Carlyle Group LP (CG) shares soared 5.03% in Thursday's intraday trading session following the release of its impressive first-quarter results. The global investment firm reported better-than-expected earnings and a significant increase in assets under management, demonstrating its resilience in the face of market volatility.
The company's distributable earnings, which represent cash available to shareholders, rose to $455.4 million, or $1.14 per share, surpassing analyst estimates of 95 cents per share. Carlyle's fee-related earnings jumped 17% to a record $310.6 million, while total assets under management climbed to $453 billion, significantly beating the expected $366.61 billion. This growth was primarily driven by the company's global credit segment and its secondary investments unit, AlpInvest.
Carlyle Group's CEO, Harvey Schwartz, emphasized the increasing importance of private market assets in the current economic landscape. With $84 billion in dry powder, the company is well-positioned to capitalize on emerging opportunities. Schwartz noted that while clients are deploying capital, they are doing so thoughtfully, reflecting a cautiously optimistic approach in the face of ongoing market uncertainties.
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