Carlyle has reported a fall in its revenue from $973.1m (£714m) in the first quarter of 2025 to $254m, a fall of roughly 74 per cent. However, global credit AUM was up five per cent year-on-year, with inflows driven by its asset-backed finance, insurance solutions, and Europe liquid credit strategies.
In its Q1 results for 2026, the business said total assets under management (AUM) were up five per cent to $475bn, but this was flat compared to the previous quarter as a five per cent increase in Carlyle Alphinvest AUM was offset by a one per cent decrease in global credit AUM, while global private equity AUM fell by three per cent.
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Global credit deployment was $4.8bn in Q1 2026 and $29.4bn for the last 12 months. Q1 2026 activity was driven by the firm’s cross-platform credit, direct lending, and asset-backed finance strategies. Realised proceeds in traditional carry funds totaled $1.7bn in Q1 2026 and $5.6bn for the past year.
Fee-earning AUM jumped six per cent to $333bn, but fee-related earnings fell three per cent from $310.6m in 2025 to $300m in the first quarter of this year.
“Our first quarter results reflect continued momentum executing against our strategic plan,” said chief executive officer Harvey Schwartz. “We remain disciplined and focused, and our conviction in Carlyle’s long-term earnings trajectory has never been stronger.”
