Carlyle vs TPG

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.

10-Q Financial Filing Analysis for TPG (2026-11-03)

TPG Inc. reported its third-quarter financial results for the period ended September 30, 2026, with total revenues remaining stable year-over-year at $1.22B, while nine-month revenues increased 12% to $3.56B. Fee-related revenue expanded significantly, driven by a 22% quarterly rise in management fees to $572.7M following capital deployment in flagship vehicles including TPG X, Rise Climate II, and credit strategies. Net income for Q3 2026 grew 32% year-over-year to $263.8M ($99.6M attributable to TPG Inc., or $0.41 diluted EPS), bolstered by $121.0M in net investment gains largely reflecting mark-to-market appreciation on equity holdings in Jackson Financial Inc. Total assets under management reached $345.7B, supported by $15.2B in quarterly capital raised and expanding fee-earning AUM to $189.5B.

• Q3 2026 total revenues were $1,221.1M compared to $1,223.5M in Q3 2025, with management fees rising 22% to $572.7M and capital allocation-based income decreasing 19% to $508.4M.
• Total AUM reached $345.7B as of September 30, 2026, with Fee-Earning AUM standing at $189.5B and dry powder (available capital) of $85.6B.
• Net income attributable to TPG Inc. for Q3 2026 was $99.6M ($0.41 per diluted share), supported by a $121.0M gain on investment activities primarily driven by equity holdings in Jackson Financial Inc.

8-K Financial Filing Analysis for TPG (2026-09-08)

On September 6, 2026, Todd Sisitsky notified TPG Inc. of his decision to step down from his role as President of the Company and resign from the Board of Directors, effective immediately. The filing did not cite any disagreements or operational disputes regarding the departure. As a prominent executive in TPG's leadership hierarchy, the sudden vacancy at the presidential and board level will prompt governance and organizational adjustments within the alternative asset manager.

• Todd Sisitsky stepped down as President of TPG Inc., effective immediately on September 6, 2026.
• Sisitsky simultaneously resigned from his seat on the Board of Directors of TPG Inc.
• The 8-K was signed and formally filed on September 8, 2026, by Chief Legal Officer Jennifer L. Chu.

Crusoe Raises $3.9 Billion Series F for its Vertically-Integrated AI Infrastructure Platform

TPG portfolio company Crusoe announced a $3.9 billion Series F funding round for its AI infrastructure platform.