Carlyle Group LP at Goldman Sachs U.S. Financial Services Conference Transcript

Dec 11, 2019 / 03:50PM GMT
Unidentified Analyst -

Okay. Thanks, everyone, for joining us. We'll get started here. Next up, I would like to welcome Kewsong Lee, Co-CEO of the Carlyle Group. With over $220 billion in assets under management, Carlyle is one of the leading global asset managers with significant capabilities across private equity, credit, real estate and investment solutions. Following the firm's recent fundraising cycle, Carlyle has significantly improved its stability of the earnings base. And I know, for the management team, growth in FRE has definitely been an important milestone. At the same time, the firm's maturing investment portfolio creates pretty meaningful runway for accelerating earnings from incentive fees over the next 12 to 24 months, which I know is also an important part of the story here. In addition, Carlyle recently announced conversion to a full C-Corp from a publicly traded partnership, including a single share class structure effective January 1, potentially opening up the stock to even a wider audience relative to some of the other C-Corp conversions that we've seen in this space so far. So, Kew, thank

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