press release and a detailed earnings presentation, which is available on our investor relations website. This call is being webcast and a replay will be available.
We will refer to certain non-GAAP financial measures during today's call. These measures should not be considered in isolation from or as a substitute for measures prepared in accordance with generally accepted accounting principles. We have provided a reconciliation of these measures to GAAP in our earnings release to
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