(In paragaph 4, corrects to say Carlyle monetizing more of its assets, not less)
Feb 19 (Reuters) - Private equity firm Carlyle Group LP reported a higher-than-expected 216 percent rise in fourth-quarter earnings as the value of its funds jumped and the profits generated from the sales of assets soared.
Economic net income (ENI), an earnings measure comprising cash and paper profits or losses based on how funds have been marked to market, increased to $576 million in the fourth quarter from $182 million a year earlier.
This translated into post-tax adjusted ENI per share of $1.64. Analysts on average expected 91 cents, according to Thomson Reuters I/B/E/S.
Carlyle's pretax distributable earnings, which show how much cash is available to pay dividends, were $401 million versus $188 million a year earlier, as the company monetized more of its assets.
Assets under management were $188.8 billion at the end of December, up from $185 billion at the end of September. Carlyle said it had raised $3.8 billion in new capital from investors during the quarter.
Carlyle declared a fourth-quarter dividend of $1.40 per share. (Reporting by Greg Roumeliotis in New York; Editing by Lisa Von Ahn)