The Carlyle Group Inc. · NASDAQ:CG
The Carlyle — Investor Day (February 2026)
124 slides from The Carlyle's investor day presentation, Feb 26, 2026
Slide 1: Shareholder Update
Shareholder ' Upaate FEBRUARY 26, 2026
Slide 2: Important Information
Important Information This presentation has been prepared by The Carlyle Group Inc. (together with its affiliates, “Carlyle”) and may only be of sale, all of which may differ from the assumptions and circumstances on which the current unrealized valuations used for informational purposes. All inform
Slide 3: Important Information (cont'd)
Important Information (cont’d) Non - GAAP Financial Measures. This presentation contains financial measures that are calculated and presented on the basis of methodologies other than in a cc ordance with generally accepted accounting principles in the United States of America. These non - GAAP finan
Slide 4: Agenda
Welcome Daniel Harris Agenda CEO Perspectives Harvey Schwartz Client Business Jeff Nedelman Global Credit Mark Jenkins Global Private Equity John Redett Carlyle AlpInvest Break Matt Anderson and Lúcia Soares Leveraging AI Across Carlyle Moderated by: Lindsay LoBue Akhil Bansal, Brian Bernasek, Shane
Slide 5: CEO Perspectives
SHAREHOLDER UPDATE CEO Perspectives HARVEY SCHWARTZ CHIEF EXECUTIVE OFFICER FEBRUARY 26, 2026
Slide 6: Where We Focused
Where We Focused Strategic Operating Leadership Growth Plan Model Team Please refer to the Appendix for footnotes. 6
Slide 7: Building A World Class Leadership Team
Building A World Class Leadership Team MARK JENKINS JEFF NEDELMAN JOHN REDETT LINDSAY LOBUE JUSTIN PLOUFFE Co - President Co - President Co - President Chief Operating Officer Chief Financial Officer Head of Global Credit & Insurance Global Head of Client Business Head of Global Private Equity Pleas
Slide 8: Our Heritage and Culture Enables Us to Execute with Excellence
Our Heritage and Culture Enables Us to Execute with Excellence Execute With Culture Excellence EST. of Care 1987 Please refer to the Appendix for footnotes. 8
Slide 9: 2025 Was a Record Year
2025 Was a Record Year Record FRE Record Record Global Record FRE Margin AUM Wealth AUM Record Industr y - Global Credit 3 rd Best Year Leading Record Capital & Carlyle Ever in Inflows Realization Markets Fees AlpInvest FRE Activity Please refer to the Appendix for footnotes. 9
Slide 10: Our Focused Strategy Drove Record Results
Our Focused Strategy Drove Record Results FEE RELATED EARNINGS ($MN) FRE MARGIN DE / SHARE 20% CAGR ~1,000bps Expansion 11% CAGR $1,236 47% $4.02 $1,105 46% $859 $3.66 37% $3.24 2023 2024 2025 2023 2024 2025 2023 2024 2025 Please refer to the Appendix for footnotes. 10
Slide 11: Our Focused Strategy Drove Record Results
Our Focused Strategy Drove Record Results FEE REVENUE ($ MN ) TRANSACTION FEES ($MN) CAPITAL RETURN ($BN) 7% CAGR 67% CAGR 30% CAGR $2,643 $225 $1.2 $1.1 $164 $2,404 $0.7 $2,306 $80 2023 2024 2025 2023 2024 2025 2023 2024 2025 Please refer to the Appendix for footnotes. 11
Slide 12: Exceeded Financial Targets Over the Past Two Years
Exceeded Financial Targets Over the Past Two Years 400bps Beat 100bps Beat $1BN Beat 29% 46% $41 2024 45% $40 25% FRE Growth FRE Margin Inflows ($BN) 600bps Beat 200bps Beat $14BN Beat 12% 47% $54 2025 45% 6% $40 FRE Growth FRE Margin Inflows ($BN) Target Actual Please refer to the Appendix for foot
Slide 13: Targets
2028 FEE RELATED EARNINGS 2028 MANAGEMENT FEES $1.9BN+ $1.2BN IN 2025 $2.8BN+ $2.2BN IN 2025 2028 FEE RELATED EARNINGS 2028 FRE MARGIN 15%+ 50%+ Targets 3 - YEAR CAGR 2026 - 2028 INFLOWS 2028 47% IN 2025 DE / SHARE $200 BN+ $6+ UP FROM $158BN IN 2023 - 2025 $4.02 IN 2025 Please refer to the Appendix
Slide 14: Why Are We Positioned To Win?
Why Are We Positioned To Win? Please refer to the Appendix for footnotes. 14
Slide 15: We Have Global Reach, Powered by Local Expertise
We Have Global Reach, Powered by Local Expertise 2,500+ EMPLOYEES 39 Years AMERICAS 29 Years EMEA 28 Years APAC 27 OFFICES 15 YEAR AVG. TENURE ACROSS PARTNERS Please refer to the Appendix for footnotes. 15
Slide 16: Carlyle's Brand and Connectivity Creates Competitive Advantages
Carlyle’s Brand and Connectivity Creates Competitive Advantages Partnership Opportunity Relationships built over Expanding private four decades in private markets access to a markets that foster trust range of new investors across cycles worldwide Perspective Performance A uniquely informed macro Tr
Slide 17: A Suite of Solutions That Are Diversified and Durable
A Suite of Solutions That Are Diversified and Durable CARLYLE BY AUM Opportunistic Direct Credit Real Assets Lending Credit Liquid Credit Asset - Backed Finance Carlyle Technology Secondaries & Portfolio $477BN Finance Financial Services Global Credit Global Private Equity Healthcare Primaries $164B
Slide 18: Carlyle's Right to Win
Carlyle’s Right to Win Geopolitical Robust Solutions Dynamics Scale Global Reach, Local Expertise Channel Diversification Deep Sector Expertise Aerospace, Healthcare Defense & Government Market Private Capital Financial Industrials Services Conditions Demand Please refer to the Appendix for footnote
Slide 19: Our Firmwide Priorities
Our Firmwide Priorities Delivering Scaling Accelerating Exceptional Platform High -Growth Investment Advantages Opportunities Performance Please refer to the Appendix for footnotes. 19
Slide 20: Client Business
SHAREHOLDER UPDATE Client Business JEFF NEDELMAN CO - PRESIDENT FEBRUARY 26, 2026
Slide 21: Clients and Solutions
OUR STRATEGY BEGINS AND ENDS WITH Clients and Solutions Please refer to the Appendix for footnotes. 21
Slide 22: Leveraging the Power of the Carlyle Brand
Leveraging the Power of the Carlyle Brand CARLYLE’S BRAND IS KNOWN FOR Connectivity Long - term track record Global scale Strong partnerships Convening power Please refer to the Appendix for footnotes. 22
Slide 23: Methodically Repositioned our Client Business
• Transitioned from single - product to client - centric, Methodically Organizational multi - product solution Re - Design • Integrated Global Wealth Repositioned our • Formalized regional and business coverage Client Business Strategy Prioritize • Aligned key senior talent with strategic priorities
Slide 24: Key Goals for Client Business
Key Goals for Client Business Grow Diversified & Scale & Expand Drive Excellence Durable Client Base Client Solutions in Wealth • Leverage our exceptional • Exceed $200BN+ inflows • Expand and innovate our investment performance over the next 3 years suite of products • Serve as a trusted, • Scale o
Slide 25: It All Starts With Exceptional Performance
It All Starts With Exceptional Performance GLOBAL PRIVATE EQUITY 1 GLOBAL CREDIT CARLYLE ALPINVEST 29% 16% 19% U.S. BUYOUT OPPORTUNISTIC SECONDARIES GROSS IRR CREDIT GROSS IRR GROSS IRR 25% 12% 18% ASIA BUYOUT DIRECT LENDING CO - INVESTMENTS GROSS IRR GROSS IRR GROSS IRR 17% 10% 17% U.S. REAL ESTATE
Slide 26: Grow Diversified & Durable Client Base
Grow Diversified & Durable Client Base Please refer to the Appendix for footnotes. 26
Slide 27: We Benefit From a Diversified Client Base and Seasoned Team
GROW DIVERSIFIED & DURABLE CLIENT BASE We Benefit From a Diversified Client Base and Seasoned Team OUR CLIENTS OUR TEAM 3,200+ 450+ 250+ 11 years LIMITED NEW LIMITED LPS’ CROSS - FUND AVG. IR PARTNER TENURE 4 PARTNERS PARTNERS IN ADOPTION IN PAST 3 YEARS 5 PAST 3 YEARS 274 87 11 years 200+ IR GLOBA
Slide 28: Where We Source Capital Globally
GROW DIVERSIFIED & DURABLE CLIENT BASE Where We Source Capital Globally $110BN $15BN $24BN AMERICAS EUROPE APAC Reflects total inflows $9BN MENA to Carlyle 2023 - 2025 Please refer to the Appendix for footnotes. 28
Slide 29: We Take a Methodical Approach to Key Strategic Channels
We Take a Methodical Approach to Key RETIREMENT $44 TN 6 CURRENT TAM Strategic Channels RIA $10TN RIA - MANAGED ASSETS TAM 7 FAMILY OFFICE $5TN CURRENT SINGLE - FAMILY OFFICE TAM 8 Please refer to the Appendix for footnotes. 29
Slide 30: Scale & Expand Client Solutions
Scale & Expand Client Solutions Please refer to the Appendix for footnotes. 30
Slide 31: We Beat Our Inflows Target
SCALE & EXPAND CLIENT SOLUTIONS We Beat Our Inflows Target WE EXCEEDED OUR ORIGINAL 2025 INFLOWS TARGET($BN) +35% $54 $40 $18 35% outperformance over original 2025 target $28 $95BN inflows over the past two years Raised across 30 strategies $8 Original 2025 Target 2025 Actual Global Private Equity G
Slide 32: Growth Driven by a Diverse and Durable Set of Investment Strategies
SCALE & EXPAND CLIENT SOLUTIONS Growth Driven by a Diverse and Durable Set of Investment Strategies GLOBAL PRIVATE EQUITY GLOBAL CREDIT CARLYLE ALPINVEST • Asia Buyout • Global Infrastructure • Asset - Backed • Liquid and • Co - Investments • Primary Funds Finance Structured Credit • Europe Buyout •
Slide 33: Targeting $200BN+ of Inflows Over the Next Three Years
SCALE & EXPAND CLIENT SOLUTIONS Targeting $200BN+ of Inflows Over the Next Three Years TOTAL INFLOWS ($BN) 27% Growth $158 $200 $60 $200 BN+ of inflows over the next 3 years $40BN+ from wealth $90 evergreen solutions Inflows Supercycle in effect $50 2023-2025 2026-2028 Global Private Equity Global C
Slide 34: Drive Excellence in Wealth
Drive Excellence in Wealth Please refer to the Appendix for footnotes. 34
Slide 35: Growing Adoption of Private Markets in Wealth
DRIVE EXCELLENCE IN WEALTH Growing Adoption of Private Markets in Wealth PRIVATE MARKETS ACCOUNT FOR ONLY PRIVATE MARKETS AUM IS SET TO INCREASE 3% OF HNW PORTFOLIOS TODAY 9 THREE - FOLD FOR WEALTH INVESTORS 10 $12TN + 8%+ $150TN 3% INDIVIDUAL WEALTH AUM 7 $4.5 TN 3% Today In 10 Years Please refer t
Slide 36: Experiencing Rapid Growth in Our Wealth Strategy
DRIVE EXCELLENCE IN WEALTH Experiencing Rapid 2023 2025 GROWTH 11 Growth in Our Evergreen 3 9 3X Wealth Strategy Solutions Dedicated 40+ 110+ 2.5X Professionals Evergreen $6BN $18BN 3X AUM Distribution 120 200+ 50%+ Relationships Please refer to the Appendix for footnotes. 36
Slide 37: Scaling and Expanding Our Wealth Solutions
DRIVE EXCELLENCE IN WEALTH Scaling and Expanding Our Wealth Solutions SCALE EXISTING SUITE NEW OFFERINGS PLATFORM SOLUTIONS SPECIFIC SOLUTIONS FUTURE SOLUTIONS Diversified European Asset - Backed CTAC Diversified Private Credit ETAC Private Credit Finance Evergreen Vehicles Multi - Asset Credit Priv
Slide 38: Targeted Partnerships Drive Innovation in Wealth
DRIVE EXCELLENCE IN WEALTH Targeted Partnerships Drive Innovation in Wealth CARLYLE ALPINVEST PRIVATE MARKET SECONDARIES (CAPS) CORE INVESTMENT EXPERTISE PARTNER REACH AND STRENGTH Carlyle AlpInvest has a long history UBS Unified Global Alternatives of sourcing and executing complex combines leading
Slide 39: Bringing Our Clients Along for the Ride
DRIVE EXCELLENCE IN WEALTH Bringing Our Clients Along for the Ride 827MN+ 325MN+ GLOBAL TOTAL REACH OF F1 FANS LAUNCH MEDIA EXPOSURE $72MN+ 500 K+ EQUIVALENT VIEWS OF CNBC ADVERTISING EXCLUSIVE EXPOSURE COVERAGE GENERATED Please refer to the Appendix for footnotes. 39
Slide 40: Targeting $40BN+ of Wealth Evergreen Inflows Over the Next Three Years
DRIVE EXCELLENCE IN WEALTH Targeting $40BN+ of Wealth Evergreen Inflows Over the Next Three Years TOTAL INFLOWS $40BN+ $40 BN+ in wealth evergreen inflows across Global Private Equity, Global Credit, and Carlyle AlpInvest 3x evergreen AUM $12BN growth in past 3 years Educate and engage clients $17.5
Slide 41: Client Business Key Takeaways
Client Business Key Takeaways 1 2 3 Performance - first Scale and expand Deliver $200BN+ and solutions - first Global Wealth of inflows over next 3 approach years Please refer to the Appendix for footnotes. 41
Slide 42: Clients and Solutions
OUR STRATEGY BEGINS AND ENDS WITH Clients and Solutions Please refer to the Appendix for footnotes. 42
Slide 43: Global Credit
SHAREHOLDER UPDATE Global Credit MARK JENKINS CO - PRESIDENT FEBRUARY 26, 2026
Slide 44: Defining Our Business Today
Defining Our $211 BN $30 BN Business Today TOTAL AUM 2025 DEPLOYMENT Global Credit is a solutions provider to both borrowers and $100BN PERPETUAL AUM investors, delivering flexible and long - term capital solutions across the credit spectrum. $74 BN PRIVATE CREDIT $87BN AUM INSURANCE SOLUTIONS $50 B
Slide 45: Scaled, Diversified Platform That Captures the Breadth of the Credit Spectrum
Scaled, Diversified Platform That Captures the Breadth of the Credit Spectrum LIQUID CREDIT PRIVATE CREDIT $50 BN $34 BN CLO CLO Loans & Revolving Direct Lending Opportunistic Hybrid Capital GLOBAL CREDIT Management Investment Credit Credit AUM $211 BN REAL ASSETS $20 BN ASSET - BACKED FINANCE $10BN
Slide 46: Thoughtfully Built to Drive Significant Growth
Thoughtfully Built to Drive Significant Growth FEE REVENUE ($MN) FEE RELATED EARNINGS ($MN) COMPETITIVE ADVANTAGES & CHANGES DRIVING GROWTH 17% CAGR 34% CAGR • Scaled existing platform • Diversified across attractive $910 $402 credit opportunities • Added institutional and wealth $663 evergreen vehi
Slide 47: Large and Expanded Addressable Market for Private Credit
Large and Expanded Addressable Market for Private Credit TRADITIONAL PRIVATE TODAY’S OPPORTUNITY SET MUCH LARGER CREDIT MARKETS THAN TRADITIONAL PRIVATE CREDIT ~$2TN 2 ~$25TN 3 ASSET - BACKED FINANCE DIRECT LENDING HYBRID CAPITAL Sponsored Consumer Sponsor Credit - Oriented Corporate Asset - Based S
Slide 48: Targeting $90BN+ of Inflows Over the Next Three Years
Targeting $90 BN+ of Inflows Over the Next Three Years SCALE EXISTING STRATEGIES • Asset - Backed Finance • Insurance Solutions • U.S. & European Direct Lending $90 BN+ • Opportunistic Credit • Cross Platform EXPANDING INTO NEW ADJACENCIES 2026 - 2028 • New strategies and geographies GLOBAL CREDIT I
Slide 49: Advancing Our Firmwide Priorities
Advancing Our Firmwide Priorities Delivering Scaling Accelerating Exceptional Investment Platform High -Growth Performance Advantages Opportunities • Opportunistic Credit Gross • Designed to drive growth and • Insurance Solutions IRR of 16% since inception 4 reinforce the Carlyle flywheel • Asset -
Slide 50: Delivering Exceptional Investment Performance
Delivering Exceptional Investment Performance 50
Slide 51: History of Delivering Strong Performance
DELIVERING EXCEPTIONAL INVESTMENT PERFORMANCE History of Delivering Strong Performance CLO Management CLO Investing Liquid Credit 13% 14% INVESTMENT EQUITY NET IRR 8 EQUITY GROSS IRR 9 STRATEGY DRIVING PERFORMANCE Direct Lending Opportunistic Credit • Proprietary originations Private Credit 12% 16%
Slide 52: Low Defaults and Losses Across Credit Strategies
DELIVERING EXCEPTIONAL INVESTMENT PERFORMANCE Low Defaults and Losses Across Credit Strategies CARLYLE BROADLY SYNDICATED LOAN CARLYLE DIRECT LENDING (“ BSL ”) LOSS RATE VS. INDUSTRY DEFAULT RATE VS. INDUSTRY 15 1.7% 1.3% 13 13 0.5% 14 0.2% Carlyle BSL Loss Rate Industry BSL Loss Rate Carlyle DL Def
Slide 53: Scaling Platform Advantages
Scaling Platform Advantages 53
Slide 54: Global Credit's Integrated Platform Designed for Growth
SCALING PLATFORM ADVANTAGES Global Credit’s Integrated Platform Designed for Growth PRIVATE CROSS CREDIT PLATFORM CREDIT THE GLOBAL CREDIT FLYWHEEL CAPITAL Integrated Platform Engine MARKETS REAL LIQUID ASSETS CREDIT GLOBAL CREDIT Diversified Credit Foundation CREDIT Scaling Mechanisms • Cross Platf
Slide 55: Transaction Fees to Increasingly Diversify and Scale
SCALING PLATFORM ADVANTAGES Transaction Fees to Increasingly Diversify and Scale TRANSACTION FEES 16 ($MN) TRANSACTION FEE DIVERSIFICATION 67% CAGR Global Private Equity 86% $225 2021 Global Credit 14% Carlyle AlpInvest 0% $164 $80 Global Private Equity 66% Global Credit 30% 2025 Carlyle AlpInvest 4
Slide 56: Accelerating High-Growth Opportunities
Accelerating High -Growth Opportunities 56
Slide 57: Three Pillars for Enduring Insurance Capital Growth
ACCELERATING HIGH - GROWTH OPPORTUNITIES Three Pillars for Enduring Insurance Capital Growth EXPANSION OF THIRD - PARTY DISTRIBUTION OF CAPITAL - FORTITUDE RE INSURANCE PARTNERSHIPS EFFICIENT STRUCTURES • Fortitude Re is the • Selective use of balance • Offering capital - efficient foundation of a p
Slide 58: Asset-Backed Finance is Scaling Rapidly
ACCELERATING HIGH - GROWTH OPPORTUNITIES Asset-Backed Finance is Scaling Rapidly ASSET - BACKED FINANCE AUM ($BN) 2026+ Launch Evergreen $10BN 2021 INCEPTION OF Expanded Fortitude Re Vehicles AUM ABF PLATFORM Partnership $10 CORE SECTORS GROWTH DRIVERS $8 Bank Retrenchment $6 Real / “Hard” Assets La
Slide 59: Evergreen Vehicles Drive Scalable, Recurring Growth
ACCELERATING HIGH - GROWTH OPPORTUNITIES Evergreen Vehicles Drive Scalable, Recurring Growth AUM FROM GLOBAL CREDIT BENEFITS OF EVERGREEN VEHICLES EVERGREEN VEHICLES 17 ($BN) Semi - permanent / Recurring, Scalable long - duration visible growth capital fee streams platforms $19 SAMPLE PRODUCTS $15 I
Slide 60: Purpose-Built Platform Delivers a Diverse and Differentiated Wealth Solution
ACCELERATING HIGH - GROWTH OPPORTUNITIES Purpose -Built Platform Delivers a Diverse and Differentiated Wealth Solution CTAC AUM ($BN) CTAC ASSET BENEFITS OF CTAC ALLOCATION (%) 44% CAGR Diversified Top - down Semi - liquid 6% 4% portfolio with tactical asset structure $7 proprietary allocation 14% 4
Slide 61: Global Credit Key Takeaways
Global Credit Key Takeaways 1 2 3 Diversified credit Massive opportunity Targeting $90BN+ platform serves as a to scale platform of inflows o ver the differentiated partner across investment next 3 years to a growing set strategies and of borrowers and client channels investors Please refer to the A
Slide 62: Global Private Equity
SHAREHOLDER UPDATE Global Private Equity JOHN REDETT CO - PRESIDENT FEBRUARY 26, 2026
Slide 63: Defining Our Business Today
Defining Our Business Today $164BN 35+ 700 K+ TOTAL AUM YEARS OF PORTFOLIO COMPANY INVESTMENT EMPLOYEES EXPERIENCE Global Private Equity is one of the world’s largest and most diversified private equity investment platforms, driving 275+ 700+ 30+ attractive returns across ACTIVE PORTFOLIO ACTIVE REA
Slide 64: Leveraging Global Reach and Deep Sector Specialization
Leveraging Global Reach and Deep Sector Specialization CORPORATE REAL ESTATE INFRASTRUCTURE PRIVATE EQUITY AUM AUM & ENERGY AUM $104BN $36BN $23BN $70BN $25BN $16BN AMERICAS U.S. OPPORTUNISTIC ENERGY $19BN $16BN $8BN $3BN $7BN APAC EUROPE U.S. CORE PLUS INTERNATIONAL INFRASTRUCTURE Please refer to t
Slide 65: Advancing Our Firmwide Priorities
Advancing Our Firmwide Priorities Delivering Scaling Accelerating Exceptional Investment Platform High -Growth Performance Advantages Opportunities • 26% Corporate Private • Local teams, deep sector • Target $50BN+ GPE Inflows Equity realized gross IRR specialization, supported by from 2026 - 2028 s
Slide 66: Delivering Exceptional Investment Performance
Delivering Exceptional Investment Performance 66
Slide 67: Delivering Strong Investment Performance
DELIVERING EXCEPTIONAL INVESTMENT PERFORMANCE Delivering Strong Investment Performance EQUITY INVESTED GROSS IRR 2 U.S. Buyout $79BN 29% Europe Buyout $24BN 20% Corporate Private Equity Asia Buyout $20BN 25% Europe Technology $5BN 29% Japan Buyout $4BN 20% Total CPE 3 $157BN 26% U.S. Real Estate $25
Slide 68: Strong Performance Momentum Across U.S. Buyout
DELIVERING EXCEPTIONAL INVESTMENT PERFORMANCE Strong Performance Momentum Across U.S. Buyout GROSS MOIC PROGRESSION: 17 QUARTERS SINCE FIRST INVESTMENT RECENT EXITS Company Proceeds 4 Exit Path CP VIII 1.48x $2.2BN 5 IPO (As of 12/31/25) $1.3BN 6 Strategic Buyer CP VII 1.34x Financial Buyer (1.71x C
Slide 69: Accelerating Realization Activity Across the GPE Platform
DELIVERING EXCEPTIONAL INVESTMENT PERFORMANCE Accelerating Realization Activity Across the GPE Platform GPE REALIZATIONS ($BN) $17.8 $18.2 #1 $10BN PRIVATE EQUITY IPO ISSUANCE OVER SPONSOR GLOBALLY BY IPO LAST 2 YEARS PROCEEDS SINCE 2024 $13.5 • Largest Ever Sponsor - Backed IPO • Largest Ever Healt
Slide 70: Scaling Platform Advantages
Scaling Platform Advantages 70
Slide 71: Corporate Private Equity: Leveraging Local Teams and Sector Depth at Global Scale
SCALING PLATFORM ADVANTAGES Corporate Private Equity: Leveraging Local Teams and Sector Depth at Global Scale GLOBAL PLATFORM WITH A REGIONAL FOCUS DEEP SPECIALIZATION CPE Sector Power Alleys AMERICAS EUROPE ASIA Aerospace, Defense & Government $70BN $16BN $19BN AUM AUM AUM Financial Services Health
Slide 72: Capability to Execute Complex, Differentiated Transactions
SCALING PLATFORM ADVANTAGES Capability to Execute Complex, Differentiated Transactions CORPORATE CARVE - OUTS CROSS - GEOGRAPHY INVESTMENTS 10 84 $33BN 27% 2.7x 46 $33BN 26% 2.4x INVESTMENTS 11 TOTAL EQUITY REALIZED / PARTIALLY REALIZED / PARTIALLY INVESTMENTS 11 TOTAL EQUITY REALIZED / PARTIALLY RE
Slide 73: Accelerating High-Growth Opportunities
Accelerating High -Growth Opportunities 73
Slide 74: Compelling Trends Across Defense Globally
ACCELERATING HIGH - GROWTH OPPORTUNITIES Compelling Trends Across Defense Globally UNPRECEDENTED GROWTH IN DEFENSE SPENDING CARLYLE AEROSPACE, DEFENSE & GOVERNMENT TRACK RECORD 17 Projected European NATO U.S. FY 2026 Defense Spend ( €BN) 12 3.5% of GDP target for Defense spending 13 Defense Budget +
Slide 75: Our Real Assets Platform is Well-Positioned to Benefit From Improving Market Dynamics
ACCELERATING HIGH - GROWTH OPPORTUNITIES Our Real Assets Platform is Well-Positioned to Benefit From Improving Market Dynamics REAL ASSETS AUM MIX($BN) OVERVIEW Infrastructure $59 BN ~1,900 $7 AUM INVESTMENTS ITD 17% 14% Global Energy $59 BN $16 AUM U.S. REAL INFRASTRUCTURE & ESTATE ENERGY REALIZED
Slide 76: Targeting $50BN+ of Inflows Over the Next Three Years
ACCELERATING HIGH - GROWTH OPPORTUNITIES Targeting $50 BN+ of Inflows Over the Next Three Years GROWING THE CORE BUSINESS • Strong investment performance driving accelerating inflows • Compelling secular trends with improving market dynamics EXPANDING INTO NEW ADJACENCIES • Launching actionable, sca
Slide 77: Global Private Equity Key Takeaways
Global Private Equity Key Takeaways 1 2 3 Delivering Positioned for Targeting $50BN+ exceptional growth from of inflows over investment scaling funds & next 3 years performance new strategies Please refer to the Appendix for footnotes. 77
Slide 78: Carlyle AlpInvest
SHAREHOLDER UPDATE Carlyle AlpInvest JOHN REDETT CO - PRESIDENT FEBRUARY 26, 2026
Slide 79: Defining Our Business Today
Defining Our Business Today $102BN 25TOTAL AUM YEARS OF INVESTMENT 16 YEARS AVG. TENURE EXPERIENCE OF ALPINVEST PARTNERS Carlyle AlpInvest is a private markets investment and liquidity 710+ LP RELATIONSHIPS 375+ GP RELATIONSHIPS solutions business. We provide access to private markets exposure throu
Slide 80: A Differentiated Private Markets Business
25 - Year Exceptional investment performance across cycles in A Differentiated Track Record each of the core strategies Private Markets Business Diversified Beyond Integrated capabilities spanning primaries, co - Secondaries investments, and portfolio finance Scaled platform, long - standing GP rela
Slide 81: Broad Suite of Innovative Solutions for Evolving GP and LP Needs
Broad Suite of Innovative Solutions for Evolving GP and LP Needs LP SOLUTIONS GP SOLUTIONS • Secondary Sale • GP Financings • Managed Fund • Primaries & Stapled Transactions Secondaries • LP Portfolio • (Mid - life) Financings Co - Investments • Tailored Liquidity • Fund Financing Programs • Continu
Slide 82: Offering a Diversified Suite of Innovative Solutions
Offering a Diversified Suite of Innovative Solutions TOTAL AUM BY BUSINESS 1 • Diversified across private market offerings in three long - standing strategies Co - Investments 25% • First - mover in secondaries industry with long - standing track record • Primaries platform tracks 6,000+ GPs, provid
Slide 83: Scale and Data Advantage is Essential to Success
Scale and Data Advantage is Essential to Success 375+ GP Relationships 6K+ GPs Tracked Globally 710+ LP Relationships LP 730+ Actively Tracked PE Funds GP 30K+ Underlying Portfolio Companies 11MN+ Datapoints in Proprietary Database WITH FURTHER LEVERAGE FROM CARLYLE’S GLOBAL NETWORK Please refer to
Slide 84: Accelerated Growth Since Integration Into Carlyle Platform
Accelerated Growth Since Integration Into Carlyle Platform MANAGEMENT FEES FEE RELATED EARNINGS PLATFORM RAISED $40BN+ ($MN) ($ MN ) SINCE 2023 +37% CAGR +97% CAGR • Raised $20BN within latest Secondaries strategy $458 $274 • Created Global Wealth offering, growing to $7BN+ AUM $337 $173 • Latest Co
Slide 85: Advancing Our Firmwide Priorities
Advancing Our Firmwide Priorities Delivering Scaling Accelerating Exceptional Investment Platform High -Growth Performance Advantages Opportunities • 19% Secondaries Gross IRR • Leveraging AlpInvest GP/LP • High - Growth core business since inception relationships to source investment opportunities
Slide 86: Delivering Exceptional Investment Performance
Delivering Exceptional Investment Performance 86
Slide 87: Delivering Strong Returns Across Market Cycles
DELIVERING EXCEPTIONAL INVESTMENT PERFORMANCE COMMITTED 2 GROSS IRR Delivering Strong CAPITAL Returns Across Market Cycles Secondary Investments $46BN 19% Co - Investments $20BN 18% Primary Investments $51BN 13% Please refer to the Appendix for footnotes. 87
Slide 88: Accelerating High-Growth Opportunities
Accelerating High -Growth Opportunities 88
Slide 89: Secondary Market Benefiting From Secular and Cyclical Trends
Secondary Market Benefiting From Secular and Cyclical Trends KEY THEMES DRIVING ACCELERATING DEMAND FOR MARKET GROWTH SECONDARY BUYERS ~2x+ Growth every 4 - 5 years $200B+ 2025E - 2028P Avg. Volume 18 Consecutive quarters of negative LP cash ~1 Year of buyer dry powder overhang flows from March 2021
Slide 90: Targeting $60BN+ of Inflows Over the Next Three Years
ACCELERATING HIGH - GROWTH OPPORTUNITIES Targeting $60 BN+ of Inflows Over the Next Three Years HIGH - GROWTH CORE BUSINESS • Strong investment performance driving accelerating inflows • Benefiting from cyclical and secular industry tailwinds SCALING WEALTH OFFERINGS • Diversified product set $60 BN
Slide 91: Carlyle AlpInvest Key Takeaways
Carlyle AlpInvest Key Takeaways 1 2 3 High - growth business High barriers to entry Targeting in a fast - growing given data advantage $60BN+ of inflows market with from 25 years of deep over next 3 years secular tailwinds client relationships, business mix, and Global Wealth platform Please refer t
Slide 92: Financial Overview & Outlook
SHAREHOLDER UPDATE Financial Overview & Outlook JUSTIN PLOUFFE CHIEF FINANCIAL OFFICER FEBRUARY 26, 2026
Slide 93: Financial Momentum is Strong and Accelerating
Financial Momentum is Strong and Accelerating Strong Accelerating Unlocking Financial Growth Shareholder Momentum Opportunities Value Please refer to the Appendix for footnotes. 93
Slide 94: Strong Financial Momentum
Strong Financial Momentum TRADE SECRET & STRICTLY CONFIDENTIAL 94
Slide 95: Fee Revenues Accelerated in 2025
STRONG FINANCIAL MOMENTUM Fee Revenues Accelerated in 2025 FEE REVENUES ($BN) +10% +4% Fee Revenues Up $2.6 $2.3 $2.4 10% in 2025 to $2.6BN Driven by strength in Carlyle AlpInvest and Global Credit 2023 2024 2025 Management Fees Transaction Fees 1 Fee Related Performance Revenues Please refer to the
Slide 96: FRE Compounding at an Attractive Rate
STRONG FINANCIAL MOMENTUM FRE Compounding at an Attractive Rate FRE ($MN) & FRE MARGIN 20% 20% CAGR $1,236 FRE CAGR since 2023 $1,105 Carlyle driven by revenue growth AlpInvest and margin expansion $859 55% Global 34% Credit 55% Global Private Equity of firmwide FRE driven by rapidly growing Global
Slide 97: Distributable Earnings Moving Higher
STRONG FINANCIAL MOMENTUM Distributable Earnings Moving Higher DISTRIBUTABLE EARNINGS PER SHARE $4.02 $ 4+ $3.24 $3.66 DE per share increased 24% since 2023 2023 2024 2025 Please refer to the Appendix for footnotes. 97
Slide 98: Balance Sheet is a Source of Strength and Opportunity
STRONG FINANCIAL MOMENTUM Balance Sheet is a Source of Strength and Opportunity $15 per share $12 per share $14 per share $15 Per share of net cash, investments, and net accrued performance revenues Our balance sheet is 2023 2024 2025 a durable source of Cash, Net of Debt 2 Investments 3 Net Accrued
Slide 99: 2025 Was a Record Year
STRONG FINANCIAL MOMENTUM 2025 Was a Record Year Record FRE Record Record Global Record FRE Margin AUM Wealth AUM Record Industry - Leading Stock Global Credit 3 rd Best Year Leading Among Peers & Carlyle Ever in Inflows Realization LTM AlpInvest FRE Activity Please refer to the Appendix for footnot
Slide 100: Accelerating Growth Opportunities
Accelerating Growth Opportunities TRADE SECRET & STRICTLY CONFIDENTIAL 100
Slide 101: Growth Driven by a Diverse and Durable Set of Investment Strategies
ACCELERATING GROWTH OPPORTUNITIES Growth Driven by a Diverse and Durable Set of Investment Strategies GLOBAL PRIVATE EQUITY GLOBAL CREDIT CARLYLE ALPINVEST • Asia Buyout • Global Infrastructure • Asset - Backed • Liquid and • Co - Investments • Primary Funds Finance Structured Credit • Europe Buyout
Slide 102: It All Starts With Exceptional Performance
ACCELERATING GROWTH OPPORTUNITIES It All Starts With Exceptional Performance 4 GLOBAL PRIVATE EQUITY GLOBAL CREDIT CARLYLE ALPINVEST 29% 16% 19% U.S. BUYOUT OPPORTUNISTIC SECONDARIES GROSS IRR GROSS IRR CREDIT GROSS IRR 25% 12% 18% ASIA BUYOUT DIRECT LENDING CO - INVESTMENTS GROSS IRR GROSS IRR GROS
Slide 103: Investing in the Growth of Our Business
ACCELERATING GROWTH OPPORTUNITIES Investing in the Growth of Our Business 2,500+ 35%+ EMPLOYEES INCREASE IN INCREASE IN CARLYLE PROFESSIONALS SINCE 2021 PROFESSIONALS OVER 4 YEARS +25% +50% GLOBAL CREDIT 7 CARLYLE ALPINVEST +50% +450% INSURANCE SOLUTIONS GLOBAL WEALTH INVESTING IN TEAMS AND TECHNOLO
Slide 104: Drivers of Long-Term Growth
ACCELERATING GROWTH OPPORTUNITIES Drivers of Long -Term Growth Scalable investment strategies drive attractive fee growth and margin expansion Strong fund performance supports attractive earnings opportunity Balance sheet light strategy with significant operational flexibility Durable, diversified s
Slide 105: Unlocking Shareholder Value
Unlocking Shareholder Value TRADE SECRET & STRICTLY CONFIDENTIAL 105
Slide 106: Targets
UNLOCKING SHAREHOLDER VALUE 2028 FEE RELATED EARNINGS 2028 MANAGEMENT FEES $1.9BN+ $1.2BN IN 2025 $2.8BN+ $2.2BN IN 2025 2028 FEE RELATED EARNINGS 2028 FRE MARGIN 15%+ 50%+ Targets 2026 3 - YEAR CAGR - 2028 INFLOWS 2028 47% IN 2025 DE / SHARE $200 BN+ UP FROM $158BN IN 2023 - 2025 $6+ $4.02 IN 2025
Slide 107: Targeting $200BN+ of Inflows Over Next Three Years
UNLOCKING SHAREHOLDER VALUE Targeting $200BN+ of Inflows Over Next Three Years TOTAL INFLOWS ($BN) 27% Growth $200 $158 $60 $200 BN+ of inflows over the next 3 years $90 $40BN+ from Wealth evergreen solutions Inflows Supercycle in effect $50 2023-2025 2026-2028 Global Private Equity Global Credit Ca
Slide 108: Fee Revenues Increase Over $1BN by 2028
UNLOCKING SHAREHOLDER VALUE Fee Revenues Increase Over $1BN by 2028 FEE REVENUES ($BN) 12%+ CAGR $3.7 + $2.8BN+ of 2028 management fees $2.6 Driven by $200BN+ of inflows $2.3 $2.4 over the next 3 years Increased transaction fees driven by expanding products and higher levels of activity across the p
Slide 109: Significant FRE Growth and Margin Expansion Through 2028
UNLOCKING SHAREHOLDER VALUE Significant FRE Growth and Margin Expansion Through 2028 FEE RELATED EARNINGS ($BN) 15%+ CAGR $1.9 + 15% FRE CAGR from 2026 - 2028 Driven by 12% Fee revenue CAGR from $1.2 $1.1 2026 - 2028 $0.9 Operational discipline and scaling investment platform FRE margins expand 300
Slide 110: 50%+ Distributable Earnings Per Share Growth Over Three Years
UNLOCKING SHAREHOLDER VALUE 50%+ Distributable DISTRIBUTABLE EARNINGS PER SHARE Earnings Per Share ~15% CAGR Growth Over Three Years $6 + $4.02 $3.66 $3.24 2023 2024 2025 2028 Please refer to the Appendix for footnotes. 110
Slide 111: Balance Sheet Strength Enables Flexibility and Robust Shareholder Value Creation
UNLOCKING SHAREHOLDER VALUE Balance Sheet Strength Enables Flexibility and Robust Shareholder Value Creation Invest for growth New Fund Seedings, Technology, Teams, CAPEX 2 $ BN Capital return Dividend & Buybacks • Shares outstanding have decreased over the last 3 years new repurchase authorization
Slide 112: Targets
UNLOCKING SHAREHOLDER VALUE 2028 FEE RELATED EARNINGS 2028 MANAGEMENT FEES $1.9BN+ $1.2BN IN 2025 $2.8BN+ $2.2BN IN 2025 2028 FEE RELATED EARNINGS 2028 FRE MARGIN 15%+ 50%+ Targets 2026 3 - YEAR CAGR - 2028 INFLOWS 2028 47% IN 2025 DE / SHARE $200 BN+ UP FROM $158BN IN 2023 - 2025 $6+ $4.02 IN 2025
Slide 113: Footnotes & Disclosures
Footnotes & Disclosures Please refer to the Appendix for footnotes. 113
Slide 114: CEO Perspectives Footnotes
CEO Perspectives Footnotes Page 12 - Exceeded Financial Targets Over the Past Two Years Target data presented is for illustrative and directional purposes only. Page 15 – We Have Global Reach, Powered by Local Expertise Map reflects select representative locations for illustrative purposes only and
Slide 115: Client Business Footnotes
Client Business Footnotes Page 25 – It All Starts With Exceptional Performance 1. Global Private Equity “Gross IRR” is the Realized / Partially Realized Gross IRRs on invested capital (including co - investmen ts). 2. Carlyle Tactical Private Credit Fund (“CTAC”) 3 - year annualized return Class N a
Slide 116: Global Credit Footnotes
Global Credit Footnotes Page 44 – Defining Our Business Today investment and equity purchase price. Net IRR is calculated on the equity notional, except for vintages 2010 and after (“CLO As of December 31, 2025. 2.0”), which measure net IRR using the equity purchase price. Excluded are CLOs acquired
Slide 117: Global Private Equity Footnotes
Global Private Equity Footnotes Page 63 – Defining Our Business Today consummated under different market conditions and there can be no assurance as to the availability of future exit As of December 31, 2025. opportunities. 8. Includes $5.4bn of activity that closed in January 2026 and $2.1bn of exp
Slide 118: Carlyle AlpInvest Footnotes
Carlyle AlpInvest Footnotes Page 79 – Defining Our Business Today As of December 31, 2025. Other includes Carlyle AlpInvest Private Markets (CAPM) and Carlyle AlpInvest Private Markets Second ari es (CAPS) funds Page 82 – Offering a Diversified Suite of Innovative Solutions AUM as of December 31, 20
Slide 119: Financial Overview & Outlook Footnotes
Financial Overview & Outlook Footnotes Page 95 – Fee Revenues Accelerated in 2025 1.Includes transaction, portfolio advisory fees, net and other income. Page 98 – Balance Sheet is a Source of Strength and Opportunity 2. $2 billion of Cash and cash equivalents, net of $2.6bn of debt obligations. Debt
Slide 120: Reconciliations and Disclosures
Reconciliations and Disclosures Distributable Earnings and Fee Related Earnings (a) The Revenues adjustment principally represents unrealized performance revenues, unrealized principal Distributable Earnings, or “DE,” is a key performance benchmark used in our industry and is evaluated regularly by
Slide 121: Reconciliations and Disclosures (cont'd)
Reconciliations and Disclosures (cont’d) (b) The Expenses adjustment represents the elimination of intercompany expenses of the Consolidated Funds (d) The following table is a reconciliation of Income (Loss) Before Provision for Income Taxes to Distributable payable to the Company, the inclusion of
Slide 122: Reconciliations and Disclosures (cont'd)
Reconciliations and Disclosures (cont’d) (1) Equity - based compensation includes amounts that are presented in principal investment income and general, Realized Net Performance Revenues and Realized Principal Investment Income administrative and other expenses in our consolidated statements of oper
Slide 123: Reconciliations and Disclosures (cont'd)
Reconciliations and Disclosures (cont’d) Net Accrued Performance Revenues Total Investments Attributable to The Carlyle Group Inc. Accrued performance allocations, net of accrued giveback obligations is the U.S. GAAP measure most comparable Investments, excluding performance allocations, is the U.S.
Slide 124: Carlyle
CARLYLE