Investments (Tables)

3 Months Ended

Mar. 31, 2021

Investments [Abstract]

Schedule of investments

Investments consist of the following: 

	As of
	March 31, 2021		December 31, 2020
	(Dollars in millions)
Accrued performance allocations	$	6,532.0	$	4,968.6
Principal equity method investments, excluding performance allocations	1,936.7		1,810.8
Principal investments in CLOs and other	575.8		601.5
Total	$	9,044.5	$	7,380.9

Components of accrued performance fees

The components of accrued performance allocations are as follows:

	As of
	March 31, 2021		December 31, 2020
	(Dollars in millions)
Global Private Equity	$	5,319.9	$	3,926.1
Global Credit	155.4		132.3
Investment Solutions (1)	1,056.7		910.2
Total	$	6,532.0	$	4,968.6

(1) The Company’s primary and secondary investments in external funds are generally valued based on its proportionate share of the net assets provided by the third party general partners of the underlying fund partnerships based on the most recent available information which typically has a lag of up to 90 days.  As a result, amounts presented may not include the impact of economic activity in the current quarter.

Components of accrued giveback obligations

The components of the accrued giveback obligations are as follows:

	As of
	March 31, 2021		December 31, 2020
	(Dollars in millions)
Global Private Equity	$	(18.4)	$	(18.4)
Global Credit	(2.2)		(0.3)
Total	$	(20.6)	$	(18.7)

Schedule of equity method investments

Principal investments are related to the following segments:

	As of
	March 31, 2021		December 31, 2020
	(Dollars in millions)
Global Private Equity	$	1,152.9	$	1,082.1
Global Credit	718.9		671.9
Investment Solutions	64.9		56.8
Total	$	1,936.7	$	1,810.8

The Company’s investments in NGP as of March 31, 2021 and December 31, 2020 are as follows:

	As of
	March 31, 2021		December 31, 2020
	(Dollars in millions)
Investment in NGP Management	$	374.1	$	373.5
Principal investments in NGP funds	56.9		51.4
Total investments in NGP	$	431.0	$	424.9

Carlyle’s income (loss) from its principal equity method investments consists of:

	Three Months Ended March 31,
	2021		2020
	(Dollars in millions)
Global Private Equity	$	105.6	$	(50.0)
Global Credit	53.6		(130.6)
Investment Solutions	5.6		(0.5)
Total	$	164.8	$	(181.1)

Schedule of net investment income (loss)

The net investment income (loss) recognized in the Company’s unaudited condensed consolidated statements of operations for the three months ended March 31, 2021 and 2020 were as follows:

	Three Months Ended March 31,
	2021		2020
	(Dollars in millions)
Management fee-related revenues from NGP Management	$	18.3	$	18.8
Expenses related to the investment in NGP Management	(2.9)		(2.8)
Amortization of basis differences from the investment in NGP Management	(0.7)		(1.1)
Net investment income from NGP Management	$	14.7	$	14.9

Components of investment income (loss)

The components of investment income (loss) are as follows:

	Three Months Ended March 31,
	2021		2020
	(Dollars in millions)
Performance allocations
Realized	$	170.9	$	173.8
Unrealized	1,615.2		(1,111.4)
	1,786.1		(937.6)
Principal investment income (loss) from equity method investments (excluding performance allocations)
Realized	41.2		30.6
Unrealized	123.6		(211.7)
	164.8		(181.1)
Principal investment income (loss) from investments in CLOs and other investments
Realized	(0.9)		0.2
Unrealized	15.2		(72.4)
	14.3		(72.2)
Total	$	1,965.2	$	(1,190.9)

Performance allocations included in revenues

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

	Three Months Ended March 31,
	2021		2020
	(Dollars in millions)
Global Private Equity	$	1,566.5	$	(809.3)
Global Credit	21.0		(63.0)
Investment Solutions	198.6		(65.3)
Total	$	1,786.1	$	(937.6)

Components of interest and other income of consolidated funds

The components of interest and other income of Consolidated Funds are as follows:

	Three Months Ended March 31,
	2021		2020
	(Dollars in millions)
Interest income from investments	$	56.9	$	51.1
Other income	4.2		1.9
Total	$	61.1	$	53.0

Components of net investment gains (losses) of consolidated funds

The components of net investment gains (losses) of Consolidated Funds are as follows: 

	Three Months Ended March 31,
	2021		2020
	(Dollars in millions)
Gains (losses) from investments of Consolidated Funds	$	89.3	$	(932.7)
Gains (losses) from liabilities of CLOs	(77.0)		819.6
Total	$	12.3	$	(113.1)

Schedule of realized and unrealized gains (losses) earned from investments of consolidated funds

The following table presents realized and unrealized gains (losses) earned from investments of the Consolidated Funds:

	Three Months Ended March 31,
	2021		2020
	(Dollars in millions)
Realized gains (losses)	$	4.7	$	(0.5)
Net change in unrealized gains (losses)	84.6		(932.2)
Total	$	89.3	$	(932.7)