A major investment management company announced Thursday its ambitious plan to collect more than $200 billion by the end of 2028, marking a significant acceleration in fundraising efforts compared to recent performance.
Carlyle Group, which currently oversees approximately $477 billion in assets, revealed the aggressive timeline amid recent market volatility that has impacted technology stocks and asset management firms. The company’s stock price has dropped 12.8% this year but gained 1.92% in pre-market trading following the announcement.
CEO Harvey Schwartz, a former Goldman Sachs executive who joined Carlyle three years ago, has been leading transformation efforts at the firm after it experienced challenging years due to industry-wide difficulties and internal leadership transitions. In a company statement, Schwartz indicated he had “systematically reshaped” the organization during his tenure.
The proposed $200 billion target represents a substantial increase from the $158 billion Carlyle collected during the 2023-2025 period. Industry observers had previously noted that Carlyle trailed behind competitors like Blackstone, Apollo, and KKR in attracting assets that generate management fees.
Market conditions have shown recent improvement, with merger and acquisition activity picking up in late 2024 following an extended slowdown. Lower interest rates have made deal financing more affordable, while reduced concerns about U.S. trade policies have encouraged asset managers about stronger future activity supporting investment exits.
Carlyle’s most recent earnings report earlier this month exceeded analyst projections, driven by income from private equity transactions and positive performance in credit and secondaries divisions.
The company has established a target of $1.9 billion in fee-related earnings for 2028, compared to $1.2 billion achieved in 2025. These fees provide money managers with consistent income during market turbulence.
Distributed earnings per common share, a key performance indicator closely monitored by investors, is projected to exceed $6 per share in 2028, up from $4.02 in 2025.
“We’re confident that we can meet or exceed each of these targets,” stated Chief Financial Officer Justin Plouffe.
Additionally, Carlyle’s board approved a $2 billion stock repurchase program.
