WASHINGTON, DC-Global alternative asset manager the Carlyle Group LP reported its unaudited second quarter 2012 results. US GAAP results for Q2 included income before provision for income taxes of $186 million and a net loss of $10 million, or 26 cents per common unit. For the same period last year, Carlyle was still a private partnership, and income before provision for income taxes was $317 million and net income $372 million. Total revenue was $248 million, compared with $756 million in the second quarter 2011. Pro forma net loss per common unit was 39 cents for the second quarter 2012.
Other highlights from the report include distributable earnings—the metric that the company says best reflects its “long-term approach to valuation creation”—that were $785 million over the past 12 months, for a 30% increase year over year. It also raised close to $4 billion in new capital in Q2.
The company also deployed $1.4 billion across its portfolio in the second quarter, and since the beginning of July has agreed to invest a minimum of $1.6 billion in new transactions that are expected to close in coming quarters. Carlyle realized $3 billion in proceeds from 32 carry funds. “Our firm, portfolio and funds are in very good shape, despite a quarter marked by significant volatility in global equity markets and continued uncertainty in Europe,” David M. Rubenstein, co-chief executive officer, said in a prepared statement.
Carlyle went public on May 2, pricing its initial public offering of 30.5 million of its common units at $22 per unit on the NASDAQ Global Select Market. Carlyle raised $639 million in proceeds, after accounting for the underwriter discount, during the initial public offering. It used the net proceeds from the offering to repay indebtedness.
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