Carlyle Group on Tuesday reported fee-earning assets under management of $117 billion as of March 31, up 5% from three months earlier and 8.8% higher than a year earlier, while total AUM was $159 billion, up 8% for the quarter and 48% above the previous year.
Carlyle’s GAAP net income was $629 million in the first quarter, down 30% from a year earlier.
Performance fees fell 27% to $632 million from a year earlier, when Carlyle sold $1.8 billion of shares of China Pacific Insurance Group. Management fees were $234 million, up 2% from a year earlier.
Fee-related earnings were $34 million in the first quarter, compared with $14 million in the fourth quarter and $40 million a year ago.
The earnings statement issued Tuesday by Carlyle was its first since the private equity firm raised $671 million in its IPO on May 3.
Carlyle said it returned $2.3 billion to fund investors during the quarter and is set to return $1.5 billion more. Distributable earnings were $179 million, down 37 % from a record $284 million a year earlier, while earnings for the 12 months ended March 31 were $759 million, up 36%. Taking into account changes related to the IPO, after-tax distributable earnings were 57 cents a share.
The firm raised $2 billion during the last quarter and invested $1.5 billion from its carry funds, co-CEO David Rubenstein said on a call with investors Tuesday. The fundraising doesn’t include some commitments to the firm’s new flagship North America buyout fund, which is targeting $10 billion. Carlyle had $39.9 billion in committed funds that haven’t been invested as of March 31.
Carlyle expects to be raising money for 11 funds this year, Mr. Rubenstein said. The firm is planning an initial close on its flagship fund in the second quarter and a first close on its fourth Asia buyout fund in the second half of the year.
Arleen Jacobius and Bloomberg News contributed to this story.