Monday, 26 January 2015
Last updated 2 days ago
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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…