Strong track record of investment performance across geographically diverse fund offerings Large portion of assets under management (AUM) committed for multiyear periods, resulting in stable and recurring fee revenues Strong fundraising capability and long-standing limited partners (LPs) Exposure of its financial performance (primarily realizations) to the economy Higher debt leverage than its peers--between 2.0x and 3.0x--and lower interest coverage of less than 10.0x The outlook on The Carlyle Group L.P. is stable. Standard&Poor's Ratings Services expects the company's fee-paying assets under management (FPAUM) to increase modestly across the company's four segments--corporate private equity, global market strategies, real assets, and investment solutions--over the next 18-24 months. Furthermore, we expect Carlyle to maintain an adjusted debt-to-EBITDA multiple of 2.0x-3.0x, in
