Monday, 1 June 2015
Last updated 8 hours ago
Nov 6 2013 | 11:55am 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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…