Carlyle’s global credit segment
In 1Q18, Carlyle’s (CG) global credit segment’s carry funds rose 2%, and it generated economic income of $8 million. The segment’s fund management fees rose 22% YoY (year-over-year) to $59 million, supported by its fee-generating AUM (assets under management).
The segment’s performance largely depends on interest rates, with higher rates impacting its holdings. In 1Q18, the segment’s fundraising rose YoY to $0.8 billion from $0.4 billion.
Assets under management
In 1Q18, the segment’s total AUM rose 15% YoY to $33.8 billion, primarily due to foreign exchange and fundraising and partially offset by realizations. The segment’s realizations rose YoY to $0.2 billion from $0.1 billion.
In 1Q18, the global credit segment’s distributable earnings rose YoY to $10 million from $8 million, and its economic income stood at $8 million. Competitors (XLF) Blackstone (BX), Apollo Global Management (APO), and KKR (KKR) had total credit AUM of $140 billion, $165 billion, and $74.1 billion, respectively, in 1Q18.