The Carlyle Group said its second-quarter earnings doubled as it partook in the private-equity industry’s selling spree.
The Washington, D.C.-based firm said its distributable earnings for the quarter were $324 million, up from $163 million in the year-earlier period, buoyed by investment exits. The firm said that its European fund began contributing to its fee income for the first time during the quarter.
All told, Carlyle’s p.e. funds gained 5% on the quarter.
Carlyle co-CEO William Conway said the firm expected its European investments to continue to pay off. “Europe and Japan are both priced at about 20% lower than the United States. That is too big a discount.”
Carlyle’s assets under management rose to $202.7 billion from $198.9 billion at the end of the first quarter.