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Investments (Tables) | 12 Months Ended
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Dec. 31, 2023
Investments [Abstract] |
Schedule of investments | Investments consist of the following:
| As of December 31,
| 2023 |  | 2022
| (Dollars in millions)
Accrued performance allocations | $6,169.9 |  | $7,117.7
Principal equity method investments, excluding performance allocations | 3,024.1 |  | 2,922.0
Principal investments in CLOs | 532.6 |  | 526.1
Other investments | 228.7 |  | 202.1
Total | $9,955.3 |  | $10,767.9
Components of accrued performance fees | The components of accrued performance allocations are as follows:
| As of December 31,
| 2023 |  | 2022
| (Dollars in millions)
Global Private Equity | $4,310.7 |  | $5,577.1
Global Credit | 323.4 |  | 193.9
Global Investment Solutions | 1,535.8 |  | 1,346.7
Total | $6,169.9 |  | $7,117.7
Components of accrued giveback obligations | The components of the accrued giveback obligations are as follows:
| As of December 31,
| 2023 |  | 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 | The Company’s principal equity method investments (excluding performance allocations) include its fund investments in Global Private Equity, Global Credit, and Global Investment Solutions typically as general partner interests, and its investments in Fortitude through a Carlyle-affiliated fund (included within Global Credit) and NGP (included within Global Private Equity), which are not consolidated. Principal investments are related to the following segments:
| As of December 31,
| 2023 |  | 2022
| (Dollars in millions)
Global Private Equity(1) | $1,798.3 |  | $1,853.5
Global Credit(2) | 987.4 |  | 974.2
Global Investment Solutions | 238.4 |  | 94.3
Total | $3,024.1 |  | $2,922.0
(1) The balance includes $916.2 million and $1,015.7 million as of December 31, 2023 and 2022, respectively, related to the Company’s equity method investments in NGP. (2) As of December 31, 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 December 31, 2023 and 2022 are as follows:
| As of December 31,
| 2023 |  | 2022
| (Dollars in millions)
Investment in NGP Management | $370.5 |  | $369.7
Investments in NGP general partners - accrued performance allocations | 484.4 |  | 564.5
Principal investments in NGP funds | 61.3 |  | 81.5
Total investments in NGP | $916.2 |  | $1,015.7
Schedule of equity method investment summarized income statement | The summarized financial information of the Company’s equity method investees from the date of initial investment is as follows (Dollars in millions):
| Global Private Equity |  | Global Credit |  | Global Investment Solutions |  | Aggregate Totals
| For the Year Ended December 31, |  | For the Year Ended December 31, |  | For the Year Ended December 31, |  | For the Year Ended December 31,
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Statement of operations information |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment income | $2,652.7 |  | $3,129.1 |  | $1,736.4 |  | $3,497.5 |  | $1,803.9 |  | $2,000.5 |  | $74.8 |  | $115.2 |  | $107.2 |  | $6,225.0 |  | $5,048.2 |  | $3,844.1
Expenses | 2,320.4 |  | 2,151.6 |  | 1,511.4 |  | 1,019.5 |  | 591.8 |  | 448.5 |  | 1,238.5 |  | 1,139.2 |  | 1,524.2 |  | 4,578.4 |  | 3,882.6 |  | 3,484.1
Net investment income (loss) | 332.3 |  | 977.5 |  | 225.0 |  | 2,478.0 |  | 1,212.1 |  | 1,552.0 |  | (1,163.7) |  | (1,024.0) |  | (1,417.0) |  | 1,646.6 |  | 1,165.6 |  | 360.0
Net realized and unrealized gain (loss) | 2,980.0 |  | 10,643.7 |  | 26,875.3 |  | 224.7 |  | (1.9) |  | 918.1 |  | 4,159.4 |  | 2,876.1 |  | 10,593.0 |  | 7,364.1 |  | 13,517.9 |  | 38,386.4
Net income (loss) | $3,312.2 |  | $11,621.2 |  | $27,100.3 |  | $2,702.7 |  | $1,210.2 |  | $2,470.1 |  | $2,995.7 |  | $1,852.1 |  | $9,176.0 |  | $9,010.7 |  | $14,683.5 |  | $38,746.4
Schedule of equity method investment summarized balance sheet Information |
| Global Private Equity |  | Global Credit |  | Global Investment Solutions |  | Aggregate Totals
| As of December 31, |  | As of December 31, |  | As of December 31, |  | As of December 31,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Balance sheet information |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments | $102,536.5 |  | $115,130.1 |  | $26,814.0 |  | $24,555.6 |  | $40,170.7 |  | $32,326.2 |  | $169,521.2 |  | $172,011.9
Total assets | $106,116.6 |  | $118,731.6 |  | $32,803.3 |  | $25,476.7 |  | $40,156.2 |  | $32,294.5 |  | $179,076.1 |  | $176,502.8
Debt | $8,355.4 |  | $15,924.8 |  | $6,601.0 |  | $5,150.3 |  | $2,305.2 |  | $2,261.2 |  | $17,261.6 |  | $23,336.3
Other liabilities | $1,329.3 |  | $1,338.3 |  | $777.7 |  | $418.0 |  | $2,149.7 |  | $825.6 |  | $4,256.7 |  | $2,581.9
Total liabilities | $9,684.7 |  | $17,263.1 |  | $7,378.7 |  | $5,568.3 |  | $4,454.9 |  | $3,086.8 |  | $21,518.3 |  | $25,918.2
Partners’ capital | $96,431.9 |  | $101,468.5 |  | $25,424.6 |  | $19,908.4 |  | $35,701.3 |  | $29,207.7 |  | $157,557.8 |  | $150,584.6
Schedule of net investment income (loss) | The net investment income (loss) recognized in the Company’s consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021 were as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (Dollars in millions)
Management fee related revenues from NGP Management | $78.6 |  | $71.0 |  | $72.9
Expenses related to the investment in NGP Management | (13.8) |  | (11.5) |  | (10.8)
Amortization of basis differences from the investment in NGP Management | — |  | (1.4) |  | (2.9)
Net investment income from NGP Management | $64.8 |  | $58.1 |  | $59.2
Components of investment income (loss) | The components of investment income (loss) are as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (Dollars in millions)
Performance allocations |  |  |  |  |
Realized | $867.0 |  | $2,048.8 |  | $2,956.7
Unrealized | (955.6) |  | (721.3) |  | 3,127.9
| (88.6) |  | 1,327.5 |  | 6,084.6
Principal investment income (loss) from equity method investments (excluding performance allocations) |  |  |  |  |
Realized | 231.7 |  | 73.1 |  | 266.2
Unrealized | (115.1) |  | 546.4 |  | 290.8
| 116.6 |  | 619.5 |  | 557.0
Principal investment income (loss) from investments in CLOs and other investments |  |  |  |  |
Realized | (1.1) |  | 5.0 |  | 1.9
Unrealized(1) | 17.9 |  | (54.0) |  | 78.4
| 16.8 |  | (49.0) |  | 80.3
Total | $44.8 |  | $1,898.0 |  | $6,721.9
(1) The years ended December 31, 2023 and December 31, 2021 include an investment loss of $13.3 million and investment income of $49.8 million, respectively, associated with the remeasurement of a corporate investment, resulting from observable price changes pursuant to ASC 321, Investments - Equity Securities.
Performance allocations included in revenues | The performance allocations included in revenues are derived from the following segments:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (Dollars in millions)
Global Private Equity | $(551.5) |  | $1,098.3 |  | $5,223.2
Global Credit | 163.7 |  | 24.0 |  | 156.6
Global Investment Solutions | 299.2 |  | 205.2 |  | 704.8
Total | $(88.6) |  | $1,327.5 |  | $6,084.6
The following tables summarize the funds that are the primary drivers of performance allocations for the years ended December 31, 2023, 2022, and 2021, as well as the total revenue recognized, including performance allocations as well as fund management fees and principal investment income:
Year Ended December 31, 2023
(Dollars in millions)
Global Private Equity | CP VI | $(238.0)
Global Private Equity | CP VII | (391.8)
Year Ended December 31, 2022
(Dollars in millions)
Global Private Equity | CP VI | $(436.9)
Year Ended December 31, 2021
(Dollars in millions)
Global Private Equity | CP VI | $1,453.1
Global Private Equity | CP VII | 988.4
Schedule of income (loss) from principal investments | Carlyle’s income (loss) from its principal equity method investments consists of:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (Dollars in millions)
Global Private Equity | $157.6 |  | $744.8 |  | $346.7
Global Credit | (60.0) |  | (134.8) |  | 183.4
Global Investment Solutions | 19.0 |  | 9.5 |  | 26.9
Total | $116.6 |  | $619.5 |  | $557.0
Investments held by consolidated funds | The following table presents a summary of the investments held by the Consolidated Funds. Investments held by the Consolidated Funds do not represent the investments of all Carlyle sponsored funds.
| Fair Value |  | Percentage of Investments of Consolidated Funds
Geographic Region/Instrument Type/ Industry | December 31, |  | December 31,
Description or Investment Strategy | 2023 |  | 2022 |  | 2023 |  | 2022
| (Dollars in millions) |  |  |  |
United States |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |
Infrastructure | $366.5 |  | 413.4 |  | 5.05% |  | 6.00%
Other | 7.8 |  | 13.9 |  | 0.11% |  | 0.20%
Total equity securities (cost of $397.3 and $436.0 at December 31, 2023 and 2022, respectively) | 374.3 |  | 427.3 |  | 5.16% |  | 6.20%
Partnership and LLC interests: |  |  |  |  |  |  |
Fund Investments | $490.9 |  | $515.9 |  | 6.77% |  | 7.48%
Total Partnership and LLC interests (cost of $389.2 and $504.2 at December 31, 2023 and 2022, respectively) | 490.9 |  | 515.9 |  | 6.77% |  | 7.48%
Loans: |  |  |  |  |  |  |
Aerospace & Defense | $10.1 |  | $10.9 |  | 0.14% |  | 0.16%
Collateralized Debt Obligation | 13.0 |  | 11.6 |  | 0.18% |  | 0.17%
Environmental Industries | 0.9 |  | 0.9 |  | 0.01% |  | 0.01%
Education | 14.7 |  | — |  | 0.20% |  | —%
Total loans (cost of $36.3 and $26.4 at December 31, 2023 and 2022, respectively) | 38.7 |  | 23.4 |  | 0.53% |  | 0.34%
Assets of the CLOs: |  |  |  |  |  |  |
Bonds | $80.5 |  | $57.5 |  | 1.11% |  | 0.83%
Equity | 2.0 |  | 1.3 |  | 0.03% |  | 0.02%
Loans | 3,100.0 |  | 2,717.9 |  | 42.74% |  | 39.42%
Total assets of the CLOs (cost of $3,256.0 and $2,974.2 at December 31, 2023 and 2022, respectively) | 3,182.5 |  | 2,776.7 |  | 43.88% |  | 40.27%
Total United States | $4,086.4 |  | $3,743.3 |  | 56.34% |  | 54.29%
Europe |  |  |  |  |  |  |
Assets of the CLOs: |  |  |  |  |  |  |
Bonds | $437.9 |  | $533.5 |  | 6.04% |  | 7.74%
Equity | 1.3 |  | 2.1 |  | 0.02% |  | 0.03%
Loans | 2,652.6 |  | 2,527.2 |  | 36.57% |  | 36.66%
Total assets of the CLOs (cost of $3,231.8 and $3,334.0 at December 31, 2023 and 2022, respectively) | 3,091.8 |  | 3,062.8 |  | 42.63% |  | 44.43%
Total Europe | $3,091.8 |  | $3,062.8 |  | 42.63% |  | 44.43%
Global |  |  |  |  |  |  |
Assets of the CLOs: |  |  |  |  |  |  |
Bonds | $4.1 |  | $3.9 |  | 0.06% |  | 0.06%
Loans | 70.8 |  | 84.4 |  | 0.97% |  | 1.22%
Total assets of the CLOs (cost of $77.3 and $96.7 at December 31, 2023 and 2022, respectively) | 74.9 |  | 88.3 |  | 1.03% |  | 1.28%
Total Global | $74.9 |  | $88.3 |  | 1.03% |  | 1.28%
Total investments of Consolidated Funds (cost of $7,387.9 and $7,371.5 at December 31, 2023 and 2022, respectively) | $7,253.1 |  | $6,894.4 |  | 100.00% |  | 100.00%
Components of interest and other income of consolidated funds | The components of interest and other income of Consolidated Funds are as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (Dollars in millions)
Interest income from investments | $512.4 |  | $282.3 |  | $231.3
Other income | 57.7 |  | 28.7 |  | 21.9
Total | $570.1 |  | $311.0 |  | $253.2
Components of net investment income (loss) of consolidated funds | The components of net investment income (loss) of Consolidated Funds are as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (Dollars in millions)
Gains (losses) from investments of Consolidated Funds | $246.9 |  | $(408.1) |  | $76.6
Gains (losses) from liabilities of CLOs | (240.0) |  | 366.6 |  | (74.1)
Total | $6.9 |  | $(41.5) |  | $2.5
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:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (Dollars in millions)
Realized gains (losses) | $(80.8) |  | $(29.6) |  | $9.6
Net change in unrealized gains (losses) | 327.7 |  | (378.5) |  | 67.0
Total | $246.9 |  | $(408.1) |  | $76.6

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