The Carlyle Group LP reported assets under management of $176.3 billion as of March 31, up 3.6% from the prior quarter and up 10.7% from a year ago.
In its first-quarter earnings release on Thursday, the company said growth was driven by market appreciation of $6.2 billion and new capital commitments of $6 billion, which were offset by net distributions of $4.8 billion and a negative foreign exchange impact of $1.5 billion.
The company reported dry powder of $46.2 billion at the end of the first quarter: $17.9 billion in its solutions business segment; $17.1 billion in corporate private equity; $9.5 billion in real assets; and $1.8 billion in its global market strategies line.
David M. Rubenstein, co-CEO, said during Carlyle's earnings call Thursday the firm has 13 new or follow-on funds in the market, and plans to introduce additional offerings later this year.
Through March 31, the company reported a total net internal rate of return of 18% across all corporate private equity funds, an IRR of 10% in its real asset funds, 10% for the firm's solutions funds and a 13% IRR for one global market strategies fund.
In terms of the firm's investing base, co-CEO William E. Conway said he expects to see the percentage of Carlyle's U.S. pension fund money decreasing relative to other sources of capital. Defined benefit plans account for approximately 28% of the firm's assets.
GAAP revenue totaled $1.15 billion during the quarter, up 51.6% from the prior quarter and up 3.1% from a year ago.
Net income for the three-months ended March 31 was $34 million.