What caused CG's Q2 2024 EPS to miss expectations?

The Carlyle Group Inc. (CG) is expected to post earnings of $0.88 per share for Q2 2024, according to Zacks Research, which is below the consensus estimate of $0.92 per share. This indicates that the company's earnings may miss expectations. Here are some key factors that could have contributed to this outcome:

1. **Macroeconomic Challenges**: The global private equity industry, in which The Carlyle Group operates, faces a challenging fundraising environment. This can lead to slower growth in management fees and other revenue streams, as investors may be more cautious with their capital allocations.
2. **Slow Growth in Management Fees**: Despite a 35.6% year-over-year increase in revenue, management fees only grew by about 2% compared to the previous year. This suggests that while the company is experiencing robust growth in certain areas, such as asset management, the translation of this growth into fee-related earnings may be slower than expected.
3. **Declining Net Accrued Carry Balance**: The net accrued carry balance, which represents the unrealized gains or losses on committed capital, decreased relative to the previous quarter. This could indicate a lower level of appreciation in carry funds, which may impact the company's overall earnings.

In summary, The Carlyle Group's Q2 2024 EPS is likely to miss expectations due to macroeconomic challenges, slow growth in management fees, and a declining net accrued carry balance. These factors combined may lead to a slightly lower earnings outcome than anticipated.