What dominates the section
- Competition, artificial intelligence, and changing investor demand threaten Carlyle’s fundraising and asset-management model.
- Portfolio performance depends on leveraged, regulated, and sector-specific investments, including real estate, energy, infrastructure, and life sciences.
- Global Investment Solutions faces complex mandates, conflicts, informational barriers, and limits on participation in investment activities.
The risks most specific to Carlyle Group
- Risks Related to the Assets We Manage
industry and change the way financial institutions, as well as asset managers, do business. A number of factors serve to increase
Larger competitors, weaker fund performance, investor withdrawals, and artificial intelligence could reduce Carlyle’s fundraising and competitive position.
- Risks Related to the Assets We Manage
and their liquidity requirements. As a result, fundraising in certain products—particularly in corporate private equity strategies
Slower fundraising, especially for corporate private equity, could delay catch-up fees and reduce future management fees through smaller fund sizes.
- Risks Related to the Assets We Manage
and interest rates, and adverse economic, market, and industry developments. Moreover, the incurrence of a significant amount
Portfolio-company indebtedness can impose restrictive covenants, defaults, and cash-flow pressure that reduce Carlyle’s ability to realize investment value.
- Risks Related to the Assets We Manage
Our results are highly dependent on our continued ability to generate attractive returns from our investments
Investments in heavily regulated industries, including telecommunications, aerospace and defense, life sciences, and healthcare, may suffer regulatory or operating setbacks.
- Risks Related to the Assets We Manage
Our Global Investment Solutions business is subject to additional risks
Global Investment Solutions faces legal, tax, regulatory, conflict-of-interest, retention, and investment-platform acquisition risks.
- Risks Related to the Assets We Manage
efforts, and the activation of mandates with existing investors
Growing Global Investment Solutions funds and separate accounts may compete with one another or Carlyle funds for investment opportunities.
- Risks Related to the Assets We Manage
Investments in our real estate funds are subject to the risks inherent in the ownership and operation of real estate and
Real estate investments face property ownership burdens, local economic weakness, oversupply, higher interest rates, and increased borrowing costs.
- Risks Related to the Assets We Manage
Our energy teams focus on investments in businesses involved in oil and gas production, development, and
Oil and gas investments depend on uncertain reserves, new technologies, unexpected geological conditions, equipment performance, and volatile operating outcomes.
- Risks Related to the Assets We Manage
Natural Resources. Our natural resources portfolio companies may face construction and operational risks typical for
Natural resources portfolio companies face labor, fuel, materials, construction, equipment-delivery, and regulatory-permitting delays.
- Risks Related to the Assets We Manage
Our investments in the life sciences industry may expose us to increased risks
Abingworth’s life sciences investments face extensive FDA and foreign regulatory requirements that can delay or prevent product commercialization.
All 23 risk factors
Headings as the filing states them, in filing order.
Risks Related to the Assets We Manage
- 01industry and change the way financial institutions, as well as asset managers, do business. A number of factors serve to increase
- 02undertake and execute certain businesses or investments than we do and/or bear less compliance expense than
- 03a more limited number of investment products that it manages; and
- 04and their liquidity requirements. As a result, fundraising in certain products—particularly in corporate private equity strategies
- 05and interest rates, and adverse economic, market, and industry developments. Moreover, the incurrence of a significant amount
- 06returns or further growth; and
- 07restrictions on international trade or the recent or potential imposition of tariffs. See “Risks Related to Our Business Operations
- 08Our results are highly dependent on our continued ability to generate attractive returns from our investments
- 09losing treaty benefits or would otherwise adversely impact our investments; and
- 10Our Global Investment Solutions business is subject to additional risks
- 11personnel; and risks associated with the acquisition of new investment platforms
- 12Global Investment Solutions business, relative to other Carlyle investment funds
- 13efforts, and the activation of mandates with existing investors
- 14result in lower management fees and carried interest to us than Carlyle’s typical investment funds
- 15Investments in our real estate funds are subject to the risks inherent in the ownership and operation of real estate and
- 16Our energy teams focus on investments in businesses involved in oil and gas production, development, and
- 17(climate change related or otherwise); and
- 18Natural Resources. Our natural resources portfolio companies may face construction and operational risks typical for
- 19Our investments in the life sciences industry may expose us to increased risks
- 20scientific, and factual questions
Risks Related to Our Common Stock
- 21acquisition of our company more difficult without the approval of our Board of Directors. Among other things, these
- 22our capital stock entitled to vote; and
- 23reinvesting, or trading in securities; or
Other Carlyle Group 10-Ks
- 2026 10-K risk factors
18 risks. Carlyle Group's risk profile is dominated by investment performance dependence, regulatory and compliance hurdles, and leverage risks across funds.
Filed Feb 27, 2026
About this page
Item 1A of the 10-K on EDGAR was split into its risk factors and, where the company's previous 10-K is on file, each heading was matched to last year's and the text compared word for word. The headings are the filing's own. The one-line readings and the overview were written by a language model from the text of the new, dropped, and rewritten risks; they refer to risks by position and cannot misquote a heading.