Credit Suisse Financial Services Forum Glenn Youngkin, Co-President and Co-Chief Operating Officer February 11, 2015
Carlyle Overview 3
Carlyle is One of the Largest Global Alternative Asset Managers Nasdaq: CG Market Capitalization: 8.7 billion Large Capital Base Global Scale Strong Track Record 194 billion AUM 40 offices in 23 countries 105 billion invested 1…
Our Multi-Strategy Business is Diverse, Scaled & Drives Strong Results Corporate Private Equity Global Market Strategies Real Assets Investment Solutions 15 fund families 9 strategies across carry 3 Energy Strategies 101 PE fund…
Recent Results 6
Strong Fundraising and Investment Capabilities Drives Improving Fee Related Earnings and Net Realized Performance Fees Fundraising Invested Capital 30 ( billion) ( billion) 12 24.2 9.8 25 22.0 10 8.0 8.2 20 8 15 14.0 6 10 4 5…
Growing Cash Earnings and Value to our Unitholders Post-Tax Distributable Distribution Per Earnings Per Unit Common Unit 3.00 2.78 3.00 2.50 2.50 2.50 2.09 2.00 2.00 1.88 1.50 1.39 1.50 1.12 1.00 1.00 0.50 0.50 0.00 0.00…
Five Key Themes to Discuss How is the Alternative Asset Management Sector Performing Can Carlyle Continue to Exit at a Similar Pace to Recent Years Can Carlyle Successfully Invest in the Current Environment What Does the…
How is the Alternative Asset Management Sector Performing 10
Alternative Strategies Growing Rapidly & Taking Share in a Growing Market Alternatives AUM is 7 trillion today vs. 2 trillion a decade ago (13% CAGR) Asset management AUM is 64 trillion today vs. 38 trillion a decade ago (5% CAGR)…
Private Equity & Hedge Fund AUM Stand At Record Levels With Strong Growth Trends 4.0 3.8 Global Private Equity AUM ( trillions) 3.3 3.5 3.0 3.0 20% CAGR 2.5 2.8 2.3 2.3 2.0 1.7 1.2 1.0 1.0 0.7 0.8 0.8 0.9 0.4 0.2 0.3 0.0…
Can Carlyle Continue to Exit at a Similar Pace to Recent Years 14
Carlyles Multiple Economic Engines Help Mitigate the Impact of Any Single Fund Cycle Multiple Economic Engines Could Help Smooth the Earnings Cycle of Each Fund Increased Stability in Performance Fee Economics Increased…
Our Carry Fund Realized Proceeds Have Been Consistent, While Remaining Fair Value Provides Substantial Inventory LTM1 Realized Proceeds Remaining Fair Value 25 ( billion) Investment ( billion) 70 Aging2 20.0 20.4 63 63 Various…
Significant Embedded Value Remaining For Future Performance Remaining Fair Value Realized Proceeds Net Accrued Performance Fees ( billion) ( billion) ( billion) 66 60 55.8 2.0 19.7 1.8 1.8 64 1.8 63.0 63.3 50 1.6 62 60.0 1.4 40…
Can Carlyle Successfully Invest in the Current Environment 18
Buyout Multiples Elevated, But Investing Backdrop Supportive of Activity EBITDA Multiples Current buyout (Buyouts 500 million) multiples supported 12x by historically low 10.2 9.8 10.3 interest rates 10x 9.5 9.1 9.0 8.8 8.9…
Carlyle Private Equity Funds Have Performed Well Even When Investing Through Elevated Valuation Periods Total Investments Realized/Partially Realized Investing Fund Period MOIC Gross IRR MOIC Gross IRR Carlyle Partners IV 2004 2007…
CPEs Proven, Disciplined Investment Process Drives Consistent Returns 18 15 172 Deals Median MOIC: 2.3X Average MOIC: 2.8X 12 Gross Profit ( bn) 9 6 3…
What Does the Energy Sector Mean for Carlyle and our Unitholders 22
Sizing Carlyles Current Energy Exposure Q4 2014 AUM: 194 billion Legacy Net Accrued Performance Fees Energy 2,000 millions, as of 4Q 2014 5% 1,800 1,752 NGP 1,600 Non- 7% Energy Other 1,400 87% Energy 1,200 1% 1,000 800…
Sizing Carlyles Future Energy Opportunity Energy Related Available Capital ( million) 6,000 5,369 5,000 4,000 3,000 2,000 1,765 1,000 637 332 0 NGP Intl Energy Power Energy Mezz Fundraising for funds currently in the…
How Has Carlyle Grown the Firm 25
Diverse Group of Funds Support Accelerating Performance Fees Remaining In Accrued LTM Fair Value Net IRR Carry/ Realized ( mm) 12/31/2014 (Clawback) Carry Carlyle Partners V 12,655 15% Europe Partners III 5,630 13% Carlyle…
Carlyles Culture of Innovation Drives Long-Term Growth Investment/Fund Teams Added in the Past 5 Years Organic in Blue/Acquired in Green 2010 2011 2012 2013 2014 Claren Road AlpInvest NGP Energy Intl Energy DGAM Capital Hedge…
Assets Under Management Have Sharply Increased From Four Years Ago AUM ( billion) Carry Funds Investment Solutions Structured Credit1 Hedge Funds 110 60 20 16 18.5 104.7 50.8 16.6 13.4 14 105 50 44.1 16 12.1 12 13.0 100 40 97.3…
Multi-Fund Multi-Discipline Multi-Geography One Culture Global Alternative Asset Management 29
Appendix 30
Carlyle Has Invested Nearly 10 Billion Over the Past Year Across the Globe Across Many Sectors 12 9.8 10 0.1 0.1 0.2 0.2 0.3 0.3 0.3 8 0.3 0.4 0.5 0.6 6 0.6 0.8 0.9 4 4.2 2 0 Asia Growth Europe Growth…
Corporate Private Equity: Global, Diverse, and High Performing Strategy & Returns Assets Under Management Growth Japan Expand position as one of the largest, Buyout 8% most diverse, and consistent performing 3% Other global…
Corporate Private Equity Financial Data Select Active Fund Level Information Fully/ Cumulative DE1 790 million Partially Inception Committed Invested Fund Invested Date Capital Capital MOIC Gross IRR Net IRR Fee-Related Earnings 1…
Global Market Strategies (GMS) Is a Major Growth Driver Strategy & Returns Assets Under Management Seize todays investment opportunities Credit Carry Funds Hedge Funds Carlyle GMS Finance across credit, commodities, and liquid 7%…
Global Market Strategies Financial Data Segment Composition AUM of DE1 91 million Product Line Strategy (bn) Funds Structured Credit Fee-Related Earnings 1 64 million Structured Credit - US 16.8 45 1 Invests in performing broadly…
Global Market Strategies Offers a Diverse Set of Investment Opportunities (AUM US in bn) Product Team Fund Family Line Strategy Members 3 AUM Funds Structured Credit Structured Credit 1 Leveraged Loans 23 16.8 45 Strategic Partners…
Real Assets Has Significant Real Estate and Energy Capabilities Strategy & Returns Assets Under Management Build best-in-class global natural resources Legacy Energy Real Estate Natural Resources investment platform and scale the real…
Real Assets Financial Data Select Active Fund Level Information Fully/ Cumulative DE1 48 million Partially Inception Committed Invested Gross Fund Invested Date Capital Capital MOIC IRR Net IRR Fee-Related Earnings 1 22 million…
Natural Resource Platform Development Targets High Growth Area We have assembled a leading platform for investing in global natural resources through a combination of organic and acquisition initiatives Carlyle International Energy…
Global Real Estate Platform Has Financial and Strategic Growth Potential United States Europe Asia Leading platform with Turnaround story Looking to scale vs strong track record opportunity Position Potential for Seventh fund…
Our Investment Solutions Businesses Offer an Array of Outcome-Oriented Investments Strategy & Goals Assets Under Management Design & manage portfolios of either Carlyle PE Fund of Funds RE Fund of Funds Fund of Hedge Funds products,…
Investment Solutions Financial Data Select Business Information DE1 44 million Corporate Private Equity Solutions Fee-Related Earnings 1 32 million One of the largest private of Fund Vehicles 142 equity investors over the past of…
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