Performance watch: How Carlyle’s PE vehicles fared in Q1

We examine the firm's private equity funds in the latest instalment of a special series looking at quarter-on-quarter performance amid the downturn.

The latest quarterly reporting from private equity’s listed giants offers a window into how the market has fared against coronavirus turmoil and a rout in oil prices.

We examine Carlyle Group‘s private equity funds in a special series of Private Equity International‘s Performance Watch, which compares the firm’s first quarter 2020 figures with those from the prior three months.

Several of Carlyle’s funds are no longer accruing performance revenue, causing the in-carry ratio to decline to 36 percent at quarter’s end from 54 percent in the fourth quarter of last year, PEI reported in April.

The fair value in the firm’s traditional carry funds was $76 billion on 31 March, down 5 percent from one year ago.

Co-chief executive Kewsong Lee said on the firm’s 30 April earnings call: “Without a doubt, we will have some issues and troubles in each of our funds that will be problematic and need to be worked through, but our diversification and the way we have constructed our portfolios gives us confidence that over the long term we are well-positioned to continue driving performance and significant value creation.”

The interactive charts below depict four of the firm’s private equity fund families based on its two previous quarterly earnings reports. The bubbles are sized proportionately to the size of the fund; toggle between the tabs to see how their performance differed between quarters.