Carlyle Group's assets under management totaled a record $223 billion as of June 30, up incrementally from $222 billion three months earlier and up 6.2% from June 30, 2018, the alternative-investments firm said Wednesday.
Carlyle also announced Wednesday that it plans to convert to a corporation. All of Carlyle's private holdings units and common units will be exchanged for one class of common shares with a new one-share, one-vote structure, said co-CEO Glenn A. Youngkin during an earnings call.
"The new Carlyle Corp. will have a one share, one vote governance structure ... approximately 30% of our shareholder vote will be held by Carlyle's current public unit holders, directly proportional to the public's ownership of CG (Carlyle Group) units today," Mr. Youngkin said. For a finite period of time after our conversion, Carlyle will be a controlled corporation, with Carlyle's senior employees initially owning about 60% of its common shares.
"These senior employee shares will be voted as a block by our current general partner entity. And there will be shareholder agreements with our three founders, who will have specific nomination rights for a subset of our board members and the right to designate the board chair," he said.
Mr. Youngkin attributed the year-over-year growth in AUM to fundraising.
"Assets under management have increased 27% over the past three years to a record $223 billion. Fundraising has now eclipsed our $100 billion goal that we began 3 1/2 years ago," he said.
