The Epstein files detail private equity tycoon Leon Black’s massive, multi-billion-dollar art collection—and how he leveraged it to grow his wealth.Read more: https://t.co/meOGrFwUNHPhoto: Michael Prince for Forbes https://t.co/6XGxFxr5dw ...

Financial Data and Key Metrics Changes - 2025 was a record year for the company, with fee-related earnings (FRE) up 12% year-over-year, reaching a margin of 47% [5][17] - Total inflows amounted to $54 billion, significantly exceeding the original target of $40 billion, representing a 32% increase year-over-year [5][18] - Distributable earnings (DE) for 2025 were $1.7 billion, or $4.02 per share, an 11% increase from the previous year [16][17] - Total fee revenues reached a record $2.6 billion for the full year, reflecting a 10% organic growth rate [17] Business Line Data and Key Metrics Changes - Carlyle AlpInvest generated a record $274 million of FRE for the year, up nearly 60% [19] - Global Credit delivered a record $402 million of FRE for 2025, up 21% from the prior year [21] - Global private equity realized over $18 billion of proceeds in 2025, the highest level in the past three years [22] Market Data and Key Metrics Changes - The company was the number 1 private equity sponsor globally by IPO proceeds, generating approximately $10 billion of IPO issuance over the past two years [7][8] - The IPO of Medline raised over $7 billion, marking it as the largest sponsor-backed IPO of all time [8] - CLO inflows of $7 billion in 2025 were up almost 20% from the prior year, with the company being the most active CLO manager for U.S. activity [11] Company Strategy and Development Direction - The company aims to continue building on its strategy of investment performance, disciplined capital allocation, and delivering long-term value for investors [14] - There is a strong focus on expanding in global wealth, insurance solutions, and asset-backed finance, with significant opportunities identified in each area [17] - The company plans to host a shareholder update to share multi-year financial targets and insights into its strategic direction [15] Management's Comments on Operating Environment and Future Outlook - The macro environment in 2025 was resilient despite geopolitical concerns, with M&A and IPO activity accelerating [7] - Management expressed confidence in the sustainability of monetization momentum into 2026, citing strong January data from their portfolio [29] - The economic engine appears strong, with good GDP growth and EBITDA generation expected [29] Other Important Information - The company returned $18 billion of capital to investors in 2025, consistent with the previous year [9] - The balance sheet remains strong, with $2 billion in cash and over $3 billion in investments [22] Q&A Session Summary Question: Thoughts on sustainability of monetization momentum into 2026 - Management is optimistic about the sustainability of monetization momentum, citing strong January data and good economic indicators [29] Question: State of play in direct lending and credit quality - Management feels well-positioned in direct lending and has been systematic in building their credit business, which is diversified and durable [36][38] Question: Expectations for management fee growth in 2026 - Management indicated that detailed insights will be provided in the upcoming shareholder update, but they are confident in their diversified fundraising pipeline [58] Question: Exposure to software in CLOs and impact of recent volatility - Management stated that their CLO performance has been strong and does not expect recent market volatility to affect them significantly [61] Question: Steps to enhance originations in the credit business - The company has made significant hires to enhance its origination capabilities and achieved record originations in 2025 [95]

Financial Data and Key Metrics Changes - 2025 was a record year for the company, with fee-related earnings (FRE) up 12% year-over-year, reaching a margin of 47% [5][17] - Total inflows amounted to $54 billion, significantly exceeding the original target of $40 billion, representing a 32% increase year-over-year [5][18] - Distributable earnings (DE) for 2025 were $1.7 billion, or $4.02 per share, an 11% increase from the previous year [16][19] - Total fee revenues reached a record $2.6 billion for the full year, reflecting a 10% organic growth rate [17] Business Line Data and Key Metrics Changes - Carlyle AlpInvest generated a record $274 million of FRE for the year, up nearly 60% [19][20] - Global Credit delivered a record $402 million of FRE for 2025, up 21% from the prior year [20][21] - Global Private Equity realized over $18 billion of proceeds in 2025, the highest level in the past three years [22] Market Data and Key Metrics Changes - The company was the number 1 private equity sponsor globally by IPO proceeds, generating approximately $10 billion of IPO issuance over the past two years [7][8] - The IPO of Medline raised more than $7 billion, marking it as the largest sponsor-backed IPO of all time [8][9] - CLO inflows of $7 billion in 2025 were up almost 20% from the prior year, with the company being the most active CLO manager for U.S. activity [11][20] Company Strategy and Development Direction - The company aims to continue building on its strategy of investment performance, disciplined capital allocation, and delivering long-term value for investors [14][23] - There is a strong focus on expanding the Global Wealth segment, with significant progress made in 2025 [12][14] - The company plans to host a shareholder update to share multi-year financial targets and insights into its strategic direction [15][23] Management's Comments on Operating Environment and Future Outlook - The macro environment in 2025 was resilient despite geopolitical concerns, with M&A and IPO activity accelerating [7][14] - Management expressed confidence in the economic engine, citing positive January data from their portfolio [29] - The company anticipates continued growth supported by a diversified fundraising pipeline and improving capital markets conditions [23] Other Important Information - The company returned a record $1.2 billion of capital to shareholders through dividends and share buybacks during 2025 [22] - The balance sheet remains strong, with $2 billion in cash and over $3 billion in investments [22] Q&A Session Summary Question: Sustainability of monetization momentum into 2026 - Management is optimistic about the economic engine and January data looks promising, but acknowledges market volatility [28][29] Question: State of play in direct lending and credit - Management feels well-positioned for growth in direct lending and has added key leaders to enhance origination [36][38] Question: Software exposure and CLO performance - The company has a low software exposure of 6% and CLO performance has been strong, with no expected impact from recent market volatility [40][60] Question: Capital raising and Fund 9 status - Management is confident in fundraising capabilities and will provide more insights in the upcoming shareholder update [56][57] Question: Outlook for CLOs in 2026 - The CLO market is expected to remain active, with the company well-positioned due to recent deal extensions [90] Question: Enhancements in credit originations - The company has built a strong origination team and achieved record originations in 2025, with plans for continued growth [95][96]

Financial Data and Key Metrics Changes - 2025 was a record year for the company, with fee-related earnings (FRE) up 12% year-over-year, reaching a margin of 47% [4][15] - Total inflows amounted to $54 billion, significantly exceeding the original target of $40 billion, and representing a 32% increase year-over-year [4][16] - Distributable earnings (DE) for 2025 were $1.7 billion, or $4.02 per share, an 11% increase from the previous year [13][15] - Total fee revenues reached a record $2.6 billion for the full year, reflecting a 10% organic growth rate [15] Business Line Data and Key Metrics Changes - Carlyle AlpInvest generated a record $274 million of FRE for the year, up nearly 60% [17] - Global Credit delivered a record $402 million of FRE for 2025, up 21% from the prior year [18] - Global private equity realized over $18 billion of proceeds in 2025, the highest level in the past three years [19] Market Data and Key Metrics Changes - The company was the number 1 private equity sponsor globally by IPO proceeds, generating approximately $10 billion of IPO issuance over the past two years [5][6] - The IPO of Medline raised more than $7 billion, marking it as the largest sponsor-backed IPO of all time [6] - Direct lending had a record quarter of originations, with CLO inflows of $7 billion in 2025, up almost 20% from the prior year [9][10] Company Strategy and Development Direction - The company continues to focus on investment performance, disciplined capital allocation, and delivering long-term value for global investors and shareholders [11] - Strategic investments have been made in global wealth, insurance solutions, and asset-backed finance, with significant opportunities for continued growth [15] - The company plans to host a shareholder update to share multi-year financial targets and insights into its strategic direction [12] Management's Comments on Operating Environment and Future Outlook - Despite recent market volatility, management remains optimistic about the economic engine, citing strong January data indicating good GDP growth and EBITDA generation [25][26] - The company expects continued growth supported by a diversified fundraising pipeline and improving capital markets conditions [20] - Management acknowledges the complexity of the macro environment but believes it is generally constructive for deployment and realization activity [20] Other Important Information - The company returned a record $1.2 billion of capital to shareholders through dividends and share buybacks during 2025 [19] - The balance sheet remains strong, with $2 billion in cash and over $3 billion in investments [19] Q&A Session Summary Question: Thoughts on sustainability of monetization momentum into 2026 - Management is cautious about extrapolating recent market volatility but notes that January data looks promising for GDP growth and margins [25][26] Question: State of play in direct lending and credit - Management feels well-positioned in direct lending and has added key leaders to enhance origination and integration across private credit strategies [32][34] Question: Expectations for management fee growth in 2026 - Management will provide more details in the upcoming shareholder update but emphasizes the diversification in business mix driving success [52][78] Question: Outlook for CLOs in 2026 - The CLO business has performed well, and management expects another active year, although it may not reach the record levels of the past two years [83] Question: Steps to enhance originations in the credit business - The company has built a strong origination team and achieved record originations in 2025, with plans to continue leveraging its capabilities [88][90]

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Group 1 - The recent selloff in the market is attributed to concerns over the impact of new technologies on traditional sectors such as legal, medical, and financial services, similar to the disruption caused by the Internet [1][2] - There has been a decline in stock values since their peak in summer 2025, indicating a prolonged downturn in certain sectors [1] - The software industry has seen many deals made at peak valuations during and after the COVID pandemic, followed by a sharp rise in interest rates, leading to concerns about overvaluation [5][6] Group 2 - Private equity firms are facing unexpected challenges, with a significant amount of financing for deals being sourced from private credit, raising concerns about the sustainability of these investments [4][6][7] - The market is experiencing a lack of clarity regarding which companies will emerge as winners or losers, leading to indiscriminate selling [9][10] - There is a growing anxiety among investors about the quality of stocks, as many companies are perceived to lack competitive advantages or "moats" [8][9] Group 3 - The current market environment is characterized by a momentum unwind, with significant declines across various asset classes, including Bitcoin and gold, indicating a broader risk-off sentiment [17][19] - The strength of the US dollar is impacting other assets negatively, suggesting a correlation between dollar strength and asset weakness [19][20] - There are concerns about systemic risks in the financial sector, particularly related to leveraged investments and margin calls, especially among retail investors in the US [16][11]

Core Viewpoint - Investors are becoming increasingly skeptical about private equity and loans that are based on the assumption of predictable outcomes [1] Group 1 - The skepticism among investors is driven by concerns over the reliability of projected returns in private equity investments [1] - There is a growing belief that the financial models used to predict outcomes may not be as dependable as previously thought [1] - This shift in sentiment could lead to a reevaluation of investment strategies within the private equity sector [1]

Group 1 - The "Chaoqihang" Angel Guidance Fund in Xiaoshan District, Hangzhou, has a total scale of 1 billion yuan, focusing on early-stage investments in hard technology and primarily targeting technology-based startups and technology achievement transformation projects [1] - The sub-fund scale will not exceed 200 million yuan, with all investors being qualified investors contributing in cash, and the total contribution from various funding platforms in Xiaoshan District will not exceed 40% of the fund's total scale [1] - The investment period is generally not more than 5 years, with a maximum participation period of 12 years, and the investment direction aligns with the "296X" industrial cluster, emphasizing high-tech industries and strategic emerging industries [1] Group 2 - The fund aims to support top expert entrepreneurial projects and innovation teams within Xiaoshan District, as well as technology achievement transformation projects from innovation platforms [1] - The amount of industrial support from sub-funds should be no less than 1.5 times the cumulative actual contributions from various funding platforms in Xiaoshan District [1]

Core Insights - The establishment of Shanghai M&A Private Equity Fund Phase III with a capital contribution of 830 million RMB [1] Group 1: Fund Details - The fund is managed by Haitong M&A (Shanghai) Private Fund Management Co., Ltd. [1] - The fund's operational scope includes private equity investment, investment management, and asset management activities [1] Group 2: Contributors - The fund is jointly funded by Haitong Kaiyuan Investment Co., Ltd., Haitong M&A (Shanghai) Private Fund Management Co., Ltd., and Changxin Bochuang [1]

Core Viewpoint - The chief executive of the private markets firm identifies opportunities arising from current market turmoil [1] Group 1 - The firm is actively seeking to capitalize on the disruptions in the market [1] - The CEO believes that challenging market conditions can lead to unique investment prospects [1] - The firm is positioning itself to take advantage of potential undervalued assets during this period [1]