Earnings

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A record week for records: Carlyle finally got paid for selling things, TPG's record half is made almost entirely of fees, and Brookfield raised $77 billion mostly from itself

Carlyle, TPG and Brookfield all reported records this week. The footnotes: doubled deal fees, $35 million of realised carry, and $40 billion of Brookfield's own insurance money.

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Record fees, record spread, and $16 million from actually selling anything: Apollo's quarter fired on every cylinder except the one private equity was invented for

Record FRE, record SRE, record inflows, and $16 million of principal investing income. Apollo's quarter was superb everywhere except the line the industry is named after.

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Ares raised a record $36 billion in a quarter and expects to realise $10 million of performance income in the next one: asset gathering has found its purest form.

A record fundraising quarter, a record $170 billion of dry powder, and carry guidance that rounds to zero. Ares is what the industry looks like when selling stops mattering.

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Europe's listed private equity firms have just reported a record July, according to Europe's listed private equity firms.

EQT, CVC, Bridgepoint and Partners Group all found a record to announce. The share prices, the statutory accounts and the gated evergreen funds tell a more European story.

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Blue Owl says the structures work, and they do: they are currently working flat out to slow the rate at which investors leave.

Fee earnings up 9%, GAAP profit down, individuals two-thirds gone from the fundraising mix, and redemption requests at 38% of one fund. A close read of the politest crisis in private credit.

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KKR has just had the best quarter in its 50-year history, which is an odd moment to have deleted the earnings target.

Records in every direction, a monetisation quarter for the ages, and a quietly removed $7 target. The numbers do the talking, but only the ones allowed to speak.

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A record quarter in which selling things barely mattered: Blackstone is now a fee machine wearing a buyout firm as a costume.

Record AUM, record fees, a 25% dividend bump, and $414 million of net realisations. The fee machine is magnificent. The exit machine is still in the shop.