Graphic: Carlyle’s new CEO has a tough road ahead

Stock lagging: Carlyle's stock returns have trailed many peers and the overall market. Year-to-date, shares notched a 17.9% return, behind several other alternative money management firms, although Carlyle was ahead of the Dow Jones U.S. Asset Managers index's 6.6% return. Over the last 10 years, Carlyle had a 6.6% annualized return vs. 9% for the DJ US Asset Managers index and 12.3% for the S&P 500 index. Carlyle’s 10-year return was also below KKR & Co., Apollo Global Management and Blackstone.

AUM growth: Since the start of 2018, Carlyle's assets under management grew 85% to $372.7 billion at the end of 2022. Global credit AUM skyrocketed to $146.3 billion from $33.9 billion. However, Apollo's total AUM grew by 121% over that period to $547.6 billion.

Outflows: Carlyle recorded outflows of $2.8 billion and $4.2 billion in the third and fourth quarters, respectively. By contrast, Apollo experienced 19 straight quarterly net inflows, including $24.3 billion and $18.6 billion in the third and fourth quarters, respectively.

Slower pace of fundraising: Carlyle raised $29.9 billion last year, down 42% from 2021's record-setting $51.3 billion. Global private equity fundraising fell to $10.6 billion from $27.2 billion as corporate private equity and real estate activity fell sharply. Carlyle, like its peers, has faced challenges closing funds. For instance, Carlyle Partners VIII, a buyout fund with a $22 billion target, has been in the market since September 2021 and has yet to close.