Carlyle Profit Falls Sharply

Nov 6 2013 | 12:55pm ET

The Carlyle Group's third-quarter profit dropped 21% on lower performance fees and fewer investment exits.

The Washington, D.C.-based private-equity giant said its economic net income fell to $160.2 million from $203.6 million last year. Under generally-accepted accounting principles, the decline was even steeper: 88%, to just $2.3 million. Distributable earnings fell by almost half to $105 million; Carlyle will pay a 16-cent dividend for the quarter.

Carlyle said its private-equity funds returned 5% in the third quarter. Overall, all of its performance-fee-earning assets rose 4% on the quarter and are up 13% on the year.

Assets under management at the firm inched up to $185 billion from $180.4 billion.


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