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Alternatives

Carlyle AUM ticks up 2.3% for quarter, rises 9% for year

Carlyle Group's assets under management totaled $221.5 billion as of March 31, up 2.3% from three months earlier and up 9% from 12 months earlier, the alternatives investment firm said Wednesday.

Carlyle in its earnings release said the year-over-year increase in AUM was driven by a combination of $32.3 billion in fundraising and $10.8 billion in fund appreciation, partially offset by $23.1 billion in distributions to fund investors.

Carlyle's corporate private equity assets under management totaled $84.3 billion as of March 31, up 4.2% from Dec. 31 and up 11% from a year earlier.

Real assets AUM totaled $46.2 billion, a 1.3% increase from Dec. 31 and a 5% increase from March 31, 2017. Global credit strategies had $45.6 billion in AUM, up 2.6% from three months earlier and up 34.9% from a year earlier.

Assets under management for investment solutions — composed of customized portfolios and its co-investment/secondaries subsidiaries for private equity and real estate — totaled $45.4 billion, a 0.7% drop from three months earlier and a 6.8% decrease from a year earlier.

Carlyle's GAAP net income for the first quarter totaled $446.3 million, compared to a GAAP net loss of $73.2 million in the fourth quarter and net income of $117.7 million in the first quarter of 2018.

Total revenue on a GAAP basis in the quarter ended March 31 was $1.09 billion, compared to total revenue of $151.7 million in the fourth quarter of 2018 and $702.8 million in the quarter ended March 31, 2018.

Carlyle earned fund management fees of $353.4 million for the first quarter, down 6.4% from the prior quarter and up 33.6% from the year-earlier quarter. Incentive fees totaled $8.1 million for the first quarter, down 16.5% from the previous quarter and up 28.6% from the first quarter of 2018.

Carlyle recorded investment income of $650.9 million in the first quarter compared to an investment loss of $314.9 million in the previous quarter and $362.2 million in investment income in the year-earlier quarter.