Sunday, 3 May 2015
Last updated 1 day ago
Feb 19 2014 | 1:50pm ET
The Carlyle Group said today that its fourth-quarter profit soared, almost sixfold by one measure, on impressive returns.
The private-equity giant said its profit for the last three months of the year was $71 million, up from $12 million in the year-earlier period. Economic net income was also up sharply, to $576 million from $182 million, giving Carlyle full-year economic net income of $1.32 billion, a 79% increase from 2012.
Distributable earnings more than doubled, to $401 million, accounting for nearly half of Carlyle's full-year earnings of $840 million, also 22% higher than in the previous year.
Carlyle's funds generated returns of 6% on the quarter and 20% on the year, with its private-equity funds doing especially well: 9% in the fourth quarter and 30% in 2013. Assets under management rose 11% to $188.8 billion.
Carlyle earned $6.3 billion in deal proceeds in the fourth quarter, bringing its 2013 total to $17.4 billion, down slightly from $18.8 billion the prior year.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…