Carlyle Group Inc. swung to a profit in the first quarter, as the value of its investments rose faster than the broader market.
The Washington, D.C., firm reported a first-quarter profit of $869.3 million, or $2.41 a share, compared with a, or $1.76 a share in the first quarter of 2020. The roughly $1.5 billion profit improvement, the firm said, reflected the portfolio appreciation from the onset of the coronavirus pandemic last year.
The firm’s private-equity portfolio appreciated by about 15% during the period, compared with a 5.8% gain by the S&P 500. “Excellent fund performance this quarter drove a record net accrued carry balance and we have strong momentum thanks to well-positioned investment portfolios and robust deal activity across our global platform,” Carlyle Chief Executive Kewsong Lee said in a statement., saw the value of its private-equity portfolio rise by 15.3% in the first quarter as its strategy of investing in fast-growing companies paid off.