Carlyle Group Inc . reported sharply higher second-quarter earnings as growth in the value of its private-equity portfolio outpaced the broader market.
The Washington, D.C., buyout firm reported a second-quarter net income of $925 million, or $2.55 a share. That compares with net income of $145.9 million, or 41 cents, in the same period last year.
The firm’s private-equity portfolio appreciated by 12% during the second quarter, besting the roughly 8% gain for the S&P 500. Carlyle’s net accrued performance revenues—a reflection of how its investments are faring and a closely watched gauge of future earnings—hit a record $4 billion during the quarter.
Carlyle’s second-quarter distributable earnings, or the portion of profits that could be returned to shareholders, came in at $395.4 million, or 88 cents a share. That compares with $198.4 million, or 53 cents a share a year earlier.
Carlyle and its peers—known for splashy leveraged buyouts but which also engage in all manner of investing activity—have benefited from rising markets as economies around the world emerge from coronavirus-related lockdowns.