1. Carlyle is like Blackstone for private market investments.

2. Carlyle is like KKR, specializing in buying and growing private companies.

• Corporate Private Equity Investments: Carlyle manages funds that invest directly in private companies across various stages, from venture capital to large-scale buyouts, in diverse industries globally.
• Real Asset Investments: Carlyle manages funds focused on acquiring and developing real estate, infrastructure, energy, and natural resource assets worldwide.
• Global Market Strategies: Carlyle manages funds that pursue credit-related strategies, including structured credit, distressed debt, and other opportunistic investments across global markets.
• Investment Solutions: Carlyle provides customized investment mandates and fund-of-funds strategies for institutional and high-net-worth investors.

The provided company description for The Carlyle Group Inc. (CG) details its activities as an investment firm, outlining the types of direct and fund-of-fund investments it makes, the sectors it invests in, and its geographic focus. The description primarily characterizes Carlyle's role as an investor and asset manager that deploys capital into various businesses and assets.

However, the description does not identify Carlyle's major customers. As an investment firm, Carlyle's "customers" are typically the institutional investors (such as pension funds, sovereign wealth funds, endowments, and insurance companies) and high-net-worth individuals (often through family offices) who commit capital to Carlyle's investment funds as Limited Partners. The information provided focuses on where Carlyle invests its capital (the companies and assets it buys into), not on the specific entities or individuals that invest with Carlyle.

Harvey Schwartz, Chief Executive Officer

Harvey Schwartz became the Chief Executive Officer of Carlyle in February 2023. Prior to joining Carlyle, he had a distinguished 21-year career at Goldman Sachs from 1997 to 2018, where he served in various senior leadership roles, including President and Co-Chief Operating Officer from 2016 to 2018, and Chief Financial Officer from 2012 to 2016. Earlier in his career, he worked at J.B. Hanauer & Co., First Interregional Equity Corporation, and Citigroup.

Justin Plouffe, Chief Financial Officer

Justin Plouffe assumed the role of Chief Financial Officer of Carlyle on January 1, 2026. He joined Carlyle in 2007 and has focused on investing across Carlyle's credit strategies and driving growth initiatives for the Global Credit platform. He has served as a Portfolio Manager for several cross-platform credit strategies and as President and Chief Executive Officer of Carlyle's affiliated Business Development Companies, Carlyle Secured Lending, Inc. and Carlyle Credit Solutions, Inc. Before joining Carlyle, Mr. Plouffe was an attorney at Ropes & Gray LLP.

Mark Jenkins, Co-President and Head of Global Credit & Insurance

Mark Jenkins became Co-President and Head of Global Credit & Insurance for Carlyle on January 1, 2026. He joined Carlyle in 2016. Before joining Carlyle, Mr. Jenkins was a Senior Managing Director at Canada Pension Plan Investment Board (CPPIB), where he led the Global Private Investment group and founded CPPIB Credit Investments, a multi-strategy platform making direct principal credit investments. He also held senior positions at Barclays Capital as Managing Director, Co-Head of Leveraged Finance Origination and Execution, and spent 11 years at Goldman Sachs in leadership roles within the Fixed Income and Financing groups.

Jeff Nedelman, Co-President and Global Head of Client Business

Jeff Nedelman was appointed Co-President of Carlyle and continues to lead the Global Client Business, effective January 1, 2026. He joined Carlyle in 2023. Prior to Carlyle, he was a Partner and Senior Managing Director at Certares from 2020 to 2023, where he was a member of the Investment Committee and the Management Committee. Before Certares, Mr. Nedelman spent over 25 years at Goldman Sachs, most recently as Co-Chief Operating Officer of Global Equities, and previously as Global Head of Prime Services and Head of Americas Equity Sales.

Ruulke Bagijn, Global Head of Investment Solutions

Ruulke Bagijn is the Global Head of Investment Solutions at Carlyle and Chair of the Board of AlpInvest. She leads one of Carlyle's three business segments and oversees AlpInvest, Carlyle's dedicated private equity primary fund, co-investment, and secondary solutions platform. Before joining AlpInvest in 2017, Ms. Bagijn was the Global Head of Real Assets Private Equity at AXA Investment Managers – Real Assets and a member of its Management Board. She also served as Co-Chief Investment Officer of Investment Management and Chief Investment Officer of Private Markets at PGGM, where she was responsible for managing investments in infrastructure, hedge funds, structured credit, private equity, insurance-linked securities, and private real estate.

Market Volatility and Economic Uncertainty

Ability to Attract and Retain Capital

Regulatory Risks and Tax Changes

Carlyle (CG) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

1. Continued Expansion of the Global Credit Business: Carlyle's global credit segment has demonstrated robust momentum, characterized by significant increases in assets under management (AUM) and distributable earnings. The firm anticipates the durability of its credit business across various market cycles and is actively enhancing its origination capabilities in private credit, particularly in areas like structured and opportunistic credit strategies.
2. Strategic Growth in Global Wealth and Individual Investor Markets: Carlyle is focused on expanding its reach into the individual investor market through "evergreen wealth" investment vehicles and new product launches. This strategy aims to attract continuous inflows from individual and mass affluent investors, thereby diversifying its client base and substantially increasing its AUM.
3. Strong Fundraising Momentum and Performance in Investment Solutions (Carlyle AlpInvest and Secondaries): The Investment Solutions segment, particularly Carlyle AlpInvest and secondaries platforms, is a significant growth driver. These units have consistently shown strong performance, contributing to substantial increases in fee revenues and AUM. Carlyle has set a target for over $200 billion in inflows over a three-year period, underscoring its robust fundraising capabilities.
4. Accelerated Private Equity Deal Activity and Realizations: While private equity exits have experienced some fluctuations, Carlyle anticipates a notable increase in private equity realizations and overall deal activity in the coming quarters. This expectation is supported by a strong backlog of announced transactions, improving private equity fund performance, and a substantial accrued carry balance.
5. Growth in Fee-Related Earnings (FRE) and Margin Expansion: Carlyle is strategically focused on increasing its Fee-Related Earnings (FRE), with a target of over $1.9 billion by the end of 2028. This growth is expected to be driven by rising management fees from an expanding AUM base, disciplined cost management, the scalability of its infrastructure, and a strategic shift towards more consistent and compounding revenue streams. Analysts predict a significant compound annual growth rate in management fees from 2025 to 2027.

Share Repurchases

• Carlyle's Board of Directors approved a new $2 billion share repurchase authorization in February 2026.
• This program allows the firm to buy back common stock over time as part of its disciplined capital allocation framework.

Share Issuance

• Carlyle Group's shares outstanding were 0.368 billion in 2024, reflecting a 1.83% increase from 2023.
• For the quarter ending September 30, 2025, shares outstanding were 0.376 billion, a 3.21% increase year-over-year.

Inbound Investments

• Carlyle raised $9 billion of new capital in Q3 2024, contributing to $43 billion raised over the preceding 12 months.
• In 2025, the firm achieved $54 billion in inflows, outperforming its $40 billion target by $14 billion.
• Carlyle's AlpInvest unit raised $20 billion for its global secondary strategies, with AlpInvest Secondaries Fund VIII reaching its $15 billion hard cap upon closing in September 2025.

Outbound Investments

• In August 2024, Carlyle agreed to acquire Vantive, Baxter International's kidney-care spinoff, for $3.8 billion.
• In early 2025, Carlyle, in partnership with SK Capital Partners, agreed to acquire Bluebird Bio, a gene-therapy company, for up to $96 million.
• In February 2026, Carlyle acquired Nido Home Finance, a Mumbai-based commercial bank.

Capital Expenditures

• Carlyle Group reported capital expenditures of $28 million in 2023, $31 million in 2024, and $61 million in 2025.