Carlyle Group

HQ: Washington, DC
AUM: $283.8B
STRATEGY: Private Equity
SEC SINCE: 1996

FUNDS

MEDIAN NET IRR

11.7%

MEDIAN TVPI

1.40x

LP SOURCES

FUNDS

FUND	VINTAGE	COMMITMENT	NET IRR	TVPI	DPI	DIVERGENCE	SOURCES
Carlyle Asia Partners V, L.P.	2018	$125M	16.1%	1.36x	0.85x	watch	4 sourcesCalPERS CalSTRS CPPIB MainePERS
Carlyle Asia Partners VI	2025	$400M	—	—	—	—	CPPIB
Carlyle Partners VIII, L.P.	2022	$150M	8.6%	1.16x	0.20x	—	4 sourcesWSIB CPPIB Minnesota SBI CalPERS
Carlyle Realty Partners IX	2021	$300M	3.5%	1.05x	0.08x	—	3 sourcesMinnesota SBI Illinois TRS PA PSERS
Carlyle Aviation Leasing Fund LP	2020	$200M	11.7%	1.15x	0.06x	—	Florida SBA
Carlyle Europe Partners V, S.C.Sp.	2019	$163.9M	4.6%	1.11x	0.71x	—	2 sourcesCalPERS CalSTRS
Carlyle Global Infrastructure Opportunity Fund	2019	$100M	11.3%	—	—	—	MainePERS
Carlyle Partners VII, L.P.	2018	$150M	7.7%	1.39x	0.41x	—	6 sourcesCalPERS CalSTRS WSIB Minnesota SBI Florida SBA CPPIB
Carlyle Europe Partners V	2018	$330M	—	—	—	—	CPPIB
Carlyle Realty Partners VIII, L.P.	2017	$150M	17.4%	1.40x	1.07x	—	3 sourcesMinnesota SBI Illinois TRS PA PSERS
Carlyle Strategic Partners IV, L.P.	2016	$100M	5.4%	1.16x	0.63x	—	3 sourcesCalPERS Minnesota SBI Colorado PERA
Carlyle Europe Partners IV, L.P.	2015	$192.5M	11.4%	1.58x	1.30x	—	2 sourcesCalSTRS CPPIB
Carlyle Energy Mezzanine Opportunities Fund II, L.P	2015	$142.5M	3.7%	1.14x	—	—	2 sourcesPA PSERS TMRS
Carlyle U.S. Equity Opportunity Fund II, L.P.	2015	$150M	15.3%	1.89x	1.41x	—	CalSTRS
Carlyle U.S. Equity Opportunities II, L.P.	2015	$200M	15.4%	1.86x	1.40x	—	CalPERS
Carlyle Power Partners II	2015	$50M	8.7%	—	—	—	MainePERS
Carlyle Asia Partners IV	2014	$60M	12.9%	—	—	—	MainePERS
Carlyle Partners VI, L.P.	2013	$300.9M	15.8%	1.98x	1.88x	—	5 sourcesCalPERS CalSTRS LACERA Florida SBA NJ DOI
Carlyle Energy Mezzanine Opportunities Fund	2012	$50M	14.6%	0.60x	0.62x	—	PA SERS
Carlyle Realty Partners VI, L.P	2010	$77.9M	19.6%	1.57x	—	—	PA PSERS
Carlyle Asia Partners III, L.P.	2008	$150M	12.0%	1.57x	1.57x	—	2 sourcesCalPERS MainePERS
Carlyle Asia Growth Partners IV LP	2008	$75M	1.5%	1.08x	0.98x	—	Florida SBA
Carlyle Mezzanine Partners II LP	2008	$150M	6.2%	1.24x	1.24x	—	Florida SBA
Carlyle Partners V, L.P.	2007	$800M	12.8%	1.64x	1.62x	—	5 sourcesCalPERS CalSTRS Florida SBA LACERA LACERS
Carlyle Europe Partners III, L.P.	2007	$241.2M	11.1%	1.61x	1.61x	—	3 sourcesCalPERS CalSTRS Florida SBA
Carlyle Realty Partners V LP	2007	$100M	—	1.47x	1.47x	—	NJ DOI
Carlyle Europe Real Estate Partners III The Carlyle Group Non-	2007	$19.1M	-2.3%	0.89x	0.89x	—	LACERA
Carlyle Infrastructure Partners	2007	$50M	2.5%	—	—	—	MainePERS
Carlyle Europe Partners III LP (EUR)	2007	$66M	12.9%	1.61x	1.61x	—	Florida SBA
Carlyle Partners IV LP	2005	$75M	13.1%	2.03x	2.03x	—	2 sourcesFlorida SBA LACERS
Carlyle Asia Growth Partners III, L.P.	2005	$75M	-1.4%	0.92x	0.92x	—	CalPERS
Carlyle Europe Partners II, L.P.	2003	$42.1M	19.7%	1.60x	1.60x	—	CalPERS
Carlyle Partners III LP	2000	$200M	22.8%	2.30x	2.30x	—	Florida SBA
Carlyle Partners II, L.P.	1994	$200M	20.1%	2.30x	2.30x	—	Florida SBA
Carlyle Realty Partners VII, L.P.	—	$61.8M	9.7%	1.35x	—	—	2 sourcesIllinois TRS PA PSERS

›2 FUNDS WITH LIMITED DATA

These funds appear in LP disclosures (typically commitment-only records) but lack reported performance metrics. Click any fund to see its underlying reports.

FUND	VINTAGE	COMMITMENT	NET IRR	TVPI	DPI	DIVERGENCE	SOURCES
Carlyle Europe Real Estate Partners III, L.P.	—	—	—	—	—	—	Illinois TRS
Carlyle VI	—	—	—	—	—	—	SC RSIC

DATA PROVENANCE

Every figure on this page comes from a public LP disclosure. The following pension systems reported on Carlyle Group.

LP SOURCE	LATEST REPORT	REPORTS	DISCLOSURE
Minnesota SBI	Dec 2025	5	VIEW SOURCE ↗
CPPIB	Sep 2025	6	VIEW SOURCE ↗
CalPERS	Sep 2025	12	VIEW SOURCE ↗
MainePERS	Sep 2025	6	VIEW SOURCE ↗
PA PSERS	Sep 2025	5	VIEW SOURCE ↗
WSIB	Sep 2025	2	VIEW SOURCE ↗
CalSTRS	Jun 2025	8	VIEW SOURCE ↗
Florida SBA	Jun 2025	331	VIEW SOURCE ↗
Illinois TRS	Jun 2025	4	VIEW SOURCE ↗
LACERS	Jun 2025	2	VIEW SOURCE ↗
MA PRIMmanager list	Jun 2025	—	VIEW SOURCE ↗
Virginia VRSmanager list	Jun 2025	—	VIEW SOURCE ↗
NJ DOI	Apr 2025	2	VIEW SOURCE ↗
LACERA	Mar 2025	3	VIEW SOURCE ↗
Colorado PERA	Dec 2024	1	VIEW SOURCE ↗
TMRS	Dec 2024	1	VIEW SOURCE ↗
PA SERS	Sep 2024	1	VIEW SOURCE ↗
Texas TRSmanager list	Aug 2024	—	VIEW SOURCE ↗
SC RSIC	Jun 2024	1	VIEW SOURCE ↗
Ohio STRSmanager list	Jun 2023	—	VIEW SOURCE ↗