Carlyle Group Inc
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 27, 2025
What changed in Risk Factors?
Read the current filingPrevious report: 10-K
Period ended 2023-12-31; filed 2024-02-22.
0001527166-24-000019
Item 1A. RISK FACTORSCurrent report: 10-K
Period ended 2024-12-31; filed 2025-02-27.
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Item 1A. RISK FACTORSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
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A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (556)
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terminations or funding pauses, government agency closures, government shutdowns, wars, terrorist acts, or security
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China, Taiwan and China, Israel and Iran and the Axis of Resistance, and between Ukraine and Russia), the imposition of
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World Index (MSCI) increased by 15.0%. This robust full-year performance masks interim volatility. Notably, a shift in
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Japanese monetary policy drove a sharp appreciation of the yen. This in turn disrupted long-standing carry trades whose
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funding leg rested on Japan’s low rates. The surge in the currency value triggered a selloff in Japanese equity markets. Liquidity
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pressures further exacerbated the selloff. For example, on August 5, 2024, the Nikkei 225 fell 12.4%, while the TOPIX fell
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12.2%, their largest respective single day declines since 1987. Global equity markets were impacted as well, albeit to a lesser
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extent. These series of events highlighted how seemingly innocuous and not wholly unexpected changes in policies or other
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market conditions may quickly cascade into more significant movements. Factors that impact global markets, including
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produced persistent and meaningful negative cash flows—more capital calls than distributions—for 14 consecutive quarters, a
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phenomenon not seen on such a scale since the aftermath of the Global Financial Crisis. Cumulatively, across private market
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asset classes, contributions have exceeded distributions by nearly $470 billion since 2020. This has restricted investor liquidity,
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which in turn has reduced commitments to private capital assets. Investors also may weigh the likely impact of geopolitical
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yield credit spreads currently are very favorable and remain near historic lows; at 275 basis points, B-rated spreads sit just 40
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basis points above the trough hit in the second quarter of 2007. Obtaining financings in both the high yield and leveraged loan
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further escalation in conflicts in the Middle East and Eastern Europe, could lead to disruption, instability, and volatility in the
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The new administration has decided to impose and may decide to impose additional steep tariffs on goods, materials, inputs,
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and intermediate parts with origins across numerous geographies. Such changes could materially increase input costs for our
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funds’ portfolio companies and depress margins. The new administration also may seek to reduce subsidies and roll back
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favorable terms for investments in renewable energy projects, which could adversely impact the performance of those strategies
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September 2022, then-President Biden signed an Executive Order directing CFIUS to sharpen its scrutiny of foreign investment
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that could impact cybersecurity, quantum computing, biotechnology, and sensitive data. CFIUS’ expanded jurisdiction may
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Our revenue, earnings, net income, and cash flow can all vary materially due to our reliance on performance revenues.
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of other factors, including timing of realizations, changes in the valuations of our funds’ investments, changes in the amount of
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we encounter competition, each of which may be impacted by economic and market conditions. Achieving steady growth in net
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income and cash flow on a quarterly basis may be difficult, which could in turn lead to large adverse movements or general
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increased volatility in the price of our common stock. We generallydo not provide guidance regarding our expected quarterly
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operating results. The lack of guidance may affect the expectations of public market analysts and could cause increased
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In addition, our cash flow may fluctuate significantly because we receive performance allocations from our carry funds
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performance and opportunities for realizing gains, which may be limited. It takes a substantial period of time to realize the cash
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value (or other proceeds) of an investment. Even if an investment proves to be profitable, it may be a number of years before
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any profits can be realized, particularly if market conditions were unaccommodating. We cannot predict when, or if, any
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realization of investments will occur. The valuations of, and realization opportunities for, investments made by our funds could
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also be subject to high volatility as a result of uncertainty or potential changes to governmental policy with respect to, among
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Prior to our receiving any performance allocations in respect of realization of a profitable investment, 100% of the
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proceeds of that investment generally must be paid to the investors in that carry fund until they have recovered certain fees and
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expenses and achieved a certain return on all realized investments by that carry fund as well as a recovery of any unrealized
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losses. A particular realization event may have a significant impact on our results for that particular quarter that may not be
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Taiwan, Israel and Hamas, and between Russia and Ukraine), the imposition of export controls and trade barriers, the
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event that such conditions impact suppliers, contract manufacturers, logistics providers, and/or distributors, this could lead to
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adverse business and trading conditions, including material and long-term increases in the cost of materials, higher shipping and
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transportation rates, and material impacts or delays on the delivery of products to and from impacted regions, which could
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adversely affect the business and operations of portfolio companies within and outside Asia, including their revenues and
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financial results. These conditions, events, and factors are outside our control and may affect the level and volatility of
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securities prices and the liquidity and the value of investments, and we may not be able to or may choose not to manage our
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exposure to them. In the event of a market downturn, each of our businesses could be affected in different ways.
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World Index (MSCI) increased by 20.1%. Global markets strengthened despite persistent inflation, hawkish monetary policy,
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andgeopolitical concerns, such as Russia’s ongoing war with Ukraine. However, aggressive and synchronized tightening by
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central banks has posed an elevated risk to further global expansion, as positive impulses are likely to fade due to the time lags
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in which monetary policy affects economic activity and inflation. While policy rates have likely reached their terminal level,
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that, although underlying macroeconomic conditions have moderated, inflation remains elevated above targets. Factors that
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commitments to new funds. Investors may also weigh the likely impact of geopolitical tensions, cross-border regulations, and
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throughout 2023, as persistently high inflation motivated the U.S. Federal Reserve to continue raising short-term interest rates.
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Over the twelve months ending December 31, 2023, 10-year Treasury yields were volatile, peaking at 110 basis points (bps)
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higher than year-end 2022, but ultimately ending the year at the same level, and high yield credit spreads remained wide at 339
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bps. Obtaining financing in both the high yield bond market and the leveraged loan market is currently challenging. If credit
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slowdown in global merger and acquisition activity due to the lack of availability of suitable financing or an increase in risk
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further escalation in conflict between Russia and Ukraine or Israel and Hamas, could lead to disruption, instability, and
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may cause our performance to suffer. The current administration may also pursue tax policies seeking to increase the corporate
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tax rate and further limit the deductibility of interest and compensation, or materially alter the taxation of capital gains, among
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other things. Such changes could materially increase the taxes imposed on us or our funds’ portfolio companies. See “Risks
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unexpected taxes be assessed to portfolio investments (companies) or fund income.” In addition, negative public sentiment
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could lead to heightened scrutiny and criticisms of our business and investments.
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virus, including instituting quarantines or lockdowns, imposing travel restrictions, and vaccination mandates for certain workers
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or activities and limiting operations of certain non-essential businesses. Such restrictions caused labor shortages and disrupted
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COVID-19, or the occurrence of another pandemic or global health crisis, could increase the possibility of periods of increased
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financing, including rapidly increasing interest rates from U.S. Federal Reserve actions and equity requirements and more
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restrictive covenants, could have a material adverse impact on our business and that of our investment funds and their portfolio
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Since January 1, 2022, U.S. banks have not been allowed to issue any new debt tied to the London Interbank Offered
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Rate (“LIBOR”). The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering
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committee comprised of large U.S. financial institutions, formally recommended the Secured Overnight Financing Rate
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(“SOFR”) as its preferred alternative rate for LIBOR. We have amended our credit agreements and related loan documentation,
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as well as our CLOs, to reference SOFR. At this time, it is not possible to predict the full effect that the discontinuance of
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LIBOR, or the establishment of alternative reference rates such as SOFR, will have on us or our borrowing costs. SOFR is a
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relatively new reference rate and its composition and characteristics are not the same as LIBOR. Given the limited history of
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SOFR and potential volatility as compared to other benchmark or market rates, the future performance of SOFR cannot be
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on the financial industry), disease, pandemics or other severe public health events, trade barriers, commodity prices, currency
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on the financial industry), disease, pandemics or other severe public health events, trade barriers, tariffs, commodity prices,
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exchange rates and controls, national and international political circumstances (including government shutdowns, wars, terrorist
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currency exchange rates and controls, national and international political circumstances (including government contract
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acts or security operations), geopolitical tensions and instability, social unrest, supply chain pressures, and the effects of climate
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operations), geopolitical tensions and instability, social unrest, supply chain pressures, and the effects of climate change. Over
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change. Over the last several years, markets have been affected by the COVID-19 pandemic, significant increases in U.S.
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the last several years, markets have been affected by the COVID-19 pandemic, significant increases in U.S. interest rates,
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interest rates, inflationary pressures, heightened geopolitical tensions (including those between the U.S. and China, China and
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inflationary pressures, sharp currency moves, heightened geopolitical tensions (including those between the United States and
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imposition of economic and political sanctions (upon specific individuals or companies and country, industry and sector wide
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export controls, tariffs, and trade barriers, the imposition of economic and political sanctions (upon specific individuals or
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restrictions), ongoing trade negotiations with major U.S. trading partners, and changes in U.S. tax regulations.
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companies and country, industry, and sector-wide restrictions), ongoing trade negotiations with major U.S. trading partners, and
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In this respect, our investment funds focused on Asia, and portfolio companies within non-Asia investment funds with
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changes in U.S. tax regulations. Moreover, our investment funds focused on Asia, and portfolio companies within non-Asia
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significant operations or connectivity and reliance on Asia companies, and listed securities or debt instruments of companies or
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investment funds with significant operations or connectivity and reliance on Asia companies, and listed securities or debt
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industries, could be impacted by any disruptions to the global supply chain that may result from escalating tensions, disputes, or
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instruments of companies or industries, could be impacted by any disruptions to the global supply chain that may result from
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potential conflicts in the region surrounding the Taiwan Strait. The resulting actions taken, the response of the international
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escalating tensions, disputes, or potential conflicts in the region surrounding the Taiwan Strait. The resulting actions taken, the
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community, and other factors affecting trade with China or political or economic conditions in Taiwan could disrupt the
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response of the international community, and other factors affecting trade with China or political or economic conditions in
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manufacture of multiple business critical products or hardware components, including specifically semiconductors and these
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Taiwan could disrupt the manufacture of several business critical products or hardware components, including semiconductors,
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events may impact entire sectors and industries regardless of their business proximity to the Taiwan Strait. For example, in the
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which may impact sectors and industries regardless of their business proximity to the Taiwan Strait.
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Over the twelve months ending on December 31, 2023, the S&P 500 rose by 24.2%, while the MSCI All Country
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Over the twelve months ending on December 31, 2024, the S&P 500 rose by 23.0%, while the MSCI All Country
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impact global markets, including inflation, interest rates, regulatory, and political environments, can be unpredictable and
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inflation, interest rates, trade barriers such as tariffs, regulatory, and political environments, can be unpredictable and investor
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investor sentiment could change quickly in the future while market volatility could accelerate in the face of negative macro or
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sentiment could change quickly in the future, while market volatility could accelerate in the face of negative macro, monetary,
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geopolitical developments. If global markets become unstable, it is possible sellers of assets may readjust their valuations and
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or geopolitical developments. If global markets become unstable, it is possible sellers of assets may readjust their valuations
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attractive investment opportunities may become available. On the other hand, the valuations of certain assets we planned to sell
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and attractive investment opportunities may become available. On the other hand, the valuations of certain assets we planned to
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in the near future could be negatively impacted, as well as the valuations of our portfolio companies and, as a result, our
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sell in the near future could be negatively impacted, as well as the valuations of our portfolio companies and, as a result, our
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Market volatility could adversely affect our fundraising efforts in several ways. Investors often allocate to alternative
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Market volatility also could adversely affect our fundraising efforts in several ways. Investors often allocate to
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asset classes (including private equity) based on a target percentage of their overall portfolio. If the value of an investor’s
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alternative asset classes (including private equity) based on a target percentage of their overall portfolio. If the value of an
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portfolio decreases as a whole, the amount available to allocate to alternative assets (including private equity) could decline. In
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investor’s portfolio decreases as a whole, the amount available to allocate to alternative assets (including private equity) could
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addition, investors often evaluate the amount of distributions they have received from existing funds when considering
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decline. In addition, investors often evaluate the amount of distributions they have received from existing funds when
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amendments to Form PF is expected to be in the first half of 2025.
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considering commitments to new funds. Through the first half of 2024, liquidity shortfalls across all private market asset classes
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other factors such as general market volatility and/or a reduction in distributions to investors when considering their allocations
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tensions, cross-border regulations, and other factors such as general market volatility and/or a reduction in distributions to
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to new investment funds. A decrease in the amount an investor commits to our funds could have an impact on the ultimate size
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investors when considering their allocations to new investment funds. A decrease in the amount an investor commits to our
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of our funds and amount of management fees we generate.
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funds could have an impact on the ultimate size of our funds and amount of management fees we generate.
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equity and credit markets experience heightened volatility. For example, in the United States, market volatility persisted
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equity and credit markets experience heightened volatility. While base rates are elevated relative to recent historical norms, high
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markets weaken further in the future, it is possible that we and our investment funds may not be able to consummate significant
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markets currently is relatively easy. If credit markets weaken in the future, it is possible that we and our investment funds may
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acquisition and disposition transactions on acceptable terms or at all if we or our funds are unable to finance these types of
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not be able to consummate significant acquisition and disposition transactions on acceptable terms, or at all, if we or our funds
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transactions on attractive terms or if the counterparty to the transaction is unable to secure suitable financing.
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are unable to finance these types of transactions on attractive terms or if the counterparty to the transaction is unable to secure
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Global merger and acquisition volume totaled $2.9 trillion in 2023, a 21% decline from 2022. If there is a continued
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Global merger and acquisition volume totaled$3.5 trillion in 2024, a 12% increase from 2023. While total M&A
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aversion and uncertainty, this could cause a slowdown in our investment pace, which in turn could have an adverse impact on
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activity appears to be normalizing, a retrenchment could cause a slowdown in our investment pace, which in turn could have an
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our ability to generate future performance revenues and to fully invest the available capital in our funds and reduce
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adverse impact on our ability to generate future performance revenues and to fully invest the available capital in our funds and
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opportunities to exit and realize value from our fund investments. A slowdown in the deployment of our available capital could
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reduce opportunities to exit and realize value from our fund investments. A slowdown in the deployment of our available
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impact the management fees we earn on those carry funds and managed accounts that generate fees based on invested (and not
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capital could impact the management fees we earn on those carry funds and managed accounts that generate fees based on
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committed) capital. A slowdown in the deployment of our available capital could also adversely affect our ability to raise and
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invested (and not committed) capital. A slowdown in the deployment of our available capital also could adversely affect our
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the timing of raising successor investment funds. In 2023, we invested nearly$20 billion through our carry funds.
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ability to raise and the timing of raising successor investment funds. In 2024, we invested nearly $22 billion through our carry
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foreign investment, trade, taxation, economic, environmental, and other policies under the current administration, as well as the
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foreign investment, trade, taxation, economic, environmental, and other policies under the new administration, as well as the
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liability, and/or the performance of certain funds should unexpected taxes be assessed to portfolio investments (companies) or
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increasingly undertaken business initiatives to increase the number and type of investment products we offer to retail investors,
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investments in the life sciences industry may expose us to increased risks.”
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threats or disruptions may not be fully insured or otherwise indemnified. Significant security incidents at competitor global
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funds, and their portfolio companies. In general, losses related to terrorism and catastrophic nation-state hacks are becoming
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evolving landscape of AI Technologies. Actual use of AI Technologies varies across our business, funds and portfolio
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licensure, and other harms to the Company.
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of trades. These rules could affect Carlyle’s business by making it more costly financially or otherwise burdensome for Carlyle
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to engage in certain business transactions. The SEC also has adopted or proposed numerous new and amended rules that would
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may lead to increased management burdens and costs for us.
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approach to compliance will meet future regulatory requirements, reporting frameworks, or best practices, which could increase
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the risk of related enforcement actions.
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subject to “greenwashing” accusations, including with respect to statements regarding the investment strategies of our funds or
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Manage—Underwriting, syndicating, and securities placement activities expose us to risks.”
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violated the FCPA, the UK anti-bribery laws, or other applicable anti-corruption, anti-bribery, or anti-money laundering laws
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disrupt the financial industry and change the way financial institutions, including asset managers, do business. Some of our
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management fees and the economic terms of our future funds may be less favorable to us than those of our existing funds,
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invested in our funds and, ultimately, our management fee revenue.
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invests. See Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations—
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poorer overall investment performance than if it had not been executed. Such transactions may also limit the opportunity for
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United States, which may expose us to additional risks not typically associated with investing in companies that are based in the
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Annual Report on Form 10-K.
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in the event of the triggering of a “giveback” obligation. Finally, the applicable investment funds, vehicles, or accounts would
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underlying investments perform well in local currency.
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taxation, and adverse economic and political developments;
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uncertainty for our funds’ portfolio companies and our investment strategies and adversely affect the profitability of our funds’
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Business Operations—Risks Related to the Assets We Manage—Our funds make investments in companies that are based
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outside of the United States, which may expose us to additional risks not typically associated with investing in companies that
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are based in the United States.”
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funds are subject to a number of inherent risks.”
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investments. In particular, compliance with climate and other sustainability or ESG-related rules in the European Union and the
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Company— Adverse economic and market conditions and other events or conditions throughout the world could negatively
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impact our business in many ways, including by reducing the value or performance of the investments made by our investment
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funds and reducing the ability of our investment funds to raise capital, any of which could materially reduce our revenue,
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earnings, and cash flow and adversely affect our financial prospects and condition.”
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Incentive Plan, when applicable. Any such Form S-8 registration statement will automatically become effective upon filing.
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value of your investment to decline.
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in calculations, and the preparation and analysis of information not previously relevant or regularly produced. Treasury, the
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including our Chief Executive Officer, and the loss of their services or investor confidence in such personnel could have a
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material adverse effect on our business, results of operations, and financial condition.”
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A significant contraction in the market for debt financing or other adverse change relating to the terms of debt
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commitment to the fund or our firm ceases to control the general partner.
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respect of their carried interests. If the tax treatment of carried interest continues to be an area of focus for policymakers and
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investors, which could adversely affect our business, results of operations, and financial condition.
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industry, may pose some or all of the risks noted above.
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otherwise indemnified. Significant security incidents at competitor global investment firms in which we are not directly
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total cost of casualty insurance for a property. As a result, we, our investment funds, and their portfolio companies may not be
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regulatory focus could result in additional burdens and expenses on our business.”We also regularly are subject to requests for
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material adverse effect on our results of operations, financial condition, and cash flow, as well as our reputation.
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or rejected by antitrust regulators, it could have an adverse impact on our ability to generate future performance revenues and to
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fully invest the available capital in our funds, as well as reduce opportunities to exit and realize value from our fund
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•In May 2023, the SEC adopted changes to Form PF, a confidential form relating to reporting by private funds and
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privacy, data protection, data transfers, data localization, and data security worldwide may limit the use and adoption
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of our services and adversely affect our business.”
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advisers. If adopted, the amendments would require, among other things, the adviser to: obtain certain contractual
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compliance costs, and impose limitations on our investing activities.
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their financial performance. See “Risks Related to Our Company— Use of artificial intelligence technology by us
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matters. As part of a sweep investigation of financial services and investment advisory firms, in October 2022, we received a
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request for information from the SEC related to the preservation of certain types of electronic business communications (e.g.,
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text messages and messages on WhatsApp, WeChat, and similar applications). We intend to cooperate fully with the SEC’s
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adjustment reforms taking effect from June 30, 2024. It is unclear at this stage the extent to which the proposed amendments to
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carbon intensity. In September 2023, the SEC adopted amendments to the Names Rule to require that funds which are subject to
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the Investment Company Act of 1940 whose names suggest that its investments incorporate one or more ESG factors must
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adopt a policy to invest at least 80% of their assets consistently with this policy. The compliance date for this amendment to the
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See “Risks Related to Our Business Operations—Risks Related to the Assets We Manage—Our funds make
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reputational damage and regulatory scrutiny if we are subject to “greenwashing” accusations, including with respect to
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Our ability to attract and retain investors and to pursue investment opportunities for our investment funds depends
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disgorgement, injunctions on future conduct, securities litigation, and a general loss of investor confidence, any one of which
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such companies and could negatively affect the valuation of a fund’s investments.
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lower management fees and the economic terms of our future funds may be less favorable to us than those of our existing funds,
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cause the price of our common stock to decrease.
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investors outside of the United States may involve complex structures and market practices that vary by local jurisdiction. As a
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Our investors may negotiate to pay us lower management fees and the economic terms of our future funds may be less
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favorable to us than those of our existing funds, which could adversely affect our revenues.
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The governing agreements of almost all of our carry funds provide that, subject to certain conditions, third-party
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focused on specific, existing AlpInvest personnel, as applicable.
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policy rates have likely reached their terminal level, market participants remain uncertain about how long interest rates will stay
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consolidation of investment funds, holding companies, or operating businesses of our portfolio companies could make it more
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difficult to understand the operating performance of the Company and could create operational risks for the Company.”
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the number of potential counterparties. Our carry funds generally are not restricted from dealing with any particular
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