* Q2 post-tax ENI of 73 cents/share vs estimated 74 cents
* Q2 distributable earnings of $324 mln vs $163 mln yr-ago
* Assets under management of $202.7 bln at end-June
July 30 Carlyle Group LP said Wednesday
its second-quarter earnings doubled from a year earlier as it
continued to sell parts of its private equity portfolio and one
of its European buyout funds started paying performance fees.
Like its major peers, Carlyle has diversified beyond
corporate buyouts into alternative credit, real estate and funds
of funds. Yet private equity dominated its income, accounting
for 32 percent of assets under management but 65 percent of its
earnings in the quarter.
Carlyle said economic net income (ENI), an earnings metric
that factors in the mark-to-market value of its portfolio,
soared to $318 million in the second quarter from $156 million a
year earlier, as it took advantage of a stock market rally and
buoyant capital markets to exit more of its portfolio companies.
That translated to post-tax ENI per adjusted unit of 73
cents versus the 74-cent average forecast of analysts in a
Thomson Reuters poll.
Carlyle's private equity fund portfolio appreciated by 5
percent in the quarter, in line with rival KKR & Co LP's
funds, but less than the private equity portfolio of Blackstone
Group LP, which rose by 8.4 percent.
Carlyle Europe Partners III, a 5.3 billion euro ($7.1
billion) private equity fund that Carlyle launched in 2006,
contributed to the earnings by starting to pay the 20 percent
share of its profits that Carlyle is entitled to in the form of
so-called carried interest.
The cash from that fund and the rest of Carlyle's portfolio,
which has 43 funds in total, contributed to $324 million in
distributable earnings in the quarter, up from $163 million a
Carlyle's assets under management were $202.7 billion as of
the end of June, up from $198.9 billion as of the end of March.
Carlyle declared a second-quarter dividend of 16 cents per
(Reporting by Greg Roumeliotis in New York; Editing by