The Carlyle Group Inc. · NASDAQ:CG
The Carlyle — Carlyle Tactical Private Credit Fund — Investor Presentation (May 2025)
41 slides from The Carlyle's investor presentation, May 2025
Slide 1: Carlyle Tactical Private Credit (CTAC)
CARLYLE Carlyle Tactical Private Credit (“CeTAC”) May 2025 FOR ACCREDITED INVESTORS
Slide 2: Important Risk Disclosures
Important Risk Disclosures Investors should carefully consider the investment objective, risks, charges and expenses of the Fund before investing. This and other important information about the Fund is in the prospectus, which can be obtained by contacting your financial advisor or visiting www.Carl
Slide 3: Important Risk Disclosures (Cont.)
Important Risk Disclosures (Cont.) Valuations. For purposes of this Presentation, the valuation of our investments is determined in accordance with the terms of ASC 820, Fair Value Measurement. Generally, Carlyle values its investments at their market price if market quotations are readily available
Slide 4: Risk Factors
Risk Factors Investing in the Fund involves risks, including the risk that a Shareholder may receive little or no return on their investment or that a Shareholder may lose part or all of their investment. Below is a summary of some of the principal risks of investing in the Fund. For a more complete
Slide 5: Risk Factors (Cont.)
Risk Factors (Cont.) The Fund may be materially adversely affected by market, economic and political conditions and natural and man-made disasters, including pandemics, wars and supply chain disruptions, globally andin the jurisdictions and sectors in which the Fundinvests. Non-US. securities may be
Slide 6: Key Takeaways
Key Takeaways Private Credit is a multi-trillion-dollar market! that seeks to offer a yield premium compared to the liquid market C-TAC leverages Carlyle’s global platform to invest dynamically across the entire universe of private credit Our fund structure aligns incentives and allows us to seek to
Slide 7: CTAC Overview
CeTAC Overview The Carlyle Tactical Private Credit Fund seeks to produce current income and provide investors with access to the private credit markets. The Fund seeks to opportunistically allocate its assets across a wide range of credit strategies within The Carlyle Group’s $199B! Global Credit Pl
Slide 8: Contents
Contents SECTION O1 Why Tactical Private Credit? SECTION 02 Carlyle Group Overview SECTION 03 Carlyle Tactical Private Credit Fund SECTION 04 Investment Strategy Snapshots SECTION 05 Appendix: Additional Information
Slide 9: Why Tactical Private Credit?
SECTION Ol Why Tactical Private Credit?
Slide 10: What is Private Credit?
What is Private Credit? Private credit is investing in directly originated loans to businesses that cannot or do not want to access public markets for their capital needs Key Attributes v Proprietary Deal Flow v Complex Transactions v Directly Originated v Sponsored & Non-Sponsored Lending v Special
Slide 11: Financing Markets Have Evolved
Financing Markets Have Evolved * Historically, private credit primarily financed mezzanine and preferred equity opportunities * Today, Private Credit is a meaningful financing provider up and down the capital structure Gj Bespoke structures f across cap stack Senior Debt Senior Debt BANK . FINANCING
Slide 12: Multi Trillion Dollar Opportunity Set in Private Credit
Multi Trillion Dollar Opportunity Set in Private Credit With businesses remaining private for longer & significant private equity dry powder, we believe there is a continued long-term need for private credit GROWTH EXPECTED IN PRIVATE CREDIT GROWING NUMBER OF PRIVATELY HELD COMPANIES? Private Equity
Slide 13: Significant yield premium compared to traditional markets
On a risk-adjusted basis we continue to see significant yield premium as compared to traditional markets
Slide 14: Carlyle Group Overview
SECTION 02 Carlyle Group Overview
Slide 15: Carlyle Firm Overview
Carlyle Firm Overview! Global Credit $199 bn AUM? = 195+ investment professionals* Founded: 1987 AUM: $453 bn Global . . Employees: 2300+ Private Equity $164 bn AUM 415+ investment professionals Investment Professionals: 725+2 Offices / Countries: 29/17 $89 bn AUM —= 105+ investment professionals Th
Slide 16: Carlyle Global Credit Platform
Carlyle Global Credit Platform LE GLOBAL CREDIT - $I99BN A AR ASSET-BACKED FINANCE AUM: $8.9 billion LIQUID CREDIT PRIVATE CREDIT AUM: $48.9 billion AUM: $30.2 billion Directly originated Carlyle managed DIRECT loans, primarily first Commercial aircraft cLo CLOs (broadly LENDING lien and financial l
Slide 17: Experienced Credit Senior Leadership Team
Experienced Credit Senior Leadership Team Carlyle Global Credit 195+ investment professionals! Mark Jenkins, Head of Global Credit Justin Plouffe, Deputy ClO of Global Credit 35 years experience 24 years experience Liquid Credit Private Credit Asset-Backed Finance 45+ investment professionals! 65+ i
Slide 18: The Carlyle Edge: Potential Sources of Competitive Strengths
The Carlyle Edge: Potential Sources of Competitive Strengths |. Breadth of Capabilities * Ability to deliver comprehensive and creative solutions to borrowers * Investing capabilitiesacross the capital structure 7.Integrated Platform = ~----=-2 ee * Information sharing across businesses and industri
Slide 19: Carlyle Tactical Private Credit Fund
SECTION 03 Carlyle Tactical Private Credit Fund
Slide 20: CTAC Overview
CeTAC Overview * C-TAC seeks to produce income & provide high net C-TAC Portfolio Managers worth individuals (“HNWI”) access to the private credit markets by allocating capital across the credit spectrum * C-TAC will invest directly in deals originated by the a Global Credit platform, and will tacti
Slide 21: Asset Allocation Across the Entire Credit Platform
Asset Allocation Across the Entire Credit Platform Top-Down Strategy Allocation Global Credit Investment Content Opportunistic Credit Direct Lending Leveraged Loans CLO Investment Aviation Finance Infrastructure Asset-Backed Finance Real Estate Bottom-Up Credit Selection Credit Business Support and
Slide 22: Portfolio Construction
Portfolio Construction Direct Lending Opportunistic Credit 50-40% 20-30% Loans and subordinated debt to sponsor Opportunities that arise due to market 0% backed middle market companies dislocation or special situations Structured Credit Liquid Credit ~20% I5-20% (eo) oO Debt, such as corporate or so
Slide 23: Tactical Allocation
Tactical Allocation CTAC has been able to shift its portfolio based on where CGC is finding the best risk-adjusted returns 100% 90% 70% 60% 50% 8 8 1s 9 9 9 9 -20 g a 2 ray Jun-20 Sep-20 Dec-20 Mar-2I Jun-21 Jul-21 Aug-2I Sep-2I Oct-21 Nov-2I Dec-2I Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 A
Slide 24: Key Portfolio Stats
Key Portfolio Stats 9.01% / 9.88% Annualized / LTM Distribution Rate (N)! Annualized / LTM Distribution Rate (A)! 828 Current Number of Investments ~$5,788., Total Assets under Management? ~21% % Leverage? Source: Carlyle Tactical Private Credit Fund as of 3/31/2025, unless otherwise stated. \ 87% F
Slide 25: Key Portfolio Stats (cont.)
Key Portfolio Stats (cont.) TOP TEN INDUSTRIES! (AS 4 @ OF ASSETS) ANNUALIZED DISTRIBUTION RATE? = Software $0.35 ‘oso. wees 12.00% 10.47% 12.59%40,351057% Health Care Providers & $0.30 19.08% So 5. RO = Health Care Providers . 10.00% Services > 01% age 49.56% Ne Diversified Investment $0.25 .7A%, 9
Slide 26: Net Monthly Total Return
Net Monthly Total Return! TAKNX —_N Share Class eye Yeor [jan | Feb | Mar Apr | Moy un | ul | Aug | Sept | oct | Nov | Dec | VID | 100% 044% (0.27%) (0.20%) 0.96% 7.55% 124% 086% 109% 0.78% Li6% 0.69% 0.85% 0.70% 084% 0.88% 076% O.5I% 10.77% 8.09% 3.03% 084% (0.29%) 40% 015% 135% «205% 133% OBS «= 0
Slide 27: Key Fund Terms
Key Fund Terms Structure The Fund is structured as a registered continuously-offered closed-end interval fund Subscriptions Daily / $10,000 minimum! Repurchases? The Fund will offer quarterly minimum 5% repurchases of the Fund NAV Distributions Quarterly Management Fee? 1.00% charged on managed asse
Slide 28: Investment Strategy Snapshots
SECTION 05 Investment Strategy Snapshots
Slide 29: Liquid Credit
Liquid Credit Liquid Credit - $50.0 Billion AUM Segment Overview Key Investment Highlights = Carlyle’s Liquid Credit platform was launched in 1999 and primarily invests in senior secured broadly syndicated loans (“BSL”), CLO debt & equity tranches, and structured credit * Since 2003, the Liquid Cred
Slide 30: Direct Lending
Highlights] Direct Lending Direct Lending - $10.9 Billion AUM Segment Overview * Carlyle Direct Lending seeks to generate current sustainable cash income on a through-cycle basis by primarily investing in senior secured term loans to U.S. middle market companies ($25M EBITDA or greater) supported by
Slide 31: Opportunistic Credit and Hybrid Capital
Opportunistic Credit and Hybrid Capital Segment Overview * Opportunistic Credit targets global opportunities with attractive asymmetric risk-adjusted returns, characterized by significant current income and strong downside management through seniority in the capital stack and other structural consid
Slide 32: Aviation Credit
Aviation Credit Carlyle Aviation Partners - $12.6 Billion AUM! * Carlyle Aviation Partners? is a multi-strategy investment platform that = HARD ASSET STRATEGY - Commercial aircraft are long-term assets is continuously expanding offerings for investors and airlines ~ with historically favorable resid
Slide 33: Infrastructure Credit
Infrastructure Credit Carlyle Infrastructure Credit - $5.9 Billion AUM Segment Overview Key Investment Highlights Carlyle Infrastructure Credit strategy seeks to make investments SECULAR CHANGE POST-FINANCIAL CRISIS — Infrastructure projects across the capital structure, providing directly originate
Slide 34: Asset-Backed Finance
Asset-Backed Finance Segment Overview = Carlyle’s Asset-Backed Finance (“ABF”) strategy seeks to acquire and lend against high-quality, diversified portfolios of collateral with contractual current cash flows * These diversified portfolios of assets (consumer loans, home loans, solar loans, etc.) ha
Slide 35: Appendix: Additional Information
SECTION 06 Appendix: Additional Information
Slide 36: Subscriptions & Repurchases
Subscriptions & Repurchases Daily Subscriptions Daily Published NAV Quarterly Repurchases (offer at least 5% of Fund shares) Repurchase offer mailed to shareholders quarterly (~3-4 weeks prior to quarter end) Repurchase deadline is two weeks after the last business day of the quarter If more shares
Slide 37: Liquidity Management
Liquidity Management New Capital & Reinvestment oP Amortization of Loans oe Structured Credit Or Convert Loans to Cash P
Slide 38: Strong Shareholder Alignment
Strong Shareholder Alignment Oversight Asset Allocation Independent Fund Board Investing alongside noes flagship funds & ¢ arlyle Tactical Registered Fund Private Credit Seed Capital Registered with SEC Fund $IOOM total seed 1933 &1940 Act capital $50M invested by Hurdle Rate Carlyle’s balance sheet
Slide 39: Hypothetical Annual Incentive Fee
Hypothetical Annual Incentive Fee Net investment income (“NII”) is interest income, dividend income and any other income accrued, minus the Fund’s operating expenses ° 6.00% Income 7.06% Income 0% Income (Hurdle) (Catch-Up) Shareholder receives Shareholder 85.0% of Nl is paid 100% of NI receives 0%
Slide 40: Interval Fund Characteristics
Interval Fund Characteristics An interval fund is a closed-end structure that conducts periodic repurchase offers for a portion of its outstanding shares. Given the limited liquidity, portfolio managers can invest interval fund capital into more illiquid assets than they could in more liquid vehicle
Slide 41: Additional Disclosures
Additional Disclosures The mention of specific currencies, securities, issuers or sectors does not constitute a recommendation on behalf the Fund or Carlyle. Prior to November 4, 2019, the Fund’s name was the OFI Carlyle Private Credit Fund. At an in-person meeting of the Board held on September 23,
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