Accrued Performance Fees

The components of accrued performance fees are as follows:



	As of
	September 30, 2016		December 31, 2015
	(Dollars in millions)
Corporate Private Equity	$	1,677.3	$	2,096.9
Global Market Strategies	81.5		78.3
Real Assets	435.3		313.6
Investment Solutions	582.5		499.8
Total	$	2,776.6	$	2,988.6

Approximately 29% of accrued performance fees at September 30, 2016 are related to Carlyle Partners V, L.P. and Carlyle Asia Partners III, L.P., two of the Partnership's Corporate Private Equity funds.

Approximately 54% of accrued performance fees at December 31, 2015, are related to Carlyle Partners V, L.P., Carlyle Europe Partners III, L.P. and Carlyle Asia Partners III, L.P., three of the Partnership’s Corporate Private Equity funds.

Accrued performance fees are shown gross of the Partnership’s accrued performance fee-related compensation (see Note 9), and accrued giveback obligations, which are separately presented in the condensed consolidated balance sheets. The components of the accrued giveback obligations are as follows:



	As of
	September 30, 2016			December 31, 2015
	(Dollars in millions)
Corporate Private Equity	$	(5.0	)	$	(36.6	)
Real Assets	(219.4		)	(215.4		)
Total	$	(224.4	)	$	(252.0	)

During the nine months ended September 30, 2016, the Partnership paid $47.3 million to satisfy a giveback obligation related to one of its Corporate Private Equity funds. Substantially all of the giveback obligation was paid by current and former senior Carlyle professionals.

Performance Fees

The performance fees included in revenues are derived from the following segments:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016		2015
	(Dollars in millions)
Corporate Private Equity	$	186.5		$	(257.8	)	$	283.0	$	522.4
Global Market Strategies	17.8			(52.3		)	26.8		(29.9		)
Real Assets	(19.1		)	32.1			198.6		3.3
Investment Solutions	29.5			31.4			62.4		125.5
Total	$	214.7		$	(246.6	)	$	570.8	$	621.3

Approximately 50%, or $107.9 million, of performance fees for the three months ended September 30, 2016 are related to the following funds along with total revenue recognized:

•Carlyle Partners VI, L.P. (Corporate Private Equity segment) - $208.9 million,

•Carlyle Asia Partners III, L.P. (Corporate Private Equity segment) - $(20.8) million, and

•Carlyle Realty Partners V, L.P. (Real Assets segment) - $(50.9) million.

Approximately 59%, or $338.2 million, of performance fees for the nine months ended September 30, 2016 are related to the following funds along with total revenue recognized:

•Carlyle Partners V, L.P. (Corporate Private Equity segment) - $129.7 million,

•Carlyle Partners VI, L.P. (Corporate Private Equity segment) - $317.3 million, and

•Carlyle Realty Partners VII, L.P. (Real Assets segment) - $111.2 million.

Approximately 97%, or $(239.5) million, of performance fees for the three months ended September 30, 2015 were related to the following funds along with total revenue recognized:

•Carlyle Partners IV, L.P. (Corporate Private Equity segment) - $(25.1) million,

•Carlyle Partners V, L.P. (Corporate Private Equity segment) - $(120.0) million,

•Carlyle Asia Growth Partners IV, L.P. (Corporate Private Equity segment) - $(53.5) million,

•Carlyle Energy Mezzanine Opportunity Fund (Global Market Strategies segment) - $(43.7) million,

•Carlyle Realty Partners V, L.P. (Real Assets segment) - $38.5 million,

•Carlyle Realty Partners VI, L.P. (Real Assets segment) - $29.7 million, and

•Carlyle/Riverstone Global Energy and Power Fund IV, L.P. (Real Assets segment) - $(41.0) million.

Approximately 33%, or $206.3 million, of performance fees for the nine months ended September 30, 2015 are related to the following funds along with total revenue recognized:

•Carlyle Partners V, L.P. (Corporate Private Equity segment) - $154.2 million,

•Carlyle Europe Partners III, L.P. (Corporate Private Equity segment) - $202.0 million,

•Carlyle Realty Partners VI, L.P. (Real Assets segment) - $96.6 million,

•Carlyle/Riverstone Global Energy and Power Fund III, L.P. (Real Assets segment) - $(102.1) million, and

•Carlyle/Riverstone Global Energy and Power Fund IV, L.P. (Real Assets segment) - $(63.7) million.