Carlyle is a global alternative asset manager with $477B in AUM, investing private capital on behalf of institutional and individual investors — primarily pension funds, sovereign wealth funds, insurance companies, and endowments. Carlyle operates across three segments: Global Private Equity ($164B AUM), Global Credit ($211B AUM), and Carlyle AlpInvest ($102B AUM). Private equity covers corporate buyouts, growth equity, real estate, and infrastructure. Global Credit — the fastest-growing segment — spans insurance solutions (anchored by Fortitude Re, a reinsurer in which Carlyle holds an equity stake), CLOs (where Carlyle is the most active U.S. manager), and private credit including direct lending, asset-backed finance, and aviation finance. AlpInvest is one of the largest private equity solutions platforms globally, offering secondaries, co-investments, and fund-of-funds. Carlyle earns money through management fees, carried interest (typically 20% of profits above a preferred return), and capital markets fees from loan originations and debt placements for portfolio companies. Management fees drive fee-related earnings, while carried interest is variable and realized only upon exits. Carlyle's growth priorities include expanding its private wealth channel through evergreen products, scaling its insurance solutions and asset-backed finance businesses, and growing capital markets fee revenue — all without deploying balance sheet capital.