Carlyle Group’s assets under management totaled $178.1 billion as of March 31, a 2.5% dip from three months earlier and an 8% drop from 12 months prior, said the alternative investment firm’s financial results released Wednesday.
Carlyle attributed the drop in assets under management from the fourth quarter to distributions, redemptions and market depreciation offsetting net capital commitments and positive foreign-exchange impact.
In the first quarter, Carlyle received $1.1 billion in capital commitments, net of expired capital, and $2.7 billion in foreign-exchange impact. This was offset by $4.9 billion in net distributions, $1.8 billion in net redemptions and $1 billion in market depreciation.
U.S. GAAP net income in the first quarter was $8.4 million, up from a net loss of $5 million in the fourth quarter but down from a net gain of $39.5 million in the first quarter of 2015. Carlyle suffered a net loss of $50 million for the 12 months ended March 31, up from a net loss of $18 million in the 12 months ended Dec. 31.
Management fees totaled $289.5 million in the first quarter, up 12% from the fourth quarter and up 7% from the first quarter of 2015. Performance fees totaled $145.2 million in the first quarter, down 29% from the fourth quarter and down 75% from the first quarter of 2015.