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- **Record Growth**: Year-to-date FRE up 16% to $946 million, AUM at $474 billion (+7% YoY), and organic inflows of $60 billion over 12 months.
- **Strategic Wins**: $7.7 billion BASF carve-out, Orion Breweries IPO, and $20 billion Carlyle AlpInvest secondaries fund closure.
- **Credit Dominance**: Global Credit AUM at $208 billion (+33% CAGR), with 45% of firm-wide AUM and 1/3 of total FRE.
- **Wealth Expansion**: Global Wealth inflows up 10x since 2023, $3 billion in Q3, and $6 billion over the past year.
- **Capital Allocation**: $800 million debt issuance to extend duration, $200 million share buybacks, and disciplined growth investments.

**【CEO Summary Section】**
- **Strong Q3 Results**: Generated $312 million in Fee-Related Earnings (FRE), bringing year-to-date FRE to $946 million (+16%). Total Assets Under Management (AUM) reached $474 billion, up 7% year-over-year. Organic inflows of $17 billion in Q3 and $60 billion over the past 12 months.
- **Strategic Growth Momentum**: Exceeding updated full-year targets with FRE growth of ~10% and inflows of $50 billion. Global private equity returned $19 billion to investors, 150% of the industry average.
- **Key Highlights**: Successful IPO of Orion Breweries in Japan, sale of Calastone and HSO in Europe, and a $7.7 billion carve-out of BASF's coatings business. Global Wealth inflows grew 10x since 2023, with $3 billion in Q3 alone. Partnership with Oracle Red Bull Racing to expand private markets access.

**【CFO Financial Commentary】**
- **Q3 Financial Performance**: Distributable earnings of $368 million ($0.96 per share), up 10% year-to-date. FRE margins at 48%, exceeding last year's record of 46%. Global Credit AUM grew 33% CAGR over 5 years, contributing nearly 1/3 of total FRE.
- **Business Growth Drivers**: Carlyle AlpInvest raised $6.3 billion in Q3, bringing year-to-date total to $15 billion. Global Credit inflows of $10 billion in Q3 and $31 billion over 12 months. Insurance platform AUM of $87 billion, with a $4 billion reinsurance deal with Unum and $500 million funding agreement-backed note issuance.
- **Balance Sheet Strength**: Issued $800 million in 10-year notes at 5%, extending debt duration. Repurchased $200 million in shares, maintaining disciplined capital allocation.

**【Q&A Highlights】**
- **Inflows Outlook**: Confident in exceeding $50 billion annual inflow target, driven by credit and solutions businesses. Global Wealth inflows up 90% year-over-year, with $6 billion raised in the past year.
- **2026 Growth Priorities**: Focus on capital markets, insurance solutions, and private equity deployment. Medline IPO and $4 billion pipeline of announced transactions expected to boost realizations.
- **Realization Pipeline**: $5 billion of signed transactions, including Medline IPO, with most expected to close in Q4. Global private equity returning 150% of industry average in capital.
- **Capital Management**: $200 million in share repurchases in Q3, with plans to continue disciplined allocation between growth investments and shareholder returns.
- **Credit Market Resilience**: Strong credit quality across portfolio, with realized losses at 10 basis points per year over the past decade. CLO performance outperforms industry, with fault rates below average.

The Carlyle Group Inc. (CG) Q3 2025 Earnings Call Transcript

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CG

CG fundamentals

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