Feb 21 Carlyle Group LP said on Thursday
fourth-quarter earnings were down 28 percent as the private
equity firm failed to beat last year's performance of exiting
investments and relied more on company dividends to return money
Carlyle said economic net income, a measure of profitability
that takes into account the mark-to-market valuation of its
assets, came in at $182 million, down from $254 million in the
fourth quarter of 2011.
Distributable earnings, Carlyle's favored indicator of
profitability that shows cash which has been generated and is
available to pay distributions to its shareholders, were down 24
percent to $188 million.
This is because Carlyle took advantage of stronger capital
markets to carry out more refinancings of portfolio companies
and pay dividends, which resulted in money returned to fund
investors but did not generate so-called carried interest -- a
cut of the profits for Carlyle.
The Washington, D.C.-based firm capped a very strong year
for fundraising, amassing $14 billion in 2012 compared with $6.6
billion in 2012 and bringing its total assets under management
to $170.2 billion.
Carlyle, which completed a $671 million initial public
offering in May 2012, declared a quarterly distribution of 85
cents per common unit.