Carlyle Profit Drops As Firm Plans 11 New Funds

May 16 2012 | 12:22pm ET

The Carlyle Group's first quarterly report as a public company was a forgettable one, indeed.

The private equity giant said its first quarter economic earnings fell 26.5%. Carlyle blamed both lower performance fees and investment income, as well as a particularly strong first quarter in 2011, for the big drop from $533 million to $392 million.

"Our results for the quarter are consistent with our plans for the year and demonstrate the breadth, balance and depth of our firm," co-CEO David Rubenstein said. "They also show our ability to attract capital commitments, pursue investments and realize distributions on a global basis."

Revenue fell 16% to $1.11 billion as performance fees dropped 27% and total investment income fell 48%. Management fee income rose 2.8%.

Carlyle added that it plans to raise 11 new funds this year to capitalize on an increase in deal-making activity, what co-CEO William Conway called "a fantastic time to make investments."

Among the fundraisings planned is $10 billion for its flagship North America fund and its fourth Asian fund.


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Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

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