Carlyle Group L.P
Blackstone Is Attracting New Capital
The launch of innovative ideas at the right time can help Blackstone attract a good amount of new capital through its dedicated network.
Carlyle’s Realizations and Distributions Expected to Improve in 3Q
Carlyle Group (CG) is expected to see its distributable income rise in the current quarter on monetizations through the IPO process, private sales, and placements.
Blackstone, Carlyle, and KKR Saw Real Estate Growth in 3Q16
The real estate space has seen a relatively strong performance when compared to other asset classes.
Why Blackstone’s Q2 Performance Beat Estimates
The Blackstone Group (BX) reported its second quarter earnings on July 21. The company beat Wall Street analysts’ economic net income estimates of $0.39.
Why Carlyle’s 4Q16 Performance Nosedived
Carlyle Group posted economic net income of $0.02 in 4Q16 on February 8, which was lower than the analyst estimate of $0.41.
How Will Carlyle Group Perform in 3Q16?
Carlyle expects EPS of $0.44 in 3Q16. For the full year, analysts have revised earnings expectations up to $1.44 with an implied price-to-earnings of 10.8x.
Weaker Markets Continue to Affect Carlyle’s Realizations
Carlyle Group (CG) reported distributable earnings of $129 million in fiscal 1Q16, 13% lower than in 1Q15.
KKR Saw Declining Valuations in 3Q15
Returns to shareholders KKR & Co. L.P. (KKR) reported an economic net loss of $286 million for the third quarter of 2015. The company’s earnings decreased on a decline in the value of its holdings due to a market rout in 3Q15. KKR’s distributable earnings declined to $349 million, or $0.35 per unit, in 3Q15. The […]
Why Alternative Asset Managers Rebounded in 2016
Alternative asset managers such as Blackstone Group (BX), KKR (KKR), and Carlyle Group (CG) have rebounded sharply over the past three months.
Blackstone’s Performance Stands Out among Managers in 4Q16
The Blackstone Group (BX), the world’s largest alternative asset manager, posted an economic net income (or ENI) of $0.68 in 4Q16, higher than analysts’ estimate of $0.64.
Blackstone and KKR Raise Funds amid Volatility and Prospects
Equities and broader markets rebounded in 2H16. The global economic outlook has now become relatively more stable for 2017.
Unchanged Interest Rate Impacts US Equities Valuations
Valuations rose 0.03% in the week ended September 18, 2015. They were revised mainly due to higher retail sales, more building permits, lower unemployment rate, and unchanged interest rates.
Blackstone to Acquire Minor Stake in Rockpoint
On March 13, 2018, the Blackstone Group (BX) announced that it is acquiring a minority equity stake in Rockpoint, a private equity giant.
Blackstone’s Real Estate Growth in Europe and Asia in 2017
The Blackstone Group (BX) garnered realizations of $3.5 billion in 4Q16, reflecting a year-over-year rise in improved valuations.
Why Alternatives Aren’t Expected to Have Premium Returns
Alternatives expect weak performance in the second quarter of 2016 on weak performance of various asset classes.
KKR Realized Performance, Investment Income Declined in 1Q16
In 1Q16, KKR & Co. (KKR) saw its distributable earnings decline on lower bookings. The company made realized performance income of $99 million compared to $308 million in 1Q15.
Carlyle’s Portfolio Appreciated on These
Carlyle managed 5% appreciation in portfolio valuation in 4Q16 and 12% in fiscal 2016, reflecting an improved YoY performance.
KKR Achieves Higher Realization on Improved Activity in 2Q16
In 2Q16, KKR & Co. (KKR) saw its distributable earnings surge on exit activity in the private equity space. The company made realized performance income of $310 million compared to $258 million in 2Q15.
Carlyle Group’s Private Equity Portfolio Has Risen in 1Q16
Carlyle’s total carry fund valuations rose by 2% in 4Q15, led by a recovery in the valuations of private equity funds.
KKR Expected to See Subdued Realized and Investment Performance
In 1Q16, KKR & Co. (KKR) saw its distributable earnings decline due to lower bookings. The company had a realized performance income of $99 million.
How Did KKR’s Distributions Look in 4Q16?
KKR & Company (KKR) has managed higher realizations over the past few quarters as reflected in its higher distributions to limited partners or investors.
Carlyle’s Portfolio Could Continue on a Subdued Trajectory in 2Q16
Carlyle’s performance is directly impacted by the global macroeconomic environment as well as financial conditions in and outside of the United States.
US Equities’ Valuations Decline on Global Data: Week Ending June 5
Currently, US equities (SPY) are trading at 17.7x on a one-year forward earnings basis. Valuations decreased by 0.78% in the week ending June 5, 2015.
Carlyle Group Reports Strong Operating Performance in 1Q15
Carlyle Group (CG) reported its 1Q15 earnings on April 29. The company managed to beat Wall Street analysts’ EPS estimates of $0.70—its EPS was $0.80.
How Prospect Capital Improved Its Yields in a Difficult Market
Prospect Capital has managed to generate above-market yields through disciplined credit selection and a diverse origination approach.
Why Carlyle Group Lost Premium in Its Valuations
Carlyle Group’s (CG) stock has fallen ~11% over the past six months on falling holdings valuations due to the global slowdown.
Oil Prices: Have They Impacted Blackstone’s Earnings?
Blackstone offloaded much of its exposure to oil prices in 2013 and 2014. Less than a quarter of the company’s energy exposure is impacted by oil prices.
Blackstone’s Plans for Real Estate Investments
Blackstone has one of the most innovative real estate funds in the world. Its funds have outperformed compared to other real estate investment companies.
Blackstone’s 2Q15 Earnings Miss Estimates
Blackstone reported its 2Q15 earnings on July 16. The company missed Wall Street analysts’ economic net income (or ENI) estimates of $0.44, with a posted ENI of $0.43.
Inside Carlyle’s Bottomed-Out Valuations in 1Q16
Carlyle’s stock has fallen by ~46% over the past year on the declining valuations of its holdings due to the global slowdown and struggling energy markets.
Blackstone’s Private Equity Division Delivers in the First Quarter
Private equity has been Blackstone’s core business, and it contributes almost half of its total profitability. The division recorded 139% growth.
The many players in alternative asset management
Some players are present across the spectrum of alternative assets, but most alternative asset managers are present only in a particular asset area.
The relative share of the alternative asset management space
Alternative assets account for about 10% of the total global asset management industry that’s valued at $63.9 trillion. Private equity contributes most.
Investing and Lending Segment to Boost Goldman Sachs’ Revenues
In the second quarter, Goldman Sachs’ assets under management increased by $15.0 billion to $1.5 trillion.
Could Investor Interest in Alternatives Change Analysts’ Ratings?
Apollo Group Management has “strong buy” ratings from the five of the 15 analysts covering the stock in July.
KKR Posts Q2 2018 Results: AUM Rises Sequentially
KKR & Co. (KKR) reported its second-quarter earnings on July 26. Its EPS was $0.49, which beat analysts’ expectation of $0.45.
Here’s What Led to Apollo Global Management’s Premium Valuation
Apollo Global Management’s (APO) PE ratio is 13.29x on an NTM (next-12-month) basis.
Apollo Global: How Investor Interest in Real Estate Could Help
In H2 2018, Apollo Global Management’s (APO) real estate business could see a negative impact due to expectations of interest rate hikes.
How Monetary Policy Could Impact Apollo’s Credit Segment
The credit segment of Apollo Global Management generated management fees of $183 million in the first quarter, which reflects a rise of 15.6% YoY.
Can Apollo Global Management’s Q2 2018 Impress Investors?
On August 2, Apollo Global Management (APO) is expected to report its second-quarter results. It’s expected to report EPS of $0.54.
Can the US-China Trade Battle Impact Blackstone’s Q2 2018?
On July 19, The Blackstone Group (BX) is expected to report its Q2 2018 earnings. Analysts expect EPS of $0.74, a YoY rise of 25.4%.
How Blackstone’s Valuations Compare to Peers
The Blackstone Group (BX) has a price-to-earnings ratio of 10.40x on an NTM (next-12-month) basis, while the peer average is 10.17x.
Here’s What Could Affect Blackstone’s Real Estate Segment
The real estate segment of Blackstone Group (BX) garnered total revenues of $641 million in the first quarter, a decline of 17% on a YoY (year-over-year) basis.
What Could Impact Blackstone’s Private Equity Business?
In the first quarter, Blackstone Group’s (BX) private equity division garnered total revenues of $681.1 million, a substantial rise on a YoY basis.
What’s Expected for Carlyle’s Global Credit Platform
In Q1 2018, The Carlyle Group’s (CG) global credit AUM (assets under management) rose 15% YoY (year-over-year) to $33.8 billion due to foreign exchange translation and fundraising offset by realizations.
What 2018 Could Hold for Carlyle’s Corporate Private Equity Unit
The Carlyle Group’s (CG) corporate private equity segment saw fundraising of $3.9 billion in the first quarter, compared with $0.2 billion in Q1 2017.
What to Expect from Apollo’s Private Equity Segment
Apollo Global Management’s (APO) Private Equity segment ended the first quarter with total AUM (assets under management) of $69 billion.
Can Banks Recover in Q2 2018 on Earnings Expectations?
Banks and the financial sector continue to underperform the broader markets, mainly due to subdued returns on financial holdings.
A Look at Apollo’s Private Equity Segment
On May 3, Apollo Global Management (APO) released its earnings report for 1Q18.
Carlyle Group’s 1Q18 Results Beat Expectations
The Carlyle Group (CG) reported its earnings for 1Q18 this morning. Here’s what you need to know!
What’s Expected of KKR’s Private Equity Segment in 1Q18?
KKR & Company’s (KKR) Private Markets segment generated net management, monitoring, and transaction fees of $724.6 million in 2017.
UnitedHealth Group Drops Out of the Bid to Acquire Envision
On March 14, 2018, it was reported that UnitedHealth Group is no longer interested in acquiring Envision Healthcare
Can Bank of America Generate Alpha for Investors in 2018?
Banks and asset managers (XLF) had a great run in 2017 due to a rise in broad markets, allowing them to generate a higher base and performance fees.
What Analysts Recommend for Carlyle
Of the 12 analysts covering Carlyle (CG) in February 2018, four are suggesting a “hold.”
Carlyle’s Real Asset Segment’s Fee-Related Earnings Rose Sharply
The Carlyle Group’s (CG) Real Asset segment’s carry funds witnessed an appreciation of 4% in 4Q17, which led to the generation of net performance fees amounting to $63 million.
How Carlyle’s Private Equity Segment Performed in 4Q17
Carlyle Group’s (CG) Corporate Private Equity segment generated net performance fees of $260 million in 4Q17.
Carlyle Group Reports Strong 4Q17 Results
Carlyle Group (CG) posted earnings per share (or EPS) of $1.01 in 4Q17, which was significantly above analysts’ estimates.
Which Alternative Asset Manager Has Higher Valuations?
Blackstone Group (BX) has a forward PE (price-to-earnings) ratio of ~10.6x—the highest among major peers in the alternative asset management industry.
Carlyle Group’s Corporate Private Equity Division
In 3Q17, the Carlyle Group’s (CG) Corporate Private Equity division saw a marginal decline in distributable earnings, from $209 million in 3Q16 to $207 million in 3Q17.
A Look at Blackstone’s Assets Under Management
Strong inflows In 3Q17, The Blackstone Group’s (BX) total AUM (assets under management) rose 7% YoY (year-over-year) to $387.4 billion due to strong inflows. Of the total AUM, private equity AUM and credit AUM amounted to $102.5 billion and $99.5 billion, respectively. The real estate and hedge fund solution divisions had AUM of $111.3 billion and $74.2 billion. […]
Could Services Revenues Rebound for Berkshire Hathaway in 2H17?
Berkshire Hathaway’s (BRK.B) services and retail divisions generate revenues from financial services, electronics, jet services, housing finance, media, and logistics.
Assets under Management of Alternative Asset Managers
On June 30, 2016, Carlyle Group (CG) reported total assets under management (or AUM) of $175.6 billion.
How Wall Street Analysts View Alternative Asset Managers
Six of 14 analysts currently covering Blackstone stock gave “strong buy” ratings. Six analysts gave “buy” ratings, and the remaining two analysts gave “hold” ratings.
What Led to the Expansion of Berkshire Services Segment in 2Q17?
Berkshire Hathaway’s (BRK.B) Services and Retail division managed to post growth of 8% and revenues to $6.55 billion in 2Q17 compared to $6.39 billion in the prior year.
KKR to Benefit from Acquisition of USI Insurance Services
In May 2017, KKR & Company (KKR) and CDPQ completed their acquisition of USI Insurance Services.
Blackstone: Analysts’ ‘Buy’ Ratings amid Rising Valuations
Wall Street analysts have given a price target of $36.73 for Blackstone (BX), a rise of 10.13% from the stock’s current price.
How JPM’s Asset Management Business Performed in 1Q17
JPMorgan Chase’s (JPM) asset management business has seen strong growth over the past few quarters on the back of rising valuations of equity and debt holdings.
Behind Carlyle’s Distributions and Repurchases
Carlyle’s board of directors has announced a 1Q17 distribution of $0.10 per common unit, payable on May 22—lower than its $0.16 per common unit in 4Q16.
What’s Happening Now with Carlyle’s Investment Solutions Segment?
Carlyle Group (CG) raised new capital of $3 billion in 1Q17, which included $1.4 billion from its Investment Solutions segment and $1 billion from Real Assets.
Inside Carlyle’s Expected Performance in Real Estate Assets
Real estate experts have an optimistic view of the industry, backed by a rising number of allocations in core and opportunistic funds by investors.
Understanding Carlyle’s Improved Performance despite Rate Hike Expectations
Carlyle Group has a number of credit strategies in place, and for its LPs (limited partnerships), the company is planning to invest in new credit strategies.
This Segment Is Driving Carlyle’s Numbers
For 1Q17, Carlyle Group reported higher economic net income in its Corporate Private Equity segment, from $32 million in 1Q16 to $313 million in 1Q17.
Carlyle Saw Impressive 1Q17 Results, but Can It Sustain?
After a subdued performance in 4Q16 and heavy losses in its Global Market Strategies segment, Carlyle Group (CG) reported improved numbers in 1Q17.
How Wall Street Analysts View KKR’s Performance in 2017
Analysts gave KKR an average target price of $21.42 from the current price, suggesting a rise of 14.3%.
KKR’s Valuation amid Rising Equity Valuations in 2017
KKR & Co. (KKR) has posted earnings per share (or EPS) of $1.76 over the last four quarters.
KKR’s Distribution Policy: A Reward for Unit Holders
KKR & Co. (KKR) paid a fixed dividend of $0.17 in May 2017 according to its policy announced in 2016.
How KKR Is Performing in Relation to Alternative Managers
KKR & Co. (KKR) has reported an increase in its economic net income (or ENI) to $668.5 million in 1Q17 compared to $383.2 million in 4Q16.
What Could Lead KKR’s Public Market Segment to Rise or Fall?
KKR has seen a decline in its base fees to $85.5 million in 1Q17 compared to $86.7 million in 4Q16.
KKR’s 2Q17 Performance on Deployments, Rise in Holdings
In 1Q17, KKR & Co. (KKR) deployed ~$5.4 billion in its Public Markets and Private Markets segments. KKR is expected to post EPS of $0.49 in 2Q17 and $2.15 in fiscal 2017, representing year-over-year growth of 113% and 216%, respectively.
Blackstone on the Street: Analyst Ratings after the 1Q17 Results
Analysts have given Blackstone a mean price target of $34.88, implying a 15.2% rise from its current level.
Inside Blackstone’s Hedge Fund Performance in 1Q17
In 1Q17, Blackstone saw an 80% rise YoY (year-over-year) in its total revenues, reaching $211.1 million, as compared to $117.4 million in 1Q16.
Understanding Blackstone’s Record Funds in Private Equity
Blackstone has been generating strong profits through its Private Equity division, as we’ve now seen reflected in its better-than-index performance in 1Q17.
Alternatives’ Deployments May Remain Stable on Fundamentals
In 2016, alternatives saw higher investments as well as exits on the back of improved liquidity, rising markets, higher valuations, and distressed pricing in corporate credit.
Alternative Asset Managers’ 2017 to Ride on Quality Deployments
Alternative asset managers saw improved operating performances in 2H16 on rising broader markets (SPY) (SPX) and a better global economic outlook.
Why KKR’s Valuations Could Rise in 2017
First Data (FDC) is one of KKR’s major holdings. The stock has risen 7.8% in 4Q16 as compared to a substantial decline in 1H16.
KKR Enhances Dividends and Repurchase Program on Growth
KKR & Company (KKR) is creating value for shareholders through share dividends and repurchases.
KKR’s Capital Markets Segment Was Subdued amid Lower Activity
KKR’s (KKR) Capital Markets and Principal Activities segment complements its activities in both private and public markets.
KKR Public Markets Could See Slower Growth in 2017 on Rate Hikes
Public markets have performed well over the past couple of quarters mainly due to a rebound in energy prices (USO), which has led to rising prices of distressed credit.
ARCC’s Net Investments Rose on Senior Secured Loans in 4Q16
By the end of December 2016, Ares Capital (ARCC) had a diversified portfolio of 218 companies totaling $8.8 billion at fair value.
Blackstone’s Hedge Funds Rebound on Commingled, Individual Strategies
Blackstone’s (BX) hedge funds generated 2.3% growth in its portfolio in 4Q16, as well as 6.7% growth over the past three quarters after its weak performance in 1Q16.
Blackstone’s Private Equity Performance in 2017
The Blackstone Group (BX) has raised $16.9 billion toward its private equity offerings in 2016.
How Ares Capital’s Net Investments Could Rise in 4Q16
Net investments to rise Ares Capital (ARCC) has seen subdued deployment over the past few quarters. The company’s investments have fallen since 1Q16, mainly due to higher exits. In 4Q16, Ares might see marginally higher net investments due to new programs and first- and second-lien lending. As of September 30, 2016, Ares Capital had a diversified […]
Prospect Sees Higher Yields, Net Exits in Fiscal 2Q17
Yields rise Prospect Capital’s (PSEC) portfolio generated an annualized yield of 13.2% across its interest-bearing investments in fiscal 2Q17. This yield represents a 0.4% fall from fiscal 1Q17 and a 0.1% from fiscal 2Q16. The yield excludes capital appreciation and dividend payouts from the company’s equity positions. The yield rose due to increased deployments and lower […]
How the Rate Hike Could Affect Alternative Funds’ Credit Markets
The credit market saw distressed pricing in 2H15 on lower bond pricing, mainly due to oil prices (USO) and interest rates.
Blackstone Leads in Real Estate Performance among Alternatives
Alternative asset managers (IYF) have seen portfolio appreciations in the range of 3%–5% over the past couple of quarters, mainly due to improving fundamentals.
Alternatives to See Improved Realizations and Deployments in 2017
In 2016, alternative asset managers saw higher exits and investments on the back of improved liquidity. The trend is expected to continue in 2017.
BX and CG Yields Are Highest among Alternative Asset Managers
Alternatives have usually paid 40%–60% of their earnings in dividends. Their earnings have fallen from peaks in the first half of 2015.
Blackstone and KKR Deployments Rise in 2016 on Valuations
Blackstone Group (BX), the world’s largest alternative manager, invested $2.9 billion during the September 2016 quarter.
KKR Valuations Fair amid Volatile Performance and Capital Raises
KKR & Company (KKR) expects to post EPS (earnings per share) of $0.41 in 3Q16, reflecting a subdued performance compared to its 3Q15 numbers.
KKR Maintains Dividends, Continues with Repurchases in 3Q
As of October 2016, KKR has bought back 31.5 million common units for $457 million of its announced $500 million share repurchase program in December 2015.