Carlyle Investor Conference Presentation Deck
Focus on Fee Related Earnings Growth Building Upon Recent Momentum
Fee Related Earnings growth
accelerated over the last few years
We are confident in our ability to
grow Fee Related Earnings over
the long term through:
• Scaling of existing businesses
●
• Pursuing opportunistic growth
Carefully managing expenses
●
We expect to generate FRE in a
range of $400-450 million for
2020
FRE & MARGIN TRENDS¹1
Fee Related Earnings ($mm)
$500
$450
$400
$350
$300
$250
$200
$150
$100
$50
$0
$192
$124
2017
$350
$318
2018
$453
2019
Insurance recoveries
IFRE (ex recoveries)
•FRE Margin
$400-450
2020 Target
Note: Data as of March 31, 2020. Reflects management's views as of June 5, 2020. Please see "Important Information" slides for information about the use of and reliance on projections.
1) 2017 Fee Related Earnings were $192 million, and $124 million net of $68 million in net insurance recoveries. 2018 Fee Related Earnings were $350 million, and $318 million net of $32 million in insurance
recoveries. FRE Margins are based on Fee Related Earnings excluding the impact of insurance recoveries.
35%
30%
25%
20%
15%
10%
5%
0%
FRE Margin (%)
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