Carlyle’s Profit Tied to Deal Exits Dips 12% in Muted Market

-- Carlyle Group Inc. took home a smaller profit from cashing out of bets in a muted stretch for its buyout dealmakers.Second-quarter distributable earnings – profits available to shareholders – fell 11.7% from a year earlier to $343.2 million, or 78 cents a share, Washington-based Carlyle said Monday in a statement. Analysts polled by Bloomberg predicted 83 cents a share.The decline was driven by the private equity arm collecting lower profits from deal exits.

Credit pocketed 71% more in fee-related earnings, while Carlyle’s investment solutions arm nearly quadrupled those profits. The company took in more inflows and oversaw more assets than Wall Street expected.Schwartz’s focus to cut fat has rippled through the firm. He has asked division heads to scrutinize costs and tie investment professionals’ pay more closely to performance. Margins on fee-related earnings rose to 46% from 34% a year earlier. The firm has set targets of 40% to 50% in 2024.

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