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Carlyle Group outlined its goals through 2028 after a strong 2025 fundraising year, targeting more than $200B in inflows and over $1.9B in fee-related earnings.
The lion's share of the three-year inflows target, $90B, is targeted to come from its global credit business, with $60B from Carlyle AlpInvest, and the remaining $50B from global private equity.
The group's strategy involves continuous growth in wealth, with the company aiming to bring in $40B of the total inflow target from its evergreen solutions. Over time, Carlyle also intends to offer evergreen vehicles for asset-backed finance, multi-asset credit, and real assets, as well as collective investment trusts for private equity, private credit and multi-asset to capitalize on the expected surge in demand from the retirement channel.
"I think over the next three years, the trends in our business, for the industry, are quite good because the demand for capital is so high," CEO Harvey Schwartz told the group's 2026 shareholder update.
Carlyle is riding the momentum that pushed it to stellar results in 2025, including reaching total AUM of $477B. The group reported inflows of $54B for the year, surpassing an original $40B target, while fee-related earnings reached $1.2B.
Meanwhile, amid conversations surrounding artificial intelligence and its disruption of markets, Carlyle described what is happening as a "complicated convergence of factors, which are getting extrapolated in a whole host of different ways."
"This is not about direct lending, this is about businesses being bought at really, really high multiples," Schwartz said. "Those multiples have systematically come down a bit before this new concern around AI disrupting business. It's the collision of those multiples, with leverage. It is actually an equity problem, which is then transferring up the capital structure potentially to direct lending problem."
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