Carlyle vs CVC

10-Q Financial Filing Analysis for Carlyle (2026-08-10)

The Carlyle Group Inc. reported its second-quarter 2026 financial results, recording total revenues of $1,123.5 million for the three months ended June 30, 2026, down from $1,572.9 million in the prior-year period. Net income attributable to The Carlyle Group Inc. stood at $137.1 million ($0.38 per basic share), compared to $319.7 million ($0.89 per basic share) in Q2 2025. For the six-month period, revenue fell to $1,377.5 million and net income dropped to $4.9 million, primarily driven by negative unrealized performance allocations of $(993.8) million (most notably from Carlyle Partners VII, L.P.). Recurring fund management fees demonstrated sustained resilience, increasing to $657.0 million in Q2 2026 ($1,241.0 million year-to-date), supported by strong fee-earning AUM across Global Credit and Carlyle AlpInvest.

• Q2 2026 total revenues reached $1,123.5 million, with fund management fees contributing $657.0 million and net income attributable to Carlyle reaching $137.1 million ($0.37 diluted EPS).
• Six-month 2026 net performance allocations declined to $(636.4) million due to unrealized valuation write-downs of $(993.8) million, driven significantly by Carlyle Partners VII, L.P.
• Total balance sheet assets stood at $28,195.6 million as of June 30, 2026, with cash and cash equivalents of $1,256.5 million and corporate debt obligations of $2,998.8 million.

Very Group sale collapses as bids fall short of £2bn

The planned sale of British online retailer The Very Group is on the verge of collapsing, as owner Carlyle fails to find a buyer willing to meet its minimum valuation of around £2 billion. According to Sky News, the sales process is likely to be abandoned. Carlyle took control in November 2025 as part of a financial restructuring, paying a nominal £1. Although a sales process was initiated, it was not a binding commitment. Potential bidders, including Chinese e-commerce giant JD.com and US investor Elliott Advisors, showed preliminary interest but did not submit offers at the desired level. The company has shown operational stability, with adjusted EBITDA up 15.9% to £307.1 million in FY2024/25, despite flat revenue. Carlyle is expected to retain ownership and focus on improving profitability and growth before potentially attempting another sale.

• The Very Group's sale process is likely to be scrapped as bidders failed to meet the £2bn asking price.
• Carlyle acquired The Very Group in November 2025 for a nominal £1 as part of a debt restructuring.
• JD.com and Elliott Advisors were potential bidders but did not meet the valuation.

CVC Europe / Americas Fund X initial target set at €26bn

CVC sets out leadership succession, with Todd Sisitsky and Peter Rutland to become Co-Chief Executive Officers by Q1 2028; CVC Secondary Partners raises $10 billion for its sixth global secondary private equity fund; and several new investments and partnerships announced.

CVC and Standard Life announce strategic partnership

CVC and Standard Life announce a strategic partnership to accelerate growth and innovation.

Investor Presentation Released: CVC

AI parsed presentation narrative: CVC is demonstrating strong operating momentum and financial performance, driven by record realisations and successful diversification into Credit, Secondaries, and Infrastructure, which now account for over 55% of FPAUM. The firm is positioned for long-term growth through its scaling of Private Wealth, Insurance partnerships, and a clear path to double-digit FPAUM growth through 2028. Strategic pillars: Diversification into non-PE platforms, Scaling Private Wealth and Insurance distribution.