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Investments (Tables)

9 Months Ended

Sep. 30, 2023

Investments [Abstract]

Schedule of Investments

Investments consist of the following: 

			As of
			September 30, 2023						December 31, 2022
			(Dollars in millions)
Accrued performance allocations			$	6,209.2					$	7,117.7
Principal equity method investments, excluding performance allocations			3,008.3						2,922.0
Principal investments in CLOs			524.7						526.1
Other investments			232.5						202.1
Total			$	9,974.7					$	10,767.9

Schedule of Components of Accrued Performance Fees

The components of accrued performance allocations are as follows:

			As of
			September 30, 2023						December 31, 2022
			(Dollars in millions)
Global Private Equity			$	4,510.4					$	5,577.1
Global Credit			281.4						193.9
Global Investment Solutions			1,417.4						1,346.7
Total			$	6,209.2					$	7,117.7

Schedule of Components of Accrued Giveback Obligations

The components of the accrued giveback obligations are as follows:

			As of
			September 30, 2023						December 31, 2022
			(Dollars in millions)
Global Private Equity			$	(18.4)					$	(18.4)
Global Credit			(25.6)						(22.5)
Total			$	(44.0)					$	(40.9)

Schedule of Equity Method Investments

Principal investments are related to the following segments:

			As of
			September 30, 2023						December 31, 2022
			(Dollars in millions)
Global Private Equity(1)			$	1,806.2					$	1,853.5
Global Credit(2)			975.8						974.2
Global Investment Solutions			226.3						94.3
Total			$	3,008.3					$	2,922.0

(1) The balance includes $954.6 million and $1,015.7 million as of September 30, 2023 and December 31, 2022, respectively, related to the Company’s equity method investments in NGP.

(2) As of September 30, 2023 and December 31, 2022, the balance includes $595.4 million and $646.0 million, respectively, related to the Company’s investment in Fortitude.

The Company’s investments in NGP as of September 30, 2023 and December 31, 2022 are as follows:

			As of
			September 30, 2023						December 31, 2022
			(Dollars in millions)
Investment in NGP Management			$	372.9					$	369.7
Investments in NGP general partners - accrued performance allocations			516.3						564.5
Principal investments in NGP funds			65.4						81.5
Total investments in NGP			$	954.6					$	1,015.7

Carlyle’s income (loss) from its principal equity method investments consists of:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
			(Dollars in millions)
Global Private Equity			$	77.2					$	124.7					$	157.8					$	698.8
Global Credit			15.0						26.8						(79.4)						(134.6)
Global Investment Solutions			0.4						(0.6)						8.6						6.6
Total			$	92.6					$	150.9					$	87.0					$	570.8

Schedule of Net Investment Income (Loss)

The net investment income (loss) recognized in the Company’s unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022 were as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
			(Dollars in millions)
Management fee related revenues from NGP Management			$	20.5					$	18.1					$	58.4					$	52.7
Expenses related to the investment in NGP Management			(3.5)						(3.5)						(11.0)						(8.9)
Amortization of basis differences from the investment in NGP Management			—						(0.4)						—						(1.1)
Net investment income from NGP Management			$	17.0					$	14.2					$	47.4					$	42.7

Schedule of Components of Investment Income (Loss)

The components of investment income (loss) are as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
			(Dollars in millions)
Performance allocations
Realized			$	49.1					$	770.5					$	614.8					$	1,579.0
Unrealized			(167.4)						(472.4)						(819.1)						(232.8)
			(118.3)						298.1						(204.3)						1,346.2
Principal investment income (loss) from equity method investments (excluding performance allocations)
Realized			177.8						70.6						181.9						34.3
Unrealized			(85.2)						80.3						(94.9)						536.5
			92.6						150.9						87.0						570.8
Principal investment income (loss) from investments in CLOs and other investments
Realized			0.5						6.2						0.4						9.4
Unrealized(1)			7.5						(32.9)						17.7						(79.7)
			8.0						(26.7)						18.1						(70.3)
Total			$	(17.7)					$	422.3					$	(99.2)					$	1,846.7

(1) The nine months ended September 30, 2023 includes investment loss of $13.3 million associated with the remeasurement of a corporate investment resulting from observable price changes pursuant to ASC 321, Investments - Equity Securities.

Schedule of Performance Allocations Included in Revenues

The performance allocations included in revenues are derived from the following segments: 

			Three Months Ended September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
			(Dollars in millions)
Global Private Equity			$	(188.2)					$	237.2					$	(519.6)					$	1,106.4
Global Credit			45.3						27.2						116.4						(3.6)
Global Investment Solutions			24.6						33.7						198.9						243.4
Total			$	(118.3)					$	298.1					$	(204.3)					$	1,346.2

The following table summarizes the funds that are the primary drivers of performance allocations for the periods presented, as well as the total revenue recognized, including performance allocations as well as fund management fees and principal investment income:

Three Months Ended September 30, 2023

Nine Months Ended September 30, 2023

(Dollars in millions)

(Dollars in millions)

Global Private Equity

Carlyle Partners VI, L.P.

$

(148.5)

Global Private Equity

Carlyle Partners VII, L.P

$

(374.9)

Global Private Equity

Carlyle Partners VII, L.P

(112.0)

Global Private Equity

Carlyle Partners VI, L.P.

(202.0)

Global Private Equity

Carlyle Asia Partners V, L.P.

60.4

Global Private Equity

Carlyle Asia Partners V, L.P.

(41.2)

Global Credit

Carlyle Credit Opportunities Fund II, L.P.

96.5

Three Months Ended September 30, 2022

Nine Months Ended September 30, 2022

(Dollars in millions)

(Dollars in millions)

Global Private Equity

Carlyle Europe Partners V, L.P.

$

79.6

Global Private Equity

Carlyle Realty Partners VIII, L.P.

$

259.1

Global Private Equity

Carlyle Power Partners II, L.P.

63.1

Global Private Equity

Carlyle Power Partners II, L.P.

198.1

Global Private Equity

Carlyle Partners VII, L.P.

(16.7)

Global Private Equity

Carlyle Asia Partners V, L.P.

11.1

Global Private Equity

Carlyle Asia Partners V, L.P

(29.3)

Global Private Equity

Carlyle Partners VI, L.P.

(340.4)

Schedule of Components of Interest and Other Income of Consolidated Funds

The components of interest and other income of Consolidated Funds are as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
			(Dollars in millions)
Interest income from investments			$	135.2					$	72.5					$	367.1					$	188.2
Other income			17.5						7.2						44.6						16.4
Total			$	152.7					$	79.7					$	411.7					$	204.6

Schedule of Components of Net Investment Income (losses) of Consolidated Funds

The components of net investment income (loss) of Consolidated Funds are as follows: 

			Three Months Ended September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
			(Dollars in millions)
Gains (losses) from investments of Consolidated Funds			$	121.6					$	(71.2)					$	262.7					$	(319.3)
Gains (losses) from liabilities of CLOs			(130.9)						40.9						(252.8)						268.3
Total			$	(9.3)					$	(30.3)					$	9.9					$	(51.0)

Schedule of Realized and unrealized Gains (Losses) Earned from Investments of Consolidated Funds

The following table presents realized and unrealized gains (losses) earned from investments of the Consolidated Funds:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
			(Dollars in millions)
Realized gains (losses)			$	(24.1)					$	(9.3)					$	(63.0)					$	(13.1)
Net change in unrealized gains (losses)			145.7						(61.9)						325.7						(306.2)
Total			$	121.6					$	(71.2)					$	262.7					$	(319.3)

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