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Carlyle’s private-equity fund growth slows

Carlyle Group LP reported second-quarter profits Wednesday that exceeded expectancies as the price of its finances climbed. Still, a decline in efficiency revenues and better equity-based repayment intended a key profits metric dipped as opposed to the prior yr.

Economic web source of revenue, a carefully watched measure that displays adjustments within the worth of unrealized investments, fell to $272.1 million, or 69 cents a proportion in the second one quarter, from $300.1 million, or 81 cents a proportion, within the year-ago length. Analysts polled via FactSet had anticipated 52 cents.

The worth of Carlyle’s finances climbed five% within the quarter, matching the entire growth price from the second one quarter of 2017. Growth within the company’s private-equity finances slowed to a few% from four% within the first quarter and eight% a yr previous. Rival Blackstone Group LP stated July 19 that the price of its private-equity portfolio climbed via nine.five% in the latest quarter. The S&P 500 rose via 2.nine%.

The Washington, D.C., private-equity company stated web source of revenue for the quarter ended June 30 used to be $63.five million, or 56 cents a proportion, in comparison with $57.6 million, or 59 cents a proportion a yr previous.

Carlyle’s belongings beneath control got here in at $209.7 billion, a 24% build up over the prior yr. The company stated it raised $12.three billion in new capital in the second one quarter. The portion of belongings that earn charges climbed 26% to $146.five billion. Fee-related profits had been $57.eight million within the quarter, just about triple the $20.2 million Carlyle reported in the second one quarter of 2017.

During the quarter, Carlyle agreed to shop for Australian vintner Accolade Wines Ltd. for 1 billion Australian bucks ($772 million), gaining a portfolio of common mass-market manufacturers.

Regarding divestitures, it unloaded Dutch web and cloud-access supplier Expereo BV to private-equity company Apax Partners, reaping a go back of just about 5 occasions its funding. Carlyle additionally agreed to promote South Korean safety services and products supplier ADT Caps to SK Telecom Co. and Macquarie Group Ltd. for approximately $1.2 billion.

Carlyle’s distributable source of revenue, the slice of benefit to be had for payout to shareholders, fell to 29 cents a proportion, from 56 cents a proportion a yr previous as discovered web efficiency revenues fell as opposed to the prior yr. The company stated it will pay a 22-cent dividend, down from 42 cents in the second one quarter of 2017.

Write to Miriam Gottfried at Miriam.Gottfried@wsj.com

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