Despite a solid market position as an alternative asset manager, strong brand name, and long track record, investment performance in its hedge fund strategies was lackluster in the 12 months ended June 30, 2016. Hedge fund acquisitions made to diversify the platform, as well as some of the investment solutions strategies (including fund of hedge fund business Diversified Global Asset Management Corp.), have underperformed our expectations. A large portion of assets under management (AUM) is committed for multiyear periods, resulting in stable and recurring fee revenues. Carlyle benefits from its strong fundraising capability and long-standing limited partners (investors). Fee-paying AUM in corporate private equity, global market strategies, and investment solutions segments declined in the 12 months ended June 30, 2016,
