The Carlyle Group Inc. is one of the world's largest global investment firms that deploys private capital across three business segments: Global Private Equity, Global Credit and Carlyle AlpInvest.

The company generates revenue primarily through management fees charged on assets under management, performance allocations (carried interest) from its investment funds and transaction fees from advisory and capital markets activities.

The company operates through the following segments: Global Private Equity, Global Credit and Carlyle AlpInvest.

• Global Private Equity advises buyout, growth, real estate, infrastructure and natural resources funds. As of December 31 2025 the segment had investments in more than 275 active portfolio companies employing over 700000 people worldwide. Its Corporate Private Equity arm focuses on buyouts, growth and core strategies targeting stable businesses with operational improvement potential. The Real Estate arm invests in residential properties, senior living facilities, industrial and self storage assets while limiting exposure to office hotels and retail. The Infrastructure and Natural Resources arm concentrates on renewables, energy infrastructure, water and waste, transportation, digital infrastructure and power generation, and also engages in upstream, midstream and downstream energy activities across the globe. The segment managed approximately 164 billion dollars of assets under management representing about 34 percent of total firm AUM.

• Global Credit advises products across the credit spectrum including liquid credit, opportunistic credit, direct lending, asset backed finance, aviation finance, infrastructure credit and cross platform credit, together with insurance solutions and global capital markets. Its Insurance Solutions combine insurance expertise with capital sourcing to provide liability funding and reinsurance for reinsurance companies. Liquid Credit invests mainly in senior secured bank loans through collateralized loan obligations and similar vehicles. Opportunistic Credit provides structured and privately negotiated capital solutions such as mezzanine debt and convertible notes for corporate borrowers. Direct Lending focuses on middle market first lien loans for companies lacking access to broadly syndicated loan markets. Asset Backed Finance seeks premium returns by lending against diversified pools of assets with contractual cash flows. Aviation Finance provides financing for commercial aircraft throughout the aviation industry. Infrastructure Credit originates debt for global infrastructure projects in power, energy, transportation, water waste, telecommunications and social infrastructure. Cross Platform initiatives include interval funds and separately managed accounts that invest across the credit platform. Global Capital Markets arranges, underwrites and syndicates loans and securities for third parties and portfolio companies. The segment reported about 211 billion dollars of assets under management representing roughly 44 percent of total firm AUM.

• Carlyle AlpInvest provides investment opportunities through fund of funds, secondary purchases, financings and co investment programs. Its Private Equity Secondary and Portfolio Finance arm acquires limited partnership interests in private funds and offers liquidity and restructuring solutions from debt to equity for third party investors. The Co investment arm invests alongside other private equity and mezzanine funds when opportunities are too large for a single fund sponsor. The Fund of Vehicles arm makes commitments directly to buyout, growth capital, venture and other alternative asset funds advised by other general partners. As of December 31 2025 the segment managed approximately 102 billion dollars of assets under management representing about 21 percent of total firm AUM.

Within the alternative investment industry Carlyle holds a strong position as one of the largest global private equity and credit managers, competing with other large private equity firms, sovereign wealth funds, pension funds and insurance companies. Its competitive advantages stem from a deep industry expertise, a global network of local investment teams, proprietary data analytics and a disciplined investment process that enables consistent deal sourcing and value creation across diversified strategies.

The company serves a broad base of institutional and high net worth investors including pension funds, sovereign wealth funds, insurance companies, endowments and family offices located in 87 countries, with over 3200 active carry fund investors as of December 31 2025.