• Transcript released from Bernstein’s 42nd Annual Strategic Decisions Conference, featuring CEO Harvey Schwartz in a fireside chat with Bernstein’s Patrick Davitt.
• Schwartz framed Carlyle as three years into a six-year overhaul, citing record FRE of $1.2 billion from the low $800s.
• Three-year targets call for FRE of $1.9 billion, per-share earnings rising to about $6, backed by $200 billion of fundraising over three years.
• Cornerstone structure for the next US buyout fund secured $5 billion at full fees before fundraising, using a modest balance-sheet component.
• Schwartz kept mid- to high-single-digit 2026 FRE growth guidance, pointing to a 2027-2028 fundraising “super cycle” to lift management fees.

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