Solid market position as a global alternative asset manager with a strong brand name, long track record, and good investment performance A 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 (investors) Multiple fund families and strategies across its four segments (corporate private equity, real assets, global market strategies, and investment solutions) Growth in fee-paying assets under management across each of its four segments in the 12 months ended June 30, 2018 Management fees expected to increase in 2019 Debt leverage expectations around the 2.0x area, and interest coverage at 6.0x-10.0x The stable outlook on The Carlyle Group L.P. incorporates S&P Global Ratings' expectation
