What’s the deal? Carlyle drew $16.8 billion of inflows in the second quarter of 2026, with investors committing $5 billion to the firm’s next-vintage US buyout fund. Those buyout commitments made up roughly 30% of total quarterly inflows and about 78% of the $6.4 billion raised across its Global Private Equity segment.
Where the money came from: Carlyle said fundraising spanned all three of its segments. Beyond the US buyout commitments, inflows came from secondaries and portfolio-finance fundraising at Carlyle AlpInvest, three new US collateralised loan obligations, and reinsurance activity within Global Credit.
Trailing-12-month inflows reached $55.8 billion, up 10% from the prior comparable period. Carlyle raised $29.8 billion in the first half of 2026.
The wider numbers: Total assets under management rose to $485 billion, up 2% sequentially and 4% year over year. Global Credit remained the largest segment at $211 billion, followed by Global Private Equity at $163 billion and Carlyle AlpInvest at $112 billion.
The firm deployed $14.3 billion in the quarter and $53 billion over the trailing 12 months. Carry funds generated $6.7 billion of realised proceeds in the quarter, while trailing-12-month realised proceeds climbed 12% to $36.8 billion.
Uneven growth: Carlyle AlpInvest AUM increased 16% year over year, and Global Credit grew 4%. Global Private Equity slipped 1% as $20.1 billion of trailing-12-month realised proceeds reduced existing assets, even as new buyout commitments and portfolio appreciation flowed in.
Segment split: Global Private Equity fee revenue edged down to $304.3 million from $309.3 million, and distributable earnings fell to $218.5 million from $231.9 million. Global Credit told a stronger story: quarterly fee revenue rose 23% to $294.8 million, and distributable earnings climbed about 31% to $158 million.
The signal: Carlyle’s quarter shows capital rotating from mature private equity holdings — via heavy realisations — into credit, secondaries, and the next buyout vintage. The pattern points to a firm leaning on its credit and AlpInvest engines while it rebuilds its flagship US buyout base.
Read more: Pulse 2.0
Image credit: The Carlyle Group