American alternative asset manager Carlyle Group has reported that its second-quarter net loss attributable to the company narrowed to US$3.3 million or US$0.07 per share, from US$10.3 million or US$0.26 per share in the year ago quarter.
Total revenues for the quarter rose to US$769.3 million from US$248.4 million in the prior year quarter.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The company’s economic net income rose to US$156 million from a loss of US$57 million during the second quarter of 2012.
Carlyle Group’s fee-related earnings were US$26 million, down 26% from US$36 million a year earlier, mainly reflecting higher fundraising costs.
Total performance fees were US$234.7 million, compared to last year’s negative performance fees of US$200.8 million.
The company raised more than US$10 billion for its newest big US buyout fund, which it launched last year and plans to cap at US$12 billion by the end of 2013.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataCarlyle’s total assets under management rose to US$180.4 billion during the quarter from US$156.2 billion a year ago.
The company has declared a quarterly distribution of US$0.16 per unit to holders of record at the close of business on 19 August 2013, payable on 30 August 2013.
Commenting on the results, Carlyle Co-CEO William Conway, said: "Our global portfolio is in great shape and our pace of producing realized proceeds continues to be brisk. I am particularly pleased with the state of our US buyout portfolio which is producing large amounts of cash carry and accrued carry for future distributions."
