Private equity group earns record fee-based profits in third quarter in sign of recovery
Carlyle Group has reported its best quarterly results since Harvey Schwartz was recruited in early 2023 to revive the private equity group after years of underperformance and internal turmoil. The US buyout group earned record fee-based profits in the third quarter and posted a sharp increase in operating margins, signalling that Carlyle is starting to recover as Schwartz approaches his third year as chief executive.
Carlyle hopes the asset sales will revive investor confidence in the firm, which, with $447bn in assets, is widely considered one of the pioneers of the private equity industry. Before Schwartz joined, however, the group had endured a bungled succession from its billionaire founders, lacklustre fundraising and a sluggish share price.
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