Carlyle’s Quarterly Earnings Jump on Strong Investment Performance

The firm’s private-equity portfolio appreciated by 12% during the second quarter, besting the roughly 8% gain for the S&P 500. Carlyle’s net accrued performance revenues—a reflection of how its investments are faring and a closely watched gauge of future earnings—hit a record $4 billion during the quarter.

Carlyle’s second-quarter distributable earnings, or the portion of profits that could be returned to shareholders, came in at $395.4 million, or 88 cents a share. That compares with $198.4 million, or 53 cents a share a year earlier. Carlyle and its peers—known for splashy leveraged buyouts but which also engage in all manner of investing activity—

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