Carlyle Group

Carlyle Realty Partners VIII, L.P.

Carlyle GroupVINTAGE 2017

NET IRR

17.4%

TVPI

1.40x

DPI

1.07x

COMMITMENT

$150M

LP SOURCES

3

VALUATION SPREAD1.40x – 1.45x TVPI across 2 sources

CROSS-REFERENCE TABLE

LP SOURCEAS OFCOMMITMENTPAID INNET IRRTVPIDPIDOC
Minnesota SBI2025-12-31$150M$136.4M17.4%1.40x1.07xSOURCE ↗
PA PSERS2025-09-30$200M$176.1M19.2%1.45xSOURCE ↗
Illinois TRS2025-06-30SOURCE ↗