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Deja Bù: Mark reconnects with Jessica Harnois, founder Bù Wines | SaltWireNEW YORK - Private equity firm Carlyle Group Inc reported on Tuesday a smaller-than-expected 43% year-on-year drop in third-quarter distributable earnings, amid a slump in assets, mostly from its private equity portfolio.
Firms like Carlyle have struggled to cash out on their assets amid volatility caused by geopolitical tensions, rising inflation and higher interest rates. Last month, Blackstone Inc reported a steeper-than-expected 12% drop in distributable earnings owing to muted asset sales. Apollo Global Management Inc said its asset sales fell by 92% although its adjusted net income jumped by 23% buoyed partly by its retirement services business.
Under generally accepted accounting principles , Carlyle's net income slumped 71% to $81.3 million weighed down by an investment loss of $17.7 million.
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