The Carlyle Group (CG) Goldman Sachs U.S. Financial Services Conference summary

Macro and industry outlook

• Portfolio companies show strong global growth prospects, with 2026 expected to be a healthy deal environment as rates decline and financing markets remain robust.

• M&A activity is accelerating, IPO markets are opening, and confidence levels are high, though geopolitical risks remain a caveat.

Private equity business priorities and performance

• Focus remains on performance improvement, fundraising (notably CP9), and scaling subscale businesses, especially leveraging strengths in aerospace and defense.

• No radical strategy shifts are planned; emphasis is on continuity and leveraging long-term track record.

• CP7 is underperforming but improving, while CP8 is delivering strong returns and sets a positive stage for CP9 fundraising.

• Growth outside the flagship fund is expected in European technology, Japan, and real estate, with wealth channel products like CPEP contributing over time.

Monetization and fundraising trends

• Monetizations reached $32 billion through Q3, up 30%-35%, with a strong backlog of deals closed and optimism for further acceleration in 2026.

• Fundraising momentum is high, with $45 billion raised YTD and a $50 billion target for the year; nearly all flagship products will be in market over the next 18-24 months.

• Management fee growth is expected to be meaningful in the coming years as new funds turn on fees, despite timing differences in accrual.