Carlyle GMS returns 3% in Q1

The GMS platform, led by Mitch Petrick, includes the firm's mid-market lending and distressed strategies.

Carry funds managed by The Carlyle Group’s Global Market Strategies (GMS) platform grew by 3 percent during the first quarter, according to a preliminary valuations report released by the firm on Monday.

The GMS funds’ valuations improved by 24 percent over the 12-month period ending 31 March. Fund valuations of the firm’s buyout and growth capital vehicles improved by 27 percent and 32 percent during the same period.

Carry funds managed by the GMS platform realised $1.05 billion in proceeds last year, according to a first quarter earnings report. The platform includes the firm’s distressed debt and mid-market lending strategies, as well as hedge funds and CLOs.

The firm’s head of GMS, Mitch Petrick, has constructed the platform to generate returns at a variety points in the credit cycle, he told Private Debt Investor in an exclusive interview last month.

“These aren’t funds. These are businesses. Those seven strategies are businesses. And if you run them as businesses it allows you to do this [merge operational and transformation growth],” he said. “As the opportunity set changes, our business has the opportunity to evolve and change as well. What I’ve always said is, we never want to be a ‘me-too’ business. 

“One of my hallmarks is, if I designed a strategy where if I have to sit down in front of an investor and I say, ‘Here’s mine, mine’s better than theirs, I’ve lost the game,” he said. 

For more on Petrick and the GMS platform, check out the Capital Talk interview in April’s edition of Private Debt Investor, available HERE.