The Carlyle Group
Carlyle understood that we weren’t just trying to survive the shutdown — we were trying to come out of it stronger. That changed everything.
- Regulatory AUM
- $284B
- PE fund assets
- $107B
- PE funds
- 167
- Portfolio companies
- 96
- Deals, last 12 months
- 8
18 additional team members, 198 additional counterparties and placement agents, 600 additional funds, deals and LP commitments, 7 events
Every relationship, signal and contact on this record, with the source on each.
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What matters now
- Form Dnew offering
Filed a Form D on Oct 1, 2026, the first public sign that a vehicle is taking commitments.
A vehicle in market is when LPs and placement agents can still get in.
People to know
View all 12 people- Co-Founder - The Carlyle GroupWhy: Founder of the firmNo route on file yet
- Co-Founder - The Carlyle GroupWhy: Founder of the firmNo route on file yet
- Managing Director/Chief Executive Officer - The Carlyle GroupWhy: Runs the firm (chief executive or president)No route on file yet
Capital path
who backs this record, through what, into what; each name opens its own path- California Public Employees' Retirement System$3.6B disclosed
- California State Teachers' Retirement System$2.3B disclosed
- Washington State Investment Board$900M disclosed
- TCG Securities, L.L.C.placement agent, 137 shared
- TCG Capital Markets L.L.C.placement agent, 88 shared
- Etgal Holdings Ltd.placement agent, 20 shared
Relationship network
632 connected entities99 observed deals8 repeat counterparties3 dated deals shown here, 2026
From announced deals and their parties, Form ADV and Form D filings, the firm's funds and team, and disclosed LP commitments in the private equity graph. Dollar figures appear only where a source disclosed one.
2 mentions in the sources could not be matched to a firm or person, so they are held back from the picture and its summary.
Some relationships on this record are counted rather than named here. They open with the full profile.
Click any name or line for the deals and sources behind it. Line weight is deals together; dashed lines are inferred.
- Company
- Service provider
- Capital provider
- Fund or vehicle
- Person
›How strength and recency are read
Strength is read from the deals: three or more is a strong observed relationship, two a repeat counterparty, one a single interaction. People and vehicles are structural. Nothing is scored that a reader cannot check.
Darker lines were active in the last 24 months or are current; lighter lines are older or undated.
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Classification, Form ADV and stated criteria
Classification, Form ADV and stated criteria
How this organization is classified, and on what basisBuyout firm · 5 in historyShowHide
- Class
- Buyout firmconfirmed, confidence 85%
- Basis
- 497 of 836 distinct vehicles are sworn Private Equity Funds; 171 reported gross assets on a filing in 2022 or later
- Size band
- Large capdefined by: proxy: $107.00bn Private Equity Fund GAV on the Form ADV filed 2026-07-07
- Strategies
- Growth equity, infrastructure, private credit, real estate PE, secondaries
Classification history (5)
- Sep 23, 2026Buyout firm (confirmed, 85%)497 of 836 distinct vehicles are sworn Private Equity Funds; 171 reported gross assets on a filing in 2022 or later
- Sep 16, 2026Buyout firm (confirmed, 85%)481 of 787 distinct vehicles are sworn Private Equity Funds; 158 reported gross assets on a filing in 2022 or later
- Sep 16, 2026Buyout firm (confirmed, 85%)481 of 787 distinct vehicles are sworn Private Equity Funds; 158 reported gross assets on a filing in 2022 or later
- Sep 14, 2026Hybrid manager (probable, 65%)Private Equity Funds are 0 of 1 distinct vehicles; hedge, securitized or liquidity vehicles 0
- Sep 13, 2026Buyout firm (confirmed, 85%)481 of 787 distinct vehicles are sworn Private Equity Funds; 159 reported gross assets on a filing in 2022 or later
Regulatory footprint (Form ADV)RAUM $284B · 167 PE funds · filed Jul 7, 2026ShowHide
- Adviser type
- Registered investment adviser
- Form ADV filings
- Mar 30, 2012 to Jul 7, 2026
- RAUM
- $284Bregulatory assets under management of the adviser; not dry powder, not a fund size
- PE funds, latest filing
- 167
- PE fund GAV, latest filing
- $107Breported gross assets (Form ADV), not fund size
- All private fund GAV
- $174Bevery private fund type, latest filing
- 2024 PE fund GAV
- $106Bsum over funds typed Private Equity Fund with a 2024 or later as-of date
- PE share of funds, lifetime
- 59%
- Fund type mix
- Private equity fund: 167 funds, $107B reported gross assets, 497 ever reported
- Securitized asset fund: 109 funds, $43B reported gross assets, 160 ever reported
- Real estate fund: 37 funds, $23B reported gross assets, 168 ever reported
- Hedge fund: 1 fund, $56.5M reported gross assets, 5 ever reported
- Other private fund: 6 ever reported
- Employees
- 1,010
- Headquarters
- Washington, DC
Stated criteria beside observed behaviourno criteria stated · 99 observed dealsShowHide
- Sectors
- not stated or not yet read
- Geography
- not stated or not yet read
- Revenue
- not stated or not yet read
- EBITDA
- not stated or not yet read
- Enterprise value
- not stated or not yet read
- Equity check
- not stated or not yet read
- Control
- not stated or not yet read
- Thesis
- not stated or not yet read
- On record
- 99 companies, 99 holdings, 98 transactions
- Period
- 2013 to 2026 (191 dated observations, 6 holdings undated)
- Most deals
- Business services (28 of 99, e.g. Ronnie Shriner Insurance Agency and Easley Hedrick Insurance & Financial), software (4 of 99), industrial manufacturing (2 of 99) and 2 more
- Subsectors
- Insurance agencies brokerage (26 of 99), healthcare software (2 of 99), software (2 of 99), insurance operations outsourcing (1 of 99) and 4 more
- Deal roles
- 13 platforms, 84 add-ons, 2 with role not stated
- Add-ons per platform
- 6.46 add-ons per platform
- Control
- 91 control, 8 not stated
- Disclosed deal values
- 3 deals with a disclosed value, $39.5M to $365M
- Where
- Ma (10 of 99), va (7 of 99), ny (6 of 99), ri (5 of 99), mi (4 of 99) and 3 more
- Bought from
- 5 sponsor
- By year
- 2013: 2 other deals; 2015: 1 other deal; 2017: 5 add-ons; 2018: 1 other deal; 2019: 3 add-ons, 1 exit; 2020: 1 platform, 14 add-ons; 2021: 28 add-ons, 1 exit, 2 other deals; 2022: 17 add-ons; 2023: 5 add-ons; 2024: 4 add-ons; 2025: 4 add-ons, 1 other deal; 2026: 6 add-ons, 2 other deals
- Repeat counterparties
- a legal adviser on 3 deals, a sell-side adviser on 2 deals, a sell-side adviser on 2 deals, a buy-side adviser on 2 deals and 5 more
99 companies on the graph (98 transactions); most in business services (28); 13 platforms and 84 add-ons; observed 2013 to 2026
Funds
How vehicles are groupedFeeders, parallels, executive funds, alternative investment vehicles and lettered sleeves are folded under the fund they belong to, read from the vehicle names. Deal-by-deal co-investment vehicles are pooled. Current funds come first: families are ordered by vintage, newest first, among those holding at least a twentieth of the largest family’s assets, then by size. The figure is the sum of each vehicle’s latest reported gross assets on Form ADV, not a fund size.Co-investment vehicles · 3 vehicles · vintage 2022$4.6B
- Carlyle Mozart Coinvestment Holdings Co-investment vehicle · 2022$2.1B
- Carlyle Starfruit Coinvestment Co-investment vehicle · 2019$1.3B
- Carlyle Sabre Coinvestment Co-investment vehicle · 2020$1.1B
Gross assets by year from the annual reporting tape194 more funds, not yet on the fund tableShowHide
These funds appear in this adviser’s Form ADV reporting. One row per fund per year (the latest filing of that year). Values are reported gross assets, not fund size.
| Fund | Type (ADV) | Years | Path | Latest reported GAV | Source |
|---|---|---|---|---|---|
| name not on record | Private Equity Fund | 2012 to 2012 | $15.0M filed Jun 12, 2012 | adviserinfo.sec.gov | |
| name not on record | Private Equity Fund | 2012 to 2012 | $15.0M filed Jun 12, 2012 | adviserinfo.sec.gov | |
| Cemof Co-Investment Partners (cayman), L.P. | Private Equity Fund | 2012 to 2012 | $6.0M filed Jun 12, 2012 | adviserinfo.sec.gov |
People
Where the people come fromEach row names its source in short; hover the source for its full description. Sources on this list: SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites). A person named by two sources under two spellings is shown once, with both sources.- Daniel Anthony D'Aniello · Co-Founder - The Carlyle GroupWhy this person: Founder of the firm; Named with investment responsibility
- David Mark Rubenstein · Co-Founder - The Carlyle GroupWhy this person: Founder of the firm; Named with investment responsibility
- Harvey Mitchell Schwartz · Managing Director/Chief Executive Officer - The Carlyle GroupWhy this person: Runs the firm (chief executive or president); Named with investment responsibility
Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.
Deals
How deals are mergedOne row per deal. A portfolio relationship and a transaction that describe the same deal (the same transaction, or the same company on the same date) are printed once, with the columns of both. 99 portfolio relationships and 99 transactions are on this record.| Date | Company | Deal | This firm’s role | Status | Partner | Source |
|---|---|---|---|---|---|---|
| Oct 30, 2026 | Tissue Health Plus, LLC clinical technologies add-on to Net Health | Add-on acquisition | Sponsor (confirmed) | unknown not confirmed current, last confirmed Oct 30, 2026 | unknown | nethealth.com |
| Oct 7, 2026 | BAO Consulting Group add-on to CFGI | Add-on acquisition | Sponsor (confirmed) | unknown not confirmed current, last confirmed Oct 7, 2026 | unknown | prnewswire.com |
| Aug 28, 2026 | Property and Casualty Agency add-on to Hilb Group | Add-on acquisition | Sponsor (derived) | unknown not confirmed current, last confirmed Aug 28, 2026 | unknown | hilbgroup.com |
This is a preview of the 3 newest deals. DFX holds 99 announced transactions naming this firm, dated 2012 to 2026; the rest of the history is not shown here. Private Equity Intelligence opens the rest of this record's rows.
Portfolio credit
Where these figures come fromPortfolio companies matched to a BDC borrower by an identity-graded bridge, read from each BDC’s own schedule of investments: the lenders’ marks, their accrual footnotes, PIK and maturities. Observed, never forecast. Firms whose own BDC lends to the company are left out.- Principal held
- $8.0M
- Weighted mark
- Not measured yet
- Non-accrual now
- 0
- 0 placed at Sep 30, 2026
- Marked down
- Not measured yet
- Maturing in 12 months
- 0
- none stated
- 1 portfolio company on a BDC schedule at Sep 30, 2026: 1 with ownership stated current, 0 listed on a portfolio page with no date or status.
Show the credit outlook: 1 borrowers, 8 quartersas of Sep 30, 2026
1 borrower is in every figure above and named with Private Credit Intelligence.
| Quarter end | Held | Principal | Non-accrual placed | PIK added or up |
|---|---|---|---|---|
| Dec 31, 2024 | 1 | $362M | 0 | 0 |
| Mar 31, 2025 | 1 | $191M | 0 | 0 |
| Jun 30, 2025 | 1 | $216M | 0 | 0 |
| Sep 30, 2025 | 1 | $227M | 0 | 0 |
| Dec 31, 2025 | 1 | $338M | 0 | 0 |
| Mar 31, 2026 | 1 | $260M | 0 | 0 |
| Jun 30, 2026 | 1 | $210M | 0 | 0 |
| Sep 30, 2026 | 1 | $8.0M | 0 | 0 |
A look back at today’s portfolio companies, not a record of what the sponsor owned then.
- Non-accrual is read from the BDC's own footnote, never inferred from a mark. PIK is interest the borrower pays in more debt rather than cash.
- No forecast is made here. DFX does not publish a default or distress prediction for a sponsor.
Population: portfolio companies matched to a BDC borrower by an identity-graded bridge, on a BDC schedule of investments at Sep 30, 2026, ownership not recorded as exited. Firms whose own BDC lends to the company, and private credit managers, are left out: that is lending, not ownership. Principal and accrual status are the BDCs' own filed figures; the quarter before is Jun 30, 2026.
Placement agents, lenders, advisers and co-investors
- TCG Securities, L.L.C. 137 shared · very strong · last Feb 15, 2022
- TCG Capital Markets L.L.C. 88 shared · very strong · last Oct 1, 2026
- Etgal Holdings Ltd. 20 shared · very strong · last Jan 1, 2018
LP commitments
How LPs are totalledOne line per LP, largest disclosed total first. A commitment that the same LP reports again in a later document is counted once in its total; both documents stay in the full list. Rows repeated line for line from one document are shown once.- 10 commitments to 10 funds · $3.6B disclosed
- 7 commitments to 7 funds · $2.3B disclosed
- 2 commitments to 2 funds · $900M disclosed
Events
- Apr 1, 2026Carlyle to Acquire Majority Stake in MAI Capital Management
- Oct 29, 2021Duravant Announces Strategic Partnership with Carlyle and Warburg Pincus Oct 29, 2021
- Jul 20, 2021Carlyle to acquire LiveU from Francisco Partners
The Carlyle Group is the same institution as 5 records in Real Estate: Funds, RIA and Wealth, Allocators, Independent Sponsors and Private Credit.
DFX found 5 relationships across 5 datasets
Which record it is in each graph, what it is called there, and how the two were matched.
7 days of DFX Intelligence free, then $199/month unless canceled. A card is taken when the trial starts.
Checking your plan…
Connected records
Portfolio companies
- Tissue Health Plus, LLC clinical technologies (since 2026)
- BAO Consulting Group (since 2026)
- Property and Casualty Agency (since 2026)
104 more on this record
Funds
- Carlyle Mozart Coinvestment Holdings, L.P. (vintage 2022)
- Carlyle Sabre Coinvestment, L.P. (vintage 2020)
- Carlyle Starfruit Coinvestment, L.P. (vintage 2019)
297 more on this record
Limited partners
- California Public Employees' Retirement System
- California State Teachers' Retirement System
- Washington State Investment Board
7 more on this record
Ranked on
- Most active private equity buyers in 2026 (#34 of 806)
- Private equity buyers of insurance agencies and brokers (#1 by deals)
- Private equity buyers of behavioral health providers (#16 by deals)
The Carlyle Group sits on 551 traced paths of capital across the graphs.
DFX traced 551 paths of capital through this record
Every record on each path, what it committed or lent, and as of when.
7 days of DFX Intelligence free, then $199/month unless canceled. A card is taken when the trial starts.
Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
Checking your plan…
Record history
- Merged in2026-09-24
- Platform investment2026-07-01source on record
- Platform investment2026-04-01source on record
+12 more changes on this record's ledger
7 days of DFX Intelligence free, then $199/month unless canceled. A card is taken when the trial starts.
The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.