Carlyle has a solid market position as an alternative asset manager, strong brand name, long track record, and good investment performance. 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). Although Carlyle has multiple fund families and strategies across its four segments (corporate private equity, real assets, global market strategies, and investment solutions), over 80% of its distributable earnings came from the private equity business in the six months ended June 30, 2017. Fee-paying AUM in corporate private equity, real assets, and global market strategies declined in the 12 months ended June 30, 2017, because of AUM
