The Carlyle Group: Manager Rating and Record

Why The Carlyle Group has three stars

Carlyle runs USD 284 billion of regulatory assets and has been registered with the SEC since 1996. Its Form ADV lists two matters. One concerns The Carlyle Group itself, brought by the SEC in 2025; the other concerns another company in its group or an individual and counts for less. All three of its rated insurance-dedicated funds have three stars. In most of them little or none of the assets were valued last year by a firm outside the group, and on its own that rules out five stars.

The rating looks only at the areas below, which matter to a family holding this manager's funds through a private placement policy. Past returns play no part: these funds do not report them in their SEC filings, and they say little about what a policy will earn.

Conduct and regulatory record

What regulators and courts have recorded against the manager, and for platform series against the platform, as the advisers report it to the SEC. Several proceedings on one set of facts count as one matter. Recent and serious matters count most, matters of other companies in the group count for less, matters of individuals are weighed by the person's role and their bearing on the business, and the size of the firm is taken into account.

Reported controls

What the adviser reports to the SEC for the fund: whether the accounts are audited every year by an accountant registered with the PCAOB and subject to its regular inspection, whether audited statements go to investors and what the audit opinion says, whether the administrator and custodian are outside the adviser's group, and what share of the assets was valued last year by a person not related to the adviser.

Depth and experience of the manager

The assets the manager runs, its investment staff and how long it has been registered with the SEC.

PPLI.comManager Rating

Investor experience. What policyholders, insurers and advisers tell us is shown separately and never changes the stars. A factual point they raise is checked against the filings, and if it holds, the data is corrected. We never publish names. Tell us about yours

The rating expresses the opinion of PPLI.com on the date shown. It is not a statement of fact about the fund or its manager, not a credit rating, not a forecast of returns and not investment advice. Read about the rating.

Registration and size

Identity

Legal nameThe Carlyle Group

SEC registrationRegistered investment adviser, 801-52462 IAPD

CRD number111128

Latest Form ADV7 July 2026 ADV

Registered with the SEC since6 August 1996

Assets and staff, as filed

Regulatory assets under managementUSD 283,815,000,000

Of which discretionaryUSD 200,750,000,000

Employees1,040

Of which investment advisory staff317

Private funds listed in Schedule D314

Regulatory assets are calculated under the SEC's Form ADV instructions and include all funds and accounts the adviser manages, not only those open to insurers. Figures come from the SEC's adviser files of November 2026.

Regulatory and legal record

What the adviser itself discloses in Item 11 of its Form ADV, summarised from the disclosure pages, with a link to the filing. Item 11 is filed for the adviser as a whole, so under each matter the fund it concerns is read from the disclosure itself.

202513 January 2025

Regulatory action by US Securities and Exchange Commission: civil penalty

Fund concerned: none named in the filing. The matter concerns the adviser itself, not a specific fund, and none of the insurance-dedicated funds in this file is named.

In January 2025, Carlyle Investment Management l.l.c., Carlyle Global Credit Investment Management l.l.c., and AlpInvest Partners B.V. (together, the "Carlyle Advisers") entered into a settlement with the SEC and consented to the entry of an order (the "order") finding that the Carlyle Advisers did not adhere to applicable recordkeeping provisions of the Federal Securities laws by failing to maintain and preserve certain communications on unapproved written communications platforms ("off-channel communications"), and that its failure to implement its procedures reasonably expected to prohibit these off-channel communications led to a failure to reasonably supervise its personnel. The ...

US Securities and Exchange Commission · Order 13 January 2025 · USD 5.6 million · Concerns the adviser itself · Form ADV, Item 11 disclosure

201828 May 2018

Regulatory action by Bank of Italy: civil penalty

Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.

The Bank of Italy raised the below technical allegations against Carlyle real estate sgr s.p.a., a non-u.s. advisory affiliate that currently manages one real assets-related Fund vehicle: - certain procedural shortcomings in carrying out the review of certain beneficial owners up certain investors' ownership chains (none of which resulted in the admission of any disqualified investors) and - in connection with the sale to a third party of a condominium unit of a residential property owned by a Fund vehicle, the late filing of a suspicious activity report (I.e., report not made at the time of deposit, but rather in connection with the transaction closing).

Bank of Italy · Other 26 November 2019 · USD 60,000 · Concerns another company in the group · Form ADV, Item 11 disclosure

These are the matters The Carlyle Group reports in Item 11 of its Form ADV, filed 7 July 2026. A reported matter is a fact disclosed by the adviser, not a finding by PPLI.com. None of them concerns the insurance-dedicated funds listed above.

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The Carlyle Group

Insurance-dedicated funds managed by Carlyle

Why The Carlyle Group has three stars

Conduct and regulatory record

Reported controls

Depth and experience of the manager

Registration and size

Identity

Assets and staff, as filed

Regulatory and legal record

Regulatory action by US Securities and Exchange Commission: civil penalty

Regulatory action by Bank of Italy: civil penalty

How would you rate The Carlyle Group?

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