Investment firm Carlyle Group announced on Thursday that it expects to raise at least $200 billion in capital from now until the end of 2028, a pace that would be faster than the previous three years, while also increasing earnings from managing these funds.
This month, software stocks have fallen sharply, driven by concerns about disruption from artificial intelligence, which has also affected other sectors including asset management companies, due to worries about credit quality and exposure to the technology industry.
Carlyle's stock has declined 12.8% year-to-date but rose 1.92% in premarket trading. The firm manages approximately $477 billion in assets, and CEO Harvey Schwartz has been working to turn the company around after it faced several difficult years marked by an industry-wide downturn and internal succession struggles.
Schwartz, a former Goldman Sachs executive who joined Carlyle three years ago, stated that he has "systematically reshaped" the company.
The $200 billion capital-raising target represents a significant increase compared to the $158 billion raised between 2023 and 2025. When Schwartz took over, the company was widely seen as having lagged behind competitors such as Blackstone, Apollo, and KKR for years, struggling to accumulate more fee-generating assets.
After a prolonged slowdown, merger and acquisition activity rebounded late last year, aided by lower interest rates that reduced the cost of financing deals. Easing concerns over U.S. trade policy have also given asset managers hope that stronger activity will support successful exits.
Carlyle's most recent earnings report, released earlier this month, slightly exceeded analyst expectations, largely due to deal income from its private equity division and gains in its credit and secondary market businesses.
The company now aims to achieve $1.9 billion in fee-related earnings by 2028, providing fund managers with a stable income stream even during market volatility. This figure reached $1.2 billion in 2025. Distributable earnings per common share, a closely watched metric, are now projected to exceed $6 per share by 2028, compared to $4.02 in 2025.
CFO Justin Plouffe stated, "We are confident in our ability to meet or exceed each of these targets." Carlyle has also approved a $2 billion share repurchase authorization.