The Carlyle Group Inc. (CG) 10-Q 5 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Entity Registrant Name	Carlyle Group L.P.
Entity Central Index Key	1,527,166
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		80,241,015

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 1,307.5	$ 1,242
Cash and cash equivalents held at Consolidated Funds	1,131.2	1,551.1
Restricted cash	277.4	59.7
Restricted cash and securities of Consolidated Funds	18.4	14.9
Accrued performance fees	3,015.8	3,795.6
Investments	897.2	931.6
Investments of Consolidated Funds	23,990.1	26,028.8
Due from affiliates and other receivables, net	205.1	199.4
Due from affiliates and other receivables of Consolidated Funds, net	1,164.7	1,213.2
Receivables and inventory of a consolidated real estate VIE	172.8	163.9
Fixed assets, net	105.5	75.4
Deposits and other	57.5	59.2
Other assets of a consolidated real estate VIE	68.8	86.4
Intangible assets, net	171.6	442.1
Deferred tax assets	213.1	131
Total assets	32,796.7	35,994.3
Liabilities and partners’ capital
Loans payable	39.1	40.2
3.875% senior notes due 2023	499.9	499.9
5.625% senior notes due 2043	606.6	606.8
Loans payable of Consolidated Funds	16,665.1	16,052.2
Loans payable of a consolidated real estate VIE at fair value (principal amount of $167.8 million and $243.6 million as of September 30, 2015 and December 31, 2014, respectively)	109.1	146.2
Accounts payable, accrued expenses and other liabilities	404.1	396.2
Accrued compensation and benefits	2,045.4	2,312.5
Due to affiliates	470.1	184.2
Deferred revenue	203.6	93.7
Deferred tax liabilities	119.8	112.2
Other liabilities of Consolidated Funds	1,910.1	2,504.9
Other liabilities of a consolidated real estate VIE	95.4	84.9
Accrued giveback obligations	264	104.4
Total liabilities	$ 23,432.3	$ 23,138.3
Commitments and contingencies
Redeemable non-controlling interests in consolidated entities	$ 2,666.9	$ 3,761.5
Partners’ capital (common units 80,241,015 and 67,761,012 issued and outstanding as of September 30, 2015 and December 31, 2014, respectively)	510	566
Accumulated other comprehensive loss	(73.7)	(39)
Partners’ capital appropriated for Consolidated Funds	158	184.5
Non-controlling interests in consolidated entities	4,894.7	6,446.4
Non-controlling interests in Carlyle Holdings	1,208.5	1,936.6
Total partners’ capital	6,697.5	9,094.5
Total liabilities and partners’ capital	$ 32,796.7	$ 35,994.3

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Principal amount of loans payable	$ 167.8	$ 243.6
Common stock, units issued (in shares)	80,241,015	67,761,012
Common stock, units outstanding (in shares)	80,241,015	67,761,012
3.875% Senior Notes Due 2/01/2023
Interest rate on senior notes (as a percent)	3.875%	3.875%
5.625% Senior Notes Due 3/30/2043
Interest rate on senior notes (as a percent)	5.625%	5.625%

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Fund management fees	$ 278.3	$ 307.4	$ 830.1	$ 885
Performance fees
Realized	329.2	176.9	1,251	843.9
Unrealized	(575.8)	10.5	(629.7)	506.4
Total performance fees	(246.6)	187.4	621.3	1,350.3
Investment income (loss)
Realized	12.5	(0.5)	24.2	29.4
Unrealized	(22)	4.3	(17.7)	4.2
Total investment income (loss)	(9.5)	3.8	6.5	33.6
Interest and other income	5	9.1	15.9	16.6
Interest and other income of Consolidated Funds	259.4	234.1	742.7	728.5
Revenue of a consolidated real estate VIE	10.9	13.2	73.9	27.2
Total revenues	297.5	755	2,290.4	3,041.2
Compensation and benefits
Base compensation	163.5	190.7	472.2	615.8
Equity-based compensation	86.8	79.7	291	262.9
Performance fee related
Realized	155.2	78.4	561.7	368.3
Unrealized	(228.1)	(14.3)	(146.2)	316.3
Total compensation and benefits	177.4	334.5	1,178.7	1,563.3
General, administrative and other expenses	289.6	117.4	539.2	370.4
Interest	14.5	14.4	43.6	41.1
Interest and other expenses of Consolidated Funds	296.9	240.1	791.7	756.4
Interest and other expenses of a consolidated real estate VIE	26.8	38.3	124.4	129.5
Other non-operating income	(9.9)	(39.6)	(11.7)	(14)
Total expenses	795.3	705.1	2,665.9	2,846.7
Other income (loss)
Net investment gains (losses) of Consolidated Funds	(31.3)	125.5	935.8	994.5
Income (Loss) before provision for income taxes	(529.1)	175.4	560.3	1,189
Provision (benefit) for income taxes	(4.1)	(5.9)	12.4	63.9
Net income (loss)	(525)	181.3	547.9	1,125.1
Net income (loss) attributable to non-controlling interests in consolidated entities	(152.4)	53.2	657.5	747.4
Net income (loss) attributable to Carlyle Holdings	(372.6)	128.1	(109.6)	377.7
Net income (loss) attributable to non-controlling interests in Carlyle Holdings	(288.7)	102.7	(95.8)	308.2
Net income (loss) attributable to The Carlyle Group L.P.	$ (83.9)	$ 25.4	$ (13.8)	$ 69.5
Net income (loss) attributable to The Carlyle Group L.P. per common unit (see Note 15)
Basic (usd per share)	$ (1.05)	$ 0.38	$ (0.19)	$ 1.11
Diluted (usd per share)	$ (1.11)	$ 0.35	$ (0.28)	$ 1.01
Weighted-average common units
Basic (in shares)	78,849,332	66,474,689	72,812,892	61,422,816
Diluted (in shares)	301,558,908	72,086,875	299,143,320	67,440,601
Distributions declared per common unit (usd per share)	$ 0.89	$ 0.16	$ 2.83	$ 1.72

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (525)	$ 181.3	$ 547.9	$ 1,125.1
Other comprehensive income (loss)
Foreign currency translation adjustments	156.8	(273.4)	(734.8)	(185)
Cash flow hedges
Reclassification adjustment for loss included in interest expense	0.7	0.7	1.7	1.8
Defined benefit plans
Unrealized gain (loss) for the period	(0.9)	0.9	0.1	3.2
Less: reclassification adjustment for loss during the period, included in base compensation expense	0	0.1	0.2	0.3
Other comprehensive income (loss)	156.6	(271.7)	(732.8)	(179.7)
Comprehensive income (loss)	(368.4)	(90.4)	(184.9)	945.4
Comprehensive (income) loss attributable to partners’ capital appropriated for Consolidated Funds	(35.3)	124.9	26.5	303.5
Comprehensive income attributable to non-controlling interests in consolidated entities	(104.5)	(122.7)	(263.5)	(1,008.4)
Comprehensive loss attributable to redeemable non-controlling interests in consolidated entities	128.7	138.6	214.5	72.2
Comprehensive income (loss) attributable to Carlyle Holdings	(379.5)	50.4	(207.4)	312.7
Comprehensive (income) loss attributable to non-controlling interests in Carlyle Holdings	293.9	(33)	175.5	(248.1)
Comprehensive income (loss) attributable to The Carlyle Group L.P.	$ (85.6)	$ 17.4	$ (31.9)	$ 64.6

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities
Net income (loss)	$ 547.9	$ 1,125.1
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	281.7	125.4
Equity-based compensation	291	262.9
Excess tax benefits related to equity-based compensation	(1.4)	(2.5)
Non-cash performance fees	601	(526)
Other non-cash amounts	41.8	20.8
Consolidated Funds related:
Realized/unrealized gain on investments of Consolidated Funds	(770.6)	(1,098.6)
Realized/unrealized (gain) loss from loans payable of Consolidated Funds	(197)	168.1
Purchases of investments by Consolidated Funds	(7,577.3)	(8,318.8)
Proceeds from sale and settlements of investments by Consolidated Funds	9,359.9	7,805
Non-cash interest income, net	(3)	(26.1)
Change in cash and cash equivalents held at Consolidated Funds	1,670.3	2,115.6
Change in other receivables held at Consolidated Funds	5.4	190.2
Change in other liabilities held at Consolidated Funds	(223)	177.3
Investment (income) loss	2.7	(24.1)
Purchases of investments	(51.5)	(191.9)
Proceeds from the sale of investments and trading securities	371.4	500.2
Payments of contingent consideration	(17.8)	(57.9)
Changes in deferred taxes, net	(12)	11.6
Change in due from affiliates and other receivables	(3.4)	(3)
Change in receivables and inventory of a consolidated real estate VIE	(49.5)	3
Change in deposits and other	(9.3)	(11.4)
Change in other assets of a consolidated real estate VIE	(10.5)	(0.9)
Change in accounts payable, accrued expenses and other liabilities	(0.1)	(35.6)
Change in accrued compensation and benefits	(212.8)	189.1
Change in due to affiliates	253.5	(71.1)
Change in other liabilities of a consolidated real estate VIE	43.9	(13.2)
Change in deferred revenue	111.4	203.1
Net cash provided by operating activities	4,442.7	2,516.3
Cash flows from investing activities
Change in restricted cash	(217.9)	65.3
Purchases of fixed assets, net	(49.8)	(15.1)
Acquisitions, net of cash acquired	0	(3.1)
Net cash provided by (used in) investing activities	(267.7)	47.1
Cash flows from financing activities
Issuance of 5.625% senior notes due 2043, net of financing costs	0	210.8
Net payments on loans payable of a consolidated real estate VIE	(53.1)	(15.9)
Net payments on loans payable of Consolidated Funds	(40)	(1,087.6)
Payments of contingent consideration	(8)	(38.1)
Excess tax benefits related to equity-based compensation	1.4	2.5
Distributions to common unitholders	(206)	(91.9)
Distributions to non-controlling interest holders in Carlyle Holdings	(702.4)	(446.8)
Net proceeds from issuance of common units, net of offering costs	209.9	449.5
Acquisition of non-controlling interests in Carlyle Holdings	(209.9)	(303.4)
Contributions from non-controlling interest holders	1,629.9	1,923.9
Distributions to non-controlling interest holders	(4,325.2)	(2,593.9)
Change in due to/from affiliates financing activities	4.4	(47.9)
Change in due to/from affiliates and other receivables of Consolidated Funds	(341.1)	(33.2)
Net cash used in financing activities	(4,040.1)	(2,072)
Effect of foreign exchange rate changes	(69.4)	(63.8)
Increase in cash and cash equivalents	65.5	427.6
Cash and cash equivalents, beginning of period	1,242	966.6
Cash and cash equivalents, end of period	1,307.5	1,394.2
Supplemental non-cash disclosures
Net increase in partners’ capital and accumulated other comprehensive income related to reallocation of ownership interest in Carlyle Holdings	25.4	40.5
Non-cash contributions from non-controlling interest holders	0	5.8
Initial consolidation of Consolidated Funds	36	0
Deconsolidation of Consolidated Funds	(36)	0
Tax effect from acquisition of Carlyle Holdings partnership units:
Deferred tax asset	57.9	73.5
Deferred tax liability	2.6	0
Tax receivable agreement liability	49.8	63.1
Total partners’ capital	$ 5.5	$ 10.4

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Parenthetical)	Sep. 30, 2015	Dec. 31, 2014
5.625% Senior Notes Due 3/30/2043
Interest rate on senior notes (as a percent)	5.625%	5.625%

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation The Carlyle Group L.P., together with its consolidated subsidiaries (the “Partnership” or “Carlyle”), is one of the world’s largest global alternative asset management firms that originates, structures and acts as lead equity investor in management-led buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, growth capital financings, real estate opportunities, bank loans, high-yield debt, distressed assets, mezzanine debt and other investment opportunities. The Partnership is a Delaware limited partnership formed on July 18, 2011. The Partnership is managed and operated by its general partner, Carlyle Group Management L.L.C., which is in turn wholly-owned and controlled by Carlyle’s founders and other senior Carlyle professionals. Carlyle provides investment management services to, and has transactions with, various private equity funds, real estate funds, business development companies, collateralized loan obligations (“CLOs”), hedge funds and other investment products sponsored by the Partnership for the investment of client assets in the normal course of business. Carlyle typically serves as the general partner, investment manager or collateral manager, making day-to-day investment decisions concerning the assets of these products. Carlyle operates its business through four reportable segments: Corporate Private Equity, Global Market Strategies, Real Assets and Investment Solutions (see Note 18). Basis of Presentation The accompanying financial statements include the accounts of the Partnership and its consolidated subsidiaries. In addition, certain Carlyle-affiliated funds, related co-investment entities, certain CLOs managed by the Partnership (collectively the “Consolidated Funds”) and a real estate development company (see Note 17) have been consolidated in the accompanying financial statements pursuant to accounting principles generally accepted in the United States (“U.S. GAAP”), as described in Note 2. The consolidation of the Consolidated Funds generally has a gross-up effect on assets, liabilities and cash flows, and has no effect on the net income attributable to the Partnership. The majority economic ownership interests of the investors in the Consolidated Funds are reflected as non-controlling interests in consolidated entities, partners’ capital appropriated for Consolidated Funds and redeemable non-controlling interests in consolidated entities in the accompanying condensed consolidated financial statements. The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information. These statements, including notes, have not been audited, exclude some of the disclosures required for annual financial statements, and should be read in conjunction with the audited consolidated financial statements included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission (“SEC”). The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition and results of operations for the interim periods presented. June 2015 Public Offering of Partnership Common Units On June 5, 2015, the Partnership completed a public offering of 7,000,000 common units priced at $30.07 per common unit. The Partnership received net proceeds of approximately $209.9 million after deduction of offering expenses. The Partnership’s wholly owned subsidiaries used the net proceeds to acquire 7,000,000 Carlyle Holdings partnership units from the other limited partners of Carlyle Holdings, including certain of the Partnership’s directors and executive officers. As the sole general partner of Carlyle Holdings, the Partnership consolidates the financial position and results of operations of Carlyle Holdings into its financial statements, and the other ownership interests in Carlyle Holdings are reflected as non-controlling interests in the Partnership’s consolidated financial statements. The Partnership accounted for this public offering as an acquisition of ownership interests in a subsidiary while retaining a controlling interest in the subsidiary. Accordingly, the carrying value of the non-controlling interest was adjusted to reflect the change in the ownership interests in Carlyle Holdings. The excess of the fair value consideration paid by the Partnership over the carrying amount of the non-controlling interest acquired was recognized directly as a reduction to partners’ capital. The adjustment to partners’ capital for the excess of fair value of the consideration transferred over the carrying value of the non-controlling interest acquired was derived as follows (Dollars in millions): Acquisition-date fair value of consideration transferred: Cash $ 209.9 Carrying value of non-controlling interest acquired (45.4 ) Excess of fair value of consideration transferred over carrying value of non-controlling interest acquired $ 164.5 The following summarizes the adjustments within partners’ capital related to the June 2015 public offering (Dollars in millions): Partners’ Capital/Accumulated Other Comprehensive Loss Non-controlling Total Partners’ Proceeds from The Carlyle Group L.P. common units issued $ 209.9 $ — $ 209.9 Acquisition of non-controlling interest in Carlyle Holdings (164.5 ) (45.4 ) (209.9 ) Total increase (decrease) $ 45.4 $ (45.4 ) $ — The acquisition by the Partnership of the 7,000,000 Carlyle Holdings partnership units from the other limited partners of Carlyle Holdings also is subject to the terms of the tax receivable agreement. Accordingly, the Partnership recorded a deferred tax asset of $57.9 million , an increase to the liability owed under the tax receivable agreement of $49.8 million , and an increase in partners’ capital of $8.1 million based on estimated tax information available at the time. The liability is expected to be paid as the deferred tax asset is realized as a reduction in taxes payable. Additionally, the Partnership recorded a deferred tax liability related to outside tax basis difference as a result of the Partnership’s acquisition of additional interests in Carlyle Holdings. Accordingly, the Partnership recorded a deferred tax liability of $2.6 million with a corresponding decrease to partners’ capital. Following the issuance of common units in the June 2015 public offering, the vesting of deferred restricted common units, and the cancellation of certain unvested common units (see Note 16), the total number of Partnership common units outstanding as of September 30, 2015 was 80,241,015 . March 2014 Public Offering of Partnership Common Units On March 10, 2014, the Partnership completed a public offering of 13,800,000 common units priced at $33.50 per common unit. The Partnership received net proceeds of approximately $449.5 million , after deduction of the underwriting discount and offering expenses. The Partnership’s wholly-owned subsidiaries used $146.1 million of the net proceeds to acquire 4,500,000 newly issued Carlyle Holdings partnership units from Carlyle Holdings. These proceeds are being used by Carlyle Holdings for general corporate purposes, including investments in Carlyle’s funds as well as investment capital for acquisitions of new fund platforms and strategies or other growth initiatives, to drive innovation across the broader Carlyle platform. The Partnership’s wholly-owned subsidiaries used the remaining net proceeds of $303.4 million to acquire 9,300,000 Carlyle Holding partnership units from the other limited partners of Carlyle Holdings, including certain of the Partnership’s directors and executive officers. As it relates to the 4,500,000 newly issued Carlyle Holdings partnership units that the Partnership acquired, because the Partnership acquired these partnership units at a valuation in excess of the proportion of the book value of the net assets acquired, the Partnership incurred an immediate dilution of approximately $116.8 million . This dilution was reflected within partners’ capital as a reallocation from partners’ capital to non-controlling interests in Carlyle Holdings. As it relates to the 9,300,000 Carlyle Holdings partnership units that the Partnership acquired from the other limited partners of Carlyle Holdings, the Partnership accounted for this transaction as an acquisition of ownership interests in a subsidiary while retaining a controlling interest in the subsidiary. Accordingly, the carrying value of the non-controlling interest was adjusted to reflect the change in the ownership interests in Carlyle Holdings. The excess of the fair value of the consideration issued by the Partnership over the carrying amount of the non-controlling interest acquired on the transaction date was $ 237.0 million , which was recognized directly as a reduction to partners’ capital. Additionally, the acquisition by the Partnership of the 9,300,000 Carlyle Holdings partnership units from the other limited partners of Carlyle Holdings is subject to the terms of the tax receivable agreement. Accordingly, the Partnership recorded a deferred tax asset of $ 70.0 million , an increase to the liability owed under the tax receivable agreement of $ 60.1 million , and an increase in partners’ capital of $ 9.9 million based on estimated tax information available at the time. The Partnership recorded subsequent adjustments for this exchange due to updated relevant tax calculations, which increased the deferred tax asset by $3.5 million , increased the liability to the limited partners by $3.0 million and increased partners’ capital by $0.5 million . The liability is expected to be paid as the deferred tax asset is realized as a reduction in taxes payable.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Principles of Consolidation The Partnership consolidates all entities that it controls through a majority voting interest or otherwise. In addition, the accompanying condensed consolidated financial statements consolidate: (1) Carlyle-affiliated funds and co-investment entities for which the Partnership is the sole general partner and the presumption of control by the general partner has not been overcome and (2) variable interest entities (“VIEs”), including certain CLOs and a real estate development company, for which the Partnership is deemed to be the primary beneficiary; consolidation of these entities is a requirement under U.S. GAAP. All significant inter-entity transactions and balances have been eliminated. For entities that are determined to be VIEs, the Partnership consolidates those entities where it is deemed to be the primary beneficiary. An entity is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s business and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation rules require an analysis to (a) determine whether an entity in which the Partnership holds a variable interest is a VIE and (b) whether the Partnership’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (e.g., management and performance related fees), would give it a controlling financial interest. In evaluating whether the Partnership is the primary beneficiary, the Partnership evaluates its economic interests in the entity held either directly or indirectly by the Partnership. The consolidation analysis is generally performed qualitatively. This consolidation analysis, which requires judgment, is performed at each reporting date. Accounting Standards Update (“ASU”) No. 2010-10, Amendments for Certain Investment Funds , defers the application of the revised consolidation rules for a reporting enterprise’s interest in an entity if certain conditions are met, including if the entity has the attributes of an investment company and is not a securitization or asset-backed financing entity. An entity that qualifies for the deferral will continue to be assessed for consolidation under the overall guidance on VIEs, before its amendment, and other applicable consolidation guidance. As of September 30, 2015 , assets and liabilities of consolidated VIEs reflected in the condensed consolidated balance sheets were $23.1 billion and $18.0 billion , respectively. Except to the extent of the assets of the VIEs which are consolidated, the holders of the consolidated VIEs’ liabilities generally do not have recourse to the Partnership. The assets and liabilities of the consolidated VIEs that are Consolidated Funds are comprised primarily of investments and loans payable, respectively. The loans payable issued by the CLOs are backed by diversified collateral asset portfolios consisting primarily of loans or structured debt. In exchange for managing the collateral for the CLOs, the Partnership earns investment management fees, including in some cases subordinated management fees and contingent incentive fees. In cases where the Partnership consolidates the CLOs, those management fees have been eliminated as intercompany transactions. As of September 30, 2015 , the Partnership held $186.4 million of investments in these CLOs which represents its maximum risk of loss. The Partnership’s investments in these CLOs are generally subordinated to other interests in the entities and entitle the Partnership to receive a pro rata portion of the residual cash flows, if any, from the entities. Investors in the CLOs have no recourse against the Partnership for any losses sustained in the CLO structure. For all Carlyle-affiliated funds and co-investment entities (collectively “the funds”) that are not determined to be VIEs, the Partnership consolidates those funds where, as the sole general partner, it has not overcome the presumption of control pursuant to U.S. GAAP. Most Carlyle funds provide a dissolution right upon a simple majority vote of the non-Carlyle affiliated limited partners such that the presumption of control by Carlyle is overcome. Accordingly, these funds are not consolidated in the Partnership’s condensed consolidated financial statements. Investments in Unconsolidated Variable Interest Entities The Partnership holds variable interests in certain VIEs that are not consolidated because the Partnership is not the primary beneficiary, including its strategic investment in NGP Management Company, L.L.C. (“NGP Management” and, together with its affiliates, “NGP”). Refer to Note 6 for information on this investment. The Partnership’s involvement with such entities is in the form of direct equity interests and fee arrangements. The maximum exposure to loss represents the loss of assets recognized by the Partnership relating to these unconsolidated entities. The assets recognized in the Partnership’s condensed consolidated balance sheets related to the Partnership’s interests in these non-consolidated VIEs and the Partnership’s maximum exposure to loss relating to non-consolidated VIEs were as follows: As of September 30, 2015 December 31, 2014 (Dollars in millions) Investments $ 482.5 $ 511.8 Receivables 13.9 3.7 Maximum Exposure to Loss $ 496.4 $ 515.5 Basis of Accounting The accompanying financial statements are prepared in accordance with U.S. GAAP. Management has determined that the Partnership’s Funds are investment companies under U.S. GAAP for the purposes of financial reporting. U.S. GAAP for an investment company requires investments to be recorded at estimated fair value and the unrealized gains and/or losses in an investment’s fair value are recognized on a current basis in the statements of operations. Additionally, the Funds do not consolidate their majority-owned and controlled investments (the “Portfolio Companies”). In the preparation of these condensed consolidated financial statements, the Partnership has retained the specialized accounting for the Funds. All of the investments held and notes issued by the Consolidated Funds are presented at their estimated fair values in the Partnership’s condensed consolidated balance sheets. Interest and other income of the Consolidated Funds as well as interest expense and other expenses of the Consolidated Funds are included in the Partnership’s condensed consolidated statements of operations. The excess of the CLO assets over the CLO liabilities upon consolidation is reflected in the Partnership’s condensed consolidated balance sheets as partners’ capital appropriated for Consolidated Funds. Net income attributable to the investors in the CLOs is included in net income (loss) attributable to non-controlling interests in consolidated entities in the condensed consolidated statements of operations and partners’ capital appropriated for Consolidated Funds in the condensed consolidated balance sheets. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. It also requires management to exercise judgment in the process of applying the Partnership’s accounting policies. Assumptions and estimates regarding the valuation of investments and their resulting impact on performance fees involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements and the resulting impact on performance fees. Actual results could differ from these estimates and such differences could be material. Business Combinations The Partnership accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. Contingent consideration obligations that are elements of consideration transferred are recognized as of the acquisition date as part of the fair value transferred in exchange for the acquired business. Acquisition-related costs incurred in connection with a business combination are expensed. Revenue Recognition Fund Management Fees The Partnership provides management services to funds in which it holds a general partner interest or has a management agreement. For corporate private equity, certain global market strategies funds and real assets funds, management fees are calculated based on (a) limited partners’ capital commitments to the funds, (b) limited partners’ remaining capital invested in the funds at cost or at the lower of cost or aggregate remaining fair value, (c) gross assets, excluding cash and cash equivalents or (d) the net asset value (“NAV”) of certain of the funds, less offsets for the non-affiliated limited partners’ share of transaction advisory and portfolio fees earned, as defined in the respective partnership agreements. Management fees for corporate private equity, closed-end carry funds in the global market strategies segment and real assets funds generally range from 1% to 2% of commitments during the investment period of the relevant fund. Following the expiration or termination of the investment period of such funds, the management fees generally step-down to between 0.6% and 2.0% generally on the lower of cost or fair value of capital invested; however, certain of our managed accounts base management fees at all times on contributions for unrealized investments or the current value of the investment. The Partnership will receive management fees for corporate private equity and real assets funds during a specified period of time, which is generally ten years from the initial closing date, or, in some instances, from the final closing date, but such termination date may be earlier in certain limited circumstances or later if extended for successive one -year periods, typically up to a maximum of two years . Depending upon the contracted terms of investment advisory or investment management and related agreements, these fees are generally called semi-annually in advance and are recognized as earned over the subsequent six month period. For certain global market strategies funds, management fees are calculated based on assets under management of the funds with generally lower fee rates. Hedge funds typically pay management fees quarterly that generally range from 1.5% to 2.0% of NAV per year. Management fees for the business development companies are due quarterly in arrears at annual rates that range from 0.25% to 1.0% of gross assets, excluding cash and cash equivalents. Management fees for the CLOs and other structured products typically range from 0.15% to 1.0% on the total par amount of assets or the aggregate principal amount of the notes in the CLO and are due quarterly or semi-annually based on the terms and recognized over the respective period. Management fees for the CLOs/structured products and credit opportunities are governed by indentures and collateral management agreements. The Partnership will receive management fees for the CLOs until redemption of the securities issued by the CLOs, which is generally five to ten years after issuance. Open-ended funds typically do not have stated termination dates. Management fees for our private equity and real estate fund of funds vehicles generally range from 0.3% to 1.0% on the vehicle’s capital commitments during the commitment fee period of the relevant fund or the weighted-average investment period of the underlying funds. Following the expiration of the commitment fee period or weighted-average investment period of such funds, the management fees generally range from 0.3% to 1.0% on the lower of cost or fair value of the capital invested, the net asset value for unrealized investments, or the contributions for unrealized investments. The management fees for our fund of hedge fund vehicles generally range from 0.2% to 1.5% of net asset value. Management fees for our Investment Solutions segment are generally due quarterly and recognized over the related quarter. The Partnership also provides transaction advisory and portfolio advisory services to the Portfolio Companies, and where covered by separate contractual agreements, recognizes fees for these services when the service has been provided and collection is reasonably assured. Fund management fees includes transaction and portfolio advisory fees of $4.0 million and $21.9 million for the three months ended September 30, 2015 and 2014 , respectively, and $16.4 million and $62.1 million for the nine months ended September 30, 2015 and 2014 , respectively, net of any offsets as defined in the respective partnership agreements. Fund management fees exclude the reimbursement of any partnership expenses paid by the Partnership on behalf of the Carlyle funds pursuant to the limited partnership agreements, including amounts related to the pursuit of actual, proposed, or unconsummated investments, professional fees, expenses associated with the acquisition, holding and disposition of investments, and other fund administrative expenses. Performance Fees Performance fees consist principally of the allocation of profits from certain of the funds to which the Partnership is entitled (commonly known as carried interest). The Partnership is generally entitled to a 20% allocation (or 10% to 20% on external coinvestment vehicles, with some earning no carried interest, or approximately 2% to 10% in the case of most of the Partnership’s fund of funds vehicles) of the net realized income or gain as a carried interest after returning the invested capital, the allocation of preferred returns of generally 8% to 9% and return of certain fund costs (generally subject to catch-up provisions as set forth in the fund limited partnership agreement) from its corporate private equity and real assets funds and closed-end carry funds in the global market strategies segment. Carried interest is recognized upon appreciation of the funds’ investment values above certain return hurdles set forth in each respective partnership agreement. The Partnership recognizes revenues attributable to performance fees based upon the amount that would be due pursuant to the fund partnership agreement at each period end as if the funds were terminated at that date. Accordingly, the amount recognized as performance fees reflects the Partnership’s share of the gains and losses of the associated funds’ underlying investments measured at their then-current fair values relative to the fair values as of the end of the prior period. Because of the inherent uncertainty, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is reasonably possible that the difference could be material. Carried interest is ultimately realized when: (i) an underlying investment is profitably disposed of, (ii) certain costs borne by the limited partner investors have been reimbursed, (iii) the fund’s cumulative returns are in excess of the preferred return and (iv) the Partnership has decided to collect carry rather than return additional capital to limited partner investors. Realized carried interest may be required to be returned by the Partnership in future periods if the funds’ investment values decline below certain levels. When the fair value of a fund’s investments remains constant or falls below certain return hurdles, previously recognized performance fees are reversed. In all cases, each fund is considered separately in this regard, and for a given fund, performance fees can never be negative over the life of a fund. If upon a hypothetical liquidation of a fund’s investments at their then-current fair values, previously recognized and distributed carried interest would be required to be returned, a liability is established for the potential giveback obligation. As of September 30, 2015 and December 31, 2014 , the Partnership has recognized $264.0 million and $104.4 million , respectively, for giveback obligations. In addition to its performance fees from its corporate private equity and real assets funds and closed-end carry funds in the global market strategies segment, the Partnership is also entitled to receive performance fees from certain of its global market strategies funds and fund of funds vehicles when the return on assets under management exceeds certain benchmark returns or other performance targets. In such arrangements, performance fees are recognized when the performance benchmark has been achieved, and are included in performance fees in the accompanying condensed consolidated statements of operations. Investment Income (Loss) Investment income (loss) represents the unrealized and realized gains and losses resulting from the Partnership’s equity method investments and other principal investments. Equity method investment income (loss) includes the related amortization of the basis difference between the Partnership’s carrying value of its investment and the Partnership’s share of underlying net assets of the investee, as well as the compensation expense associated with compensatory arrangements provided by the Partnership to employees of its equity method investee. Investment income (loss) is realized when the Partnership redeems all or a portion of its investment or when the Partnership receives or is due cash income, such as dividends or distributions. Unrealized investment income (loss) results from changes in the fair value of the underlying investment as well as the reversal of unrealized gain (loss) at the time an investment is realized. Interest Income Interest income is recognized when earned. Interest income earned by the Partnership is included in interest and other income in the accompanying condensed consolidated statements of operations. Interest income of the Consolidated Funds was $219.0 million and $217.0 million for the three months ended September 30, 2015 and 2014 , respectively, and $654.7 million and $653.0 million for the nine months ended September 30, 2015 and 2014 , respectively, and is included in interest and other income of Consolidated Funds in the accompanying condensed consolidated statements of operations. Compensation and Benefits Base Compensation – Base compensation includes salaries, bonuses (discretionary awards and guaranteed amounts), performance payment arrangements and benefits paid and payable to Carlyle employees. Bonuses are accrued over the service period to which they relate. Equity-Based Compensation – Compensation expense relating to the issuance of equity-based awards to Carlyle employees is measured at fair value on the grant date. The compensation expense for awards that vest over a future service period is recognized over the relevant service period on a straight-line basis, adjusted for estimated forfeitures of awards that are not expected to vest. The compensation expense for awards that do not require future service is recognized immediately. Upon the end of the service period, compensation expense is adjusted to account for the actual forfeiture rate. Cash settled equity-based awards are classified as liabilities and are re-measured at the end of each reporting period. The compensation expense for awards that contain performance conditions is recognized when it is probable that the performance conditions will be achieved; in certain instances, such compensation expense may be recognized prior to the grant date of the award. Equity-based awards issued to non-employees are recognized as general, administrative and other expenses. The grant-date fair value of equity-based awards granted to Carlyle’s non-employee directors is expensed on a straight-line basis over the vesting period. The cost of services received in exchange for an equity-based award issued to non-employees who are not directors is measured at each vesting date, and is not measured based on the grant-date fair value of the award unless the award is vested at the grant date. Equity-based awards that require the satisfaction of future service criteria are recognized over the relevant service period, adjusted for estimated forfeitures of awards that are not expected to vest, based on the fair value of the award on each reporting date and adjusted for the actual fair value of the award at each vesting date. Accordingly, the measured value of the award will not be finalized until the vesting date. Performance Fee Related Compensation – A portion of the performance fees earned is due to employees and advisors of the Partnership. These amounts are accounted for as compensation expense in conjunction with the recognition of the related performance fee revenue and, until paid, are recognized as a component of the accrued compensation and benefits liability. Accordingly, upon any reversal of performance fee revenue, the related compensation expense is also reversed. As of September 30, 2015 and December 31, 2014 , the Partnership had recorded a liability of $1.5 billion and $1.8 billion , respectively, related to the portion of accrued performance fees due to employees and advisors, which was included in accrued compensation and benefits in the accompanying condensed consolidated financial statements. Income Taxes Certain of the wholly-owned subsidiaries of the Partnership and the Carlyle Holdings partnerships are subject to federal, state, local and foreign corporate income taxes at the entity level and the related tax provision attributable to the Partnership’s share of this income is reflected in the condensed consolidated financial statements. Based on applicable federal, foreign, state and local tax laws, the Partnership records a provision for income taxes for certain entities. Tax positions taken by the Partnership are subject to periodic audit by U.S. federal, state, local and foreign taxing authorities. The Partnership accounts for income taxes under the provisions of Accounting Standards Codification (“ASC”) 740, Income Taxes (“ASC 740”), using the liability method. ASC 740 requires the recognition of deferred tax liabilities and assets for the expected future consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement reporting and the tax basis of assets and liabilities using enacted tax rates in effect for the period in which the difference is expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period of the change in the provision for income taxes. Further, deferred tax assets are recognized for the expected realization of available net operating loss and tax credit carry forwards. A valuation allowance is recorded on the Partnership’s gross deferred tax assets when it is “more likely than not” that such asset will not be realized. When evaluating the realizability of the Partnership’s deferred tax assets, all evidence, both positive and negative, is evaluated. Items considered in this analysis include the ability to carry back losses, the reversal of temporary differences, tax planning strategies, and expectations of future earnings. Under U.S. GAAP for income taxes, the amount of tax benefit to be recognized is the amount of benefit that is “more likely than not” to be sustained upon examination. The Partnership analyzes its tax filing positions in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. If, based on this analysis, the Partnership determines that uncertainties in tax positions exist, a liability is established, which is included in accounts payable, accrued expenses and other liabilities in the condensed consolidated financial statements. The Partnership recognizes accrued interest and penalties related to unrecognized tax positions in the provision for income taxes. If recognized, the entire amount of unrecognized tax positions would be recorded as a reduction in the provision for income taxes. Tax Receivable Agreement Exchanges of Carlyle Holdings partnership units for the Partnership’s common units that are executed by the limited partners of the Carlyle Holdings partnerships result in transfers of and increases in the tax basis of the tangible and intangible assets of Carlyle Holdings, primarily attributable to a portion of the goodwill inherent in the business. These transfers and increases in tax basis will increase (for tax purposes) depreciation and amortization and therefore reduce the amount of tax that certain of the Partnership’s subsidiaries, including Carlyle Holdings I GP Inc., which are referred to as the “corporate taxpayers,” would otherwise be required to pay in the future. This increase in tax basis may also decrease gain (or increase loss) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. The Partnership has entered into a tax receivable agreement with the limited partners of the Carlyle Holdings partnerships whereby the corporate taxpayers have agreed to pay to the limited partners of the Carlyle Holdings partnerships involved in any exchange transaction 85% of the amount of cash tax savings, if any, in U.S. federal, state and local income tax or foreign or franchise tax that the corporate taxpayers realize as a result of these increases in tax basis and, in limited cases, transfers or prior increases in tax basis. The corporate taxpayers expect to benefit from the remaining 15% of cash tax savings, if any, in income tax they realize. Payments under the tax receivable agreement will be based on the tax reporting positions that the Partnership will determine. The corporate taxpayers will not be reimbursed for any payments previously made under the tax receivable agreement if a tax basis increase is successfully challenged by the Internal Revenue Service. The Partnership records an increase in deferred tax assets for the estimated income tax effects of the increases in tax basis based on enacted federal and state tax rates at the date of the exchange. To the extent that the Partnership estimates that the corporate taxpayers will not realize the full benefit represented by the deferred tax asset, based on an analysis that will consider, among other things, its expectation of future earnings, the Partnership will reduce the deferred tax asset with a valuation allowance and will assess the probability that the related liability owed under the tax receivable agreement will be paid. The Partnership records 85% of the estimated realizable tax benefit (which is the recorded deferred tax asset less any recorded valuation allowance) as an increase to the liability due under the tax receivable agreement, which is included in due to affiliates in the accompanying condensed consolidated financial statements. The remaining 15% of the estimated realizable tax benefit is initially recorded as an increase to the Partnership’s partners’ capital. All of the effects to the deferred tax asset of changes in any of the Partnership’s estimates after the tax year of the exchange will be reflected in the provision for income taxes. Similarly, the effect of subsequent changes in the enacted tax rates will be reflected in the provision for income taxes. Non-controlling Interests Non-controlling interests in consolidated entities represent the component of equity in consolidated entities held by third-party investors. These interests are adjusted for general partner allocations and by subscriptions and redemptions in hedge funds which occur during the reporting period. Any change in ownership of a subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between the controlling and non-controlling interests. Transaction costs incurred in connection with such changes in ownership of a subsidiary are recorded as a direct charge to partners’ capital. Non-controlling interests related to hedge funds are subject to quarterly or monthly redemption by investors in these funds following the expiration of a specified period of time, or may be withdrawn subject to a redemption fee during the period when capital may not be withdrawn. As limited partners in these types of funds have been granted redemption rights, amounts relating to third-party interests in such consolidated funds are presented as redeemable non-controlling interests in consolidated entities within the condensed consolidated balance sheets. When redeemable amounts become contractually payable to investors, they are classified as a liability and included in other liabilities of Consolidated Funds in the condensed consolidated balance sheets. Non-controlling interests in Carlyle Holdings relate to the ownership interests of the other limited partners of the Carlyle Holdings partnerships. The Partnership, through wholly-owned subsidiaries, is the sole general partner of Carlyle Holdings. Accordingly, the Partnership consolidates Carlyle Holdings into its consolidated financial statements, and the other ownership interests in Carlyle Holdings are reflected as non-controlling interests in the Partnership’s condensed consolidated financial statements. Any change to the Partnership’s ownership interest in Carlyle Holdings while it retains the controlling financial interest in Carlyle Holdings is accounted for as a transaction within partners’ capital as a reallocation of ownership interests in Carlyle Holdings. Earnings Per Common Unit The Partnership computes earnings per common unit in accordance with ASC 260, Earnings Per Share (“ASC 260”) . Basic earnings per common unit is calculated by dividing net income (loss) attributable to the common units of the Partnership by the weighted-average number of common units outstanding for the period. Diluted earnings per common unit reflects the assumed conversion of all dilutive securities. Net income (loss) attributable to the common units excludes net income (loss) and dividends attributable to any participating securities under the two-class method of ASC 260. Investments Investments include (i) the Partnership’s ownership interests (typically general partner interests) in the Funds, (ii) the investments held by the Consolidated Funds (all of which are presented at fair value in the Partnership’s condensed consolidated financial statements), (iii) strategic investments made by the Partnership and (iv) certain credit-oriented investments. The valuation procedures utilized for investments of the Funds vary depending on the nature of the investment. The fair value of investments in publicly-traded securities is based on the closing price of the security with adjustments to reflect appropriate discounts if the securities are subject to restrictions. The fair value of non-equity securities or other investments, which may include instruments that are not listed on an exchange, considers, among other factors, external pricing sources, such as dealer quotes or independent pricing services, recent trading activity or other information that, in the opinion of the Partnership, may not have been reflected in pricing obtained from external sources. When valuing private securities or assets without readily determinable market prices, the Partnership gives consideration to operating results, financial condition, economic and/or market events, recent sales prices and other pertinent information. These valuation procedures may vary by investment, but include such techniques as comparable public market valuation, comparable acquisition valuation and discounted cash flow analysis. Because of the inherent uncertainty, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is reason

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Acquisitions	Acquisitions Acquisition of Diversified Global Asset Management Corporation On February 3, 2014 , the Partnership acquired 100% of the equity interests in Diversified Global Asset Management Corporation (“DGAM”), a Toronto, Canada-based alternative investment manager with $2.9 billion in fee-earning assets under management. As of February 3, 2014, DGAM also advised on $3.6 billion in assets, for which it earned a nominal advisory fee. The purchase price consisted of approximately $8.0 million in cash and 662,134 newly issued common units (approximately $23.1 million ). The transaction also included contingent compensation of up to $23.7 million in cash and $47.3 million in common units, which are issuable through 2021 upon the achievement of certain performance and service-based requirements. The Partnership consolidated the financial position and results of operations of DGAM effective February 3, 2014 and accounted for this transaction as a business combination. DGAM is the Partnership’s fund of hedge funds platform and is included in the Partnership’s Investment Solutions business segment. See Note 3 to the consolidated financial statements included in the Partnership’s 2014 Annual Report on Form 10-K for additional information on other acquisitions made in the last three years.

Fair Value Measurement

Fair Value Measurement	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement The fair value measurement accounting guidance establishes a hierarchal disclosure framework which ranks the observability of market price inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, will generally have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: Level I – inputs to the valuation methodology are quoted prices available in active markets for identical instruments as of the reporting date. The type of financial instruments included in Level I include unrestricted securities, including equities and derivatives, listed in active markets. The Partnership does not adjust the quoted price for these instruments, even in situations where the Partnership holds a large position and a sale could reasonably impact the quoted price. Level II – inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. The type of financial instruments in this category includes less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs. Investments in hedge funds are classified in this category when their net asset value is redeemable without significant restriction. Level III – inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category include investments in privately-held entities, non-investment grade residual interests in securitizations, collateralized loan obligations, and certain over-the-counter derivatives where the fair value is based on unobservable inputs. Investments in fund of funds are generally included in this category. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. The Partnership’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. In certain cases, debt and equity securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices, market transactions in comparable investments and various relationships between investments. The following table summarizes the Partnership’s assets and liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of September 30, 2015 : (Dollars in millions) Level I Level II Level III Total Assets Investments of Consolidated Funds: Equity securities $ 237.1 $ 71.8 $ 956.0 $ 1,264.9 Bonds — — 1,229.2 1,229.2 Loans — — 15,482.2 15,482.2 Partnership and LLC interests (1) — — 3,350.2 3,350.2 Hedge funds — 2,660.3 — 2,660.3 Other — — 3.3 3.3 237.1 2,732.1 21,020.9 23,990.1 Trading securities — — 1.6 1.6 Foreign currency forward contracts — 13.3 — 13.3 Restricted securities of Consolidated Funds 7.8 — 8.7 16.5 Total $ 244.9 $ 2,745.4 $ 21,031.2 $ 24,021.5 Liabilities Loans payable of Consolidated Funds $ — $ — $ 16,665.1 $ 16,665.1 Derivative instruments of the CLOs — — 25.8 25.8 Contingent consideration (2) — — 16.6 16.6 Loans payable of a consolidated real estate VIE — — 109.1 109.1 Interest rate swaps — 1.4 — 1.4 Foreign currency forward contracts — 9.3 — 9.3 Total $ — $ 10.7 $ 16,816.6 $ 16,827.3 (1) Balance represents Fund Investments that the Partnership consolidates one fiscal quarter in arrears. (2) Balance relates to contingent cash and equity consideration associated with the acquisitions of Claren Road, AlpInvest, ESG, Carlyle Commodity Management L.L.C. ( “ Carlyle Commodity Management ” , formerly, Vermillion) and Metropolitan, excluding employment-based contingent consideration (see Note 9). The following table summarizes the Partnership’s assets and liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of December 31, 2014 : (Dollars in millions) Level I Level II Level III Total Assets Investments of Consolidated Funds: Equity securities $ 346.8 $ 156.8 $ 1,968.5 $ 2,472.1 Bonds — — 1,235.8 1,235.8 Loans — — 15,084.9 15,084.9 Partnership and LLC interests (1) — — 3,481.0 3,481.0 Hedge funds — 3,753.5 — 3,753.5 Other — — 1.5 1.5 346.8 3,910.3 21,771.7 26,028.8 Trading securities — — 3.3 3.3 Restricted securities of Consolidated Funds 4.0 — 8.6 12.6 Total $ 350.8 $ 3,910.3 $ 21,783.6 $ 26,044.7 Liabilities Loans payable of Consolidated Funds $ — $ — $ 16,052.2 $ 16,052.2 Derivative instruments of the CLOs — — 17.2 17.2 Contingent consideration (2) — — 51.1 51.1 Loans payable of a consolidated real estate VIE — — 146.2 146.2 Interest rate swaps — 3.2 — 3.2 Total $ — $ 3.2 $ 16,266.7 $ 16,269.9 (1) Balance represents Fund Investments that the Partnership consolidates one fiscal quarter in arrears. (2) Balance relates to contingent cash and equity consideration associated with the acquisitions of Claren Road, AlpInvest, ESG, Carlyle Commodity Management and Metropolitan, excluding employment-based contingent consideration (see Note 9). Transfers from Level II to Level I during the nine months ended September 30, 2015 were due to the expiration of transferability restrictions on certain equity securities of Consolidated Funds that were previously classified as Level II. There were no transfers from Level II to Level I during the nine months ended September 30, 2014 . Investment professionals with responsibility for the underlying investments are responsible for preparing the investment valuations pursuant to the policies, methodologies and templates prepared by the Partnership’s valuation group, which is a team made up of dedicated valuation professionals reporting to the Partnership’s chief accounting officer. The valuation group is responsible for maintaining the Partnership’s valuation policy and related guidance, templates and systems that are designed to be consistent with the guidance found in ASC 820, Fair Value Measurement . These valuations, inputs and preliminary conclusions are reviewed by the fund accounting teams. The valuations are then reviewed and approved by the respective fund valuation subcommittees, which are comprised of the respective fund head(s), segment head, chief financial officer and chief accounting officer, as well as members of the valuation group. The valuation group compiles the aggregate results and significant matters and presents them for review and approval by the global valuation committee, which is comprised of the Partnership’s co-chief executive officers, president and chief operating officer, chief risk officer, chief financial officer, chief accounting officer, deputy chief investment officers for Corporate Private Equity, the business segment heads, and observed by the chief compliance officer, the director of internal audit and the Partnership’s audit committee. Additionally, each quarter a sample of valuations are reviewed by external valuation firms. In the absence of observable market prices, the Partnership values its investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist. Management’s determination of fair value is then based on the best information available in the circumstances and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for non-performance and liquidity risks. Investments for which market prices are not observable include private investments in the equity of operating companies and real estate properties, and certain debt positions. The valuation technique for each of these investments is described below: Private Equity and Real Estate Investments – The fair values of private equity investments are determined by reference to projected net earnings, earnings before interest, taxes, depreciation and amortization (“EBITDA”), the discounted cash flow method, public market or private transactions, valuations for comparable companies or sales of comparable assets, and other measures which, in many cases, are unaudited at the time received. The methods used to estimate the fair value of real estate investments include the discounted cash flow method and/or capitalization rate (“cap rate”) analysis. Valuations may be derived by reference to observable valuation measures for comparable companies or transactions (e.g., applying a key performance metric of the investment such as EBITDA or net operating income to a relevant valuation multiple or cap rate observed in the range of comparable companies or transactions), adjusted by management for differences between the investment and the referenced comparables, and in some instances by reference to option pricing models or other similar models. Adjustments to observable valuation measures are frequently made upon the initial investment to calibrate the initial investment valuation to industry observable inputs. Such adjustments are made to align the investment to observable industry inputs for differences in size, profitability, projected growth rates, geography and capital structure if applicable. The adjustments are reviewed with each subsequent valuation to assess how the investment has evolved relative to the observable inputs. Additionally, the investment may be subject to certain specific risks and/or development milestones which are also taken into account in the valuation assessment. Option pricing models and similar tools do not currently drive a significant portion of private equity or real estate valuations and are used primarily to value warrants, derivatives, certain restrictions and other atypical investment instruments. Credit-Oriented Investments – The fair values of credit-oriented investments are generally determined on the basis of prices between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices, market transactions in comparable investments and various relationships between investments. Specifically, for investments in distressed debt and corporate loans and bonds, the fair values are generally determined by valuations of comparable investments. In some instances, the Partnership may utilize other valuation techniques, including the discounted cash flow method. CLO Investments and CLO Loans Payable – The Partnership has elected the fair value option to measure the loans payable of the CLOs at fair value, as the Partnership has determined that measurement of the loans payable issued by the CLOs at fair value better correlates with the value of the assets held by the CLOs, which are held to provide the cash flows for the note obligations. The investments of the CLOs are also carried at fair value. The fair values of the CLO loan and bond assets are primarily based on quotations from reputable dealers or relevant pricing services. In situations where valuation quotations are unavailable, the assets are valued based on similar securities, market index changes, and other factors. The Partnership corroborates quotations from pricing services either with other available pricing data or with its own models. Generally, the loan and bond assets of the CLOs are not actively traded and are classified as Level III. The fair values of the CLO loans payable and the CLO structured asset positions are determined based on both discounted cash flow analyses and third-party quotes. Those analyses consider the position size, liquidity, current financial condition of the CLOs, the third-party financing environment, reinvestment rates, recovery lags, discount rates and default forecasts and are compared to broker quotations from market makers and third party dealers. Loans Payable of a Consolidated Real Estate VIE – The Partnership has elected the fair value option to measure the loans payable of a consolidated real estate VIE at fair value. The fair values of the loans are primarily based on discounted cash flows analyses, which consider the liquidity and current financial condition of the consolidated real estate VIE. These loans are classified as Level III. Fund Investments – The Partnership’s investments in external funds are valued based on its proportionate share of the net assets provided by the third party general partners of the underlying fund partnerships based on the most recent available information which typically has a lag of up to 90 days . The terms of the investments generally preclude the ability to redeem the investment. Distributions from these investments will be received as the underlying assets in the funds are liquidated, the timing of which cannot be readily determined. The changes in financial instruments measured at fair value for which the Partnership has used Level III inputs to determine fair value are as follows (Dollars in millions): Financial Assets Three Months Ended September 30, 2015 Investments of Consolidated Funds Equity Bonds Loans Partnership Other Trading securities and other Restricted Total Balance, beginning of period $ 1,023.8 $ 1,193.7 $ 15,460.9 $ 3,390.1 $ 4.0 $ 2.0 $ 8.7 $ 21,083.2 Transfers out (1) (115.1 ) — — — — — — (115.1 ) Purchases 32.6 177.8 2,948.7 112.3 — — — 3,271.4 Sales (21.0 ) (117.1 ) (1,543.2 ) (390.3 ) — — — (2,071.6 ) Settlements — — (1,195.6 ) — — — — (1,195.6 ) Realized and unrealized gains (losses), net Included in earnings 11.1 (27.7 ) (204.7 ) 121.3 (0.7 ) (0.4 ) — (101.1 ) Included in other comprehensive income 24.6 2.5 16.1 116.8 — — — 160.0 Balance, end of period $ 956.0 $ 1,229.2 $ 15,482.2 $ 3,350.2 $ 3.3 $ 1.6 $ 8.7 $ 21,031.2 Changes in unrealized gains $ 3.3 $ (24.9 ) $ (199.8 ) $ (98.5 ) $ (0.7 ) $ (0.1 ) $ — $ (320.7 ) Financial Assets Nine Months Ended September 30, 2015 Investments of Consolidated Funds Equity Bonds Loans Partnership Other Trading securities and other Restricted Total Balance, beginning of period $ 1,968.5 $ 1,235.8 $ 15,084.9 $ 3,481.0 $ 1.5 $ 3.3 $ 8.6 $ 21,783.6 Transfers out (1) (115.1 ) — — — — — (3.9 ) (119.0 ) Purchases 60.6 403.2 6,223.0 350.8 — — 3.9 7,041.5 Sales (1,043.3 ) (324.9 ) (2,682.1 ) (884.2 ) — — — (4,934.5 ) Settlements — — (2,693.1 ) — — — — (2,693.1 ) Realized and unrealized Included in earnings 261.0 (4.4 ) (88.3 ) 809.8 1.9 (1.7 ) 0.1 978.4 Included in other comprehensive income (175.7 ) (80.5 ) (362.2 ) (407.2 ) (0.1 ) — — (1,025.7 ) Balance, end of period $ 956.0 $ 1,229.2 $ 15,482.2 $ 3,350.2 $ 3.3 $ 1.6 $ 8.7 $ 21,031.2 Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date $ (299.2 ) $ (4.9 ) $ (112.7 ) $ 349.2 $ 2.1 $ (1.4 ) $ (0.1 ) $ (67.0 ) Financial Assets Three Months Ended September 30, 2014 Investments of Consolidated Funds Equity Bonds Loans Partnership Other Trading Restricted securities of Consolidated Funds Total Balance, beginning of period $ 2,582.4 $ 1,345.8 $ 14,344.7 $ 3,761.8 $ 1.5 $ 4.7 $ 8.4 $ 22,049.3 Transfers out (1) (47.7 ) — — — — — — (47.7 ) Purchases 1.1 167.2 2,572.3 101.3 — — — 2,841.9 Sales (4.1 ) (180.5 ) (607.3 ) (252.1 ) (0.8 ) (0.2 ) — (1,045.0 ) Settlements — — (1,054.2 ) — — — — (1,054.2 ) Realized and unrealized gains (losses), net Included in earnings 44.0 (2.8 ) (47.0 ) 199.8 0.2 (0.8 ) 0.1 193.5 Included in other comprehensive income (190.2 ) (80.9 ) (391.3 ) (22.5 ) (0.1 ) — — (685.0 ) Balance, end of period $ 2,385.5 $ 1,248.8 $ 14,817.2 $ 3,788.3 $ 0.8 $ 3.7 $ 8.5 $ 22,252.8 Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date $ 55.5 $ (3.0 ) $ (50.0 ) $ 44.7 $ 0.2 $ (0.8 ) $ 0.1 $ 46.7 Financial Assets Nine Months Ended September 30, 2014 Investments of Consolidated Funds Equity Bonds Loans Partnership Other Trading Restricted securities of Consolidated Funds Total Balance, beginning of period $ 2,714.1 $ 1,249.5 $ 14,067.8 $ 3,815.2 $ 2.0 $ 6.9 $ 8.6 $ 21,864.1 Transfers in (1) 4.5 — — — — — — 4.5 Transfers out (1) (135.2 ) — — — — — — (135.2 ) Purchases 27.5 557.2 6,331.7 274.3 — — — 7,190.7 Sales (430.6 ) (486.2 ) (1,805.4 ) (931.4 ) (0.8 ) (3.8 ) — (3,658.2 ) Settlements — — (3,285.7 ) — — — — (3,285.7 ) Realized and unrealized gains (losses), net Included in earnings 389.7 14.4 (65.9 ) 584.7 (0.3 ) 0.6 (0.1 ) 923.1 Included in other comprehensive income (184.5 ) (86.1 ) (425.3 ) 45.5 (0.1 ) — — (650.5 ) Balance, end of period $ 2,385.5 $ 1,248.8 $ 14,817.2 $ 3,788.3 $ 0.8 $ 3.7 $ 8.5 $ 22,252.8 Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date $ 81.8 $ 9.3 $ (36.3 ) $ 31.6 $ 0.1 $ 0.6 $ (0.1 ) $ 87.0 (1) Transfers into and out of Level III financial assets were due to changes in the observability of market inputs used in the valuation of such assets. Transfers are measured as of the beginning of the period in which the transfer occurs. Financial Liabilities Three Months Ended September 30, 2015 Loans Payable Derivative Contingent Loans Payable of Total Balance, beginning of period $ 16,727.5 $ 29.1 $ 47.9 $ 112.4 $ 16,916.9 Initial consolidation of funds 584.2 — — — 584.2 Borrowings 959.5 — — — 959.5 Paydowns (1,315.9 ) — (21.4 ) (20.4 ) (1,357.7 ) Sales — (0.9 ) — — (0.9 ) Realized and unrealized (gains) losses, net Included in earnings (303.8 ) (2.4 ) (10.0 ) 12.8 (303.4 ) Included in other comprehensive income 13.6 — 0.1 4.3 18.0 Balance, end of period $ 16,665.1 $ 25.8 $ 16.6 $ 109.1 $ 16,816.6 Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date $ (324.7 ) $ 3.3 $ (10.6 ) $ 12.8 $ (319.2 ) Financial Liabilities Nine Months Ended September 30, 2015 Loans Payable Derivative Contingent Loans Payable of Total Balance, beginning of period $ 16,052.2 $ 17.2 $ 51.1 $ 146.2 $ 16,266.7 Initial consolidation of funds 1,248.6 — — — 1,248.6 Borrowings 2,584.6 — — — 2,584.6 Paydowns (2,627.6 ) — (22.5 ) (53.1 ) (2,703.2 ) Sales — (5.6 ) — — (5.6 ) Realized and unrealized (gains) losses, net Included in earnings (198.8 ) 15.1 (11.8 ) 43.9 (151.6 ) Included in other comprehensive income (393.9 ) (0.9 ) (0.2 ) (27.9 ) (422.9 ) Balance, end of period $ 16,665.1 $ 25.8 $ 16.6 $ 109.1 $ 16,816.6 Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date $ (244.8 ) $ (12.3 ) $ (12.4 ) $ 43.9 $ (225.6 ) Financial Liabilities Three Months Ended September 30, 2014 Loans Payable Derivative Contingent Loans Payable of a consolidated real estate VIE Total Balance, beginning of period $ 16,136.4 $ 15.2 $ 120.2 $ 147.7 $ 16,419.5 Initial consolidation of funds 811.0 — — — 811.0 Borrowings 592.6 — — 8.8 601.4 Paydowns (673.6 ) — (21.9 ) (19.5 ) (715.0 ) Sales — (0.6 ) — — (0.6 ) Realized and unrealized losses, net Included in earnings 53.3 4.4 (27.6 ) 9.1 39.2 Included in other comprehensive income (498.8 ) (1.2 ) (0.4 ) 14.0 (486.4 ) Balance, end of period $ 16,420.9 $ 17.8 $ 70.3 $ 160.1 $ 16,669.1 Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date $ 16.5 $ (3.9 ) $ (27.6 ) $ 9.1 $ (5.9 ) Financial Liabilities Nine Months Ended September 30, 2014 Loans Payable Derivative Contingent Loans Payable of a consolidated real estate VIE Total Balance, beginning of period $ 15,220.7 $ 13.1 $ 178.8 $ 122.1 $ 15,534.7 Initial consolidation of funds 811.0 — — — 811.0 Borrowings 3,066.9 — — 45.5 3,112.4 Paydowns (2,308.7 ) — (95.6 ) (61.4 ) (2,465.7 ) Sales — (3.9 ) — — (3.9 ) Realized and unrealized losses, net Included in earnings 171.5 9.9 (12.5 ) 35.5 204.4 Included in other comprehensive income (540.5 ) (1.3 ) (0.4 ) 18.4 (523.8 ) Balance, end of period $ 16,420.9 $ 17.8 $ 70.3 $ 160.1 $ 16,669.1 Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date $ 18.2 $ (8.0 ) $ (12.5 ) $ 35.5 $ 33.2 Realized and unrealized gains and losses included in earnings for Level III investments for trading securities are included in investment income (loss), and such gains and losses for investments of Consolidated Funds and loans payable and derivative instruments of the CLOs are included in net investment gains (losses) of Consolidated Funds in the condensed consolidated statements of operations. Realized and unrealized gains and losses included in earnings for Level III contingent consideration liabilities are included in other non-operating expense (income), and such gains and losses for loans payable of a consolidated real estate VIE are included in interest and other expenses of a consolidated real estate VIE in the condensed consolidated statement of operations. Gains and losses included in other comprehensive income for all Level III financial asset and liabilities are included in accumulated other comprehensive loss, partners’ capital appropriated for Consolidated Funds, non-controlling interests in consolidated entities and non-controlling interests in Carlyle Holdings in the condensed consolidated balance sheets. The following table summarizes quantitative information about the Partnership’s Level III inputs as of September 30, 2015 : Fair Value at Valuation Technique(s) Unobservable Input(s) Range (Dollars in millions) September 30, 2015 Assets Investments of Consolidated Funds: Equity securities $ 938.3 Comparable Multiple LTM EBITDA Multiple 4.6x - 15.6x (11.3x) 17.7 Consensus Pricing Indicative Quotes ($ per share) $0 - $245 ($0) Bonds 1,229.2 Consensus Pricing Indicative Quotes (% of Par) 1 - 142 (98) Loans 15,427.6 Consensus Pricing Indicative Quotes (% of Par) 2 - 138 (98) 54.6 Market Yield Analysis Market Yield 5% - 16% (11%) Partnership and LLC interests 3,350.2 NAV of Underlying Fund (1) N/A N/A Other 3.3 Counterparty Pricing Indicative Quotes 0 - 15 (5) 21,020.9 Trading securities and other 1.6 Comparable Multiple LTM EBITDA Multiple 5.8x - 5.8x (5.8x) Restricted securities of Consolidated Funds 8.7 Consensus Pricing Indicative Quotes (% of Par) 87 - 87 (87) Total $ 21,031.2 Liabilities Loans payable of Consolidated Funds: Senior secured notes $ 15,460.0 Discounted Cash Flow with Consensus Pricing Discount Rates 1% - 11% (3%) Default Rates 1% - 4% (3%) Recovery Rates 60% - 75% (66%) Indicative Quotes (% of Par) 35 - 102 (98) Subordinated notes and preferred shares 1,186.2 Discounted Cash Flow with Consensus Pricing Discount Rates 8% - 15% (11%) Default Rates 1% - 4% (2%) Recovery Rates 60% - 75% (66%) Indicative Quotes (% of Par) 1 - 116 (59) Combination notes 18.9 Consensus Pricing Indicative Quotes (% of Par) 90 - 96 (94) Loans payable of a consolidated real estate VIE 109.1 Discounted Cash Flow Discount to Expected Payment 0% - 100% (32%) Discount Rate 20% - 30% (23%) Derivative instruments of the CLOs 25.8 Counterparty Pricing Indicative Quotes 6 - 35 (20) Contingent consideration (2) 16.6 Discounted Cash Flow Assumed % of Total Potential Contingent Payments 0% - 100% (6%) Discount Rate 5% - 21% (11%) Total $ 16,816.6 (1) Represents the Partnership’s investments in funds that are valued using NAV of the underlying fund. (2) Related to contingent cash consideration associated with the acquisitions of Claren Road, AlpInvest, ESG, Carlyle Commodity Management, and Metropolitan (see Note 9). The following table summarizes quantitative information about the Partnership’s Level III inputs as of December 31, 2014 : Fair Value at Valuation Technique(s) Unobservable Input(s) Range (Dollars in millions) December 31, 2014 Assets Investments of Consolidated Funds: Equity securities $ 1,783.7 Comparable Multiple LTM EBITDA Multiple 4.8x- 16.2x (12.1x) 168.7 Comparable Multiple Forward EBITDA Multiple 8.4x-8.4x (8.4x) 16.1 Consensus Pricing Indicative Quotes $0 - $246 ($0) Bonds 1,235.8 Consensus Pricing Indicative Quotes (% of Par) 1 - 133 (99) Loans 14,873.4 Consensus Pricing Indicative Quotes (% of Par) 0 - 126 (98) 211.5 Market Yield Analysis Market Yield 5% - 17% (11%) Partnership and LLC interests 3,481.0 NAV of Underlying Fund (1) N/A N/A Other 1.5 Counterparty Pricing Indicative Quotes 0 - 6 (3) 21,771.7 Trading securities and other 3.0 Comparable Multiple LTM EBITDA Multiple 5.8x - 5.8x (5.8x) 0.3 Discounted Cash Flow Discount Rate 10% - 10% (10%) Restricted securities of Consolidated Funds 8.6 Consensus Pricing Indicative Quotes (% of Par) 87 - 87 (87) Total $ 21,783.6 Liabilities Loans payable of Consolidated Funds: Senior secured notes $ 14,757.5 Discounted Cash Flow with Consensus Pricing Discount Rates 1% - 11% (3%) Default Rates 1% - 3% (2%) Recovery Rates 63% - 75% (68%) Indicative Quotes (% of Par) 35 - 100 (98) Subordinated notes and preferred shares 1,278.8 Discounted Cash Flow with Consensus Pricing Discount Rates 8% - 15% (10%) Default Rates 1% - 3% (2%) Recovery Rates 63% - 75% (68%) Indicative Quotes (% of Par) 1 - 132 (63) Combination notes 15.9 Consensus Pricing Indicative Quotes (% of Par) 97 - 98 (98) Loans payable of a consolidated real estate VIE 146.2 Discounted Cash Flow Discount to Expected Payment 0% - 100% (36%) Discount Rate 23% - 33% (26%) Derivative instruments of the CLOs 17.2 Counterparty Pricing Indicative Quotes 2 - 22 (11) Contingent consideration (2) 51.1 Discounted Cash Flow Assumed % of Total Potential Contingent Payments 0% - 100% (20%) Discount Rate 5% - 18% (13%) Total $ 16,266.7 (1) Represents the Partnership’s investments in funds that are valued using the NAV of the underlying fund. (2) Related to contingent cash consideration associated with the acquisitions of Claren Road, AlpInvest, ESG, Carlyle Commodity Management and Metropolitan (see Note 9). The significant unobservable inputs used in the fair value measurement of the Partnership’s investments in equity securities include EBITDA, indicative quotes and discount rates. Significant decreases in EBITDA multiples or indicative quotes in isolation would result in a significantly lower fair value measurement. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. The significant unobservable inputs used in the fair value measurement of the Partnership’s investments in bonds and loans are market yields and indicative quotes. Significant increases in market yields in isolation would result in a significantly lower fair value measurement. Significant decreases in indicative quotes in isolation would result in a significantly lower fair value measurement. The significant unobservable inputs used in the fair value measurement of the Partnership’s trading securities and other investments include EBITDA multiples and discount rates. Significant decreases in EBITDA multiples in isolation would result in a significantly lower fair value measurement. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. The significant unobservable inputs used in the fair value measurement of the Partnership’s restricted securities of Consolidated Funds include indicative quotes. Significant decreases in indicative quotes in isolation would result in a significantly lower fair value measurement. The significant unobservable inputs used in the fair value measurement of the Partnership’s loans payable of Consolidated Funds are discount rates, default rates, recovery rates and indicative quotes. Significant increases in discount rates or default rates in isolation would result in a significantly lower fair value measurement, while a significant increase in recovery rates and indicative quotes in isolation would result in a significantly higher fair value. The significant unobservable inputs used in the fair value measurement of the Partnership’s loans payable of a consolidated real estate VIE are discount to expected payment and discount rate. A significant increase in either of these inputs in isolation would result in a significantly lower fair value measurement. The significant unobservable inputs used in the fair value measurement of the Partnership’s derivative instruments of Consolidated Funds include indicative quotes. Significant decreases in indicative quotes in isolation would result in a significantly lower fair value measurement. The significant unobservable inputs used in the fair value measurement of the Partnership’s contingent consideration are an assumed percentage of total potential contingent payments and discount rate. A significant decrease in the assumed percentage of total potential contingent payments or increase in discount rate in isolation would result in a significantly lower fair value measurement.

Accrued Performance Fees

Accrued Performance Fees	9 Months Ended
	Sep. 30, 2015
Deferred Costs [Abstract]
Accrued Performance Fees	Accrued Performance Fees The components of accrued performance fees are as follows: As of September 30, 2015 December 31, 2014 (Dollars in millions) Corporate Private Equity $ 2,074.0 $ 2,932.6 Global Market Strategies 96.6 129.9 Real Assets 318.5 272.9 Investment Solutions 526.7 460.2 Total $ 3,015.8 $ 3,795.6 Approximately 44% and 55% of accrued performance fees at September 30, 2015 and December 31, 2014 , respectively, are related to Carlyle Partners V, L.P. and Carlyle Europe Partners III, L.P., two of the Partnership’s Corporate Private Equity funds. Accrued performance fees are shown gross of the Partnership’s accrued performance fee-related compensation, and accrued giveback obligations (see Note 10), which are separately presented in the condensed consolidated balance sheets. The components of the accrued giveback obligations are as follows: As of September 30, 2015 December 31, 2014 (Dollars in millions) Corporate Private Equity $ (50.3 ) $ (52.4 ) Real Assets (213.7 ) (52.0 ) Total $ (264.0 ) $ (104.4 ) Performance Fees The performance fees included in revenues are derived from the following segments: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Dollars in millions) Corporate Private Equity $ (257.8 ) $ 217.1 $ 522.4 $ 981.8 Global Market Strategies (52.3 ) (19.4 ) (29.9 ) 91.6 Real Assets 32.1 31.9 3.3 108.8 Investment Solutions 31.4 (42.2 ) 125.5 168.1 Total $ (246.6 ) $ 187.4 $ 621.3 $ 1,350.3 Approximately 97% or ( $239.5 million ) of performance fees for the three months ended September 30, 2015 are related to Carlyle Partners IV, L.P., Carlyle Partners V, L.P., and Carlyle Asia Growth Partners IV, L.P., three of the Partnership’s Corporate Private Equity funds, and Carlyle Energy Mezzanine Opportunities Fund, one of the Partnership's Global Market Strategies funds, and Carlyle Realty Partners V, L.P., Carlyle Realty Partners VI, L.P., and Carlyle/Riverstone Global Energy and Power Fund IV, L.P., three of the Partnership’s Real Assets funds. Total revenues recognized from Carlyle Partners IV, L.P., Carlyle Partners V, L.P., Carlyle Asia Growth Partners IV, L.P., Carlyle Energy Mezzanine Opportunities Fund, Carlyle Realty Partners V, L.P., Carlyle Realty Partners VI, L.P. and Carlyle/Riverstone Global Energy and Power Fund IV, L.P. were ( $25.1 million ), ( $120.0 million ), ( $53.5 million ), ( $43.7 million ), $38.5 million , $29.7 million , and $(41.0) million , respectively, for the three months ended September 30, 2015 . Approximately 33% or $206.3 million of performance fees for the nine months ended September 30, 2015 are related to Carlyle Partners V, L.P., and Carlyle Europe Partners III, L.P., two of the Partnership's Corporate Private Equity funds, and Carlyle Realty Partners VI, L.P., Carlyle/Riverstone Global Energy and Power Fund III, L.P., and Carlyle/Riverstone Global Energy and Power Fund IV, L.P., three of the Partnership's Real Assets funds. Total revenues recognized from Carlyle Partners V, L.P., Carlyle Europe Partners III, L.P., Carlyle Realty Partners VI, L.P., Carlyle/Riverstone Global Energy and Power Fund III, L.P., and Carlyle/Riverstone Global Energy and Power Fund IV, L.P. were $154.2 million , $202.0 million , $96.6 million , ($102.1) million , and ($63.7) million , respectively, for the nine months ended September 30, 2015 . Approximately 64% or $120.6 million of performance fees for the three months ended September 30, 2014 were related to Carlyle Partners IV, L.P., Carlyle Partners V, L.P., Carlyle Europe Partners III, L.P., Carlyle U.S. Equity Opportunity Fund, L.P., four of the Partnership’s Corporate Private Equity funds, and Carlyle Realty Partners VI, L.P., one of the Partnership's Real Assets funds, as well as Claren Road's Master Fund and Credit Opportunities Fund and AlpInvest’s Main Fund III Secondary Investments (2006) and Main Fund III Co-Investments (2006). Total revenues recognized from Carlyle Partners IV, L.P., Carlyle Partners V, L.P., Carlyle Europe Partners III, L.P., Carlyle U.S. Equity Opportunity Fund, L.P. and Carlyle Realty Partners VI, L.P., were $(28.5) million , $107.9 million , $142.1 million , $38.4 million and $29.5 million , respectively, for the three months ended September 30, 2014 . For the three months ended September 30, 2014 total revenue from Claren Road's Master Fund and Credit Opportunities Fund was $(6.0) million and $(7.4) million , respectively, and AlpInvest’s Main Fund III Secondary Investments (2006) and Main Fund III Co-Investments (2006) collectively was $(75.8) million . The revenue reversal from these AlpInvest vehicles resulted in a corresponding decrease to performance fee compensation expense of $56.9 million and a decrease to the provision for income taxes of $18.9 million , resulting in no net impact to the net income attributable to Carlyle Holdings for this period. Approximately 66% or $897.2 million of performance fees for the nine months ended September 30, 2014 were related to Carlyle Partners V, L.P., and Carlyle Europe Partners III, L.P. Total revenues recognized from Carlyle Partners V, L.P., and Carlyle Europe Partners III, L.P., were $487.8 million and $527.2 million , respectively, for the nine months ended September 30, 2014 .

Investments

Investments	9 Months Ended
	Sep. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments Investments consist of the following: As of September 30, 2015 December 31, 2014 (Dollars in millions) Equity method investments, excluding accrued performance fees $ 874.3 $ 918.7 Trading securities and other investments 22.9 12.9 Total investments $ 897.2 $ 931.6 Strategic Investment in NGP On December 20, 2012, the Partnership entered into separate purchase agreements with ECM Capital, L.P. and Barclays Natural Resource Investments, a division of Barclays Bank PLC (“BNRI”), pursuant to which the Partnership agreed to invest in NGP Management Company, L.L.C. (“NGP Management” and, together with its affiliates, “NGP”). NGP is an Irving, Texas-based energy investor. The Partnership’s equity interests in NGP Management entitle the Partnership to an allocation of income equal to 55.0% of the management fee-related revenues of the NGP entities that serve as the advisors to certain private equity funds, and future interests in the general partners of certain future carry funds advised by NGP that entitle the Partnership to an allocation of income equal to 47.5% of the carried interest received by such fund general partners. For periods prior to 2015, the Partnership’s allocation of income related to management fee-related revenues of NGP was 47.5% . This increase in the allocation of income did not result in a change in accounting for the investment as an equity method investment. The Partnership has an option, exercisable by the Partnership in approximately 10 years , to purchase from ECM Capital, L.P. and its affiliates, for a formulaic purchase price in cash based upon a measure of the earnings of NGP, the remaining equity interests in NGP Management. In July 2014, the Partnership exercised another option granted in 2012 to acquire from BNRI its interests in the general partner of the NGP Natural Resources X, L.P. fund (“NGP X”), which entitles the Partnership to an allocation of income equal to 40% of the carried interest received by the fund’s general partner. The Partnership additionally acquired certain general partner investments in the NGP X fund. As of September 30, 2015 there was no carrying value of the Partnership’s investment in the NGP X general partner attributable to the carried interest allocation, while at December 31, 2014 it was approximately $18.5 million . The carrying value of the Partnership’s general partner investments in the NGP X fund was $20.7 million as of September 30, 2015 and $20.4 million as of December 31, 2014. In consideration for these interests and option, the Partnership paid an aggregate of $504.6 million in cash to ECM Capital, L.P. and BNRI, and issued 996,572 Carlyle Holdings partnership units to ECM Capital, L.P. that vest ratably over a period of five years . The transaction also includes contingent consideration payable to ECM Capital, L.P. of up to $45.0 million in cash, 597,944 Carlyle Holdings partnership units that were issued at closing but vest upon the achievement of performance conditions, and contingently issuable Carlyle Holdings partnership units with a value of up to $15.0 million that will be issued if the performance conditions are met. The contingent consideration is payable in 2018, depending on NGP’s achievement of certain business performance goals. Additionally, the transaction includes contingent consideration payable to BNRI of up to $183.0 million , which will be payable in 2016 approximately one-third in cash and approximately two-thirds by a six year promissory note issued by the Partnership, if the performance conditions are met. The promissory note will accrue interest at the three month LIBOR plus 2.5% . As of September 30, 2015 , the NGP Natural Resources XI, L.P. fund (“NGP XI”) had closed on aggregate commitments of approximately $5.3 billion . The management fees for this fund will turn on January 1, 2016 or sooner as the fund deploys capital. Based on the amount of NGP XI commitments raised through September 30, 2015 , it is probable that BNRI will be entitled to receive the contingent consideration when such payment becomes due. Accordingly, as of September 30, 2015 , the Partnership has accrued $183.0 million related to this future payment obligation. The timing of the cash payment and issuance of the promissory note to BNRI is based on the contractual agreement between the Partnership and BNRI, which is estimated to be in early 2016. The Partnership also has a senior advisor consulting agreement with the chief executive officer of NGP and granted in 2012 deferred restricted common units to a group of NGP personnel who are providing the Partnership with consulting services. The Partnership accounts for its investment in NGP Management under the equity method of accounting. The Partnership recorded its investment in NGP Management initially at cost, excluding any elements in the transaction that were deemed to be compensatory arrangements to NGP personnel. The Carlyle Holdings partnership units issued in the transaction, the contingently issuable Carlyle Holdings partnership units, and the deferred restricted common units were deemed to be compensatory arrangements; these elements are recognized as an expense under applicable U.S. GAAP. The Partnership records investment income (loss) for its equity income allocation from NGP management fees and performance fees, and also records its share of any allocated expenses from NGP Management, expenses associated with the compensatory elements of the transaction, and the amortization of the basis differences related to the definitive-lived identifiable intangible assets of NGP Management. The net investment earnings (loss) recognized in the Partnership’s condensed consolidated statements of operations for the three and nine months ended September 30, 2015 and 2014 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Dollars in millions) Management fees $ 14.5 $ 13.8 $ 41.4 $ 43.4 Performance fees (3.4 ) 3.1 (18.5 ) 3.1 Investment income (loss) (2.0 ) — (2.5 ) — Expenses and amortization of basis differences (15.3 ) (19.3 ) (53.1 ) (57.6 ) Net investment income (loss) $ (6.2 ) $ (2.4 ) $ (32.7 ) $ (11.1 ) The difference between the Partnership’s carrying value of its investment and its share of the underlying net assets of the investee was $99.1 million and $141.6 million as of September 30, 2015 and December 31, 2014 , respectively; these differences are amortized over a period of 10 years from the initial investment date. Equity-Method Investments The Partnership’s equity method investments include its fund investments in Corporate Private Equity, Global Market Strategies and Real Assets, typically as general partner interests, and its investment in NGP Management (included within Real Assets), which are not consolidated. Investments are related to the following segments: As of September 30, 2015 December 31, 2014 (Dollars in millions) Corporate Private Equity $ 228.1 $ 246.3 Global Market Strategies 24.0 25.3 Real Assets 622.2 647.1 Total $ 874.3 $ 918.7 The Partnership evaluates each of its equity method investments to determine if disclosure of summarized income statement information is required under Article 10 of Regulation S-X. As of September 30, 2015 and for the three and nine months then ended, no individual equity method investment held by the Partnership met the threshold for disclosure of summarized income statement information. Investment Income (Loss) The components of investment income (loss) are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Dollars in millions) Income (loss) from equity investments $ (14.7 ) $ 4.3 $ 0.5 $ 32.3 Income (loss) from trading securities (1.3 ) (0.9 ) (1.5 ) 0.5 Other investment income 6.5 0.4 7.5 0.8 Total $ (9.5 ) $ 3.8 $ 6.5 $ 33.6 Carlyle’s income (loss) from its equity-method investments is included in investment income (loss) in the condensed consolidated statements of operations and consists of: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Dollars in millions) Corporate Private Equity $ (10.0 ) $ 12.1 $ 20.2 $ 40.1 Global Market Strategies (1.3 ) 0.7 (0.4 ) 2.4 Real Assets (3.4 ) (8.5 ) (19.3 ) (10.2 ) Total $ (14.7 ) $ 4.3 $ 0.5 $ 32.3 Trading Securities and Other Investments Trading securities and other investments as of September 30, 2015 and December 31, 2014 primarily consisted of $22.9 million and $12.9 million , respectively, of investments in derivative instruments and corporate mezzanine securities and bonds, as well as other cost method investments. Investments of Consolidated Funds During the nine months ended September 30, 2015 , the Partnership formed five new CLOs. The Partnership has concluded that these CLOs are VIEs and the Partnership is the primary beneficiary. As a result, the Partnership consolidated the financial positions and results of operations of these CLOs into its condensed consolidated financial statements beginning on their respective closing dates. As of September 30, 2015 , the total assets of these CLOs included in the Partnership’s condensed consolidated financial statements were approximately $3.2 billion . There were no individual investments with a fair value greater than five percent of the Partnership’s total assets for any period presented. Interest and Other Income of Consolidated Funds The components of interest and other income of Consolidated Funds are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Dollars in millions) Interest income from investments $ 219.0 $ 217.0 $ 654.7 $ 653.0 Other income 40.4 17.1 88.0 75.5 Total $ 259.4 $ 234.1 $ 742.7 $ 728.5 Net Investment Gains (Losses) of Consolidated Funds Net investment gains (losses) of Consolidated Funds include net realized gains (losses) from sales of investments and unrealized gains (losses) resulting from changes in fair value of the Consolidated Funds’ investments. The components of net investment gains (losses) of Consolidated Funds are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Dollars in millions) Gains (losses) from investments of Consolidated Funds $ (337.8 ) $ 169.5 $ 738.1 $ 1,151.4 Gains (losses) from liabilities of CLOs 306.6 (45.3 ) 197.0 (158.4 ) Gains (losses) on other assets of CLOs (0.1 ) 1.3 0.7 1.5 Total $ (31.3 ) $ 125.5 $ 935.8 $ 994.5 The following table presents realized and unrealized gains (losses) earned from investments of the Consolidated Funds: Three Months Ended Nine Months Ended September 30, 2015 2014 2015 2014 (Dollars in millions) Realized gains $ 433.8 $ 248.2 $ 867.9 $ 1,194.4 Net change in unrealized losses (771.6 ) (78.7 ) (129.8 ) (43.0 ) Total $ (337.8 ) $ 169.5 $ 738.1 $ 1,151.4

Intangible Assets and Goodwill

Intangible Assets and Goodwill	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Intangible Assets and Goodwill The following table summarizes the carrying amount of intangible assets as of September 30, 2015 and December 31, 2014 : As of September 30, 2015 December 31, 2014 (Dollars in millions) Acquired contractual rights $ 833.7 $ 843.0 Acquired trademarks 6.6 6.7 Accumulated amortization (714.4 ) (455.1 ) Finite-lived intangible assets, net 125.9 394.6 Goodwill 45.7 47.5 Intangible assets, net $ 171.6 $ 442.1 The following table summarizes the changes in the carrying amount of goodwill by segment as of September 30, 2015 . There was no goodwill associated with the Partnership’s Corporate Private Equity and Real Assets segments. Global Investment Total (Dollars in millions) Balance as of December 31, 2014 $ 28.0 $ 19.5 $ 47.5 Foreign currency translation — (1.8 ) (1.8 ) Balance as of September 30, 2015 $ 28.0 $ 17.7 $ 45.7 As discussed in Note 2, the Partnership reviews its intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. During the three months ended September 30, 2015 , the Partnership evaluated for indicators of impairment certain definite-lived intangible assets associated with acquired contractual rights for fee income. This evaluation was performed on the intangible assets related to the open-ended credit hedge funds in the Global Market Strategies segment. In the third quarter of 2015, Claren Road received approximately $1.9 billion of investor redemption notices, which are expected to be paid over the next several quarters, starting in the fourth quarter of 2015. These redemptions, and any future reductions in assets managed by Claren Road, will result in lower management fees by Claren Road in subsequent periods and lower earnings contributions to the Partnership from Claren Road. As a result of these events, the Partnership concluded that the carrying value of its intangible assets associated with the acquisition of Claren Road was impaired and recorded an impairment of $186.6 million during the three months ended September 30, 2015 . When including the reduction of the related liabilities for contingent consideration associated with Claren Road, the pre-tax net impact to the Partnership's financial results for the three months ended September 30, 2015 was $ 162.4 million . Separately, the Partnership recorded an impairment loss of $11.8 million and $ 30.6 million during the nine months ended September 30, 2015 and 2014, respectively, to reduce the carrying value of other Global Market Strategies intangible assets to their estimated fair value. The fair value determinations were based on a probability-weighted discounted cash flow model. These fair value measurements were based on significant inputs not observable in the market (primarily discount rates ranging from 10% to 20% ) and thus represented Level III measurements as defined in the accounting guidance for fair value measurements. The impairment losses were included in general, administrative and other expenses in the accompanying condensed consolidated financial statements for the three and nine months ended September 30, 2015, respectively, and the nine months ended September 30, 2014. Intangible asset amortization expense, excluding impairment losses, was $20.4 million and $25.1 million during the three months ended September 30, 2015 and 2014 , respectively, and $64.1 million and $78.0 million during the nine months ended September 30, 2015 and 2014 , respectively, and is included in general, administrative, and other expenses in the condensed consolidated statements of operations. The following table summarizes the expected amortization expense for October 1, 2015 through December 31, 2019 and thereafter (Dollars in millions): 2015 $ 12.1 2016 38.3 2017 35.2 2018 19.2 2019 9.0 Thereafter 12.1 $ 125.9

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Borrowings	Borrowings The Partnership borrows and enters into credit agreements for its general operating and investment purposes. The Partnership’s borrowings consist of the following (Dollars in millions): As of September 30, 2015 As of December 31, 2014 Borrowing Carrying Borrowing Carrying Senior Credit Facility Term Loan Due 5/05/2020 $ 25.0 $ 25.0 $ 25.0 $ 25.0 CLO Term Loan (1) 14.1 14.1 15.2 15.2 3.875% Senior Notes Due 2/01/2023 500.0 499.9 500.0 499.9 5.625% Senior Notes Due 3/30/2043 600.0 606.6 600.0 606.8 $ 1,139.1 $ 1,145.6 $ 1,140.2 $ 1,146.9 (1) Due the earlier of September 28, 2018 or the date that the CLO is dissolved. Senior Credit Facility As of September 30, 2015 , the senior credit facility included $25.0 million in a term loan and $750.0 million in a revolving credit facility. As of September 30, 2015 , the term loan and revolving credit facility were scheduled to mature on May 5, 2020 . Principal amounts outstanding under the term loan and revolving credit facility accrue interest, at the option of the borrowers, either (a) at an alternate base rate plus an applicable margin not to exceed 0.75% , or (b) at LIBOR plus an applicable margin not to exceed 1.75% (at September 30, 2015 , the interest rate was 1.33% ). There was no amount outstanding under the revolving credit facility at September 30, 2015. Interest expense under the senior credit facility was not significant for the three and nine months ended September 30, 2015 and 2014 . The fair value of the outstanding balances of the term loan and revolving credit facility at September 30, 2015 and December 31, 2014 approximated par value based on current market rates for similar debt instruments and are classified as Level III within the fair value hierarchy. On May 5, 2015, the Partnership entered into Amendment No. 2 to the senior credit facility, which: (i) extended the maturity date of the term loan and revolving credit facility from August 9, 2018 to May 5, 2020, (ii) revised the management fee earning assets covenant to remove the step up requirement to add a percentage of future acquired AUM to set the minimum management fee earning assets amount, (iii) changed the definition of Indebtedness to provide for a deduction of unrestricted cash, and (iv) reduced the corporate ratings-based pricing grid. The costs related to the amendment to the senior credit facility were not material. CLO Term Loan On October 3, 2013, the Partnership borrowed €12.6 million ( $14.1 million at September 30, 2015 ) under a term loan and security agreement with a financial institution. Proceeds from the borrowing were used to fund the Partnership’s investment in a CLO. Interest on the term loan accrues at EURIBOR plus 1.75% ( 1.75% at September 30, 2015 ). The Partnership may prepay the facility in whole or in part at any time without penalty. The facility is scheduled to mature on the earlier of 5 years after closing or the date that the CLO is dissolved. The facility is secured by the Partnership’s investment in the CLO. Interest expense on the term loan was not significant for the three and nine months ended September 30, 2015 and 2014 . The fair value of the outstanding balance of the term loan at September 30, 2015 and December 31, 2014 approximated par value based on current market rates for similar debt instruments and is classified as Level III within the fair value hierarchy. 3.875% Senior Notes In January 2013, an indirect finance subsidiary of the Partnership issued $500.0 million in aggregate principal amount of 3.875% senior notes due February 1, 2023 at 99.966% of par. Interest is payable semi-annually on February 1 and August 1, beginning August 1, 2013 . This subsidiary may redeem the senior notes in whole at any time or in part from time to time at a price equal to the greater of 100% of the principal amount of the notes being redeemed and the sum of the present values of the remaining scheduled payments of principal and interest on any notes being redeemed discounted to the redemption date on a semi-annual basis at the Treasury rate plus 30 basis points plus accrued and unpaid interest on the principal amounts being redeemed to the redemption date. Interest expense on the notes was $5.0 million for the three months ended September 30, 2015 and 2014 , and $14.9 million for the nine months ended September 30, 2015 and 2014 . At September 30, 2015 and December 31, 2014 , the fair value of the notes, including accrued interest, was approximately $516.2 million and $521.2 million , respectively, based on indicative quotes. The notes are classified as Level II within the fair value hierarchy. 5.625% Senior Notes In March 2013, an indirect finance subsidiary of the Partnership issued $400.0 million in aggregate principal amount of 5.625% senior notes due March 30, 2043 at 99.583% of par. Interest is payable semi-annually on March 30 and September 30, beginning September 30, 2013 . This subsidiary may redeem the senior notes in whole at any time or in part from time to time at a price equal to the greater of 100% of the principal amount of the notes being redeemed and the sum of the present values of the remaining scheduled payments of principal and interest on any notes being redeemed discounted to the redemption date on a semi-annual basis at the Treasury rate plus 40 basis points plus accrued and unpaid interest on the principal amounts being redeemed to the redemption date. In March 2014, an indirect finance subsidiary of the Partnership issued $200.0 million of 5.625% Senior Notes due March 30, 2043 at 104.315% of par. The net proceeds from the issuance of these notes are being used for general corporate purposes, including investments in Carlyle’s funds as well as investment capital for acquisitions of new fund platforms and strategies or other growth initiatives, to drive innovation across the broader Carlyle platform. These notes were issued as additional 5.625% Senior Notes and will be treated as a single class with the already outstanding $400.0 million aggregate principal amount of these senior notes. Interest expense on the notes was $8.4 million for the three months ended September 30, 2015 and 2014 , and $25.3 million and $23.1 million for the three and nine months ended September 30, 2015 and 2014 , respectively. At September 30, 2015 and December 31, 2014 , the fair value of the notes, including accrued interest, was approximately $633.9 million and $707.6 million , respectively, based on indicative quotes. The notes are classified as Level II within the fair value hierarchy. Interest Rate Swaps The Partnership is subject to interest rate risk associated with its variable rate debt financing. To manage this risk, the Partnership has an outstanding interest rate swap to fix the base LIBOR interest rate on its term loan borrowings with a notional amount of $293.8 million at September 30, 2015 that amortizes through September 30, 2016 . In the first quarter of 2013, $475.0 million of term loan principal was prepaid. As a result of these term loan prepayments, the interest rate swap is no longer accounted for as a cash flow hedge; the interest rate swap is accounted for as a freestanding derivative instrument recorded at fair value each period with changes in fair value recorded through earnings. The pre-existing hedge loss included in accumulated other comprehensive loss for this interest rate swap of $8.8 million is being reclassified into earnings as the original forecasted transactions affect earnings. In March 2013, the Partnership entered into a second interest rate swap with a notional amount of $268.8 million at September 30, 2015 that amortizes through September 30, 2016 . This interest rate swap is accounted for as a freestanding derivative instrument recorded at fair value each period with changes in fair value recorded through earnings. Debt Covenants The Partnership is subject to various financial covenants under its loan agreements including, among other items, maintenance of a minimum amount of management fee-earning assets. The Partnership is also subject to various non-financial covenants under its loan agreements and the indentures governing its senior notes. The Partnership was in compliance with all financial and non-financial covenants under its various loan agreements as of September 30, 2015 . The consolidated real estate VIE was not in compliance with the debt covenants related to substantially all of its loans payable as of September 30, 2015 (see Note 17); such violations do not cause a default or event of default under the Partnership’s senior credit facility, CLO term loan, senior notes, or the loans payable of Consolidated Funds. Loans Payable of Consolidated Funds Loans payable of Consolidated Funds represent amounts due to holders of debt securities issued by the CLOs. Several of the CLOs issued preferred shares representing the most subordinated interest, however these tranches are mandatorily redeemable upon the maturity dates of the senior secured loans payable, and as a result have been classified as liabilities and are included in loans payable of Consolidated Funds in the condensed consolidated balance sheets. As of September 30, 2015 and December 31, 2014 , the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions): As of September 30, 2015 Borrowing Fair Value Weighted Weighted Senior secured notes $ 15,731.6 $ 15,460.0 1.86 % 9.32 Subordinated notes and preferred shares 1,193.9 1,186.2 N/A (a) 8.52 Combination notes 20.0 18.9 N/A (b) 6.51 Total $ 16,945.5 $ 16,665.1 As of December 31, 2014 Borrowing Fair Value Weighted Weighted Senior secured notes $ 15,104.2 $ 14,757.5 1.68 % 9.21 Subordinated notes and preferred shares 1,242.3 1,278.8 N/A (a) 8.28 Combination notes 15.0 15.9 N/A (b) 7.14 Total $ 16,361.5 $ 16,052.2 (a) The subordinated notes and preferred shares do not have contractual interest rates, but instead receive distributions from the excess cash flows of the CLOs. (b) The combination notes do not have contractual interest rates and have recourse only to the securities specifically held to collateralize such combination notes. Loans payable of the CLOs are collateralized by the assets held by the CLOs and the assets of one CLO may not be used to satisfy the liabilities of another. This collateral consisted of cash and cash equivalents, corporate loans, corporate bonds and other securities. As of September 30, 2015 and December 31, 2014 , the fair value of the CLO assets was $18.0 billion and $17.6 billion , respectively.

Contingent Consideration

Contingent Consideration	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Contingent Consideration	Contingent Consideration The Partnership has contingent consideration obligations related to its business acquisitions and strategic investments. The changes in the contingent consideration liabilities are as follows: Rollforward For The Three Months Ended September 30, 2015 Amounts payable to the sellers who are Carlyle professionals Performance-based Performance-based Employment-based Contingent cash and other Total (Dollars in millions) Balance, beginning of period $ 28.5 $ — $ 101.6 $ 224.1 $ 354.2 Change in carrying value 0.2 — (11.2 ) (7.8 ) (18.8 ) Payments (20.2 ) — — (1.1 ) (21.3 ) Issuances of equity — — — — — Balance, end of period $ 8.5 $ — $ 90.4 $ 215.2 $ 314.1 Rollforward For The Nine Months Ended September 30, 2015 Amounts payable to the sellers who are Carlyle professionals Performance-based Performance-based Employment-based Contingent cash and other Total (Dollars in millions) Balance, beginning of period $ 26.8 $ — $ 156.8 $ 201.0 $ 384.6 Change in carrying value 1.9 — (60.9 ) 16.5 (a) (42.5 ) Payments (20.2 ) — (3.3 ) (2.3 ) (25.8 ) Issuances of equity — — (2.2 ) — (2.2 ) Balance, end of period $ 8.5 $ — $ 90.4 $ 215.2 $ 314.1 Rollforward For The Three Months Ended September 30, 2014 Amounts payable to the sellers who are senior Carlyle professionals Performance-based Performance-based Employment-based Contingent cash and other Total (Dollars in millions) Balance, beginning of period $ 88.4 $ 26.2 $ 184.3 $ 43.9 $ 342.8 Change in carrying value (29.9 ) (12.0 ) (26.0 ) 157.3 89.4 Payments (20.2 ) — (0.4 ) (1.7 ) (22.3 ) Issuance of equity $ — $ — $ (0.6 ) $ — $ (0.6 ) Balance, end of period $ 38.3 $ 14.2 $ 157.3 $ 199.5 $ 409.3 Rollforward For The Nine Months Ended September 30, 2014 Amounts payable to the sellers who are senior Carlyle professionals Total Performance-based Performance-based Employment-based Contingent cash and other (Dollars in millions) Balance, beginning of period $ 145.1 $ 15.7 $ 148.7 $ 40.8 $ 350.3 Change in carrying value (16.1 ) (1.5 ) 9.6 163.6 155.6 Payments (90.7 ) — (0.4 ) (4.9 ) (96.0 ) Issuance of equity $ — $ — $ (0.6 ) $ — $ (0.6 ) Balance, end of period $ 38.3 $ 14.2 $ 157.3 $ 199.5 $ 409.3 (a) - Refer to Note 6 for information on the contingent consideration payable to BNRI from the strategic investment in NGP. The fair value of the performance-based contingent cash and equity consideration payable to the sellers who are Carlyle professionals has been recorded in due to affiliates in the accompanying condensed consolidated balance sheets. These payments are not contingent upon the Carlyle professional being employed by Carlyle at the time that the performance conditions are met. Changes in the fair value of these amounts are recorded in other non-operating expense (income) in the condensed consolidated statements of operations. The portion of the contingent consideration payment attributable to the initial amount recorded as part of the consideration transferred is classified as cash flows from financing activities. The portion of the contingent consideration payment that is attributable to the subsequent changes in the fair value of the contingent consideration is classified as cash flows from operating activities in the condensed consolidated statements of cash flows. The amount of employment-based contingent cash consideration payable to the sellers who are Carlyle professionals has been recorded as accrued compensation and benefits in the accompanying condensed consolidated balance sheets. Changes in the value of these amounts are recorded as compensation expense in the condensed consolidated statements of operations. In June 2015, the Partnership amended the agreements relating to the original acquisition of Vermillion, now called Carlyle Commodity Management. As a result of the amendment, the Partnership’s economic interest in Carlyle Commodity Management increased from 55% to approximately 83% effective July 1, 2015; no consideration was paid by the Partnership for the increase in economic interest. Also, as a result of the amendment, the estimated value of the employment-based contingent consideration liability decreased by $46.3 million , which was recognized by the Partnership as a reduction in base compensation expense for the nine months ended September 30, 2015. The fair value of contingent consideration payable to non-Carlyle personnel is included in accounts payable, accrued expenses and other liabilities, or due to affiliates for amounts payable to NGP, in the accompanying condensed consolidated balance sheets. Changes in the fair value of this contingent consideration are recorded in other non-operating expense (income), or investment income in the case of amounts payable to NGP, in the condensed consolidated statements of operations. Included in the change in carrying value for the nine months ended September 30, 2015 is $23.2 million related to the accrual of additional contingent consideration payable to BNRI (See Note 6). This amount was capitalized into the carrying value of the Partnership’s equity method investment in NGP. The fair values of the performance-based contingent cash consideration for business acquisitions were based on probability-weighted discounted cash flow models. These fair value measurements are based on significant inputs not observable in the market and thus represent Level III measurements as defined in the accounting guidance for fair value measurement. Refer to Note 4 for additional disclosures related to the fair value of these instruments as of September 30, 2015 and December 31, 2014 . The following table represents the maximum amounts that could be paid from contingent cash obligations associated with the business acquisitions and the strategic investment in NGP Management: As of September 30, 2015 Business NGP Total Liability (1) (Dollars in millions) Performance-based contingent cash consideration $ 209.3 $ 183.0 $ 392.3 $ 223.7 Employment-based contingent cash consideration 180.7 45.0 225.7 90.4 Total maximum cash obligations $ 390.0 $ 228.0 $ 618.0 $ 314.1 (1) On the condensed consolidated balance sheet, the liability for performance-based contingent cash consideration is included in due to affiliates (for amounts owed to Carlyle professionals and NGP) and accounts payable, accrued expenses, and other liabilities (for amounts owed to other sellers), and the liability for employment-based contingent cash consideration is included in accrued compensation and benefits. Some of the employment-based contingent cash consideration agreements do not contain provisions limiting the amount that could be paid by the Partnership. For purposes of the table above, the Partnership has used its current estimate of the amount to be paid upon the determination dates for such payments. In the consolidated financial statements, the Partnership records the performance-based contingent cash consideration from business acquisitions at fair value at each reporting period. For the employment-based contingent cash consideration, the Partnership accrues the compensation liability over the implied service period.

Accrued Compensation and Benefi

Accrued Compensation and Benefits	9 Months Ended
	Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Accrued Compensation and Benefits	Accrued Compensation and Benefits Accrued compensation and benefits consist of the following: As of September 30, 2015 December 31, 2014 (Dollars in millions) Accrued performance fee-related compensation $ 1,525.3 $ 1,815.4 Accrued bonuses 305.6 229.6 Employment-based contingent cash consideration 90.4 156.8 Other 124.1 110.7 Total $ 2,045.4 $ 2,312.5

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Capital Commitments The Partnership and its unconsolidated affiliates have unfunded commitments to entities within the following segments as of September 30, 2015 (Dollars in millions): Unfunded Corporate Private Equity $ 2,011.4 Global Market Strategies 351.6 Real Assets 734.1 Investment Solutions 35.7 $ 3,132.8 Of the $3.1 billion of unfunded commitments, approximately $2.7 billion is subscribed individually by senior Carlyle professionals, operating executives and other professionals, with the balance funded directly by the Partnership. In addition to these unfunded commitments, the Partnership may from time to time exercise its right to purchase additional interests in its investment funds that become available in the ordinary course of their operations. Guaranteed Loans On August 4, 2001, the Partnership entered into an agreement with a financial institution pursuant to which the Partnership is the guarantor on a credit facility for eligible employees investing in Carlyle sponsored funds. This credit facility renews on an annual basis, allowing for annual incremental borrowings up to an aggregate of $11.3 million , and accrues interest at the lower of the prime rate, as defined, or three-month LIBOR plus 3% , reset quarterly ( 3.28% weighted-average rate at September 30, 2015 ). As of September 30, 2015 and December 31, 2014 , approximately $7.2 million and $7.9 million , respectively, were outstanding under the credit facility and payable by the employees. The amount funded by the Partnership under this guarantee as of September 30, 2015 was not material. The Partnership believes the likelihood of any material funding under this guarantee to be remote. The fair value of this guarantee is not significant to the consolidated financial statements. Contingent Obligations (Giveback) A liability for potential repayment of previously received performance fees of $264.0 million at September 30, 2015 , is shown as accrued giveback obligations in the condensed consolidated balance sheets, representing the giveback obligation that would need to be paid if the funds were liquidated at their current fair values at September 30, 2015 . However, the ultimate giveback obligation, if any, does not become realized until the end of a fund’s life (see Note 2). The Partnership has recorded $30.4 million and $27.7 million of unbilled receivables from former and current employees and senior Carlyle professionals as of September 30, 2015 and December 31, 2014 , respectively, related to giveback obligations, which are included in due from affiliates and other receivables, net in the accompanying condensed consolidated balance sheets. Current and former senior Carlyle professionals and employees are personally responsible for their giveback obligations. The receivables are collateralized by investments made by individual senior Carlyle professionals and employees in Carlyle-sponsored funds. In addition, $363.7 million and $336.5 million have been withheld from distributions of carried interest to senior Carlyle professionals and employees for potential giveback obligations as of September 30, 2015 and December 31, 2014 , respectively. Such amounts are held by an entity not included in the accompanying condensed consolidated balance sheets. If, at September 30, 2015 , all of the investments held by the Partnership’s Funds were deemed worthless, a possibility that management views as remote, the amount of realized and distributed carried interest subject to potential giveback would be $1.9 billion , on an after-tax basis where applicable. Leases The Partnership leases office space in various countries around the world and maintains its headquarters in Washington, D.C., where it leases its primary office space under a non-cancelable lease agreement expiring on July 31, 2026 . Office leases in other locations expire in various years from 2015 through 2031. These leases are accounted for as operating leases. Rent expense was approximately $13.7 million and $13.3 million for the three months ended September 30, 2015 and 2014 , respectively, and $42.6 million and $40.0 million for the nine months ended September 30, 2015 and 2014 , respectively, and is included in general, administrative and other expenses in the condensed consolidated statements of operations. The future minimum commitments for the leases are as follows (Dollars in millions): 2015 $ 13.3 2016 54.4 2017 50.6 2018 46.2 2019 40.6 Thereafter 336.7 $ 541.8 The Partnership records contractual escalating minimum lease payments on a straight-line basis over the term of the lease. Deferred rent payable under the leases was $52.5 million and $40.4 million as of September 30, 2015 and December 31, 2014 , respectively, and is included in accounts payable, accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets. Legal Matters In the ordinary course of business, the Partnership is a party to litigation, investigations, disputes and other potential claims. Certain of these matters are described below. The Partnership is not currently able to estimate the reasonably possible amount of loss or range of loss for the matters that have not been resolved. The Partnership does not believe it is probable that the outcome of any existing litigation, investigations, disputes or other potential claims will materially affect the Partnership or these financial statements. The Partnership believes that the matters described below are without merit and intends to vigorously contest all such allegations for the matters that have not been resolved. Along with many other companies and individuals in the financial sector, the Partnership and Carlyle Mezzanine Partners, L.P. (“CMP”) are named as defendants in Foy v. Austin Capital , a case filed in June 2009, pending in the State of New Mexico’s First Judicial District Court, County of Santa Fe, which purports to be a qui tam suit on behalf of the State of New Mexico under the state Fraud Against Taxpayers Act (“FATA”). The suit alleges that investment decisions by New Mexico public investment funds were improperly influenced by campaign contributions and payments to politically connected placement agents. The plaintiffs seek, among other things, actual damages for lost income, rescission of the investment transactions described in the complaint and disgorgement of all fees received. In May 2011, the Attorney General of New Mexico moved to dismiss certain defendants including the Partnership and CMP on the grounds that separate civil litigation by the Attorney General is a more effective means to seek recovery for the State from these defendants. The Attorney General has brought two civil actions against certain of those defendants, not including the Partnership defendants. The Attorney General has stated that its investigation is continuing and it may bring additional civil actions. Foy v. Austin Capital had been stayed while the plaintiff pursued an interlocutory appeal on the question of whether FATA could be applied retroactively to events that occurred prior to its effective date. In June 2015, the New Mexico Supreme Court ruled that FATA could be applied retroactively in certain circumstances. A new judge has been appointed to hear the case and the Attorney General recently indicated that it intended to file a motion to dismiss the entire litigation so that the Attorney General can pursue its own recovery from the defendants in the action. The judge has set a schedule for hearing that motion to dismiss with oral argument scheduled for April 2016. Carlyle Capital Corporation Limited (“CCC”) was a fund sponsored by the Partnership that invested in AAA-rated residential mortgage backed securities on a highly leveraged basis. In March of 2008, amidst turmoil throughout the mortgage markets and money markets, CCC filed for insolvency protection in Guernsey. The Guernsey liquidators who took control of CCC in March 2008 filed a suit on July 7, 2010 against the Partnership, certain of its affiliates and the former directors of CCC in the Royal Court of Guernsey seeking $1.0 billion in damages in a case styled Carlyle Capital Corporation Limited v. Conway et al . The Guernsey liquidators allege that the Partnership and the CCC board of directors were negligent, grossly negligent or willfully mismanaged the CCC investment program and breached certain fiduciary duties allegedly owed to CCC and its shareholders. The liquidators further allege (among other things) that the directors and the Partnership put the interests of the Partnership ahead of the interests of CCC and its shareholders and gave priority to preserving and enhancing the Partnership’s reputation and its “brand” over the best interests of CCC. On July 24, 2013, plaintiffs filed an amended complaint, which contained further detail in support of the existing claims but no new defendants or claims. On December 20, 2013, defendants filed a defense to the amended complaint and on June 30, 2014 plaintiffs filed their reply. In September 2015, the liquidators served expert reports. Expert witness reports for the Partnership and the CCC directors are due on February 1, 2016. The Court has set the case schedule and trial is scheduled for June 2016. It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings, and some of the matters discussed above involve claims for potentially large and/or indeterminate amounts of damages. Based on information known by management, management has not concluded that as of the date of this filing the final resolutions of the matters above will have a material effect upon the Partnership’s condensed consolidated financial statements. However, given the potentially large and/or indeterminate amounts of damages sought in certain of these matters and the inherent unpredictability of investigations and litigations, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on our financial results in any particular period. Other Contingencies From 2007 to 2009, a Luxembourg subsidiary of CEREP I, a real estate fund, received proceeds from the sale of real estate located in Paris, France. Based on a provision in the Luxembourg-France tax treaty, it did not report or pay tax in France on gain from the sale. The French tax authorities asserted that CEREP I was ineligible to claim exemptions from French tax under the tax treaty, and issued a tax assessment seeking to collect taxes, interest and penalties. On April 15, 2015, the French tax court issued an opinion in this matter that was adverse to CEREP I, holding the Luxembourg property company liable for approximately €105 million (including penalties and interest accrued since the beginning of the tax dispute). The Partnership disagrees with the outcome and filed a petition of appeal on July 3, 2015. In June 2015, in satisfaction of the obligation to the French government, CEREP I paid approximately €30 million of the tax obligations and the Partnership paid approximately €67 million in its capacity as a guarantor. The remaining €7 million of the tax obligations was paid in the third quarter of 2015. CEREP I has approximately €1 million in net assets as of September 30, 2015 . Additionally, the French Ministry of Justice is expected to continue its investigation of the actions of the Luxembourg property company and its former directors, managers and representatives in claiming the tax treaty exemptions. The Partnership was required to provide a financial guarantee to the French government in July 2012 for the amount of French tax assessed against CEREP I. Since that time, the Partnership has consolidated CEREP I into its consolidated financial statements. CEREP I recognized a loss of approximately $ 34 million which has been included in net investment gains/losses of Consolidated Funds for the three months ended March 31, 2015 and the nine months ended September 30, 2015, and this amount reduced net income attributable to Carlyle Holdings in the Partnership’s condensed consolidated financial statements for those periods. In 2013 and 2014, the Partnership had previously recognized losses of approximately €42 million for the French tax matter, which were reflected in net investment gains/losses of Consolidated Funds and reduced net income attributable to Carlyle Holdings. Indemnifications In the normal course of business, the Partnership and its subsidiaries enter into contracts that contain a variety of representations and warranties and provide general indemnifications. The Partnership’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Partnership that have not yet occurred. However, based on experience, the Partnership believes the risk of material loss to be remote. Risks and Uncertainties Carlyle’s funds seek investment opportunities that offer the possibility of attaining substantial capital appreciation. Certain events particular to each industry in which the underlying investees conduct their operations, as well as general economic conditions, may have a significant negative impact on the Partnership’s investments and profitability. Such events are beyond the Partnership’s control, and the likelihood that they may occur and the effect on the Partnership cannot be predicted. Furthermore, certain of the funds’ investments are made in private companies and there are generally no public markets for the underlying securities at the current time. The funds’ ability to liquidate their publicly-traded investments are often subject to limitations, including discounts that may be required to be taken on quoted prices due to the number of shares being sold. The funds’ ability to liquidate their investments and realize value is subject to significant limitations and uncertainties, including among others currency fluctuations and natural disasters. The funds make investments outside of the United States. Investments outside the U.S. may be subject to less developed bankruptcy, corporate, partnership and other laws (which may have the effect of disregarding or otherwise circumventing the limited liability structures potentially causing the actions or liabilities of one fund or a portfolio company to adversely impact the Partnership or an unrelated fund or portfolio company). Non-U.S. investments are subject to the same risks associated with the Partnership’s U.S. investments as well as additional risks, such as fluctuations in foreign currency exchange rates, unexpected changes in regulatory requirements, heightened risk of political and economic instability, difficulties in managing non-U.S. investments, potentially adverse tax consequences and the burden of complying with a wide variety of foreign laws. Furthermore, Carlyle is exposed to economic risk concentrations related to certain large investments as well as concentrations of investments in certain industries and geographies. Additionally, the Partnership encounters credit risk. Credit risk is the risk of default by a counterparty in the Partnership’s investments in debt securities, loans, leases and derivatives that result from a borrower’s, lessee’s or derivative counterparty’s inability or unwillingness to make required or expected payments. The Partnership considers cash, cash equivalents, securities, receivables, equity-method investments, accounts payable, accrued expenses, other liabilities, loans payable, senior notes, assets and liabilities of Consolidated Funds and contingent and other consideration for acquisitions to be its financial instruments. Except for the senior notes, the carrying amounts reported in the condensed consolidated balance sheets for these financial instruments equal or closely approximate their fair values. The fair value of the senior notes is disclosed in Note 8.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Due from Affiliates and Other Receivables, Net The Partnership had the following due from affiliates and other receivables at September 30, 2015 and December 31, 2014 : As of September 30, 2015 December 31, 2014 (Dollars in millions) Unbilled receivable for giveback obligations from current and former employees $ 30.4 $ 27.7 Notes receivable and accrued interest from affiliates 20.8 11.1 Other receivables from unconsolidated funds and affiliates, net 153.9 160.6 Total $ 205.1 $ 199.4 Notes receivable represent loans that the Partnership has provided to certain unconsolidated funds to meet short-term obligations to purchase investments. Other receivables from certain of the unconsolidated funds and portfolio companies relate to management fees receivable from limited partners, advisory fees receivable and expenses paid on behalf of these entities. These costs represent costs related to the pursuit of actual or proposed investments, professional fees and expenses associated with the acquisition, holding and disposition of the investments. The affiliates are obligated at the discretion of the Partnership to reimburse the expenses. Based on management’s determination, the Partnership accrues and charges interest on amounts due from affiliate accounts at interest rates ranging up to 7.10% as of September 30, 2015 . The accrued and charged interest to the affiliates was not significant for any period presented. These receivables are assessed regularly for collectability and amounts determined to be uncollectible are charged directly to general, administrative and other expenses in the condensed consolidated statements of operations. A corresponding allowance for doubtful accounts is recorded and such amounts were not significant for any period presented. Due to Affiliates The Partnership had the following due to affiliates balances at September 30, 2015 and December 31, 2014 : As of September 30, 2015 December 31, 2014 (Dollars in millions) Due to affiliates of Consolidated Funds $ 0.8 $ 0.6 Due to non-consolidated affiliates (1) 282.6 37.1 Performance-based contingent cash and equity consideration related to acquisitions 32.6 43.6 Amounts owed under the tax receivable agreement 138.0 89.0 Other 16.1 13.9 Total $ 470.1 $ 184.2 (1) Refer to Note 2 for information on the restricted cash due to one of the Partnership’s non-consolidated funds. The Partnership has recorded obligations for amounts due to certain of its affiliates. The Partnership periodically offsets expenses it has paid on behalf of its affiliates against these obligations. The amount owed under the tax receivable agreement is related primarily to the acquisition by the Partnership of 7,000,000 and 9,300,000 Carlyle Holdings partnership units in June 2015 and March 2014, respectively, (see Note 1) as well as the exchange in May 2012 by CalPERS of its Carlyle Holdings partnership units for Partnership common units. Other Related Party Transactions In the normal course of business, the Partnership has made use of aircraft owned by entities controlled by senior Carlyle professionals. The senior Carlyle professionals paid for the aircraft and bear all operating, personnel and maintenance costs associated with their operation for personal use. Payment by the Partnership for the business use of these aircraft by senior Carlyle professionals and other employees is made at market rates, which totaled $1.4 million and $1.3 million for the three months ended September 30, 2015 and 2014 , respectively, and $4.0 million and $4.2 million for the nine months ended September 30, 2015 and 2014 , respectively. These fees are included in general, administrative, and other expenses in the condensed consolidated statements of operations. Senior Carlyle professionals and employees are permitted to participate in co-investment entities that invest in Carlyle funds or alongside Carlyle funds. In many cases, participation is limited by law to individuals who qualify under applicable legal requirements. These co-investment entities generally do not require senior Carlyle professionals and employees to pay management or performance fees. However, Carlyle professionals and employees are required to pay their portion of partnership expenses. Carried interest income from the funds may be distributed to senior Carlyle professionals and employees on a current basis, but is subject to repayment by the subsidiary of the Partnership that acts as general partner of the fund in the event that certain specified return thresholds are not ultimately achieved. The senior Carlyle professionals and certain other investment professionals have personally guaranteed, subject to certain limitations, the obligation of these subsidiaries in respect of this general partner obligation. Such guarantees are several and not joint and are limited to a particular individual’s distributions received. The Partnership does business with some of its portfolio companies; all such arrangements are on a negotiated basis. Substantially all revenue is earned from affiliates of Carlyle.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Partnership is generally organized as a series of pass through entities pursuant to the United States Internal Revenue Code. As such, the Partnership is not responsible for the tax liability due on certain income earned during the year. Such income is taxed at the unitholder and non-controlling interest holder level, and any income tax is the responsibility of the unitholders and is paid at that level. For income taxes on income earned for which the Partnership is responsible for the tax liability, the Partnership’s income tax expense (benefit) was $(4.1) million and $(5.9) million for the three months ended September 30, 2015 and 2014 , respectively, and $12.4 million and $63.9 million for the nine months ended September 30, 2015 and 2014 , respectively. In the normal course of business, the Partnership is subject to examination by federal and certain state, local and foreign tax regulators. As of September 30, 2015 , the Partnership’s U.S. federal income tax returns for the years 2012 through 2014 are open under the normal three -year statute of limitations and therefore subject to examination. State and local tax returns are generally subject to audit from 2011 to 2014 . Foreign tax returns are generally subject to audit from 2008 to 2014 . Certain of the Partnership’s affiliates are currently under audit by federal, state and foreign tax authorities. The Partnership does not believe that the outcome of these audits will require it to record reserves for uncertain tax positions or that the outcome will have a material impact on the consolidated financial statements. The Partnership does not believe that it has any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within the next twelve months .

Non-controlling Interests in Co

Non-controlling Interests in Consolidated Entities	9 Months Ended
	Sep. 30, 2015
Noncontrolling Interest [Abstract]
Non-controlling Interests in Consolidated Entities	Non-controlling Interests in Consolidated Entities The components of the Partnership’s non-controlling interests in consolidated entities are as follows: As of September 30, 2015 December 31, 2014 (Dollars in millions) Non-Carlyle interests in Consolidated Funds $ 4,677.4 $ 6,160.1 Non-Carlyle interests in majority-owned subsidiaries 336.1 301.4 Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions (118.8 ) (15.1 ) Non-controlling interests in consolidated entities $ 4,894.7 $ 6,446.4 The components of the Partnership’s non-controlling interests in income (loss) of consolidated entities are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Dollars in millions) Non-Carlyle interests in Consolidated Funds $ (22.0 ) $ 333.4 $ 1,005.6 $ 1,162.2 Non-Carlyle interests in majority-owned subsidiaries (9.2 ) (17.9 ) (25.6 ) (55.6 ) Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions (22.5 ) (11.2 ) (85.1 ) 1.1 Net income (loss) attributable to other non-controlling interests in consolidated entities (53.7 ) 304.3 894.9 1,107.7 Net income (loss) attributable to partners’ capital appropriated for CLOs 30.0 (112.5 ) (22.9 ) (288.1 ) Net income (loss) attributable to redeemable non-controlling interests in consolidated entities (128.7 ) (138.6 ) (214.5 ) (72.2 ) Non-controlling interests in income (loss) of consolidated entities $ (152.4 ) $ 53.2 $ 657.5 $ 747.4 There have been no significant changes in the Partnership’s ownership interests in its consolidated entities for the periods presented other than the Partnership’s acquisition of 7,000,000 and 13,800,000 Carlyle Holdings partnership units in June 2015 and March 2014, respectively (see Note 1).

Earnings Per Common Unit

Earnings Per Common Unit	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Common Unit	Earnings Per Common Unit Basic and diluted net income (loss) per common unit are calculated as follows: Three Months Ended Nine Months Ended Basic Diluted Basic Diluted Net loss attributable to The Carlyle Group L.P. $ (83,900,000 ) $ (83,900,000 ) $ (13,800,000 ) $ (13,800,000 ) Dilution of earnings due to participating securities with distribution rights 820,200 — 163,250 (1,423,000 ) Incremental net loss from assumed exchange of Carlyle Holdings partnership units — (250,900,000 ) — (67,800,000 ) Net loss attributable to common units $ (83,079,800 ) $ (334,800,000 ) $ (13,636,750 ) $ (83,023,000 ) Weighted-average common units outstanding 78,849,332 301,558,908 72,812,892 299,143,320 Net loss per common unit $ (1.05 ) $ (1.11 ) $ (0.19 ) $ (0.28 ) Three Months Ended Nine Months Ended Basic Diluted Basic Diluted Net income attributable to The Carlyle Group L.P. $ 25,400,000 $ 25,400,000 $ 69,500,000 $ 69,500,000 Dilution of earnings due to participating securities with distribution rights (304,000 ) (290,600 ) (1,077,500 ) (1,105,300 ) Net income attributable to common units $ 25,096,000 $ 25,109,400 $ 68,422,500 $ 68,394,700 Weighted-average common units outstanding 66,474,689 72,086,875 61,422,816 67,440,601 Net income per common unit $ 0.38 $ 0.35 $ 1.11 $ 1.01 The weighted-average common units outstanding, basic and diluted, are calculated as follows: Three Months Ended Nine Months Ended Basic Diluted Basic Diluted The Carlyle Group L.P. weighted-average common units outstanding 78,849,332 78,849,332 72,812,892 72,812,892 Unvested deferred restricted common units — — — — Weighted-average vested Carlyle Holdings Partnership units — 216,864,271 — 216,956,438 Unvested Carlyle Holdings Partnership units — 5,845,305 — 9,373,990 Weighted-average common units outstanding 78,849,332 301,558,908 72,812,892 299,143,320 Three Months Ended Nine Months Ended Basic Diluted Basic Diluted The Carlyle Group L.P. weighted-average common units outstanding 66,474,689 66,474,689 61,422,816 61,422,816 Unvested deferred restricted common units — 5,146,277 — 5,551,876 Contingently issuable Carlyle Holdings Partnership units — 465,909 — 465,909 Weighted-average common units outstanding 66,474,689 72,086,875 61,422,816 67,440,601 The Carlyle Group L.P. weighted-average common units outstanding includes vested deferred restricted common units and common units associated with acquisitions that have been earned for which issuance of the related common units is deferred until future periods. The Partnership applies the treasury stock method to determine the dilutive weighted-average common units represented by the unvested deferred restricted common units. Also included in the determination of dilutive weighted-average common units are contingently issuable Carlyle Holdings partnership units and common units associated with the Claren Road, Carlyle Commodity Management, Metropolitan, and DGAM acquisitions. For purposes of determining the dilutive weighted-average common units, it is assumed that September 30, 2015 and 2014 represent the end of the contingency period, the “if-converted” method is applied to any Carlyle Holdings partnership units issuable therefrom, and the treasury stock method is applied. The Partnership applies the “if-converted” method to the vested Carlyle Holdings partnership units to determine the dilutive weighted-average common units outstanding. The Partnership applies the treasury stock method to the unvested Carlyle Holdings partnership units and the “if-converted” method on the resulting number of additional Carlyle Holdings partnership units to determine the dilutive weighted-average common units represented by the unvested Carlyle Holdings partnership units. In computing the dilutive effect that the exchange of Carlyle Holdings partnership units would have on earnings per common unit, the Partnership considered that net income available to holders of common units would increase due to the elimination of non-controlling interests in Carlyle Holdings (including any tax impact). Based on these calculations, 216,864,271 and 216,956,438 of vested Carlyle Holdings partnership units and 5,845,305 and 9,373,990 of unvested Carlyle Holdings partnership units for the three and nine months ended September 30, 2015, respectively, were dilutive. As a result, the net loss of non-controlling interests in Carlyle Holdings associated with this assumed exchange of $ 250.9 million and $ 67.8 million for the three and nine months ended September 30, 2015 has been included in net income (loss) attributable to The Carlyle Group L.P. for purposes of the dilutive earnings per common unit calculation. However, for the three and nine months ended September 2015, 3,501,505 and 4,625,233 of unvested deferred restricted common units were antidilutive, and therefore have been excluded. Further, based on these calculations, the incremental 228,449,290 and 229,987,569 of vested and unvested Carlyle Holdings partnership units for the three and nine months ended September 30, 2014, respectively, were antidilutive, and therefore have been excluded. On August 1, 2013, as part of acquiring the remaining 40% equity interests in AlpInvest, the Partnership issued 914,087 common units that are subject to vesting conditions. As of September 30, 2015 , 766,991 common units remain unvested. The common units participate immediately in any Partnership distributions. Under ASC 260, these common units are considered participating securities and are required to be included in the computation of earnings per common unit pursuant to the two-class method.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity-Based Compensation	Equity-Based Compensation In May 2012, Carlyle Group Management L.L.C., the general partner of the Partnership, adopted The Carlyle Group L.P. 2012 Equity Incentive Plan (the “Equity Incentive Plan”). The Equity Incentive Plan is a source of equity-based awards permitting the Partnership to grant to Carlyle employees, directors of the Partnership’s general partner and consultants non-qualified options, unit appreciation rights, common units, restricted common units, deferred restricted common units, phantom restricted common units and other awards based on the Partnership’s common units and Carlyle Holdings partnership units. The total number of the Partnership’s common units and Carlyle Holdings partnership units which were initially available for grant under the Equity Incentive Plan was 30,450,000 . The Equity Incentive Plan contains a provision which automatically increases the number of the Partnership’s common units and Carlyle Holdings partnership units available for grant based on a pre-determined formula; this increase occurs annually on January 1. As of January 1, 2015, pursuant to the formula, the total number of the Partnership’s common units and Carlyle Holdings partnership units available for grant under the Equity Incentive Plan was 31,895,630 . Unvested Partnership Common Units On August 1, 2013, the Partnership acquired the remaining 40% equity interest in AlpInvest. As part of the transaction, the Partnership issued 914,087 common units to AlpInvest sellers who are employees of the Partnership that are subject to vesting conditions. In June 2015, 11,674 unvested common units were forfeited and canceled by the Partnership. At the same time, in accordance with the Carlyle Holdings partnership agreements, Carlyle Holdings canceled a corresponding number of Carlyle Holdings partnership units held by the Partnership. These newly issued common units were unvested at grant and vest over a period of up to five years . The unvested common units are accounted for as equity-based compensation in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). The grant-date fair value of the unvested common units is charged to equity-based compensation on a straight-line basis over the required service period. Additionally, the calculation of the expense assumes a forfeiture rate of up to 5% . For the three months ended September 30, 2015 and 2014 , the Partnership recorded $1.8 million and $1.9 million in equity-based compensation expense associated with these awards, respectively. For the nine months ended September 30, 2015 and 2014 , the Partnership recorded $6.9 million and $6.4 million in equity-based compensation expense associated with these awards, respectively. As of September 30, 2015 , the total unrecognized equity-based compensation expense related to unvested common units, considering estimated forfeitures, is $3.9 million , which is expected to be recognized over a weighted-average term of 0.6 years . Unvested Carlyle Holdings Partnership Units Unvested Carlyle Holdings partnership units are held by senior Carlyle professionals and other individuals engaged in Carlyle’s business and generally vest ratably over a six -year period. The unvested Carlyle Holdings partnership units are accounted for as equity-based compensation in accordance with ASC 718. The grant-date fair value of the unvested Carlyle Holdings partnership units are charged to equity-based compensation expense on a straight-line basis over the required service period. Additionally, the calculation of the expense assumes a forfeiture rate of up to 2.5% . The Partnership recorded equity-based compensation expense associated with these awards of $41.8 million and $43.3 million for the three months ended September 30, 2015 and 2014 , respectively, and $147.9 million and $148.8 million for the nine months ended September 30, 2015 and 2014 , respectively. No tax benefits have been recorded related to the unvested Carlyle Holdings partnership units, as the vesting of these units does not result in a tax deduction to the corporate taxpayers. In connection with the Partnership’s investment in NGP Management in December 2012, the Partnership issued 996,572 Carlyle Holdings partnership units to ECM Capital, L.P. which vest ratably over a period of five years . The Partnership also issued 597,944 Carlyle Holdings partnership units to ECM Capital, L.P. that were issued at closing but vest upon the achievement of performance conditions. The fair value of these units will be recognized as a reduction to the Partnership’s investment income in NGP Management over the relevant service or performance period, based on the fair value of the units on each reporting date and adjusted for the actual fair value of the units at each vesting date. For the Carlyle Holdings partnership units that vest based on the achievement of performance conditions, the Partnership uses the minimum number of partnership units within the range of potential values for measurement and recognition purposes. As of September 30, 2015 , the total unrecognized equity-based compensation expense related to unvested Carlyle Holdings partnership units, considering estimated forfeitures, is $481.5 million , which is expected to be recognized over a weighted-average term of 2.6 years . Deferred Restricted Common Units The deferred restricted common units are unvested when granted and vest ratably over a service period, which ranges up to six years . The grant-date fair value of the deferred restricted common units granted to Carlyle’s employees is charged to equity-based compensation expense on a straight-line basis over the required service period. Additionally, the calculation of the expense assumes a forfeiture rate that generally ranges from 2% to 10% and a per unit discount that generally ranges up to 25% , as these unvested awards do not participate in any Partnership distributions. During the first quarter of 2015, the Partnership revised its estimated forfeiture rates to a range of 2% to 10% from a previous range of 5% to 15% . As a result, the Partnership recognized $ 7.5 million of equity-based compensation expense for the nine months ended September 30, 2015 for the cumulative effect of the change in this estimate. The Partnership recorded compensation expense of $43.1 million and $33.9 million for the three months ended September 30, 2015 and 2014 , respectively, with $4.0 million and $4.2 million of corresponding deferred tax benefits, respectively. The Partnership recorded compensation expense of $134.5 million and $105.3 million for the nine months ended September 30, 2015 and 2014 , respectively, with $12.7 million and $13.1 million of corresponding deferred tax benefits, respectively. As of September 30, 2015 , the total unrecognized equity-based compensation expense related to unvested deferred restricted common units, considering estimated forfeitures, is $339.5 million , which is expected to be recognized over a weighted-average term of 2.6 years . Equity-based awards issued to non-employees are recognized as general, administrative and other expenses. The expense associated with the deferred restricted common units granted to NGP personnel by the Partnership are recognized as a reduction of the Partnership’s investment income in NGP Management. The grant-date fair value of deferred restricted common units granted to Carlyle’s non-employee directors is charged to expense on a straight-line basis over the vesting period. The cost of services received in exchange for an equity-based award issued to consultants is measured at each vesting date. Equity-based awards that require the satisfaction of future service criteria are recognized over the relevant service period, adjusted for estimated forfeitures of awards not expected to vest, based on the fair value of the award on each reporting date and adjusted for the actual fair value of the award at each vesting date. The expense for equity-based awards issued to non-employees was not significant for the three and nine months ended September 30, 2015 and 2014 . Phantom Deferred Restricted Common Units The phantom deferred restricted common units are unvested when granted and vest ratably over a service period of three years . Upon vesting, the units will be settled in cash. As the phantom deferred restricted common units will be settled in cash, they are accounted for as liability awards. The fair value of the units is re-measured at each reporting period until settlement and charged to equity-based compensation expense over the vesting period. Additionally, the calculation of the expense assumes a forfeiture rate of 10% . During the first quarter of 2015, the Partnership revised its estimated forfeiture rate to 10% from 15% . The cumulative effect of the change in this estimate was not material. Equity-based compensation expense associated with these awards was not significant for the three months ended September 30, 2015 and 2014 . The Partnership recorded $1.7 million and $2.4 million in equity-based compensation expense associated with these awards for the nine months ended September 30, 2015 and 2014 , respectively. The tax benefits recognized from these awards were not material during these periods. As of September 30, 2015 , the total unrecognized equity-based compensation expense related to unvested phantom deferred restricted common units, considering estimated forfeitures, is $0.1 million , which is expected to be recognized over a weighted-average term of 1.3 years . A summary of the status of the Partnership’s non-vested equity-based awards as of September 30, 2015 and a summary of changes for the nine months ended September 30, 2015 , are presented below: Carlyle Holdings The Carlyle Group, L.P. Equity Settled Awards Cash Settled Awards Unvested Units Partnership Weighted- Deferred Weighted- Unvested Weighted- Phantom Weighted- Balance, December 31, 2014 35,997,415 $ 22.16 18,929,270 $ 26.12 809,797 $ 27.19 104,070 $ 23.40 Granted — $ — 5,317,631 $ 24.08 — $ — — $ — Vested 8,513,810 $ 22.00 5,268,467 $ 26.83 31,132 $ 21.53 93,109 $ 22.52 Forfeited 444,477 $ 22.00 1,744,997 $ 25.03 11,674 $ 27.99 3,956 $ 24.14 Balance, September 30, 2015 27,039,128 $ 22.21 17,233,437 $ 25.38 766,991 $ 27.41 7,005 $ 34.59

Consolidation of a Real Estate

Consolidation of a Real Estate Development Company	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation of a Real Estate Development Company	Consolidation of a Real Estate Development Company The Partnership, indirectly through certain Carlyle real estate investment funds, has an investment in Urbplan Desenvolvimento Urbano S.A. (“Urbplan”), a Brazilian residential subdivision and land development company. In late 2012, it was determined that Urbplan was facing serious liquidity problems and would require additional capital infusions to continue operations. The Partnership and certain of its senior Carlyle professionals provided capital to Urbplan through one of the Carlyle investment funds starting in 2013. The Partnership concluded that Urbplan was a VIE as of September 30, 2013 because Urbplan’s equity investment at risk was not sufficient to permit it to finance its activities without additional financial support. The Partnership also concluded that it was the primary beneficiary of Urbplan since the Partnership has the power to direct the activities of Urbplan that most significantly impact its economic performance and the Partnership’s investments in Urbplan will absorb losses incurred by Urbplan. As such, the Partnership began consolidating Urbplan into its consolidated financial statements as of September 30, 2013. Due to the timing and availability of financial information from Urbplan, the Partnership consolidates the financial position and results of operations of Urbplan on a financial reporting lag of 90 days . The Partnership will disclose the effect of intervening events at Urbplan that materially affect the financial position or results of operations of the Partnership, if any. The assets and liabilities of Urbplan are held in legal entities separate from the Partnership; the Partnership has not guaranteed or assumed any obligation for repayment of Urbplan’s liabilities nor are the assets of Urbplan available to meet the liquidity requirements of the Partnership. However, if Urbplan fails to complete its construction projects, customers, partners, government agencies or municipalities or other creditors in certain circumstances might seek to assert claims against the Partnership and its assets unrelated to Urbplan under certain consumer protection or other laws. Urbplan is currently a party to various litigation, government investigations and proceedings, disputes and other potential claims. The Partnership does not believe it is probable that the outcome of any existing Urbplan litigation, disputes or other potential claims will materially affect the Partnership or these consolidated financial statements. From 2013 through September 30, 2015 , $297.3 million has been funded to Urbplan by the Partnership and its senior Carlyle professionals (including losses from related foreign currency forward contracts). The Partnership has funded $71.9 million of the $297.3 million and the remaining $225.4 million has been funded by senior Carlyle professionals indirectly through the Partnership. For the three months ended September 30, 2015 , $27.1 million was funded to Urbplan, of which the Partnership funded $6.8 million and the senior Carlyle professionals funded $20.3 million indirectly through the Partnership. While no contractual or other obligations exist to provide additional financial support to Urbplan, the Partnership and its senior Carlyle professionals expect to provide additional capital funding to Urbplan in the future and Urbplan will continue to seek capital funding from unaffiliated parties. At this time, Urbplan is estimated to require approximately $ 60 million of additional capital over the next twelve months and it is possible that even further capital may be required. Whether and to what extent the Partnership and its senior Carlyle professionals continue to provide financial support will be based on the circumstances at the time (including levels of third-party funding participation). The assets and liabilities recognized in the Partnership’s condensed consolidated balance sheets as of September 30, 2015 and December 31, 2014 related to Urbplan were as follows: As of September 30, 2015 December 31, 2014 (Dollars in millions) Receivables and inventory of a consolidated real estate VIE: Customer and other receivables $ 94.2 $ 91.5 Inventory costs in excess of billings and advances 78.6 72.4 $ 172.8 $ 163.9 Other assets of a consolidated real estate VIE: Restricted investments $ 19.7 $ 36.8 Fixed assets, net 1.1 1.8 Deferred tax assets 9.4 12.9 Other assets 38.6 34.9 $ 68.8 $ 86.4 Loans payable of a consolidated real estate VIE, at fair value (principal amount of $167.8 million and $243.6 million as of September 30, 2015 and December 31, 2014, respectively) $ 109.1 $ 146.2 Other liabilities of a consolidated real estate VIE: Accounts payable $ 15.5 $ 26.1 Other liabilities 79.9 58.8 $ 95.4 $ 84.9 The revenues and expenses recognized in the Partnership’s condensed consolidated statements of operations for the three and nine months ended September 30, 2015 and 2014 , respectively, related to Urbplan were as follows: Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 (Dollars in millions) Revenue of a consolidated real estate VIE Land development services $ 9.7 $ 71.0 Investment income 1.2 2.9 $ 10.9 $ 73.9 Interest and other expenses of a consolidated real estate VIE: Costs of products sold and services rendered $ 2.5 $ 45.7 Interest expense 13.3 33.6 Change in fair value of loans payable 3.0 12.6 Compensation and benefits 4.3 9.1 G&A and other expenses 3.7 23.4 $ 26.8 $ 124.4 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Revenue of a consolidated real estate VIE Land development services $ 6.0 $ 15.8 Investment income 7.2 11.4 $ 13.2 $ 27.2 Interest and other expenses of a consolidated real estate VIE: Costs of products sold and services rendered $ 8.8 $ 25.3 Interest expense 8.6 30.3 Change in fair value of loans payable 9.1 35.4 Compensation and benefits 3.0 8.5 G&A and other expenses 8.8 30.0 $ 38.3 $ 129.5 The following is a summary of the significant classifications of assets and liabilities of Urbplan: Customer and other receivables – This balance consists primarily of amounts owed for land development services using the completed contract method. Customer receivables accrue interest at rates ranging from 9% to 12% per year and are secured by the underlying real estate. Substantially all receivables are pledged as collateral for Urbplan’s borrowings. The carrying value of the receivables includes an appropriate allowance for estimated uncollectible accounts to reflect any loss anticipated on the balances. Urbplan calculates this allowance based on its history of write-offs, the level of past-due accounts based on the contractual terms of the receivables, and its relationships with, and the economic status of, Urbplan’s customers. Inventory costs in excess of billings and advances – This balance consists primarily of capitalized land development cost, net of approximately $133.9 million and $190.4 million of customer advances received as of September 30, 2015 and December 31, 2014 , respectively. Urbplan records valuation adjustments on inventory when events and circumstances indicate that the inventory may be impaired and when the cash flows estimated to be generated by the real estate project are less than its carrying amount. Real estate projects that demonstrate potential impairment indicators are tested for impairment by Urbplan by comparing the expected undiscounted cash flows for the real estate project to its carrying value. For those real estate projects whose carrying values exceed the expected undiscounted cash flows, Urbplan estimates the fair value of the real estate projects. Impairment charges are recorded if the fair value of the inventory is less than its carrying value. The estimates used in the determination of the estimated fair value of the real estate projects were based on factors known to Urbplan at the time such estimates were made and the expectations of future operations and economic conditions. Should the estimates or expectations used in determining estimated fair value deteriorate in the future, Urbplan may be required to recognize additional impairment charges and write-offs related to real estate projects. Loans payable of a consolidated real estate VIE – This balance consists of Urbplan’s borrowings for its real estate development activities. The estimated fair value approximates 65% of the outstanding principal amounts of the loans as of September 30, 2015 . The fair value of the loans was based on discounted cash flow analyses which considered the liquidity and current financial condition of Urbplan and applicable discount rates. The Partnership has elected to re-measure the loans at fair value at each reporting period through the term of the loans. The principal amounts of the loans accrue interest at a variable rate based on an index plus an applicable margin. Interest rates are based on: (i) CDI plus a margin ranging from 4.0% to 7.4% ( 18.1% to 21.6% as of September 30, 2015 ); (ii) IGP-M plus a margin of 12.0% ( 20.3% as of September 30, 2015 ); or (iii) IPCA plus a margin ranging from 11.0% to 13.5% ( 20.5% to 23.0% as of September 30, 2015 ). Outstanding principal amounts on the loans based on current contractual terms are payable as follows (Dollars in millions): 2015 $ 11.3 2016 22.1 2017 16.9 2018 14.5 2019 16.4 Thereafter 86.6 $ 167.8 Substantially all of Urbplan’s customer and other receivables and investments have been pledged as collateral for the loans. As of September 30, 2015 , substantially all of Urbplan’s loans payable are not in compliance with their related debt covenants or are otherwise in technical default. These violations do not cause a default or event of default under the Partnership’s senior credit facility or senior notes. Urbplan management is in discussions with its lenders to cure or re-negotiate the loans in default. Currently there are no outstanding notices of acceleration of payment on the loans in default. All of the loans payable of Urbplan are contractually non-recourse to the Partnership. Other liabilities – This balance consists of amounts owed to landowners, commissions payable to brokers, real estate taxes, social charges and other liabilities. Revenue of a consolidated real estate VIE – This balance consists primarily of amounts earned for land development services using the completed contract method and investment income earned on Urbplan’s investments. Under the completed contract method of accounting, revenue is not recorded until the period in which the land development services contract is completed. Interest and other expenses of a consolidated real estate VIE – This balance consists primarily of interest expense on Urbplan’s borrowings, general and administrative expenses, compensation and benefits, and costs associated with land development services. Also included in this caption is the change in the Partnership’s estimate of the fair value of Urbplan’s loans payable during the period. Interest expense is recorded on Urbplan’s borrowings at variable rates as defined. Costs related to Urbplan’s land development services activities are capitalized until the services are complete. Costs associated with advertising, marketing and other selling activities are expensed when incurred. Impairment – Urbplan evaluates its assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such asset may not be recoverable, but not less than annually. As of September 30, 2015 , Urbplan had outstanding commitments for land development services with an estimated $48.4 million of future costs to be incurred.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Carlyle conducts its operations through four reportable segments: Corporate Private Equity – The Corporate Private Equity segment is comprised of the Partnership’s operations that advise a diverse group of funds that invest in buyout and growth capital transactions that focus on either a particular geography or a particular industry. Global Market Strategies – The Global Market Strategies segment advises a group of funds that pursue investment opportunities across various types of credit, equities and alternative instruments, and (as regards certain macroeconomic strategies) currencies, commodities, sovereign debt, and interest rate products and their derivatives. Real Assets – The Real Assets segment is comprised of the Partnership’s operations that advise U.S. and international funds focused on real estate, infrastructure, energy and renewable energy transactions. Investment Solutions – The Investment Solutions segment advises a global private equity fund of funds program and related co-investment and secondary activities through AlpInvest. This segment also includes Metropolitan, a global manager of real estate fund of funds, and DGAM, the Partnership’s fund of hedge funds and liquid alternatives platform. The Partnership’s reportable business segments are differentiated by their various investment focuses and strategies. Overhead costs are allocated based on direct base compensation expense for each segment. The Partnership includes adjustments to reflect the Partnership’s economic interests in Claren Road, ESG and Carlyle Commodity Management. Effective July 1, 2015, the Partnership's economic interest in Carlyle Commodity Management increased from 55% to approximately 83% as a result of the June 2015 restructuring of the original acquisition agreement. The Partnership’s earnings from its investment in NGP Management are presented in the respective operating captions within the Real Assets segment. The net income or loss from the consolidation of Urbplan allocable to the Partnership (after consideration of amounts allocable to non-controlling interests) is presented within investment income in the Real Assets segment. Economic Net Income (“ENI”) and its components are key performance measures used by management to make operating decisions and assess the performance of the Partnership’s reportable segments. ENI differs from income (loss) before provision for income taxes computed in accordance with U.S. GAAP in that it includes certain tax expenses associated with performance fee compensation, and does not include net income (loss) attributable to non-Carlyle interests in Consolidated Funds or charges (credits) related to Carlyle corporate actions and non-recurring items. Charges (credits) related to Carlyle corporate actions and non-recurring items include: charges associated with equity-based compensation that was issued in the initial public offering in May 2012 or is issued in acquisitions or strategic investments, amortization and any impairment charges associated with acquired intangible assets, transaction costs associated with acquisitions, charges associated with earnouts and contingent consideration including gains and losses associated with the mark to market on contingent consideration issued in conjunction with acquisitions or strategic investments, gains and losses from the retirement of debt, charges associated with lease terminations and employee severance and settlements of legal claims. Distributable earnings (“DE”) is a component of ENI and is used to assess performance and amounts potentially available for distribution. Distributable earnings differs from income (loss) before provision for income taxes computed in accordance with U.S. GAAP in that it adjusts for the items included in the calculation of ENI and also adjusts ENI for unrealized performance fees, unrealized investment income, the corresponding unrealized performance fee compensation expense and equity-based compensation. Fee-related earnings (“FRE”) is a component of DE and is used to assess the ability of the business to cover direct base compensation and operating expenses from total fee revenues. FRE differs from income (loss) before provision for income taxes computed in accordance with U.S. GAAP in that it adjusts for the items included in the calculation of DE and also adjusts DE to exclude realized performance fees, realized investment income from investments in Carlyle funds, and realized performance fee related compensation. ENI and its components are used by management primarily in making resource deployment and compensation decisions across the Partnership’s four reportable segments. Management makes operating decisions and assesses the performance of each of the Partnership’s business segments based on financial and operating metrics and data that is presented without the consolidation of any of the Consolidated Funds. Consequently, ENI and all segment data exclude the assets, liabilities and operating results related to the Consolidated Funds. The following table presents the financial data for the Partnership’s four reportable segments for the three months ended September 30, 2015 and as of and for the nine months ended September 30, 2015 : Three Months Ended September 30, 2015 Corporate Global Real Investment Total (Dollars in millions) Segment Revenues Fund level fee revenues Fund management fees $ 152.5 $ 52.3 $ 69.3 $ 37.8 $ 311.9 Portfolio advisory fees, net 2.8 0.1 0.1 — 3.0 Transaction fees, net 0.9 — 0.1 — 1.0 Total fund level fee revenues 156.2 52.4 69.5 37.8 315.9 Performance fees Realized 258.6 11.8 57.7 5.0 333.1 Unrealized (513.9 ) (62.4 ) (9.3 ) 31.4 (554.2 ) Total performance fees (255.3 ) (50.6 ) 48.4 36.4 (221.1 ) Investment income (loss) Realized 11.0 3.1 (4.9 ) — 9.2 Unrealized (12.7 ) (5.0 ) 2.1 0.1 (15.5 ) Total investment income (loss) (1.7 ) (1.9 ) (2.8 ) 0.1 (6.3 ) Interest and other income 3.1 0.7 0.9 0.3 5.0 Total revenues (97.7 ) 0.6 116.0 74.6 93.5 Segment Expenses Compensation and benefits Direct base compensation 59.1 22.4 20.4 19.8 121.7 Indirect base compensation 23.3 6.9 9.7 2.9 42.8 Equity-based compensation 17.0 5.0 6.2 2.6 30.8 Performance fee related Realized 120.6 5.4 25.5 4.4 155.9 Unrealized (235.0 ) (28.6 ) 7.2 28.0 (228.4 ) Total compensation and benefits (15.0 ) 11.1 69.0 57.7 122.8 General, administrative, and other indirect expenses 36.4 14.0 17.0 10.7 78.1 Depreciation and amortization expense 3.3 1.3 1.2 0.8 6.6 Interest expense 7.8 2.6 2.6 1.4 14.4 Total expenses 32.5 29.0 89.8 70.6 221.9 Economic Net Income (Loss) $ (130.2 ) $ (28.4 ) $ 26.2 $ 4.0 $ (128.4 ) (-) Net Performance Fees (140.9 ) (27.4 ) 15.7 4.0 (148.6 ) (-) Investment Income (Loss) (1.7 ) (1.9 ) (2.8 ) 0.1 (6.3 ) (+) Equity-based Compensation 17.0 5.0 6.2 2.6 30.8 (=) Fee Related Earnings $ 29.4 $ 5.9 $ 19.5 $ 2.5 $ 57.3 (+) Realized Net Performance Fees 138.0 6.4 32.2 0.6 177.2 (+) Realized Investment Income (Loss) 11.0 3.1 (4.9 ) — 9.2 (=) Distributable Earnings $ 178.4 $ 15.4 $ 46.8 $ 3.1 $ 243.7 September 30, 2015 and the Nine Months Then Ended Corporate Global Real Investment Solutions Total (Dollars in millions) Segment Revenues Fund level fee revenues Fund management fees $ 443.5 $ 162.6 $ 197.1 $ 116.1 $ 919.3 Portfolio advisory fees, net 11.3 0.6 0.4 — 12.3 Transaction fees, net 3.7 — 0.4 — 4.1 Total fund level fee revenues 458.5 163.2 197.9 116.1 935.7 Performance fees Realized 1,101.1 25.0 112.5 13.2 1,251.8 Unrealized (583.0 ) (40.1 ) (38.3 ) 122.1 (539.3 ) Total performance fees 518.1 (15.1 ) 74.2 135.3 712.5 Investment income (loss) Realized 22.0 5.9 (94.7 ) 0.1 (66.7 ) Unrealized (4.6 ) (10.7 ) 58.4 0.3 43.4 Total investment income (loss) 17.4 (4.8 ) (36.3 ) 0.4 (23.3 ) Interest and other income 9.0 3.9 2.6 1.1 16.6 Total revenues 1,003.0 147.2 238.4 252.9 1,641.5 Segment Expenses Compensation and benefits Direct base compensation 169.3 75.3 56.4 60.6 361.6 Indirect base compensation 71.1 22.1 30.8 9.8 133.8 Equity-based compensation 49.6 14.5 19.6 7.3 91.0 Performance fee related Realized 494.8 11.8 46.0 10.9 563.5 Unrealized (256.8 ) (18.6 ) 28.4 113.6 (133.4 ) Total compensation and benefits 528.0 105.1 181.2 202.2 1,016.5 General, administrative, and other indirect expenses 105.9 49.1 52.4 31.4 238.8 Depreciation and amortization expense 9.0 3.7 3.1 3.0 18.8 Interest expense 23.1 8.1 7.9 4.4 43.5 Total expenses 666.0 166.0 244.6 241.0 1,317.6 Economic Net Income (Loss) $ 337.0 $ (18.8 ) $ (6.2 ) $ 11.9 $ 323.9 (-) Net Performance Fees 280.1 (8.3 ) (0.2 ) 10.8 282.4 (-) Investment Income (Loss) 17.4 (4.8 ) (36.3 ) 0.4 (23.3 ) (+) Equity-based Compensation 49.6 14.5 19.6 7.3 91.0 (=) Fee Related Earnings $ 89.1 $ 8.8 $ 49.9 $ 8.0 $ 155.8 (+) Realized Net Performance Fees 606.3 13.2 66.5 2.3 688.3 (+) Realized Investment Income (Loss) 22.0 5.9 (94.7 ) 0.1 (66.7 ) (=) Distributable Earnings $ 717.4 $ 27.9 $ 21.7 $ 10.4 $ 777.4 Segment assets as of September 30, 2015 $ 3,425.3 $ 714.3 $ 1,698.4 $ 888.8 $ 6,726.8 The following table presents the financial data for the Partnership’s four reportable segments for the three and nine months ended September 30, 2014 : Three Months Ended September 30, 2014 Corporate Global Real Investment Total (Dollars in millions) Segment Revenues Fund level fee revenues Fund management fees $ 151.5 $ 65.6 $ 55.7 $ 46.0 $ 318.8 Portfolio advisory fees, net 3.8 0.2 0.1 — 4.1 Transaction fees, net 17.0 0.2 0.6 — 17.8 Total fund level fee revenues 172.3 66.0 56.4 46.0 340.7 Performance fees Realized 125.0 11.3 28.4 10.6 175.3 Unrealized 100.8 (10.8 ) 9.5 (50.9 ) 48.6 Total performance fees 225.8 0.5 37.9 (40.3 ) 223.9 Investment income (loss) Realized 6.4 4.1 (13.2 ) — (2.7 ) Unrealized 3.8 (4.3 ) 6.7 — 6.2 Total investment income (loss) 10.2 (0.2 ) (6.5 ) — 3.5 Interest and other income 4.7 1.9 1.4 0.5 8.5 Total revenues 413.0 68.2 89.2 6.2 576.6 Segment Expenses Compensation and benefits Direct base compensation 67.0 29.9 20.7 20.7 138.3 Indirect base compensation 25.9 6.9 9.9 4.3 47.0 Equity-based compensation 12.9 4.0 5.4 1.5 23.8 Performance fee related Realized 52.7 6.1 9.9 8.8 77.5 Unrealized 49.4 2.6 8.0 (52.8 ) 7.2 Total compensation and benefits 207.9 49.5 53.9 (17.5 ) 293.8 General, administrative, and other indirect expenses 35.5 14.0 21.1 11.5 82.1 Depreciation and amortization expense 2.7 1.0 0.8 0.9 5.4 Interest expense 7.9 2.5 2.6 1.5 14.5 Total expenses 254.0 67.0 78.4 (3.6 ) 395.8 Economic Net Income $ 159.0 $ 1.2 $ 10.8 $ 9.8 $ 180.8 (-) Net Performance Fees 123.7 (8.2 ) 20.0 3.7 139.2 (-) Investment Income (Loss) 10.2 (0.2 ) (6.5 ) — 3.5 (+) Equity-based Compensation 12.9 4.0 5.4 1.5 23.8 (=) Fee Related Earnings $ 38.0 $ 13.6 $ 2.7 $ 7.6 $ 61.9 (+) Realized Net Performance Fees 72.3 5.2 18.5 1.8 97.8 (+) Realized Investment Income (Loss) 6.4 4.1 (13.2 ) — (2.7 ) (=) Distributable Earnings $ 116.7 $ 22.9 $ 8.0 $ 9.4 $ 157.0 Nine Months Ended September 30, 2014 Corporate Global Real Investment Solutions Total (Dollars in millions) Segment Revenues Fund level fee revenues Fund management fees $ 428.5 $ 192.9 $ 165.6 $ 137.4 $ 924.4 Portfolio advisory fees, net 10.6 0.4 0.6 — 11.6 Transaction fees, net 49.6 0.2 0.7 — 50.5 Total fund level fee revenues 488.7 193.5 166.9 137.4 986.5 Performance fees Realized 747.4 26.3 38.3 23.5 835.5 Unrealized 237.5 84.3 69.9 150.9 542.6 Total performance fees 984.9 110.6 108.2 174.4 1,378.1 Investment income (loss) Realized 10.3 6.8 (3.0 ) — 14.1 Unrealized 13.2 (1.2 ) (35.5 ) 0.3 (23.2 ) Total investment income (loss) 23.5 5.6 (38.5 ) 0.3 (9.1 ) Interest and other income 8.7 4.7 3.3 1.0 17.7 Total revenues 1,505.8 314.4 239.9 313.1 2,373.2 Segment Expenses Compensation and benefits Direct base compensation 189.4 83.7 60.7 62.4 396.2 Indirect base compensation 73.4 18.9 35.9 12.1 140.3 Equity-based compensation 30.1 9.9 14.0 3.3 57.3 Performance fee related Realized 326.4 12.4 10.6 16.9 366.3 Unrealized 122.1 39.0 39.2 142.5 342.8 Total compensation and benefits 741.4 163.9 160.4 237.2 1,302.9 General, administrative, and other indirect expenses 108.6 38.6 52.3 31.3 230.8 Depreciation and amortization expense 8.1 2.9 2.6 2.8 16.4 Interest expense 22.6 7.2 7.3 4.1 41.2 Total expenses 880.7 212.6 222.6 275.4 1,591.3 Economic Net Income $ 625.1 $ 101.8 $ 17.3 $ 37.7 $ 781.9 (-) Net Performance Fees 536.4 59.2 58.4 15.0 669.0 (-) Investment Income (Loss) 23.5 5.6 (38.5 ) 0.3 (9.1 ) (+) Equity-based Compensation 30.1 9.9 14.0 3.3 57.3 (=) Fee Related Earnings $ 95.3 $ 46.9 $ 11.4 $ 25.7 $ 179.3 (+) Realized Net Performance Fees 421.0 13.9 27.7 6.6 469.2 (+) Realized Investment Income (Loss) 10.3 6.8 (3.0 ) — 14.1 (=) Distributable Earnings $ 526.6 $ 67.6 $ 36.1 $ 32.3 $ 662.6 The following table reconciles the Total Segments to the Partnership’s Income Before Provision for Taxes for the three months ended September 30, 2015 and 2014 : Three Months Ended September 30, 2015 Total Reportable Segments Consolidated Funds Reconciling Items Carlyle Consolidated (Dollars in millions) Revenues $ 93.5 $ 259.4 $ (55.4 ) (a) $ 297.5 Expenses $ 221.9 $ 355.5 $ 217.9 (b) $ 795.3 Other income (loss) $ — $ (20.6 ) $ (10.7 ) (c) $ (31.3 ) Economic net income (loss) $ (128.4 ) $ (116.7 ) $ (284.0 ) (d) $ (529.1 ) Three Months Ended September 30, 2014 Total Reportable Segments Consolidated Funds Reconciling Items Carlyle Consolidated (Dollars in millions) Revenues $ 576.6 $ 234.1 $ (55.7 ) (a) $ 755.0 Expenses $ 395.8 $ 283.9 $ 25.4 (b) $ 705.1 Other income $ — $ 127.4 $ (1.9 ) (c) $ 125.5 Economic net income $ 180.8 $ 77.6 $ (83.0 ) (d) $ 175.4 The following table reconciles the Total Segments to the Partnership’s Income Before Provision for Taxes for the nine months ended September 30, 2015 and 2014 , and Total Assets as of September 30, 2015 : September 30, 2015 and the Nine Months Then Ended Total Reportable Segments Consolidated Funds Reconciling Items Carlyle Consolidated (Dollars in millions) Revenues $ 1,641.5 $ 742.7 $ (93.8 ) (a) $ 2,290.4 Expenses $ 1,317.6 $ 959.5 $ 388.8 (b) $ 2,665.9 Other income $ — $ 950.3 $ (14.5 ) (c) $ 935.8 Economic net income $ 323.9 $ 733.5 $ (497.1 ) (d) $ 560.3 Total assets $ 6,726.8 $ 26,304.5 $ (234.6 ) (e) $ 32,796.7 Nine Months Ended September 30, 2014 Total Reportable Segments Consolidated Funds Reconciling Items Carlyle Consolidated (Dollars in millions) Revenues $ 2,373.2 $ 728.5 $ (60.5 ) (a) $ 3,041.2 Expenses $ 1,591.3 $ 940.0 $ 315.4 (b) $ 2,846.7 Other income $ — $ 996.9 $ (2.4 ) (c) $ 994.5 Economic net income $ 781.9 $ 785.4 $ (378.3 ) (d) $ 1,189.0 (a) The Revenues adjustment principally represents fund management and performance fees earned from the Consolidated Funds which were eliminated in consolidation to arrive at the Partnership’s total revenues, adjustments for amounts attributable to non-controlling interests in consolidated entities, adjustments related to expenses associated with the investments in NGP Management and its affiliates that are included in operating captions or are excluded from the segment results, adjustments to reflect the Partnership’s share of Urbplan’s net losses as a component of investment income, and adjustments to reflect the Partnership’s ownership interests in Claren Road, ESG and Carlyle Commodity Management that were included in Revenues in the Partnership’s segment reporting. (b) The Expenses adjustment represents the elimination of intercompany expenses of the Consolidated Funds payable to the Partnership, the inclusion of certain tax expenses associated with performance fee compensation, adjustments related to expenses associated with the investment in NGP Management that are included in operating captions, adjustments to reflect the Partnership’s share of Urbplan’s net losses as a component of investment income, charges and credits associated with Carlyle corporate actions and non-recurring items and adjustments to reflect the Partnership’s economic interests in Claren Road, ESG and Carlyle Commodity Management, as detailed below (Dollars in millions): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Equity-based compensation issued in conjunction with the initial public offering, acquisitions and strategic investments $ 54.5 $ 56.3 $ 202.1 $ 209.7 Acquisition related charges, including amortization of intangibles and impairment 209.6 24.5 247.9 166.6 Other non-operating (income) expense (9.9 ) (39.6 ) (11.7 ) (14.0 ) Tax benefit (expense) associated with performance fee compensation (5.1 ) 15.0 (19.4 ) (23.5 ) Non-Carlyle economic interests in acquired business 26.2 11.9 134.6 156.5 Other adjustments 0.1 1.6 3.1 2.5 Elimination of expenses of Consolidated Funds (57.5 ) (44.3 ) (167.8 ) (182.4 ) $ 217.9 $ 25.4 $ 388.8 $ 315.4 (c) The Other Income (Loss) adjustment results from the Consolidated Funds which were eliminated in consolidation to arrive at the Partnership’s total Other Income (Loss). (d) The following table is a reconciliation of Income Before Provision for Income Taxes to Economic Net Income, to Fee Related Earnings, and to Distributable Earnings (Dollars in millions): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Income (loss) before provision for income taxes $ (529.1 ) $ 175.4 $ 560.3 $ 1,189.0 Adjustments: Equity-based compensation issued in conjunction with the initial public offering, acquisitions and strategic investments 54.5 56.3 202.1 209.7 Acquisition related charges, including amortization of intangibles and impairment 209.6 24.5 247.9 166.6 Other non-operating (income) expense (9.9 ) (39.6 ) (11.7 ) (14.0 ) Tax benefit (expense) associated with performance fee compensation (5.1 ) 15.0 (19.4 ) (23.5 ) Net (income) loss attributable to non-controlling interests in consolidated entities 152.4 (53.2 ) (657.5 ) (747.4 ) Other adjustments (0.8 ) 2.4 2.2 1.5 Economic Net Income (Loss) $ (128.4 ) $ 180.8 $ 323.9 $ 781.9 Net performance fees (1) (148.6 ) 139.2 282.4 669.0 Investment income (loss) (1) (6.3 ) 3.5 (23.3 ) (9.1 ) Equity-based compensation 30.8 23.8 91.0 57.3 Fee Related Earnings $ 57.3 $ 61.9 $ 155.8 $ 179.3 Realized performance fees, net of related compensation 177.2 97.8 688.3 469.2 Realized investment income (loss) (1) 9.2 (2.7 ) (66.7 ) 14.1 Distributable Earnings $ 243.7 $ 157.0 $ 777.4 $ 662.6 (1) See reconciliation to most directly comparable U.S. GAAP measure below: Three Months Ended September 30, 2015 Carlyle Adjustments (2) Total (Dollars in millions) Performance fees Realized $ 329.2 $ 3.9 $ 333.1 Unrealized (575.8 ) 21.6 (554.2 ) Total performance fees (246.6 ) 25.5 (221.1 ) Performance fee related compensation expense Realized 155.2 0.7 155.9 Unrealized (228.1 ) (0.3 ) (228.4 ) Total performance fee related compensation expense (72.9 ) 0.4 (72.5 ) Net performance fees Realized 174.0 3.2 177.2 Unrealized (347.7 ) 21.9 (325.8 ) Total net performance fees $ (173.7 ) $ 25.1 $ (148.6 ) Investment income (loss) Realized $ 12.5 $ (3.3 ) $ 9.2 Unrealized (22.0 ) 6.5 (15.5 ) Investment income (loss) $ (9.5 ) $ 3.2 $ (6.3 ) Three Months Ended September 30, 2014 Carlyle Adjustments (2) Total (Dollars in millions) Performance fees Realized $ 176.9 $ (1.6 ) $ 175.3 Unrealized 10.5 38.1 48.6 Total performance fees 187.4 36.5 223.9 Performance fee related compensation expense Realized 78.4 (0.9 ) 77.5 Unrealized (14.3 ) 21.5 7.2 Total performance fee related compensation expense 64.1 20.6 84.7 Net performance fees Realized 98.5 (0.7 ) 97.8 Unrealized 24.8 16.6 41.4 Total net performance fees $ 123.3 $ 15.9 $ 139.2 Investment income (loss) Realized $ (0.5 ) $ (2.2 ) $ (2.7 ) Unrealized 4.3 1.9 6.2 Total investment income (loss) $ 3.8 $ (0.3 ) $ 3.5 Nine Months Ended September 30, 2015 Carlyle Adjustments (2) Total (Dollars in millions) Performance fees Realized $ 1,251.0 $ 0.8 $ 1,251.8 Unrealized (629.7 ) 90.4 (539.3 ) Total performance fees 621.3 91.2 712.5 Performance fee related compensation expense Realized 561.7 1.8 563.5 Unrealized (146.2 ) 12.8 (133.4 ) Total performance fee related compensation expense 415.5 14.6 430.1 Net performance fees Realized 689.3 (1.0 ) 688.3 Unrealized (483.5 ) 77.6 (405.9 ) Total net performance fees $ 205.8 $ 76.6 $ 282.4 Investment income (loss) Realized $ 24.2 $ (90.9 ) $ (66.7 ) Unrealized (17.7 ) 61.1 43.4 Investment income (loss) $ 6.5 $ (29.8 ) $ (23.3 ) Nine Months Ended September 30, 2014 Carlyle Adjustments (2) Total (Dollars in millions) Performance fees Realized $ 843.9 $ (8.4 ) $ 835.5 Unrealized 506.4 36.2 542.6 Total performance fees 1,350.3 27.8 1,378.1 Performance fee related compensation expense Realized 368.3 (2.0 ) 366.3 Unrealized 316.3 26.5 342.8 Total performance fee related compensation expense 684.6 24.5 709.1 Net performance fees Realized 475.6 (6.4 ) 469.2 Unrealized 190.1 9.7 199.8 Total net performance fees $ 665.7 $ 3.3 $ 669.0 Investment income (loss) Realized $ 29.4 $ (15.3 ) $ 14.1 Unrealized 4.2 (27.4 ) (23.2 ) Total investment income (loss) $ 33.6 $ (42.7 ) $ (9.1 ) (2) Adjustments to performance fees and investment income (loss) relate to (i) amounts earned from the Consolidated Funds, which were eliminated in the U.S. GAAP consolidation but were included in the segment results, (ii) amounts attributable to non-controlling interests in consolidated entities, which were excluded from the segment results and (iii) the reclassification of NGP X performance fees, which are included in investment income in U.S. GAAP financial statements. Adjustments to investment income (loss) also include the reclassification of earnings for the investments in NGP Management and its affiliates to the appropriate operating captions for the segment results, the exclusion of charges associated with the investment in NGP Management and its affiliates that are excluded from the segment results, and adjustments to reflect the Partnership’s share of Urbplan’s net losses as investment losses for the segment results. Adjustments to performance fee related compensation expense relate to certain tax expenses associated with performance fee compensation. Adjustments are also included in these financial statement captions to reflect the Partnership’s 55% economic interest in each of Claren Road, ESG, and, for periods prior to July 1, 2015, Carlyle Commodity Management. Effective for periods beginning on and after July 1, 2015, adjustments are included to reflect the Partnership's approximate 83% economic interest in Carlyle Commodity Management. (e) The Total assets adjustment represents the addition of the assets of the Consolidated Funds that were eliminated in consolidation to arrive at the Partnership’s total assets.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In October 2015, the Board of Directors of the general partner of the Partnership declared a quarterly distribution of $0.56 per common unit to common unitholders of record at the close of business on November 16, 2015 , payable on November 24, 2015 .

Supplemental Financial Informat

Supplemental Financial Information	9 Months Ended
	Sep. 30, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Supplemental Financial Information	Supplemental Financial Information The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Partnership’s financial position as of September 30, 2015 and December 31, 2014 and results of operations for the three and nine months ended September 30, 2015 and 2014 . The supplemental statement of cash flows is presented without effects of the Consolidated Funds. As of September 30, 2015 Consolidated Consolidated Eliminations Consolidated (Dollars in millions) Assets Cash and cash equivalents $ 1,307.5 $ — $ — $ 1,307.5 Cash and cash equivalents held at Consolidated Funds — 1,131.2 — 1,131.2 Restricted cash 277.4 — — 277.4 Restricted cash and securities of Consolidated Funds — 18.4 — 18.4 Accrued performance fees 3,039.1 — (23.3 ) 3,015.8 Investments 1,091.9 — (194.7 ) 897.2 Investments of Consolidated Funds — 23,989.0 1.1 23,990.1 Due from affiliates and other receivables, net 222.8 — (17.7 ) 205.1 Due from affiliates and other receivables of Consolidated Funds, net — 1,164.7 — 1,164.7 Receivables and inventory of a consolidated real estate VIE 172.8 — — 172.8 Fixed assets, net 105.5 — — 105.5 Deposits and other 56.3 1.2 — 57.5 Other assets of a consolidated real estate VIE 68.8 — — 68.8 Intangible assets, net 171.6 — — 171.6 Deferred tax assets 213.1 — — 213.1 Total assets $ 6,726.8 $ 26,304.5 $ (234.6 ) $ 32,796.7 Liabilities and partners’ capital Loans payable $ 39.1 $ — $ — $ 39.1 3.875% senior notes due 2023 499.9 — — 499.9 5.625% senior notes due 2043 606.6 — — 606.6 Loans payable of Consolidated Funds — 16,849.7 (184.6 ) 16,665.1 Loans payable of a consolidated real estate VIE at fair value (principal amount of $167.8 million) 109.1 — — 109.1 Accounts payable, accrued expenses and other liabilities 404.1 — — 404.1 Accrued compensation and benefits 2,045.4 — — 2,045.4 Due to affiliates 469.3 2.4 (1.6 ) 470.1 Deferred revenue 203.8 — (0.2 ) 203.6 Deferred tax liabilities 119.8 — — 119.8 Other liabilities of Consolidated Funds — 1,953.2 (43.1 ) 1,910.1 Other liabilities of a consolidated real estate VIE 95.4 — — 95.4 Accrued giveback obligations 264.0 — — 264.0 Total liabilities 4,856.5 18,805.3 (229.5 ) 23,432.3 Redeemable non-controlling interests in consolidated entities 8.1 2,658.8 — 2,666.9 Partners’ capital 510.0 (9.4 ) 9.4 510.0 Accumulated other comprehensive income (loss) (73.6 ) 7.1 (7.2 ) (73.7 ) Partners’ capital appropriated for Consolidated Funds — 165.3 (7.3 ) 158.0 Non-controlling interests in consolidated entities 217.3 4,677.4 — 4,894.7 Non-controlling interests in Carlyle Holdings 1,208.5 — — 1,208.5 Total partners’ capital 1,862.2 4,840.4 (5.1 ) 6,697.5 Total liabilities and partners’ capital $ 6,726.8 $ 26,304.5 $ (234.6 ) $ 32,796.7 As of December 31, 2014 Consolidated Consolidated Eliminations Consolidated (Dollars in millions) Assets Cash and cash equivalents $ 1,242.0 $ — $ — $ 1,242.0 Cash and cash equivalents held at Consolidated Funds — 1,551.1 — 1,551.1 Restricted cash 59.7 — — 59.7 Restricted cash and securities of Consolidated Funds — 14.9 — 14.9 Accrued performance fees 3,808.9 — (13.3 ) 3,795.6 Investments 1,114.9 — (183.3 ) 931.6 Investments of Consolidated Funds — 26,028.7 0.1 26,028.8 Due from affiliates and other receivables, net 215.8 — (16.4 ) 199.4 Due from affiliates and other receivables of Consolidated Funds, net — 1,213.2 — 1,213.2 Receivables and inventory of a consolidated real estate VIE 163.9 — — 163.9 Fixed assets, net 75.4 — — 75.4 Deposits and other 57.3 1.9 — 59.2 Other assets of a consolidated real estate VIE 86.4 — — 86.4 Intangible assets, net 442.1 — — 442.1 Deferred tax assets 131.0 — — 131.0 Total assets $ 7,397.4 $ 28,809.8 $ (212.9 ) $ 35,994.3 Liabilities and partners’ capital Loans payable $ 40.2 $ — $ — $ 40.2 3.875% senior notes due 2023 499.9 — — 499.9 5.625% senior notes due 2043 606.8 — — 606.8 Loans payable of Consolidated Funds — 16,219.8 (167.6 ) 16,052.2 Loans payable of a consolidated real estate VIE at fair value (principal amount of $243.6 million) 146.2 — — 146.2 Accounts payable, accrued expenses and other liabilities 446.8 — (50.6 ) 396.2 Accrued compensation and benefits 2,312.5 — — 2,312.5 Due to affiliates 183.6 1.0 (0.4 ) 184.2 Deferred revenue 93.9 — (0.2 ) 93.7 Deferred tax liabilities 112.2 — — 112.2 Other liabilities of Consolidated Funds — 2,548.0 (43.1 ) 2,504.9 Other liabilities of a consolidated real estate VIE 84.9 — — 84.9 Accrued giveback obligations 113.4 — (9.0 ) 104.4 Total liabilities 4,640.4 18,768.8 (270.9 ) 23,138.3 Redeemable non-controlling interests in consolidated entities 8.4 3,753.1 — 3,761.5 Partners’ capital 566.0 (71.5 ) 71.5 566.0 Accumulated other comprehensive income (loss) (40.3 ) 6.3 (5.0 ) (39.0 ) Partners’ capital appropriated for Consolidated Funds — 193.0 (8.5 ) 184.5 Non-controlling interests in consolidated entities 286.3 6,160.1 — 6,446.4 Non-controlling interests in Carlyle Holdings 1,936.6 — — 1,936.6 Total partners’ capital 2,748.6 6,287.9 58.0 9,094.5 Total liabilities and partners’ capital $ 7,397.4 $ 28,809.8 $ (212.9 ) $ 35,994.3 Three Months Ended September 30, 2015 Consolidated Consolidated Eliminations Consolidated (Dollars in millions) Revenues Fund management fees $ 316.7 $ — $ (38.4 ) $ 278.3 Performance fees Realized 334.4 — (5.2 ) 329.2 Unrealized (569.9 ) — (5.9 ) (575.8 ) Total performance fees (235.5 ) — (11.1 ) (246.6 ) Investment income (loss) Realized 15.6 — (3.1 ) 12.5 Unrealized (24.6 ) — 2.6 (22.0 ) Investment income (loss) (9.0 ) — (0.5 ) (9.5 ) Interest and other income 5.5 — (0.5 ) 5.0 Interest and other income of Consolidated Funds — 259.4 — 259.4 Revenue of a consolidated real estate VIE 10.9 — — 10.9 Total revenues 88.6 259.4 (50.5 ) 297.5 Expenses Compensation and benefits Base compensation 163.5 — — 163.5 Equity-based compensation 86.8 — — 86.8 Performance fee related Realized 155.2 — — 155.2 Unrealized (228.1 ) — — (228.1 ) Total compensation and benefits 177.4 — — 177.4 General, administrative and other expenses 288.5 — 1.1 289.6 Interest 14.5 — — 14.5 Interest and other expenses of Consolidated Funds — 355.5 (58.6 ) 296.9 Interest and other expenses of a consolidated real estate VIE 26.8 — — 26.8 Other non-operating income (9.9 ) — — (9.9 ) Total expenses 497.3 355.5 (57.5 ) 795.3 Other income Net investment losses of Consolidated Funds — (20.6 ) (10.7 ) (31.3 ) Loss before provision for income taxes (408.7 ) (116.7 ) (3.7 ) (529.1 ) Benefit for income taxes (4.1 ) — — (4.1 ) Net loss (404.6 ) (116.7 ) (3.7 ) (525.0 ) Net loss attributable to non-controlling interests in consolidated entities (32.0 ) — (120.4 ) (152.4 ) Net loss attributable to Carlyle Holdings (372.6 ) (116.7 ) 116.7 (372.6 ) Net loss attributable to non-controlling interests in Carlyle Holdings (288.7 ) — — (288.7 ) Net loss attributable to The Carlyle Group L.P. $ (83.9 ) $ (116.7 ) $ 116.7 $ (83.9 ) Nine Months Ended September 30, 2015 Consolidated Consolidated Eliminations Consolidated (Dollars in millions) Revenues Fund management fees $ 948.0 $ — $ (117.9 ) $ 830.1 Performance fees Realized 1,264.1 — (13.1 ) 1,251.0 Unrealized (613.1 ) — (16.6 ) (629.7 ) Total performance fees 651.0 — (29.7 ) 621.3 Investment income (loss) Realized (49.3 ) — 73.5 24.2 Unrealized 25.9 — (43.6 ) (17.7 ) Investment income (loss) (23.4 ) — 29.9 6.5 Interest and other income 17.8 — (1.9 ) 15.9 Interest and other income of Consolidated Funds — 742.7 — 742.7 Revenue of a consolidated real estate VIE 73.9 — — 73.9 Total revenues 1,667.3 742.7 (119.6 ) 2,290.4 Expenses Compensation and benefits Base compensation 472.2 — — 472.2 Equity-based compensation 291.0 — — 291.0 Performance fee related Realized 561.7 — — 561.7 Unrealized (146.2 ) — — (146.2 ) Total compensation and benefits 1,178.7 — — 1,178.7 General, administrative and other expenses 539.2 — — 539.2 Interest 43.6 — — 43.6 Interest and other expenses of Consolidated Funds — 959.5 (167.8 ) 791.7 Interest and other expenses of a consolidated real estate VIE 124.4 — — 124.4 Other non-operating income (11.7 ) — — (11.7 ) Total expenses 1,874.2 959.5 (167.8 ) 2,665.9 Other income Net investment gains (losses) of Consolidated Funds — 950.3 (14.5 ) 935.8 Income (loss) before provision for income taxes (206.9 ) 733.5 33.7 560.3 Provision for income taxes 12.4 — — 12.4 Net income (loss) (219.3 ) 733.5 33.7 547.9 Net income (loss) attributable to non-controlling interests in consolidated entities (109.7 ) — 767.2 657.5 Net income (loss) attributable to Carlyle Holdings (109.6 ) 733.5 (733.5 ) (109.6 ) Net income (loss) attributable to non-controlling interests in Carlyle Holdings (95.8 ) — — (95.8 ) Net income (loss) attributable to The Carlyle Group L.P. $ (13.8 ) $ 733.5 $ (733.5 ) $ (13.8 ) Three Months Ended September 30, 2014 Consolidated Consolidated Eliminations Consolidated (Dollars in millions) Revenues Fund management fees $ 354.6 $ — $ (47.2 ) $ 307.4 Performance fees Realized 179.1 — (2.2 ) 176.9 Unrealized (4.3 ) — 14.8 10.5 Total performance fees 174.8 — 12.6 187.4 Investment income (loss) Realized 1.6 — (2.1 ) (0.5 ) Unrealized 5.0 — (0.7 ) 4.3 Total investment income (loss) 6.6 — (2.8 ) 3.8 Interest and other income 9.6 — (0.5 ) 9.1 Interest and other income of Consolidated Funds — 234.1 — 234.1 Revenue of a consolidated real estate VIE 13.2 — — 13.2 Total revenues 558.8 234.1 (37.9 ) 755.0 Expenses Compensation and benefits Base compensation 190.7 — — 190.7 Equity-based compensation 79.7 — — 79.7 Performance fee related Realized 78.4 — — 78.4 Unrealized (14.3 ) — — (14.3 ) Total compensation and benefits 334.5 — — 334.5 General, administrative and other expenses 117.9 — (0.5 ) 117.4 Interest 14.4 — — 14.4 Interest and other expenses of Consolidated Funds — 283.9 (43.8 ) 240.1 Interest and other expenses of a consolidated real estate VIE 38.3 — — 38.3 Other non-operating income (39.6 ) — — (39.6 ) Total expenses 465.5 283.9 (44.3 ) 705.1 Other income Net investment gains (losses) of Consolidated Funds — 127.4 (1.9 ) 125.5 Income before provision for income taxes 93.3 77.6 4.5 175.4 Benefit for income taxes (5.9 ) — — (5.9 ) Net income 99.2 77.6 4.5 181.3 Net income (loss) attributable to non-controlling interests in consolidated entities (28.9 ) — 82.1 53.2 Net income (loss) attributable to Carlyle Holdings 128.1 77.6 (77.6 ) 128.1 Net income attributable to non-controlling interests in Carlyle Holdings 102.7 — — 102.7 Net income attributable to The Carlyle Group L.P. $ 25.4 $ 77.6 $ (77.6 ) $ 25.4 Nine Months Ended September 30, 2014 Consolidated Consolidated Eliminations Consolidated (Dollars in millions) Revenues Fund management fees $ 1,023.3 $ — $ (138.3 ) $ 885.0 Performance fees Realized 859.3 — (15.4 ) 843.9 Unrealized 515.9 — (9.5 ) 506.4 Total performance fees 1,375.2 — (24.9 ) 1,350.3 Investment income (loss) Realized 34.8 — (5.4 ) 29.4 Unrealized (1.2 ) — 5.4 4.2 Total investment income (loss) 33.6 — — 33.6 Interest and other income 18.7 — (2.1 ) 16.6 Interest and other income of Consolidated Funds — 728.5 — 728.5 Revenue of a consolidated real estate VIE 27.2 — — 27.2 Total revenues 2,478.0 728.5 (165.3 ) 3,041.2 Expenses Compensation and benefits Base compensation 615.8 — — 615.8 Equity-based compensation 262.9 — — 262.9 Performance fee related Realized 368.3 — — 368.3 Unrealized 316.3 — — 316.3 Total compensation and benefits 1,563.3 — — 1,563.3 General, administrative and other expenses 369.2 — 1.2 370.4 Interest 41.1 — — 41.1 Interest and other expenses of Consolidated Funds — 940.0 (183.6 ) 756.4 Interest and other expenses of a consolidated real estate VIE 129.5 — — 129.5 Other non-operating income (14.0 ) — — (14.0 ) Total expenses 2,089.1 940.0 (182.4 ) 2,846.7 Other income (loss) Net investment gains of Consolidated Funds — 996.9 (2.4 ) 994.5 Income before provision for income taxes 388.9 785.4 14.7 1,189.0 Provision for income taxes 63.9 — — 63.9 Net income 325.0 785.4 14.7 1,125.1 Net income (loss) attributable to non-controlling interests in consolidated entities (52.7 ) — 800.1 747.4 Net income (loss) attributable to Carlyle Holdings 377.7 785.4 (785.4 ) 377.7 Net income attributable to non-controlling interests in Carlyle Holdings 308.2 — — 308.2 Net income (loss) attributable to The Carlyle Group L.P. $ 69.5 $ 785.4 $ (785.4 ) $ 69.5 Nine Months Ended September 30, 2015 2014 (Dollars in millions) Cash flows from operating activities Net income (loss) $ (219.3 ) $ 325.0 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation and amortization 281.7 125.4 Equity-based compensation 291.0 262.9 Excess tax benefits related to equity-based compensation (1.4 ) (2.5 ) Non-cash performance fees 584.4 (536.5 ) Other non-cash amounts 41.8 20.8 Investment loss 32.6 3.1 Purchases of investments and trading securities (99.2 ) (271.2 ) Proceeds from the sale of investments and trading securities 382.6 521.9 Payments of contingent consideration (17.8 ) (57.9 ) Change in deferred taxes, net (12.0 ) 11.6 Change in due from affiliates and other receivables (3.4 ) (3.0 ) Change in receivables and inventory of a consolidated real estate VIE (49.5 ) 3.0 Change in deposits and other (9.3 ) (11.4 ) Change in other assets of a consolidated real estate VIE (10.5 ) (0.9 ) Change in accounts payable, accrued expenses and other liabilities (82.9 ) (35.6 ) Change in accrued compensation and benefits (212.8 ) 189.1 Change in due to affiliates 253.5 (71.1 ) Change in other liabilities of a consolidated real estate VIE 43.9 (13.2 ) Change in deferred revenue 111.4 203.1 Net cash provided by operating activities 1,304.8 662.6 Cash flows from investing activities Change in restricted cash (217.9 ) 65.3 Purchases of fixed assets, net (49.8 ) (15.1 ) Acquisitions, net of cash acquired — (3.1 ) Net cash provided by (used in) investing activities (267.7 ) 47.1 Cash flows from financing activities Issuance of 5.625% senior notes due 2043, net of financing costs — 210.8 Net payments on loans payable of a consolidated real estate VIE (53.1 ) (15.9 ) Payments of contingent consideration (8.0 ) (38.1 ) Excess tax benefits related to equity-based compensation 1.4 2.5 Distributions to common unitholders (206.0 ) (91.9 ) Distributions to non-controlling interest holders in Carlyle Holdings (702.4 ) (446.8 ) Contributions from non-controlling interest holders 104.5 117.3 Distributions to non-controlling interest holders (92.1 ) (102.2 ) Net proceeds from issuance of common units, net of offering costs 209.9 449.5 Acquisition of non-controlling interests in Carlyle Holdings (209.9 ) (303.4 ) Change in due to/from affiliates financing activities 4.4 (47.9 ) Net cash used in financing activities (951.3 ) (266.1 ) Effect of foreign exchange rate changes (20.3 ) (16.0 ) Increase in cash and cash equivalents 65.5 427.6 Cash and cash equivalents, beginning of period 1,242.0 966.6 Cash and cash equivalents, end of period $ 1,307.5 $ 1,394.2

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The Partnership consolidates all entities that it controls through a majority voting interest or otherwise. In addition, the accompanying condensed consolidated financial statements consolidate: (1) Carlyle-affiliated funds and co-investment entities for which the Partnership is the sole general partner and the presumption of control by the general partner has not been overcome and (2) variable interest entities (“VIEs”), including certain CLOs and a real estate development company, for which the Partnership is deemed to be the primary beneficiary; consolidation of these entities is a requirement under U.S. GAAP. All significant inter-entity transactions and balances have been eliminated. For entities that are determined to be VIEs, the Partnership consolidates those entities where it is deemed to be the primary beneficiary. An entity is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s business and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation rules require an analysis to (a) determine whether an entity in which the Partnership holds a variable interest is a VIE and (b) whether the Partnership’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (e.g., management and performance related fees), would give it a controlling financial interest. In evaluating whether the Partnership is the primary beneficiary, the Partnership evaluates its economic interests in the entity held either directly or indirectly by the Partnership. The consolidation analysis is generally performed qualitatively. This consolidation analysis, which requires judgment, is performed at each reporting date. Accounting Standards Update (“ASU”) No. 2010-10, Amendments for Certain Investment Funds , defers the application of the revised consolidation rules for a reporting enterprise’s interest in an entity if certain conditions are met, including if the entity has the attributes of an investment company and is not a securitization or asset-backed financing entity. An entity that qualifies for the deferral will continue to be assessed for consolidation under the overall guidance on VIEs, before its amendment, and other applicable consolidation guidance. As of September 30, 2015 , assets and liabilities of consolidated VIEs reflected in the condensed consolidated balance sheets were $23.1 billion and $18.0 billion , respectively. Except to the extent of the assets of the VIEs which are consolidated, the holders of the consolidated VIEs’ liabilities generally do not have recourse to the Partnership. The assets and liabilities of the consolidated VIEs that are Consolidated Funds are comprised primarily of investments and loans payable, respectively. The loans payable issued by the CLOs are backed by diversified collateral asset portfolios consisting primarily of loans or structured debt. In exchange for managing the collateral for the CLOs, the Partnership earns investment management fees, including in some cases subordinated management fees and contingent incentive fees. In cases where the Partnership consolidates the CLOs, those management fees have been eliminated as intercompany transactions. As of September 30, 2015 , the Partnership held $186.4 million of investments in these CLOs which represents its maximum risk of loss. The Partnership’s investments in these CLOs are generally subordinated to other interests in the entities and entitle the Partnership to receive a pro rata portion of the residual cash flows, if any, from the entities. Investors in the CLOs have no recourse against the Partnership for any losses sustained in the CLO structure. For all Carlyle-affiliated funds and co-investment entities (collectively “the funds”) that are not determined to be VIEs, the Partnership consolidates those funds where, as the sole general partner, it has not overcome the presumption of control pursuant to U.S. GAAP. Most Carlyle funds provide a dissolution right upon a simple majority vote of the non-Carlyle affiliated limited partners such that the presumption of control by Carlyle is overcome. Accordingly, these funds are not consolidated in the Partnership’s condensed consolidated financial statements.
Investments in Unconsolidated Variable Interest Entities	Investments in Unconsolidated Variable Interest Entities The Partnership holds variable interests in certain VIEs that are not consolidated because the Partnership is not the primary beneficiary, including its strategic investment in NGP Management Company, L.L.C. (“NGP Management” and, together with its affiliates, “NGP”). Refer to Note 6 for information on this investment. The Partnership’s involvement with such entities is in the form of direct equity interests and fee arrangements. The maximum exposure to loss represents the loss of assets recognized by the Partnership relating to these unconsolidated entities.
Basis of Accounting	Basis of Accounting The accompanying financial statements are prepared in accordance with U.S. GAAP. Management has determined that the Partnership’s Funds are investment companies under U.S. GAAP for the purposes of financial reporting. U.S. GAAP for an investment company requires investments to be recorded at estimated fair value and the unrealized gains and/or losses in an investment’s fair value are recognized on a current basis in the statements of operations. Additionally, the Funds do not consolidate their majority-owned and controlled investments (the “Portfolio Companies”). In the preparation of these condensed consolidated financial statements, the Partnership has retained the specialized accounting for the Funds. All of the investments held and notes issued by the Consolidated Funds are presented at their estimated fair values in the Partnership’s condensed consolidated balance sheets. Interest and other income of the Consolidated Funds as well as interest expense and other expenses of the Consolidated Funds are included in the Partnership’s condensed consolidated statements of operations. The excess of the CLO assets over the CLO liabilities upon consolidation is reflected in the Partnership’s condensed consolidated balance sheets as partners’ capital appropriated for Consolidated Funds. Net income attributable to the investors in the CLOs is included in net income (loss) attributable to non-controlling interests in consolidated entities in the condensed consolidated statements of operations and partners’ capital appropriated for Consolidated Funds in the condensed consolidated balance sheets.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. It also requires management to exercise judgment in the process of applying the Partnership’s accounting policies. Assumptions and estimates regarding the valuation of investments and their resulting impact on performance fees involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements and the resulting impact on performance fees. Actual results could differ from these estimates and such differences could be material.
Business Combinations	Business Combinations The Partnership accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. Contingent consideration obligations that are elements of consideration transferred are recognized as of the acquisition date as part of the fair value transferred in exchange for the acquired business. Acquisition-related costs incurred in connection with a business combination are expensed.
Revenue Recognition	Revenue Recognition Fund Management Fees The Partnership provides management services to funds in which it holds a general partner interest or has a management agreement. For corporate private equity, certain global market strategies funds and real assets funds, management fees are calculated based on (a) limited partners’ capital commitments to the funds, (b) limited partners’ remaining capital invested in the funds at cost or at the lower of cost or aggregate remaining fair value, (c) gross assets, excluding cash and cash equivalents or (d) the net asset value (“NAV”) of certain of the funds, less offsets for the non-affiliated limited partners’ share of transaction advisory and portfolio fees earned, as defined in the respective partnership agreements. Management fees for corporate private equity, closed-end carry funds in the global market strategies segment and real assets funds generally range from 1% to 2% of commitments during the investment period of the relevant fund. Following the expiration or termination of the investment period of such funds, the management fees generally step-down to between 0.6% and 2.0% generally on the lower of cost or fair value of capital invested; however, certain of our managed accounts base management fees at all times on contributions for unrealized investments or the current value of the investment. The Partnership will receive management fees for corporate private equity and real assets funds during a specified period of time, which is generally ten years from the initial closing date, or, in some instances, from the final closing date, but such termination date may be earlier in certain limited circumstances or later if extended for successive one -year periods, typically up to a maximum of two years . Depending upon the contracted terms of investment advisory or investment management and related agreements, these fees are generally called semi-annually in advance and are recognized as earned over the subsequent six month period. For certain global market strategies funds, management fees are calculated based on assets under management of the funds with generally lower fee rates. Hedge funds typically pay management fees quarterly that generally range from 1.5% to 2.0% of NAV per year. Management fees for the business development companies are due quarterly in arrears at annual rates that range from 0.25% to 1.0% of gross assets, excluding cash and cash equivalents. Management fees for the CLOs and other structured products typically range from 0.15% to 1.0% on the total par amount of assets or the aggregate principal amount of the notes in the CLO and are due quarterly or semi-annually based on the terms and recognized over the respective period. Management fees for the CLOs/structured products and credit opportunities are governed by indentures and collateral management agreements. The Partnership will receive management fees for the CLOs until redemption of the securities issued by the CLOs, which is generally five to ten years after issuance. Open-ended funds typically do not have stated termination dates. Management fees for our private equity and real estate fund of funds vehicles generally range from 0.3% to 1.0% on the vehicle’s capital commitments during the commitment fee period of the relevant fund or the weighted-average investment period of the underlying funds. Following the expiration of the commitment fee period or weighted-average investment period of such funds, the management fees generally range from 0.3% to 1.0% on the lower of cost or fair value of the capital invested, the net asset value for unrealized investments, or the contributions for unrealized investments. The management fees for our fund of hedge fund vehicles generally range from 0.2% to 1.5% of net asset value. Management fees for our Investment Solutions segment are generally due quarterly and recognized over the related quarter. The Partnership also provides transaction advisory and portfolio advisory services to the Portfolio Companies, and where covered by separate contractual agreements, recognizes fees for these services when the service has been provided and collection is reasonably assured. Fund management fees includes transaction and portfolio advisory fees of $4.0 million and $21.9 million for the three months ended September 30, 2015 and 2014 , respectively, and $16.4 million and $62.1 million for the nine months ended September 30, 2015 and 2014 , respectively, net of any offsets as defined in the respective partnership agreements. Fund management fees exclude the reimbursement of any partnership expenses paid by the Partnership on behalf of the Carlyle funds pursuant to the limited partnership agreements, including amounts related to the pursuit of actual, proposed, or unconsummated investments, professional fees, expenses associated with the acquisition, holding and disposition of investments, and other fund administrative expenses. Performance Fees Performance fees consist principally of the allocation of profits from certain of the funds to which the Partnership is entitled (commonly known as carried interest). The Partnership is generally entitled to a 20% allocation (or 10% to 20% on external coinvestment vehicles, with some earning no carried interest, or approximately 2% to 10% in the case of most of the Partnership’s fund of funds vehicles) of the net realized income or gain as a carried interest after returning the invested capital, the allocation of preferred returns of generally 8% to 9% and return of certain fund costs (generally subject to catch-up provisions as set forth in the fund limited partnership agreement) from its corporate private equity and real assets funds and closed-end carry funds in the global market strategies segment. Carried interest is recognized upon appreciation of the funds’ investment values above certain return hurdles set forth in each respective partnership agreement. The Partnership recognizes revenues attributable to performance fees based upon the amount that would be due pursuant to the fund partnership agreement at each period end as if the funds were terminated at that date. Accordingly, the amount recognized as performance fees reflects the Partnership’s share of the gains and losses of the associated funds’ underlying investments measured at their then-current fair values relative to the fair values as of the end of the prior period. Because of the inherent uncertainty, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is reasonably possible that the difference could be material. Carried interest is ultimately realized when: (i) an underlying investment is profitably disposed of, (ii) certain costs borne by the limited partner investors have been reimbursed, (iii) the fund’s cumulative returns are in excess of the preferred return and (iv) the Partnership has decided to collect carry rather than return additional capital to limited partner investors. Realized carried interest may be required to be returned by the Partnership in future periods if the funds’ investment values decline below certain levels. When the fair value of a fund’s investments remains constant or falls below certain return hurdles, previously recognized performance fees are reversed. In all cases, each fund is considered separately in this regard, and for a given fund, performance fees can never be negative over the life of a fund. If upon a hypothetical liquidation of a fund’s investments at their then-current fair values, previously recognized and distributed carried interest would be required to be returned, a liability is established for the potential giveback obligation. As of September 30, 2015 and December 31, 2014 , the Partnership has recognized $264.0 million and $104.4 million , respectively, for giveback obligations. In addition to its performance fees from its corporate private equity and real assets funds and closed-end carry funds in the global market strategies segment, the Partnership is also entitled to receive performance fees from certain of its global market strategies funds and fund of funds vehicles when the return on assets under management exceeds certain benchmark returns or other performance targets. In such arrangements, performance fees are recognized when the performance benchmark has been achieved, and are included in performance fees in the accompanying condensed consolidated statements of operations. Investment Income (Loss) Investment income (loss) represents the unrealized and realized gains and losses resulting from the Partnership’s equity method investments and other principal investments. Equity method investment income (loss) includes the related amortization of the basis difference between the Partnership’s carrying value of its investment and the Partnership’s share of underlying net assets of the investee, as well as the compensation expense associated with compensatory arrangements provided by the Partnership to employees of its equity method investee. Investment income (loss) is realized when the Partnership redeems all or a portion of its investment or when the Partnership receives or is due cash income, such as dividends or distributions. Unrealized investment income (loss) results from changes in the fair value of the underlying investment as well as the reversal of unrealized gain (loss) at the time an investment is realized. Interest Income Interest income is recognized when earned. Interest income earned by the Partnership is included in interest and other income in the accompanying condensed consolidated statements of operations. Interest income of the Consolidated Funds was $219.0 million and $217.0 million for the three months ended September 30, 2015 and 2014 , respectively, and $654.7 million and $653.0 million for the nine months ended September 30, 2015 and 2014 , respectively, and is included in interest and other income of Consolidated Funds in the accompanying condensed consolidated statements of operations.
Compensation and Benefits	Compensation and Benefits Base Compensation – Base compensation includes salaries, bonuses (discretionary awards and guaranteed amounts), performance payment arrangements and benefits paid and payable to Carlyle employees. Bonuses are accrued over the service period to which they relate. Equity-Based Compensation – Compensation expense relating to the issuance of equity-based awards to Carlyle employees is measured at fair value on the grant date. The compensation expense for awards that vest over a future service period is recognized over the relevant service period on a straight-line basis, adjusted for estimated forfeitures of awards that are not expected to vest. The compensation expense for awards that do not require future service is recognized immediately. Upon the end of the service period, compensation expense is adjusted to account for the actual forfeiture rate. Cash settled equity-based awards are classified as liabilities and are re-measured at the end of each reporting period. The compensation expense for awards that contain performance conditions is recognized when it is probable that the performance conditions will be achieved; in certain instances, such compensation expense may be recognized prior to the grant date of the award. Equity-based awards issued to non-employees are recognized as general, administrative and other expenses. The grant-date fair value of equity-based awards granted to Carlyle’s non-employee directors is expensed on a straight-line basis over the vesting period. The cost of services received in exchange for an equity-based award issued to non-employees who are not directors is measured at each vesting date, and is not measured based on the grant-date fair value of the award unless the award is vested at the grant date. Equity-based awards that require the satisfaction of future service criteria are recognized over the relevant service period, adjusted for estimated forfeitures of awards that are not expected to vest, based on the fair value of the award on each reporting date and adjusted for the actual fair value of the award at each vesting date. Accordingly, the measured value of the award will not be finalized until the vesting date. Performance Fee Related Compensation – A portion of the performance fees earned is due to employees and advisors of the Partnership. These amounts are accounted for as compensation expense in conjunction with the recognition of the related performance fee revenue and, until paid, are recognized as a component of the accrued compensation and benefits liability. Accordingly, upon any reversal of performance fee revenue, the related compensation expense is also reversed.
Income Taxes	Income Taxes Certain of the wholly-owned subsidiaries of the Partnership and the Carlyle Holdings partnerships are subject to federal, state, local and foreign corporate income taxes at the entity level and the related tax provision attributable to the Partnership’s share of this income is reflected in the condensed consolidated financial statements. Based on applicable federal, foreign, state and local tax laws, the Partnership records a provision for income taxes for certain entities. Tax positions taken by the Partnership are subject to periodic audit by U.S. federal, state, local and foreign taxing authorities. The Partnership accounts for income taxes under the provisions of Accounting Standards Codification (“ASC”) 740, Income Taxes (“ASC 740”), using the liability method. ASC 740 requires the recognition of deferred tax liabilities and assets for the expected future consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement reporting and the tax basis of assets and liabilities using enacted tax rates in effect for the period in which the difference is expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period of the change in the provision for income taxes. Further, deferred tax assets are recognized for the expected realization of available net operating loss and tax credit carry forwards. A valuation allowance is recorded on the Partnership’s gross deferred tax assets when it is “more likely than not” that such asset will not be realized. When evaluating the realizability of the Partnership’s deferred tax assets, all evidence, both positive and negative, is evaluated. Items considered in this analysis include the ability to carry back losses, the reversal of temporary differences, tax planning strategies, and expectations of future earnings. Under U.S. GAAP for income taxes, the amount of tax benefit to be recognized is the amount of benefit that is “more likely than not” to be sustained upon examination. The Partnership analyzes its tax filing positions in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. If, based on this analysis, the Partnership determines that uncertainties in tax positions exist, a liability is established, which is included in accounts payable, accrued expenses and other liabilities in the condensed consolidated financial statements. The Partnership recognizes accrued interest and penalties related to unrecognized tax positions in the provision for income taxes. If recognized, the entire amount of unrecognized tax positions would be recorded as a reduction in the provision for income taxes.
Tax Receivable Agreement	Tax Receivable Agreement Exchanges of Carlyle Holdings partnership units for the Partnership’s common units that are executed by the limited partners of the Carlyle Holdings partnerships result in transfers of and increases in the tax basis of the tangible and intangible assets of Carlyle Holdings, primarily attributable to a portion of the goodwill inherent in the business. These transfers and increases in tax basis will increase (for tax purposes) depreciation and amortization and therefore reduce the amount of tax that certain of the Partnership’s subsidiaries, including Carlyle Holdings I GP Inc., which are referred to as the “corporate taxpayers,” would otherwise be required to pay in the future. This increase in tax basis may also decrease gain (or increase loss) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. The Partnership has entered into a tax receivable agreement with the limited partners of the Carlyle Holdings partnerships whereby the corporate taxpayers have agreed to pay to the limited partners of the Carlyle Holdings partnerships involved in any exchange transaction 85% of the amount of cash tax savings, if any, in U.S. federal, state and local income tax or foreign or franchise tax that the corporate taxpayers realize as a result of these increases in tax basis and, in limited cases, transfers or prior increases in tax basis. The corporate taxpayers expect to benefit from the remaining 15% of cash tax savings, if any, in income tax they realize. Payments under the tax receivable agreement will be based on the tax reporting positions that the Partnership will determine. The corporate taxpayers will not be reimbursed for any payments previously made under the tax receivable agreement if a tax basis increase is successfully challenged by the Internal Revenue Service. The Partnership records an increase in deferred tax assets for the estimated income tax effects of the increases in tax basis based on enacted federal and state tax rates at the date of the exchange. To the extent that the Partnership estimates that the corporate taxpayers will not realize the full benefit represented by the deferred tax asset, based on an analysis that will consider, among other things, its expectation of future earnings, the Partnership will reduce the deferred tax asset with a valuation allowance and will assess the probability that the related liability owed under the tax receivable agreement will be paid. The Partnership records 85% of the estimated realizable tax benefit (which is the recorded deferred tax asset less any recorded valuation allowance) as an increase to the liability due under the tax receivable agreement, which is included in due to affiliates in the accompanying condensed consolidated financial statements. The remaining 15% of the estimated realizable tax benefit is initially recorded as an increase to the Partnership’s partners’ capital. All of the effects to the deferred tax asset of changes in any of the Partnership’s estimates after the tax year of the exchange will be reflected in the provision for income taxes. Similarly, the effect of subsequent changes in the enacted tax rates will be reflected in the provision for income taxes.
Non-controlling Interests	Non-controlling Interests Non-controlling interests in consolidated entities represent the component of equity in consolidated entities held by third-party investors. These interests are adjusted for general partner allocations and by subscriptions and redemptions in hedge funds which occur during the reporting period. Any change in ownership of a subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between the controlling and non-controlling interests. Transaction costs incurred in connection with such changes in ownership of a subsidiary are recorded as a direct charge to partners’ capital. Non-controlling interests related to hedge funds are subject to quarterly or monthly redemption by investors in these funds following the expiration of a specified period of time, or may be withdrawn subject to a redemption fee during the period when capital may not be withdrawn. As limited partners in these types of funds have been granted redemption rights, amounts relating to third-party interests in such consolidated funds are presented as redeemable non-controlling interests in consolidated entities within the condensed consolidated balance sheets. When redeemable amounts become contractually payable to investors, they are classified as a liability and included in other liabilities of Consolidated Funds in the condensed consolidated balance sheets. Non-controlling interests in Carlyle Holdings relate to the ownership interests of the other limited partners of the Carlyle Holdings partnerships. The Partnership, through wholly-owned subsidiaries, is the sole general partner of Carlyle Holdings. Accordingly, the Partnership consolidates Carlyle Holdings into its consolidated financial statements, and the other ownership interests in Carlyle Holdings are reflected as non-controlling interests in the Partnership’s condensed consolidated financial statements. Any change to the Partnership’s ownership interest in Carlyle Holdings while it retains the controlling financial interest in Carlyle Holdings is accounted for as a transaction within partners’ capital as a reallocation of ownership interests in Carlyle Holdings.
Earnings Per Common Unit	Earnings Per Common Unit The Partnership computes earnings per common unit in accordance with ASC 260, Earnings Per Share (“ASC 260”) . Basic earnings per common unit is calculated by dividing net income (loss) attributable to the common units of the Partnership by the weighted-average number of common units outstanding for the period. Diluted earnings per common unit reflects the assumed conversion of all dilutive securities. Net income (loss) attributable to the common units excludes net income (loss) and dividends attributable to any participating securities under the two-class method of ASC 260.
Investments	Investments Investments include (i) the Partnership’s ownership interests (typically general partner interests) in the Funds, (ii) the investments held by the Consolidated Funds (all of which are presented at fair value in the Partnership’s condensed consolidated financial statements), (iii) strategic investments made by the Partnership and (iv) certain credit-oriented investments. The valuation procedures utilized for investments of the Funds vary depending on the nature of the investment. The fair value of investments in publicly-traded securities is based on the closing price of the security with adjustments to reflect appropriate discounts if the securities are subject to restrictions. The fair value of non-equity securities or other investments, which may include instruments that are not listed on an exchange, considers, among other factors, external pricing sources, such as dealer quotes or independent pricing services, recent trading activity or other information that, in the opinion of the Partnership, may not have been reflected in pricing obtained from external sources. When valuing private securities or assets without readily determinable market prices, the Partnership gives consideration to operating results, financial condition, economic and/or market events, recent sales prices and other pertinent information. These valuation procedures may vary by investment, but include such techniques as comparable public market valuation, comparable acquisition valuation and discounted cash flow analysis. Because of the inherent uncertainty, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is reasonably possible that the difference could be material. Furthermore, there is no assurance that, upon liquidation, the Partnership will realize the values presented herein. Upon the sale of a security or other investment, the realized net gain or loss is computed on a weighted average cost basis, with the exception of the CLOs, which compute the realized net gain or loss on a first in, first out basis. Securities transactions are recorded on a trade date basis.
Equity-Method Investments	Equity-Method Investments The Partnership accounts for all investments in which it has or is otherwise presumed to have significant influence, including investments in the unconsolidated Funds and strategic investments, using the equity method of accounting. The carrying value of equity-method investments is determined based on amounts invested by the Partnership, adjusted for the equity in earnings or losses of the investee allocated based on the respective partnership agreement, less distributions received. The Partnership evaluates its equity-method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash held at banks and cash held for distributions, including temporary investments with original maturities of less than three months when purchased.
Cash and Cash Equivalents Held at Consolidated Funds	Cash and Cash Equivalents Held at Consolidated Funds Cash and cash equivalents held at Consolidated Funds consists of cash and cash equivalents held by the Consolidated Funds, which, although not legally restricted, is not available to fund the general liquidity needs of the Partnership.
Restricted Cash	Restricted Cash Restricted cash at September 30, 2015 and December 31, 2014 includes $11.9 million and $8.7 million , respectively, of cash received on behalf of certain non-consolidated Carlyle funds that was paid out in October 2015 and January 2015, respectively. At December 31, 2014 , restricted cash also included €4.4 million ( $5.4 million as of December 31, 2014 ) in escrow related to a tax contingency at one of the Partnership’s real estate funds (see Note 11). This amount was repaid during the third quarter of 2015. Further, at December 31, 2014 , restricted cash also included $13.2 million which is no longer restricted at September 30, 2015 . Also included in restricted cash at September 30, 2015 is $247.7 million of proceeds received on behalf of a non-consolidated Carlyle Fund related to the pending sale of an investment by that fund; these proceeds will be disbursed upon closing of the transaction. The Partnership has recorded a corresponding liability in due to affiliates for this amount. The remaining balance in restricted cash at September 30, 2015 and December 31, 2014 primarily represents cash held by the Partnership’s foreign subsidiaries due to certain government regulatory capital requirements.
Restricted Cash and Securities of Consolidated Funds	Restricted Cash and Securities of Consolidated Funds Certain CLOs receive cash from various counterparties to satisfy collateral requirements on derivative transactions. Cash received to satisfy these collateral requirements of $1.9 million and $2.3 million is included in restricted cash and securities of Consolidated Funds at September 30, 2015 and December 31, 2014 , respectively. Certain CLOs hold U.S. Treasury notes and corporate bonds as collateral for specific classes of loans payable in the CLOs. As of September 30, 2015 and December 31, 2014 , securities of $16.5 million and $12.6 million , respectively, are included in restricted cash and securities of Consolidated Funds.
Derivative Instruments	Derivative Instruments Derivative instruments are recognized at fair value in the condensed consolidated balance sheets with changes in fair value recognized in the condensed consolidated statements of operations for all derivatives not designated as hedging instruments. For all derivatives where hedge accounting is applied, effectiveness testing and other procedures to assess the ongoing validity of the hedges are performed at least quarterly. For instruments designated as cash flow hedges, the Partnership records changes in the estimated fair value of the derivative, to the extent that the hedging relationship is effective, in other comprehensive income (loss). If the hedging relationship for a derivative is determined to be ineffective, due to changes in the hedging instrument or the hedged items, the fair value of the portion of the hedging relationship determined to be ineffective will be recognized as a gain or loss in the condensed consolidated statements of operations.
Fixed Assets	Fixed Assets Fixed assets consist of furniture, fixtures and equipment, leasehold improvements, and computer hardware and software and are stated at cost, less accumulated depreciation and amortization. Depreciation is recognized on a straight-line method over the assets’ estimated useful lives, which for leasehold improvements are the lesser of the lease term or the life of the asset, and three to seven years for other fixed assets. Fixed assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Intangible Assets and Goodwill	Intangible Assets and Goodwill The Partnership’s intangible assets consist of acquired contractual rights to earn future fee income, including management and advisory fees, customer relationships, and acquired trademarks. Finite-lived intangible assets are amortized over their estimated useful lives, which range from five to ten years, and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Partnership’s intangible assets include acquired contractual rights for fee income related to open-ended funds. Open-ended funds are subject to redemptions on a quarterly or more frequent basis and investors can generally decide to exit their fund investments at any time. The resulting inherent volatility in fee income derived from these contractual rights increases the degree of judgment and estimates used by management in evaluating such intangible assets for impairment. Actual results could differ from management’s estimates and assumptions and such differences could result in a material impairment. Goodwill represents the excess of cost over the identifiable net assets of businesses acquired and is recorded in the functional currency of the acquired entity. Goodwill is recognized as an asset and is reviewed for impairment annually as of October 1st and between annual tests when events and circumstances indicate that impairment may have occurred.
Deferred Revenue	Deferred Revenue Deferred revenue represents management fees and other revenue received prior to the balance sheet date, which has not yet been earned.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). The Partnership’s other comprehensive income (loss) is comprised of unrealized gains and losses on cash flow hedges, foreign currency translation adjustments and gains and losses on defined benefit plans sponsored by AlpInvest.
Foreign Currency Translation	Foreign Currency Translation Non-U.S. dollar denominated assets and liabilities are translated at period-end rates of exchange, and the condensed consolidated statements of operations are translated at rates of exchange in effect throughout the period.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2015, the FASB issued ASU 2015-7, Fair Value Measurement (Topic 820) - Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) . ASU 2015-7 provides amended guidance on the disclosures for investments in certain entities that calculate NAV per share (or its equivalent). The amendments remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the NAV per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. The guidance is effective for fiscal years beginning after December 15, 2015 and for interim periods within those years. Early application is permitted. The guidance is not expected to have a material impact on the Partnership's consolidated financial statements. In April 2015, the FASB issued ASU 2015-3, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs . ASU 2015-3 requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts and premiums. This guidance is effective for the Partnership on January 1, 2016 and the ASU requires the guidance to be applied on a retrospective basis. This guidance is not expected to have a material impact on the Partnership’s consolidated financial statements upon adoption. In February 2015, the FASB issued ASU 2015-2, Consolidation (Topic 810): Amendments to the Consolidation Analysis . ASU 2015-2 provides a revised consolidation model for all reporting entities to use in evaluating whether they should consolidate certain legal entities. All legal entities will be subject to reevaluation under this revised consolidation model. The revised consolidation model, among other things, (i) modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, (ii) eliminates the presumption that a general partner should consolidate a limited partnership, and (iii) modifies the consolidation analysis of reporting entities that are involved with VIEs through fee arrangements and related party relationships. This guidance in ASU 2015-2 will be effective for the Partnership beginning on January 1, 2016. The Partnership is currently assessing the impact that this guidance will have on its consolidated financial statements; however, the guidance is expected to reduce the number of funds consolidated by the Partnership. The expected deconsolidation would reduce the Partnership’s total assets, total liabilities and total partners’ capital, as well as impact net income, but there would be no impact to net income attributable to the Partnership. In August 2014, the FASB issued ASU 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity. ASU 2014-13 relates to reporting entities that elect to measure all eligible financial assets and financial liabilities of a consolidated collateralized financing entity at fair value. Under the Partnership’s current practice, the difference between the fair value of the financial assets and the fair value of the financial liabilities is classified within partners’ capital appropriated for Consolidated Funds. ASU 2014-13 provides the option for a reporting entity to initially measure both the financial assets and financial liabilities using the fair value of the financial assets or financial liabilities, whichever is more observable. As a result, the reporting entity will no longer have a difference to report within appropriated partners’ capital. This guidance will be effective for the Partnership on January 1, 2016. The Partnership’s consolidated CLOs are consolidated collateralized financing entities for which the Partnership has measured financial assets and financial liabilities at fair value. The guidance is expected to change the measurement of the financial assets or financial liabilities of the Partnership’s consolidated CLOs, which will impact net income but not impact net income attributable to the Partnership. Upon adoption, substantially all the balance within partners’ capital appropriated for Consolidated Funds will be reclassified to investments of Consolidated Funds or loans payable of Consolidated Funds. At September 30, 2015 partners’ capital appropriated for Consolidated Funds was $158.0 million . In May 2014, the FASB issued ASU 2014-9, Revenue from Contracts with Customers (Topic 606) . ASU 2014-9 provides comprehensive guidance for recognizing revenue from contracts with customers. Entities will be able to recognize revenue when the entity transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The guidance includes a five-step framework that requires an entity to: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when the entity satisfies a performance obligation. The guidance in ASU 2014-9 is effective for the Partnership beginning on January 1, 2018, with early adoption permitted as of the original effective date of January 1, 2017. The Partnership is still assessing the potential impact of this guidance, however, this may have a material impact on the Partnership’s consolidated financial statements by significantly delaying the recognition of performance fee revenue.

Organization and Basis of Pre29

Organization and Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of adjustment to partners' capital	The adjustment to partners’ capital for the excess of fair value of the consideration transferred over the carrying value of the non-controlling interest acquired was derived as follows (Dollars in millions): Acquisition-date fair value of consideration transferred: Cash $ 209.9 Carrying value of non-controlling interest acquired (45.4 ) Excess of fair value of consideration transferred over carrying value of non-controlling interest acquired $ 164.5
Summary of the adjustments within partners' capital related to public offering	The following summarizes the adjustments within partners’ capital related to the June 2015 public offering (Dollars in millions): Partners’ Capital/Accumulated Other Comprehensive Loss Non-controlling Total Partners’ Proceeds from The Carlyle Group L.P. common units issued $ 209.9 $ — $ 209.9 Acquisition of non-controlling interest in Carlyle Holdings (164.5 ) (45.4 ) (209.9 ) Total increase (decrease) $ 45.4 $ (45.4 ) $ —

Summary of Significant Accoun30

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Schedule of assets recognized and Partnership's maximum exposure to loss	The assets recognized in the Partnership’s condensed consolidated balance sheets related to the Partnership’s interests in these non-consolidated VIEs and the Partnership’s maximum exposure to loss relating to non-consolidated VIEs were as follows: As of September 30, 2015 December 31, 2014 (Dollars in millions) Investments $ 482.5 $ 511.8 Receivables 13.9 3.7 Maximum Exposure to Loss $ 496.4 $ 515.5
Components of accumulated other comprehensive income (loss)	The components of accumulated other comprehensive income (loss) as of September 30, 2015 and December 31, 2014 were as follows: As of September 30, 2015 December 31, 2014 (Dollars in millions) Unrealized losses on cash flow hedge instruments $ (0.6 ) $ (0.9 ) Currency translation adjustments (70.5 ) (35.8 ) Unrealized losses on defined benefit plans (2.6 ) (2.3 ) Total $ (73.7 ) $ (39.0 )

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Summary of partnership's assets and liabilities measured at fair value on recurring basis	The following table summarizes the Partnership’s assets and liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of September 30, 2015 : (Dollars in millions) Level I Level II Level III Total Assets Investments of Consolidated Funds: Equity securities $ 237.1 $ 71.8 $ 956.0 $ 1,264.9 Bonds — — 1,229.2 1,229.2 Loans — — 15,482.2 15,482.2 Partnership and LLC interests (1) — — 3,350.2 3,350.2 Hedge funds — 2,660.3 — 2,660.3 Other — — 3.3 3.3 237.1 2,732.1 21,020.9 23,990.1 Trading securities — — 1.6 1.6 Foreign currency forward contracts — 13.3 — 13.3 Restricted securities of Consolidated Funds 7.8 — 8.7 16.5 Total $ 244.9 $ 2,745.4 $ 21,031.2 $ 24,021.5 Liabilities Loans payable of Consolidated Funds $ — $ — $ 16,665.1 $ 16,665.1 Derivative instruments of the CLOs — — 25.8 25.8 Contingent consideration (2) — — 16.6 16.6 Loans payable of a consolidated real estate VIE — — 109.1 109.1 Interest rate swaps — 1.4 — 1.4 Foreign currency forward contracts — 9.3 — 9.3 Total $ — $ 10.7 $ 16,816.6 $ 16,827.3 (1) Balance represents Fund Investments that the Partnership consolidates one fiscal quarter in arrears. (2) Balance relates to contingent cash and equity consideration associated with the acquisitions of Claren Road, AlpInvest, ESG, Carlyle Commodity Management L.L.C. ( “ Carlyle Commodity Management ” , formerly, Vermillion) and Metropolitan, excluding employment-based contingent consideration (see Note 9). The following table summarizes the Partnership’s assets and liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of December 31, 2014 : (Dollars in millions) Level I Level II Level III Total Assets Investments of Consolidated Funds: Equity securities $ 346.8 $ 156.8 $ 1,968.5 $ 2,472.1 Bonds — — 1,235.8 1,235.8 Loans — — 15,084.9 15,084.9 Partnership and LLC interests (1) — — 3,481.0 3,481.0 Hedge funds — 3,753.5 — 3,753.5 Other — — 1.5 1.5 346.8 3,910.3 21,771.7 26,028.8 Trading securities — — 3.3 3.3 Restricted securities of Consolidated Funds 4.0 — 8.6 12.6 Total $ 350.8 $ 3,910.3 $ 21,783.6 $ 26,044.7 Liabilities Loans payable of Consolidated Funds $ — $ — $ 16,052.2 $ 16,052.2 Derivative instruments of the CLOs — — 17.2 17.2 Contingent consideration (2) — — 51.1 51.1 Loans payable of a consolidated real estate VIE — — 146.2 146.2 Interest rate swaps — 3.2 — 3.2 Total $ — $ 3.2 $ 16,266.7 $ 16,269.9 (1) Balance represents Fund Investments that the Partnership consolidates one fiscal quarter in arrears. (2) Balance relates to contingent cash and equity consideration associated with the acquisitions of Claren Road, AlpInvest, ESG, Carlyle Commodity Management and Metropolitan, excluding employment-based contingent consideration (see Note 9).
Changes in financial assets measured at fair value for which the Partnership has used Level III inputs	The changes in financial instruments measured at fair value for which the Partnership has used Level III inputs to determine fair value are as follows (Dollars in millions): Financial Assets Three Months Ended September 30, 2015 Investments of Consolidated Funds Equity Bonds Loans Partnership Other Trading securities and other Restricted Total Balance, beginning of period $ 1,023.8 $ 1,193.7 $ 15,460.9 $ 3,390.1 $ 4.0 $ 2.0 $ 8.7 $ 21,083.2 Transfers out (1) (115.1 ) — — — — — — (115.1 ) Purchases 32.6 177.8 2,948.7 112.3 — — — 3,271.4 Sales (21.0 ) (117.1 ) (1,543.2 ) (390.3 ) — — — (2,071.6 ) Settlements — — (1,195.6 ) — — — — (1,195.6 ) Realized and unrealized gains (losses), net Included in earnings 11.1 (27.7 ) (204.7 ) 121.3 (0.7 ) (0.4 ) — (101.1 ) Included in other comprehensive income 24.6 2.5 16.1 116.8 — — — 160.0 Balance, end of period $ 956.0 $ 1,229.2 $ 15,482.2 $ 3,350.2 $ 3.3 $ 1.6 $ 8.7 $ 21,031.2 Changes in unrealized gains $ 3.3 $ (24.9 ) $ (199.8 ) $ (98.5 ) $ (0.7 ) $ (0.1 ) $ — $ (320.7 ) Financial Assets Nine Months Ended September 30, 2015 Investments of Consolidated Funds Equity Bonds Loans Partnership Other Trading securities and other Restricted Total Balance, beginning of period $ 1,968.5 $ 1,235.8 $ 15,084.9 $ 3,481.0 $ 1.5 $ 3.3 $ 8.6 $ 21,783.6 Transfers out (1) (115.1 ) — — — — — (3.9 ) (119.0 ) Purchases 60.6 403.2 6,223.0 350.8 — — 3.9 7,041.5 Sales (1,043.3 ) (324.9 ) (2,682.1 ) (884.2 ) — — — (4,934.5 ) Settlements — — (2,693.1 ) — — — — (2,693.1 ) Realized and unrealized Included in earnings 261.0 (4.4 ) (88.3 ) 809.8 1.9 (1.7 ) 0.1 978.4 Included in other comprehensive income (175.7 ) (80.5 ) (362.2 ) (407.2 ) (0.1 ) — — (1,025.7 ) Balance, end of period $ 956.0 $ 1,229.2 $ 15,482.2 $ 3,350.2 $ 3.3 $ 1.6 $ 8.7 $ 21,031.2 Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date $ (299.2 ) $ (4.9 ) $ (112.7 ) $ 349.2 $ 2.1 $ (1.4 ) $ (0.1 ) $ (67.0 ) Financial Assets Three Months Ended September 30, 2014 Investments of Consolidated Funds Equity Bonds Loans Partnership Other Trading Restricted securities of Consolidated Funds Total Balance, beginning of period $ 2,582.4 $ 1,345.8 $ 14,344.7 $ 3,761.8 $ 1.5 $ 4.7 $ 8.4 $ 22,049.3 Transfers out (1) (47.7 ) — — — — — — (47.7 ) Purchases 1.1 167.2 2,572.3 101.3 — — — 2,841.9 Sales (4.1 ) (180.5 ) (607.3 ) (252.1 ) (0.8 ) (0.2 ) — (1,045.0 ) Settlements — — (1,054.2 ) — — — — (1,054.2 ) Realized and unrealized gains (losses), net Included in earnings 44.0 (2.8 ) (47.0 ) 199.8 0.2 (0.8 ) 0.1 193.5 Included in other comprehensive income (190.2 ) (80.9 ) (391.3 ) (22.5 ) (0.1 ) — — (685.0 ) Balance, end of period $ 2,385.5 $ 1,248.8 $ 14,817.2 $ 3,788.3 $ 0.8 $ 3.7 $ 8.5 $ 22,252.8 Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date $ 55.5 $ (3.0 ) $ (50.0 ) $ 44.7 $ 0.2 $ (0.8 ) $ 0.1 $ 46.7 Financial Assets Nine Months Ended September 30, 2014 Investments of Consolidated Funds Equity Bonds Loans Partnership Other Trading Restricted securities of Consolidated Funds Total Balance, beginning of period $ 2,714.1 $ 1,249.5 $ 14,067.8 $ 3,815.2 $ 2.0 $ 6.9 $ 8.6 $ 21,864.1 Transfers in (1) 4.5 — — — — — — 4.5 Transfers out (1) (135.2 ) — — — — — — (135.2 ) Purchases 27.5 557.2 6,331.7 274.3 — — — 7,190.7 Sales (430.6 ) (486.2 ) (1,805.4 ) (931.4 ) (0.8 ) (3.8 ) — (3,658.2 ) Settlements — — (3,285.7 ) — — — — (3,285.7 ) Realized and unrealized gains (losses), net Included in earnings 389.7 14.4 (65.9 ) 584.7 (0.3 ) 0.6 (0.1 ) 923.1 Included in other comprehensive income (184.5 ) (86.1 ) (425.3 ) 45.5 (0.1 ) — — (650.5 ) Balance, end of period $ 2,385.5 $ 1,248.8 $ 14,817.2 $ 3,788.3 $ 0.8 $ 3.7 $ 8.5 $ 22,252.8 Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date $ 81.8 $ 9.3 $ (36.3 ) $ 31.6 $ 0.1 $ 0.6 $ (0.1 ) $ 87.0 (1) Transfers into and out of Level III financial assets were due to changes in the observability of market inputs used in the valuation of such assets. Transfers are measured as of the beginning of the period in which the transfer occurs.
Changes in financial liabilities measured at fair value for which the Partnership has used Level III inputs	Financial Liabilities Three Months Ended September 30, 2015 Loans Payable Derivative Contingent Loans Payable of Total Balance, beginning of period $ 16,727.5 $ 29.1 $ 47.9 $ 112.4 $ 16,916.9 Initial consolidation of funds 584.2 — — — 584.2 Borrowings 959.5 — — — 959.5 Paydowns (1,315.9 ) — (21.4 ) (20.4 ) (1,357.7 ) Sales — (0.9 ) — — (0.9 ) Realized and unrealized (gains) losses, net Included in earnings (303.8 ) (2.4 ) (10.0 ) 12.8 (303.4 ) Included in other comprehensive income 13.6 — 0.1 4.3 18.0 Balance, end of period $ 16,665.1 $ 25.8 $ 16.6 $ 109.1 $ 16,816.6 Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date $ (324.7 ) $ 3.3 $ (10.6 ) $ 12.8 $ (319.2 ) Financial Liabilities Nine Months Ended September 30, 2015 Loans Payable Derivative Contingent Loans Payable of Total Balance, beginning of period $ 16,052.2 $ 17.2 $ 51.1 $ 146.2 $ 16,266.7 Initial consolidation of funds 1,248.6 — — — 1,248.6 Borrowings 2,584.6 — — — 2,584.6 Paydowns (2,627.6 ) — (22.5 ) (53.1 ) (2,703.2 ) Sales — (5.6 ) — — (5.6 ) Realized and unrealized (gains) losses, net Included in earnings (198.8 ) 15.1 (11.8 ) 43.9 (151.6 ) Included in other comprehensive income (393.9 ) (0.9 ) (0.2 ) (27.9 ) (422.9 ) Balance, end of period $ 16,665.1 $ 25.8 $ 16.6 $ 109.1 $ 16,816.6 Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date $ (244.8 ) $ (12.3 ) $ (12.4 ) $ 43.9 $ (225.6 ) Financial Liabilities Three Months Ended September 30, 2014 Loans Payable Derivative Contingent Loans Payable of a consolidated real estate VIE Total Balance, beginning of period $ 16,136.4 $ 15.2 $ 120.2 $ 147.7 $ 16,419.5 Initial consolidation of funds 811.0 — — — 811.0 Borrowings 592.6 — — 8.8 601.4 Paydowns (673.6 ) — (21.9 ) (19.5 ) (715.0 ) Sales — (0.6 ) — — (0.6 ) Realized and unrealized losses, net Included in earnings 53.3 4.4 (27.6 ) 9.1 39.2 Included in other comprehensive income (498.8 ) (1.2 ) (0.4 ) 14.0 (486.4 ) Balance, end of period $ 16,420.9 $ 17.8 $ 70.3 $ 160.1 $ 16,669.1 Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date $ 16.5 $ (3.9 ) $ (27.6 ) $ 9.1 $ (5.9 ) Financial Liabilities Nine Months Ended September 30, 2014 Loans Payable Derivative Contingent Loans Payable of a consolidated real estate VIE Total Balance, beginning of period $ 15,220.7 $ 13.1 $ 178.8 $ 122.1 $ 15,534.7 Initial consolidation of funds 811.0 — — — 811.0 Borrowings 3,066.9 — — 45.5 3,112.4 Paydowns (2,308.7 ) — (95.6 ) (61.4 ) (2,465.7 ) Sales — (3.9 ) — — (3.9 ) Realized and unrealized losses, net Included in earnings 171.5 9.9 (12.5 ) 35.5 204.4 Included in other comprehensive income (540.5 ) (1.3 ) (0.4 ) 18.4 (523.8 ) Balance, end of period $ 16,420.9 $ 17.8 $ 70.3 $ 160.1 $ 16,669.1 Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date $ 18.2 $ (8.0 ) $ (12.5 ) $ 35.5 $ 33.2
Summary of quantitative information about Partnership's Level III inputs	The following table summarizes quantitative information about the Partnership’s Level III inputs as of September 30, 2015 : Fair Value at Valuation Technique(s) Unobservable Input(s) Range (Dollars in millions) September 30, 2015 Assets Investments of Consolidated Funds: Equity securities $ 938.3 Comparable Multiple LTM EBITDA Multiple 4.6x - 15.6x (11.3x) 17.7 Consensus Pricing Indicative Quotes ($ per share) $0 - $245 ($0) Bonds 1,229.2 Consensus Pricing Indicative Quotes (% of Par) 1 - 142 (98) Loans 15,427.6 Consensus Pricing Indicative Quotes (% of Par) 2 - 138 (98) 54.6 Market Yield Analysis Market Yield 5% - 16% (11%) Partnership and LLC interests 3,350.2 NAV of Underlying Fund (1) N/A N/A Other 3.3 Counterparty Pricing Indicative Quotes 0 - 15 (5) 21,020.9 Trading securities and other 1.6 Comparable Multiple LTM EBITDA Multiple 5.8x - 5.8x (5.8x) Restricted securities of Consolidated Funds 8.7 Consensus Pricing Indicative Quotes (% of Par) 87 - 87 (87) Total $ 21,031.2 Liabilities Loans payable of Consolidated Funds: Senior secured notes $ 15,460.0 Discounted Cash Flow with Consensus Pricing Discount Rates 1% - 11% (3%) Default Rates 1% - 4% (3%) Recovery Rates 60% - 75% (66%) Indicative Quotes (% of Par) 35 - 102 (98) Subordinated notes and preferred shares 1,186.2 Discounted Cash Flow with Consensus Pricing Discount Rates 8% - 15% (11%) Default Rates 1% - 4% (2%) Recovery Rates 60% - 75% (66%) Indicative Quotes (% of Par) 1 - 116 (59) Combination notes 18.9 Consensus Pricing Indicative Quotes (% of Par) 90 - 96 (94) Loans payable of a consolidated real estate VIE 109.1 Discounted Cash Flow Discount to Expected Payment 0% - 100% (32%) Discount Rate 20% - 30% (23%) Derivative instruments of the CLOs 25.8 Counterparty Pricing Indicative Quotes 6 - 35 (20) Contingent consideration (2) 16.6 Discounted Cash Flow Assumed % of Total Potential Contingent Payments 0% - 100% (6%) Discount Rate 5% - 21% (11%) Total $ 16,816.6 (1) Represents the Partnership’s investments in funds that are valued using NAV of the underlying fund. (2) Related to contingent cash consideration associated with the acquisitions of Claren Road, AlpInvest, ESG, Carlyle Commodity Management, and Metropolitan (see Note 9). The following table summarizes quantitative information about the Partnership’s Level III inputs as of December 31, 2014 : Fair Value at Valuation Technique(s) Unobservable Input(s) Range (Dollars in millions) December 31, 2014 Assets Investments of Consolidated Funds: Equity securities $ 1,783.7 Comparable Multiple LTM EBITDA Multiple 4.8x- 16.2x (12.1x) 168.7 Comparable Multiple Forward EBITDA Multiple 8.4x-8.4x (8.4x) 16.1 Consensus Pricing Indicative Quotes $0 - $246 ($0) Bonds 1,235.8 Consensus Pricing Indicative Quotes (% of Par) 1 - 133 (99) Loans 14,873.4 Consensus Pricing Indicative Quotes (% of Par) 0 - 126 (98) 211.5 Market Yield Analysis Market Yield 5% - 17% (11%) Partnership and LLC interests 3,481.0 NAV of Underlying Fund (1) N/A N/A Other 1.5 Counterparty Pricing Indicative Quotes 0 - 6 (3) 21,771.7 Trading securities and other 3.0 Comparable Multiple LTM EBITDA Multiple 5.8x - 5.8x (5.8x) 0.3 Discounted Cash Flow Discount Rate 10% - 10% (10%) Restricted securities of Consolidated Funds 8.6 Consensus Pricing Indicative Quotes (% of Par) 87 - 87 (87) Total $ 21,783.6 Liabilities Loans payable of Consolidated Funds: Senior secured notes $ 14,757.5 Discounted Cash Flow with Consensus Pricing Discount Rates 1% - 11% (3%) Default Rates 1% - 3% (2%) Recovery Rates 63% - 75% (68%) Indicative Quotes (% of Par) 35 - 100 (98) Subordinated notes and preferred shares 1,278.8 Discounted Cash Flow with Consensus Pricing Discount Rates 8% - 15% (10%) Default Rates 1% - 3% (2%) Recovery Rates 63% - 75% (68%) Indicative Quotes (% of Par) 1 - 132 (63) Combination notes 15.9 Consensus Pricing Indicative Quotes (% of Par) 97 - 98 (98) Loans payable of a consolidated real estate VIE 146.2 Discounted Cash Flow Discount to Expected Payment 0% - 100% (36%) Discount Rate 23% - 33% (26%) Derivative instruments of the CLOs 17.2 Counterparty Pricing Indicative Quotes 2 - 22 (11) Contingent consideration (2) 51.1 Discounted Cash Flow Assumed % of Total Potential Contingent Payments 0% - 100% (20%) Discount Rate 5% - 18% (13%) Total $ 16,266.7 (1) Represents the Partnership’s investments in funds that are valued using the NAV of the underlying fund. (2) Related to contingent cash consideration associated with the acquisitions of Claren Road, AlpInvest, ESG, Carlyle Commodity Management and Metropolitan (see Note 9).

Accrued Performance Fees (Table

Accrued Performance Fees (Tables)	9 Months Ended
	Sep. 30, 2015
Deferred Costs [Abstract]
Components of accrued performance fees	The components of accrued performance fees are as follows: As of September 30, 2015 December 31, 2014 (Dollars in millions) Corporate Private Equity $ 2,074.0 $ 2,932.6 Global Market Strategies 96.6 129.9 Real Assets 318.5 272.9 Investment Solutions 526.7 460.2 Total $ 3,015.8 $ 3,795.6
Components of accrued giveback obligations	The components of the accrued giveback obligations are as follows: As of September 30, 2015 December 31, 2014 (Dollars in millions) Corporate Private Equity $ (50.3 ) $ (52.4 ) Real Assets (213.7 ) (52.0 ) Total $ (264.0 ) $ (104.4 )
Performance fees included in revenues	The performance fees included in revenues are derived from the following segments: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Dollars in millions) Corporate Private Equity $ (257.8 ) $ 217.1 $ 522.4 $ 981.8 Global Market Strategies (52.3 ) (19.4 ) (29.9 ) 91.6 Real Assets 32.1 31.9 3.3 108.8 Investment Solutions 31.4 (42.2 ) 125.5 168.1 Total $ (246.6 ) $ 187.4 $ 621.3 $ 1,350.3

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Schedule of investments	Investments consist of the following: As of September 30, 2015 December 31, 2014 (Dollars in millions) Equity method investments, excluding accrued performance fees $ 874.3 $ 918.7 Trading securities and other investments 22.9 12.9 Total investments $ 897.2 $ 931.6
Schedule of net investment earnings (loss)	The net investment earnings (loss) recognized in the Partnership’s condensed consolidated statements of operations for the three and nine months ended September 30, 2015 and 2014 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Dollars in millions) Management fees $ 14.5 $ 13.8 $ 41.4 $ 43.4 Performance fees (3.4 ) 3.1 (18.5 ) 3.1 Investment income (loss) (2.0 ) — (2.5 ) — Expenses and amortization of basis differences (15.3 ) (19.3 ) (53.1 ) (57.6 ) Net investment income (loss) $ (6.2 ) $ (2.4 ) $ (32.7 ) $ (11.1 )
Schedule of equity method investments	The Partnership’s equity method investments include its fund investments in Corporate Private Equity, Global Market Strategies and Real Assets, typically as general partner interests, and its investment in NGP Management (included within Real Assets), which are not consolidated. Investments are related to the following segments: As of September 30, 2015 December 31, 2014 (Dollars in millions) Corporate Private Equity $ 228.1 $ 246.3 Global Market Strategies 24.0 25.3 Real Assets 622.2 647.1 Total $ 874.3 $ 918.7
Components of investment income (loss)	The components of investment income (loss) are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Dollars in millions) Income (loss) from equity investments $ (14.7 ) $ 4.3 $ 0.5 $ 32.3 Income (loss) from trading securities (1.3 ) (0.9 ) (1.5 ) 0.5 Other investment income 6.5 0.4 7.5 0.8 Total $ (9.5 ) $ 3.8 $ 6.5 $ 33.6
Schedule of income (loss) from equity-method investments	Carlyle’s income (loss) from its equity-method investments is included in investment income (loss) in the condensed consolidated statements of operations and consists of: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Dollars in millions) Corporate Private Equity $ (10.0 ) $ 12.1 $ 20.2 $ 40.1 Global Market Strategies (1.3 ) 0.7 (0.4 ) 2.4 Real Assets (3.4 ) (8.5 ) (19.3 ) (10.2 ) Total $ (14.7 ) $ 4.3 $ 0.5 $ 32.3
Components of interest and other income of consolidated funds	The components of interest and other income of Consolidated Funds are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Dollars in millions) Interest income from investments $ 219.0 $ 217.0 $ 654.7 $ 653.0 Other income 40.4 17.1 88.0 75.5 Total $ 259.4 $ 234.1 $ 742.7 $ 728.5
Components of net investment gains (losses) of consolidated funds	The components of net investment gains (losses) of Consolidated Funds are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Dollars in millions) Gains (losses) from investments of Consolidated Funds $ (337.8 ) $ 169.5 $ 738.1 $ 1,151.4 Gains (losses) from liabilities of CLOs 306.6 (45.3 ) 197.0 (158.4 ) Gains (losses) on other assets of CLOs (0.1 ) 1.3 0.7 1.5 Total $ (31.3 ) $ 125.5 $ 935.8 $ 994.5
Schedule of realized and unrealized gains (losses) earned from investments of consolidated funds	The following table presents realized and unrealized gains (losses) earned from investments of the Consolidated Funds: Three Months Ended Nine Months Ended September 30, 2015 2014 2015 2014 (Dollars in millions) Realized gains $ 433.8 $ 248.2 $ 867.9 $ 1,194.4 Net change in unrealized losses (771.6 ) (78.7 ) (129.8 ) (43.0 ) Total $ (337.8 ) $ 169.5 $ 738.1 $ 1,151.4

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Carrying amount of intangible assets	The following table summarizes the carrying amount of intangible assets as of September 30, 2015 and December 31, 2014 : As of September 30, 2015 December 31, 2014 (Dollars in millions) Acquired contractual rights $ 833.7 $ 843.0 Acquired trademarks 6.6 6.7 Accumulated amortization (714.4 ) (455.1 ) Finite-lived intangible assets, net 125.9 394.6 Goodwill 45.7 47.5 Intangible assets, net $ 171.6 $ 442.1
Carrying amount of goodwill by segment	The following table summarizes the changes in the carrying amount of goodwill by segment as of September 30, 2015 . There was no goodwill associated with the Partnership’s Corporate Private Equity and Real Assets segments. Global Investment Total (Dollars in millions) Balance as of December 31, 2014 $ 28.0 $ 19.5 $ 47.5 Foreign currency translation — (1.8 ) (1.8 ) Balance as of September 30, 2015 $ 28.0 $ 17.7 $ 45.7
Summary of expected amortization expense	The following table summarizes the expected amortization expense for October 1, 2015 through December 31, 2019 and thereafter (Dollars in millions): 2015 $ 12.1 2016 38.3 2017 35.2 2018 19.2 2019 9.0 Thereafter 12.1 $ 125.9

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of Partnership's borrowings	The Partnership borrows and enters into credit agreements for its general operating and investment purposes. The Partnership’s borrowings consist of the following (Dollars in millions): As of September 30, 2015 As of December 31, 2014 Borrowing Carrying Borrowing Carrying Senior Credit Facility Term Loan Due 5/05/2020 $ 25.0 $ 25.0 $ 25.0 $ 25.0 CLO Term Loan (1) 14.1 14.1 15.2 15.2 3.875% Senior Notes Due 2/01/2023 500.0 499.9 500.0 499.9 5.625% Senior Notes Due 3/30/2043 600.0 606.6 600.0 606.8 $ 1,139.1 $ 1,145.6 $ 1,140.2 $ 1,146.9 (1) Due the earlier of September 28, 2018 or the date that the CLO is dissolved.
Summary of borrowings outstanding, including preferred shares classified as liabilities	As of September 30, 2015 and December 31, 2014 , the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions): As of September 30, 2015 Borrowing Fair Value Weighted Weighted Senior secured notes $ 15,731.6 $ 15,460.0 1.86 % 9.32 Subordinated notes and preferred shares 1,193.9 1,186.2 N/A (a) 8.52 Combination notes 20.0 18.9 N/A (b) 6.51 Total $ 16,945.5 $ 16,665.1 As of December 31, 2014 Borrowing Fair Value Weighted Weighted Senior secured notes $ 15,104.2 $ 14,757.5 1.68 % 9.21 Subordinated notes and preferred shares 1,242.3 1,278.8 N/A (a) 8.28 Combination notes 15.0 15.9 N/A (b) 7.14 Total $ 16,361.5 $ 16,052.2 (a) The subordinated notes and preferred shares do not have contractual interest rates, but instead receive distributions from the excess cash flows of the CLOs. (b) The combination notes do not have contractual interest rates and have recourse only to the securities specifically held to collateralize such combination notes.

Contingent Consideration (Table

Contingent Consideration (Tables)	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Changes in contingent consideration liabilities	The changes in the contingent consideration liabilities are as follows: Rollforward For The Three Months Ended September 30, 2015 Amounts payable to the sellers who are Carlyle professionals Performance-based Performance-based Employment-based Contingent cash and other Total (Dollars in millions) Balance, beginning of period $ 28.5 $ — $ 101.6 $ 224.1 $ 354.2 Change in carrying value 0.2 — (11.2 ) (7.8 ) (18.8 ) Payments (20.2 ) — — (1.1 ) (21.3 ) Issuances of equity — — — — — Balance, end of period $ 8.5 $ — $ 90.4 $ 215.2 $ 314.1 Rollforward For The Nine Months Ended September 30, 2015 Amounts payable to the sellers who are Carlyle professionals Performance-based Performance-based Employment-based Contingent cash and other Total (Dollars in millions) Balance, beginning of period $ 26.8 $ — $ 156.8 $ 201.0 $ 384.6 Change in carrying value 1.9 — (60.9 ) 16.5 (a) (42.5 ) Payments (20.2 ) — (3.3 ) (2.3 ) (25.8 ) Issuances of equity — — (2.2 ) — (2.2 ) Balance, end of period $ 8.5 $ — $ 90.4 $ 215.2 $ 314.1 Rollforward For The Three Months Ended September 30, 2014 Amounts payable to the sellers who are senior Carlyle professionals Performance-based Performance-based Employment-based Contingent cash and other Total (Dollars in millions) Balance, beginning of period $ 88.4 $ 26.2 $ 184.3 $ 43.9 $ 342.8 Change in carrying value (29.9 ) (12.0 ) (26.0 ) 157.3 89.4 Payments (20.2 ) — (0.4 ) (1.7 ) (22.3 ) Issuance of equity $ — $ — $ (0.6 ) $ — $ (0.6 ) Balance, end of period $ 38.3 $ 14.2 $ 157.3 $ 199.5 $ 409.3 Rollforward For The Nine Months Ended September 30, 2014 Amounts payable to the sellers who are senior Carlyle professionals Total Performance-based Performance-based Employment-based Contingent cash and other (Dollars in millions) Balance, beginning of period $ 145.1 $ 15.7 $ 148.7 $ 40.8 $ 350.3 Change in carrying value (16.1 ) (1.5 ) 9.6 163.6 155.6 Payments (90.7 ) — (0.4 ) (4.9 ) (96.0 ) Issuance of equity $ — $ — $ (0.6 ) $ — $ (0.6 ) Balance, end of period $ 38.3 $ 14.2 $ 157.3 $ 199.5 $ 409.3 (a) - Refer to Note 6 for information on the contingent consideration payable to BNRI from the strategic investment in NGP.
Maximum amounts that could be paid from contingent cash obligations	The following table represents the maximum amounts that could be paid from contingent cash obligations associated with the business acquisitions and the strategic investment in NGP Management: As of September 30, 2015 Business NGP Total Liability (1) (Dollars in millions) Performance-based contingent cash consideration $ 209.3 $ 183.0 $ 392.3 $ 223.7 Employment-based contingent cash consideration 180.7 45.0 225.7 90.4 Total maximum cash obligations $ 390.0 $ 228.0 $ 618.0 $ 314.1 (1) On the condensed consolidated balance sheet, the liability for performance-based contingent cash consideration is included in due to affiliates (for amounts owed to Carlyle professionals and NGP) and accounts payable, accrued expenses, and other liabilities (for amounts owed to other sellers), and the liability for employment-based contingent cash consideration is included in accrued compensation and benefits.

Accrued Compensation and Bene37

Accrued Compensation and Benefits (Tables)	9 Months Ended
	Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Summary of accrued compensation and benefits	Accrued compensation and benefits consist of the following: As of September 30, 2015 December 31, 2014 (Dollars in millions) Accrued performance fee-related compensation $ 1,525.3 $ 1,815.4 Accrued bonuses 305.6 229.6 Employment-based contingent cash consideration 90.4 156.8 Other 124.1 110.7 Total $ 2,045.4 $ 2,312.5

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of unfunded commitments	The Partnership and its unconsolidated affiliates have unfunded commitments to entities within the following segments as of September 30, 2015 (Dollars in millions): Unfunded Corporate Private Equity $ 2,011.4 Global Market Strategies 351.6 Real Assets 734.1 Investment Solutions 35.7 $ 3,132.8
Future minimum commitments for leases	The future minimum commitments for the leases are as follows (Dollars in millions): 2015 $ 13.3 2016 54.4 2017 50.6 2018 46.2 2019 40.6 Thereafter 336.7 $ 541.8

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Amounts due from affiliates and other receivables	The Partnership had the following due from affiliates and other receivables at September 30, 2015 and December 31, 2014 : As of September 30, 2015 December 31, 2014 (Dollars in millions) Unbilled receivable for giveback obligations from current and former employees $ 30.4 $ 27.7 Notes receivable and accrued interest from affiliates 20.8 11.1 Other receivables from unconsolidated funds and affiliates, net 153.9 160.6 Total $ 205.1 $ 199.4
Amounts due to affiliates	The Partnership had the following due to affiliates balances at September 30, 2015 and December 31, 2014 : As of September 30, 2015 December 31, 2014 (Dollars in millions) Due to affiliates of Consolidated Funds $ 0.8 $ 0.6 Due to non-consolidated affiliates (1) 282.6 37.1 Performance-based contingent cash and equity consideration related to acquisitions 32.6 43.6 Amounts owed under the tax receivable agreement 138.0 89.0 Other 16.1 13.9 Total $ 470.1 $ 184.2 (1) Refer to Note 2 for information on the restricted cash due to one of the Partnership’s non-consolidated funds.

Non-controlling Interests in 40

Non-controlling Interests in Consolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2015
Noncontrolling Interest [Abstract]
Components of Partnership's non-controlling interests in consolidated entities	The components of the Partnership’s non-controlling interests in consolidated entities are as follows: As of September 30, 2015 December 31, 2014 (Dollars in millions) Non-Carlyle interests in Consolidated Funds $ 4,677.4 $ 6,160.1 Non-Carlyle interests in majority-owned subsidiaries 336.1 301.4 Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions (118.8 ) (15.1 ) Non-controlling interests in consolidated entities $ 4,894.7 $ 6,446.4
Components of Partnership's non-controlling interests in income (loss) of consolidated entities	The components of the Partnership’s non-controlling interests in income (loss) of consolidated entities are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Dollars in millions) Non-Carlyle interests in Consolidated Funds $ (22.0 ) $ 333.4 $ 1,005.6 $ 1,162.2 Non-Carlyle interests in majority-owned subsidiaries (9.2 ) (17.9 ) (25.6 ) (55.6 ) Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions (22.5 ) (11.2 ) (85.1 ) 1.1 Net income (loss) attributable to other non-controlling interests in consolidated entities (53.7 ) 304.3 894.9 1,107.7 Net income (loss) attributable to partners’ capital appropriated for CLOs 30.0 (112.5 ) (22.9 ) (288.1 ) Net income (loss) attributable to redeemable non-controlling interests in consolidated entities (128.7 ) (138.6 ) (214.5 ) (72.2 ) Non-controlling interests in income (loss) of consolidated entities $ (152.4 ) $ 53.2 $ 657.5 $ 747.4

Earnings Per Common Unit (Table

Earnings Per Common Unit (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Summary of basic and diluted net income per common unit	Basic and diluted net income (loss) per common unit are calculated as follows: Three Months Ended Nine Months Ended Basic Diluted Basic Diluted Net loss attributable to The Carlyle Group L.P. $ (83,900,000 ) $ (83,900,000 ) $ (13,800,000 ) $ (13,800,000 ) Dilution of earnings due to participating securities with distribution rights 820,200 — 163,250 (1,423,000 ) Incremental net loss from assumed exchange of Carlyle Holdings partnership units — (250,900,000 ) — (67,800,000 ) Net loss attributable to common units $ (83,079,800 ) $ (334,800,000 ) $ (13,636,750 ) $ (83,023,000 ) Weighted-average common units outstanding 78,849,332 301,558,908 72,812,892 299,143,320 Net loss per common unit $ (1.05 ) $ (1.11 ) $ (0.19 ) $ (0.28 ) Three Months Ended Nine Months Ended Basic Diluted Basic Diluted Net income attributable to The Carlyle Group L.P. $ 25,400,000 $ 25,400,000 $ 69,500,000 $ 69,500,000 Dilution of earnings due to participating securities with distribution rights (304,000 ) (290,600 ) (1,077,500 ) (1,105,300 ) Net income attributable to common units $ 25,096,000 $ 25,109,400 $ 68,422,500 $ 68,394,700 Weighted-average common units outstanding 66,474,689 72,086,875 61,422,816 67,440,601 Net income per common unit $ 0.38 $ 0.35 $ 1.11 $ 1.01
Summary of weighted-average common units outstanding, basic and diluted	The weighted-average common units outstanding, basic and diluted, are calculated as follows: Three Months Ended Nine Months Ended Basic Diluted Basic Diluted The Carlyle Group L.P. weighted-average common units outstanding 78,849,332 78,849,332 72,812,892 72,812,892 Unvested deferred restricted common units — — — — Weighted-average vested Carlyle Holdings Partnership units — 216,864,271 — 216,956,438 Unvested Carlyle Holdings Partnership units — 5,845,305 — 9,373,990 Weighted-average common units outstanding 78,849,332 301,558,908 72,812,892 299,143,320 Three Months Ended Nine Months Ended Basic Diluted Basic Diluted The Carlyle Group L.P. weighted-average common units outstanding 66,474,689 66,474,689 61,422,816 61,422,816 Unvested deferred restricted common units — 5,146,277 — 5,551,876 Contingently issuable Carlyle Holdings Partnership units — 465,909 — 465,909 Weighted-average common units outstanding 66,474,689 72,086,875 61,422,816 67,440,601

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of status of non-vested equity-based awards	A summary of the status of the Partnership’s non-vested equity-based awards as of September 30, 2015 and a summary of changes for the nine months ended September 30, 2015 , are presented below: Carlyle Holdings The Carlyle Group, L.P. Equity Settled Awards Cash Settled Awards Unvested Units Partnership Weighted- Deferred Weighted- Unvested Weighted- Phantom Weighted- Balance, December 31, 2014 35,997,415 $ 22.16 18,929,270 $ 26.12 809,797 $ 27.19 104,070 $ 23.40 Granted — $ — 5,317,631 $ 24.08 — $ — — $ — Vested 8,513,810 $ 22.00 5,268,467 $ 26.83 31,132 $ 21.53 93,109 $ 22.52 Forfeited 444,477 $ 22.00 1,744,997 $ 25.03 11,674 $ 27.99 3,956 $ 24.14 Balance, September 30, 2015 27,039,128 $ 22.21 17,233,437 $ 25.38 766,991 $ 27.41 7,005 $ 34.59

Consolidation of a Real Estat43

Consolidation of a Real Estate Development Company (Tables)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Assets and liabilities recognized in the Partnership’s condensed consolidated balance sheets	The assets and liabilities recognized in the Partnership’s condensed consolidated balance sheets as of September 30, 2015 and December 31, 2014 related to Urbplan were as follows: As of September 30, 2015 December 31, 2014 (Dollars in millions) Receivables and inventory of a consolidated real estate VIE: Customer and other receivables $ 94.2 $ 91.5 Inventory costs in excess of billings and advances 78.6 72.4 $ 172.8 $ 163.9 Other assets of a consolidated real estate VIE: Restricted investments $ 19.7 $ 36.8 Fixed assets, net 1.1 1.8 Deferred tax assets 9.4 12.9 Other assets 38.6 34.9 $ 68.8 $ 86.4 Loans payable of a consolidated real estate VIE, at fair value (principal amount of $167.8 million and $243.6 million as of September 30, 2015 and December 31, 2014, respectively) $ 109.1 $ 146.2 Other liabilities of a consolidated real estate VIE: Accounts payable $ 15.5 $ 26.1 Other liabilities 79.9 58.8 $ 95.4 $ 84.9
Revenues and expenses recognized in the Partnership’s condensed consolidated statements of operations	The revenues and expenses recognized in the Partnership’s condensed consolidated statements of operations for the three and nine months ended September 30, 2015 and 2014 , respectively, related to Urbplan were as follows: Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 (Dollars in millions) Revenue of a consolidated real estate VIE Land development services $ 9.7 $ 71.0 Investment income 1.2 2.9 $ 10.9 $ 73.9 Interest and other expenses of a consolidated real estate VIE: Costs of products sold and services rendered $ 2.5 $ 45.7 Interest expense 13.3 33.6 Change in fair value of loans payable 3.0 12.6 Compensation and benefits 4.3 9.1 G&A and other expenses 3.7 23.4 $ 26.8 $ 124.4 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Revenue of a consolidated real estate VIE Land development services $ 6.0 $ 15.8 Investment income 7.2 11.4 $ 13.2 $ 27.2 Interest and other expenses of a consolidated real estate VIE: Costs of products sold and services rendered $ 8.8 $ 25.3 Interest expense 8.6 30.3 Change in fair value of loans payable 9.1 35.4 Compensation and benefits 3.0 8.5 G&A and other expenses 8.8 30.0 $ 38.3 $ 129.5
Outstanding principal amounts on loans based on current contractual terms	Outstanding principal amounts on the loans based on current contractual terms are payable as follows (Dollars in millions): 2015 $ 11.3 2016 22.1 2017 16.9 2018 14.5 2019 16.4 Thereafter 86.6 $ 167.8

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Reportable segments financial data	The following table presents the financial data for the Partnership’s four reportable segments for the three months ended September 30, 2015 and as of and for the nine months ended September 30, 2015 : Three Months Ended September 30, 2015 Corporate Global Real Investment Total (Dollars in millions) Segment Revenues Fund level fee revenues Fund management fees $ 152.5 $ 52.3 $ 69.3 $ 37.8 $ 311.9 Portfolio advisory fees, net 2.8 0.1 0.1 — 3.0 Transaction fees, net 0.9 — 0.1 — 1.0 Total fund level fee revenues 156.2 52.4 69.5 37.8 315.9 Performance fees Realized 258.6 11.8 57.7 5.0 333.1 Unrealized (513.9 ) (62.4 ) (9.3 ) 31.4 (554.2 ) Total performance fees (255.3 ) (50.6 ) 48.4 36.4 (221.1 ) Investment income (loss) Realized 11.0 3.1 (4.9 ) — 9.2 Unrealized (12.7 ) (5.0 ) 2.1 0.1 (15.5 ) Total investment income (loss) (1.7 ) (1.9 ) (2.8 ) 0.1 (6.3 ) Interest and other income 3.1 0.7 0.9 0.3 5.0 Total revenues (97.7 ) 0.6 116.0 74.6 93.5 Segment Expenses Compensation and benefits Direct base compensation 59.1 22.4 20.4 19.8 121.7 Indirect base compensation 23.3 6.9 9.7 2.9 42.8 Equity-based compensation 17.0 5.0 6.2 2.6 30.8 Performance fee related Realized 120.6 5.4 25.5 4.4 155.9 Unrealized (235.0 ) (28.6 ) 7.2 28.0 (228.4 ) Total compensation and benefits (15.0 ) 11.1 69.0 57.7 122.8 General, administrative, and other indirect expenses 36.4 14.0 17.0 10.7 78.1 Depreciation and amortization expense 3.3 1.3 1.2 0.8 6.6 Interest expense 7.8 2.6 2.6 1.4 14.4 Total expenses 32.5 29.0 89.8 70.6 221.9 Economic Net Income (Loss) $ (130.2 ) $ (28.4 ) $ 26.2 $ 4.0 $ (128.4 ) (-) Net Performance Fees (140.9 ) (27.4 ) 15.7 4.0 (148.6 ) (-) Investment Income (Loss) (1.7 ) (1.9 ) (2.8 ) 0.1 (6.3 ) (+) Equity-based Compensation 17.0 5.0 6.2 2.6 30.8 (=) Fee Related Earnings $ 29.4 $ 5.9 $ 19.5 $ 2.5 $ 57.3 (+) Realized Net Performance Fees 138.0 6.4 32.2 0.6 177.2 (+) Realized Investment Income (Loss) 11.0 3.1 (4.9 ) — 9.2 (=) Distributable Earnings $ 178.4 $ 15.4 $ 46.8 $ 3.1 $ 243.7 September 30, 2015 and the Nine Months Then Ended Corporate Global Real Investment Solutions Total (Dollars in millions) Segment Revenues Fund level fee revenues Fund management fees $ 443.5 $ 162.6 $ 197.1 $ 116.1 $ 919.3 Portfolio advisory fees, net 11.3 0.6 0.4 — 12.3 Transaction fees, net 3.7 — 0.4 — 4.1 Total fund level fee revenues 458.5 163.2 197.9 116.1 935.7 Performance fees Realized 1,101.1 25.0 112.5 13.2 1,251.8 Unrealized (583.0 ) (40.1 ) (38.3 ) 122.1 (539.3 ) Total performance fees 518.1 (15.1 ) 74.2 135.3 712.5 Investment income (loss) Realized 22.0 5.9 (94.7 ) 0.1 (66.7 ) Unrealized (4.6 ) (10.7 ) 58.4 0.3 43.4 Total investment income (loss) 17.4 (4.8 ) (36.3 ) 0.4 (23.3 ) Interest and other income 9.0 3.9 2.6 1.1 16.6 Total revenues 1,003.0 147.2 238.4 252.9 1,641.5 Segment Expenses Compensation and benefits Direct base compensation 169.3 75.3 56.4 60.6 361.6 Indirect base compensation 71.1 22.1 30.8 9.8 133.8 Equity-based compensation 49.6 14.5 19.6 7.3 91.0 Performance fee related Realized 494.8 11.8 46.0 10.9 563.5 Unrealized (256.8 ) (18.6 ) 28.4 113.6 (133.4 ) Total compensation and benefits 528.0 105.1 181.2 202.2 1,016.5 General, administrative, and other indirect expenses 105.9 49.1 52.4 31.4 238.8 Depreciation and amortization expense 9.0 3.7 3.1 3.0 18.8 Interest expense 23.1 8.1 7.9 4.4 43.5 Total expenses 666.0 166.0 244.6 241.0 1,317.6 Economic Net Income (Loss) $ 337.0 $ (18.8 ) $ (6.2 ) $ 11.9 $ 323.9 (-) Net Performance Fees 280.1 (8.3 ) (0.2 ) 10.8 282.4 (-) Investment Income (Loss) 17.4 (4.8 ) (36.3 ) 0.4 (23.3 ) (+) Equity-based Compensation 49.6 14.5 19.6 7.3 91.0 (=) Fee Related Earnings $ 89.1 $ 8.8 $ 49.9 $ 8.0 $ 155.8 (+) Realized Net Performance Fees 606.3 13.2 66.5 2.3 688.3 (+) Realized Investment Income (Loss) 22.0 5.9 (94.7 ) 0.1 (66.7 ) (=) Distributable Earnings $ 717.4 $ 27.9 $ 21.7 $ 10.4 $ 777.4 Segment assets as of September 30, 2015 $ 3,425.3 $ 714.3 $ 1,698.4 $ 888.8 $ 6,726.8 The following table presents the financial data for the Partnership’s four reportable segments for the three and nine months ended September 30, 2014 : Three Months Ended September 30, 2014 Corporate Global Real Investment Total (Dollars in millions) Segment Revenues Fund level fee revenues Fund management fees $ 151.5 $ 65.6 $ 55.7 $ 46.0 $ 318.8 Portfolio advisory fees, net 3.8 0.2 0.1 — 4.1 Transaction fees, net 17.0 0.2 0.6 — 17.8 Total fund level fee revenues 172.3 66.0 56.4 46.0 340.7 Performance fees Realized 125.0 11.3 28.4 10.6 175.3 Unrealized 100.8 (10.8 ) 9.5 (50.9 ) 48.6 Total performance fees 225.8 0.5 37.9 (40.3 ) 223.9 Investment income (loss) Realized 6.4 4.1 (13.2 ) — (2.7 ) Unrealized 3.8 (4.3 ) 6.7 — 6.2 Total investment income (loss) 10.2 (0.2 ) (6.5 ) — 3.5 Interest and other income 4.7 1.9 1.4 0.5 8.5 Total revenues 413.0 68.2 89.2 6.2 576.6 Segment Expenses Compensation and benefits Direct base compensation 67.0 29.9 20.7 20.7 138.3 Indirect base compensation 25.9 6.9 9.9 4.3 47.0 Equity-based compensation 12.9 4.0 5.4 1.5 23.8 Performance fee related Realized 52.7 6.1 9.9 8.8 77.5 Unrealized 49.4 2.6 8.0 (52.8 ) 7.2 Total compensation and benefits 207.9 49.5 53.9 (17.5 ) 293.8 General, administrative, and other indirect expenses 35.5 14.0 21.1 11.5 82.1 Depreciation and amortization expense 2.7 1.0 0.8 0.9 5.4 Interest expense 7.9 2.5 2.6 1.5 14.5 Total expenses 254.0 67.0 78.4 (3.6 ) 395.8 Economic Net Income $ 159.0 $ 1.2 $ 10.8 $ 9.8 $ 180.8 (-) Net Performance Fees 123.7 (8.2 ) 20.0 3.7 139.2 (-) Investment Income (Loss) 10.2 (0.2 ) (6.5 ) — 3.5 (+) Equity-based Compensation 12.9 4.0 5.4 1.5 23.8 (=) Fee Related Earnings $ 38.0 $ 13.6 $ 2.7 $ 7.6 $ 61.9 (+) Realized Net Performance Fees 72.3 5.2 18.5 1.8 97.8 (+) Realized Investment Income (Loss) 6.4 4.1 (13.2 ) — (2.7 ) (=) Distributable Earnings $ 116.7 $ 22.9 $ 8.0 $ 9.4 $ 157.0 Nine Months Ended September 30, 2014 Corporate Global Real Investment Solutions Total (Dollars in millions) Segment Revenues Fund level fee revenues Fund management fees $ 428.5 $ 192.9 $ 165.6 $ 137.4 $ 924.4 Portfolio advisory fees, net 10.6 0.4 0.6 — 11.6 Transaction fees, net 49.6 0.2 0.7 — 50.5 Total fund level fee revenues 488.7 193.5 166.9 137.4 986.5 Performance fees Realized 747.4 26.3 38.3 23.5 835.5 Unrealized 237.5 84.3 69.9 150.9 542.6 Total performance fees 984.9 110.6 108.2 174.4 1,378.1 Investment income (loss) Realized 10.3 6.8 (3.0 ) — 14.1 Unrealized 13.2 (1.2 ) (35.5 ) 0.3 (23.2 ) Total investment income (loss) 23.5 5.6 (38.5 ) 0.3 (9.1 ) Interest and other income 8.7 4.7 3.3 1.0 17.7 Total revenues 1,505.8 314.4 239.9 313.1 2,373.2 Segment Expenses Compensation and benefits Direct base compensation 189.4 83.7 60.7 62.4 396.2 Indirect base compensation 73.4 18.9 35.9 12.1 140.3 Equity-based compensation 30.1 9.9 14.0 3.3 57.3 Performance fee related Realized 326.4 12.4 10.6 16.9 366.3 Unrealized 122.1 39.0 39.2 142.5 342.8 Total compensation and benefits 741.4 163.9 160.4 237.2 1,302.9 General, administrative, and other indirect expenses 108.6 38.6 52.3 31.3 230.8 Depreciation and amortization expense 8.1 2.9 2.6 2.8 16.4 Interest expense 22.6 7.2 7.3 4.1 41.2 Total expenses 880.7 212.6 222.6 275.4 1,591.3 Economic Net Income $ 625.1 $ 101.8 $ 17.3 $ 37.7 $ 781.9 (-) Net Performance Fees 536.4 59.2 58.4 15.0 669.0 (-) Investment Income (Loss) 23.5 5.6 (38.5 ) 0.3 (9.1 ) (+) Equity-based Compensation 30.1 9.9 14.0 3.3 57.3 (=) Fee Related Earnings $ 95.3 $ 46.9 $ 11.4 $ 25.7 $ 179.3 (+) Realized Net Performance Fees 421.0 13.9 27.7 6.6 469.2 (+) Realized Investment Income (Loss) 10.3 6.8 (3.0 ) — 14.1 (=) Distributable Earnings $ 526.6 $ 67.6 $ 36.1 $ 32.3 $ 662.6
Total segments to partnership income before provision for taxes reconciliation	The following table reconciles the Total Segments to the Partnership’s Income Before Provision for Taxes for the three months ended September 30, 2015 and 2014 : Three Months Ended September 30, 2015 Total Reportable Segments Consolidated Funds Reconciling Items Carlyle Consolidated (Dollars in millions) Revenues $ 93.5 $ 259.4 $ (55.4 ) (a) $ 297.5 Expenses $ 221.9 $ 355.5 $ 217.9 (b) $ 795.3 Other income (loss) $ — $ (20.6 ) $ (10.7 ) (c) $ (31.3 ) Economic net income (loss) $ (128.4 ) $ (116.7 ) $ (284.0 ) (d) $ (529.1 ) Three Months Ended September 30, 2014 Total Reportable Segments Consolidated Funds Reconciling Items Carlyle Consolidated (Dollars in millions) Revenues $ 576.6 $ 234.1 $ (55.7 ) (a) $ 755.0 Expenses $ 395.8 $ 283.9 $ 25.4 (b) $ 705.1 Other income $ — $ 127.4 $ (1.9 ) (c) $ 125.5 Economic net income $ 180.8 $ 77.6 $ (83.0 ) (d) $ 175.4 The following table reconciles the Total Segments to the Partnership’s Income Before Provision for Taxes for the nine months ended September 30, 2015 and 2014 , and Total Assets as of September 30, 2015 : September 30, 2015 and the Nine Months Then Ended Total Reportable Segments Consolidated Funds Reconciling Items Carlyle Consolidated (Dollars in millions) Revenues $ 1,641.5 $ 742.7 $ (93.8 ) (a) $ 2,290.4 Expenses $ 1,317.6 $ 959.5 $ 388.8 (b) $ 2,665.9 Other income $ — $ 950.3 $ (14.5 ) (c) $ 935.8 Economic net income $ 323.9 $ 733.5 $ (497.1 ) (d) $ 560.3 Total assets $ 6,726.8 $ 26,304.5 $ (234.6 ) (e) $ 32,796.7 Nine Months Ended September 30, 2014 Total Reportable Segments Consolidated Funds Reconciling Items Carlyle Consolidated (Dollars in millions) Revenues $ 2,373.2 $ 728.5 $ (60.5 ) (a) $ 3,041.2 Expenses $ 1,591.3 $ 940.0 $ 315.4 (b) $ 2,846.7 Other income $ — $ 996.9 $ (2.4 ) (c) $ 994.5 Economic net income $ 781.9 $ 785.4 $ (378.3 ) (d) $ 1,189.0 (a) The Revenues adjustment principally represents fund management and performance fees earned from the Consolidated Funds which were eliminated in consolidation to arrive at the Partnership’s total revenues, adjustments for amounts attributable to non-controlling interests in consolidated entities, adjustments related to expenses associated with the investments in NGP Management and its affiliates that are included in operating captions or are excluded from the segment results, adjustments to reflect the Partnership’s share of Urbplan’s net losses as a component of investment income, and adjustments to reflect the Partnership’s ownership interests in Claren Road, ESG and Carlyle Commodity Management that were included in Revenues in the Partnership’s segment reporting. (b) The Expenses adjustment represents the elimination of intercompany expenses of the Consolidated Funds payable to the Partnership, the inclusion of certain tax expenses associated with performance fee compensation, adjustments related to expenses associated with the investment in NGP Management that are included in operating captions, adjustments to reflect the Partnership’s share of Urbplan’s net losses as a component of investment income, charges and credits associated with Carlyle corporate actions and non-recurring items and adjustments to reflect the Partnership’s economic interests in Claren Road, ESG and Carlyle Commodity Management, as detailed below (Dollars in millions): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Equity-based compensation issued in conjunction with the initial public offering, acquisitions and strategic investments $ 54.5 $ 56.3 $ 202.1 $ 209.7 Acquisition related charges, including amortization of intangibles and impairment 209.6 24.5 247.9 166.6 Other non-operating (income) expense (9.9 ) (39.6 ) (11.7 ) (14.0 ) Tax benefit (expense) associated with performance fee compensation (5.1 ) 15.0 (19.4 ) (23.5 ) Non-Carlyle economic interests in acquired business 26.2 11.9 134.6 156.5 Other adjustments 0.1 1.6 3.1 2.5 Elimination of expenses of Consolidated Funds (57.5 ) (44.3 ) (167.8 ) (182.4 ) $ 217.9 $ 25.4 $ 388.8 $ 315.4 (c) The Other Income (Loss) adjustment results from the Consolidated Funds which were eliminated in consolidation to arrive at the Partnership’s total Other Income (Loss). (d) The following table is a reconciliation of Income Before Provision for Income Taxes to Economic Net Income, to Fee Related Earnings, and to Distributable Earnings (Dollars in millions): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Income (loss) before provision for income taxes $ (529.1 ) $ 175.4 $ 560.3 $ 1,189.0 Adjustments: Equity-based compensation issued in conjunction with the initial public offering, acquisitions and strategic investments 54.5 56.3 202.1 209.7 Acquisition related charges, including amortization of intangibles and impairment 209.6 24.5 247.9 166.6 Other non-operating (income) expense (9.9 ) (39.6 ) (11.7 ) (14.0 ) Tax benefit (expense) associated with performance fee compensation (5.1 ) 15.0 (19.4 ) (23.5 ) Net (income) loss attributable to non-controlling interests in consolidated entities 152.4 (53.2 ) (657.5 ) (747.4 ) Other adjustments (0.8 ) 2.4 2.2 1.5 Economic Net Income (Loss) $ (128.4 ) $ 180.8 $ 323.9 $ 781.9 Net performance fees (1) (148.6 ) 139.2 282.4 669.0 Investment income (loss) (1) (6.3 ) 3.5 (23.3 ) (9.1 ) Equity-based compensation 30.8 23.8 91.0 57.3 Fee Related Earnings $ 57.3 $ 61.9 $ 155.8 $ 179.3 Realized performance fees, net of related compensation 177.2 97.8 688.3 469.2 Realized investment income (loss) (1) 9.2 (2.7 ) (66.7 ) 14.1 Distributable Earnings $ 243.7 $ 157.0 $ 777.4 $ 662.6 (1) See reconciliation to most directly comparable U.S. GAAP measure below: Three Months Ended September 30, 2015 Carlyle Adjustments (2) Total (Dollars in millions) Performance fees Realized $ 329.2 $ 3.9 $ 333.1 Unrealized (575.8 ) 21.6 (554.2 ) Total performance fees (246.6 ) 25.5 (221.1 ) Performance fee related compensation expense Realized 155.2 0.7 155.9 Unrealized (228.1 ) (0.3 ) (228.4 ) Total performance fee related compensation expense (72.9 ) 0.4 (72.5 ) Net performance fees Realized 174.0 3.2 177.2 Unrealized (347.7 ) 21.9 (325.8 ) Total net performance fees $ (173.7 ) $ 25.1 $ (148.6 ) Investment income (loss) Realized $ 12.5 $ (3.3 ) $ 9.2 Unrealized (22.0 ) 6.5 (15.5 ) Investment income (loss) $ (9.5 ) $ 3.2 $ (6.3 ) Three Months Ended September 30, 2014 Carlyle Adjustments (2) Total (Dollars in millions) Performance fees Realized $ 176.9 $ (1.6 ) $ 175.3 Unrealized 10.5 38.1 48.6 Total performance fees 187.4 36.5 223.9 Performance fee related compensation expense Realized 78.4 (0.9 ) 77.5 Unrealized (14.3 ) 21.5 7.2 Total performance fee related compensation expense 64.1 20.6 84.7 Net performance fees Realized 98.5 (0.7 ) 97.8 Unrealized 24.8 16.6 41.4 Total net performance fees $ 123.3 $ 15.9 $ 139.2 Investment income (loss) Realized $ (0.5 ) $ (2.2 ) $ (2.7 ) Unrealized 4.3 1.9 6.2 Total investment income (loss) $ 3.8 $ (0.3 ) $ 3.5 Nine Months Ended September 30, 2015 Carlyle Adjustments (2) Total (Dollars in millions) Performance fees Realized $ 1,251.0 $ 0.8 $ 1,251.8 Unrealized (629.7 ) 90.4 (539.3 ) Total performance fees 621.3 91.2 712.5 Performance fee related compensation expense Realized 561.7 1.8 563.5 Unrealized (146.2 ) 12.8 (133.4 ) Total performance fee related compensation expense 415.5 14.6 430.1 Net performance fees Realized 689.3 (1.0 ) 688.3 Unrealized (483.5 ) 77.6 (405.9 ) Total net performance fees $ 205.8 $ 76.6 $ 282.4 Investment income (loss) Realized $ 24.2 $ (90.9 ) $ (66.7 ) Unrealized (17.7 ) 61.1 43.4 Investment income (loss) $ 6.5 $ (29.8 ) $ (23.3 ) Nine Months Ended September 30, 2014 Carlyle Adjustments (2) Total (Dollars in millions) Performance fees Realized $ 843.9 $ (8.4 ) $ 835.5 Unrealized 506.4 36.2 542.6 Total performance fees 1,350.3 27.8 1,378.1 Performance fee related compensation expense Realized 368.3 (2.0 ) 366.3 Unrealized 316.3 26.5 342.8 Total performance fee related compensation expense 684.6 24.5 709.1 Net performance fees Realized 475.6 (6.4 ) 469.2 Unrealized 190.1 9.7 199.8 Total net performance fees $ 665.7 $ 3.3 $ 669.0 Investment income (loss) Realized $ 29.4 $ (15.3 ) $ 14.1 Unrealized 4.2 (27.4 ) (23.2 ) Total investment income (loss) $ 33.6 $ (42.7 ) $ (9.1 ) (2) Adjustments to performance fees and investment income (loss) relate to (i) amounts earned from the Consolidated Funds, which were eliminated in the U.S. GAAP consolidation but were included in the segment results, (ii) amounts attributable to non-controlling interests in consolidated entities, which were excluded from the segment results and (iii) the reclassification of NGP X performance fees, which are included in investment income in U.S. GAAP financial statements. Adjustments to investment income (loss) also include the reclassification of earnings for the investments in NGP Management and its affiliates to the appropriate operating captions for the segment results, the exclusion of charges associated with the investment in NGP Management and its affiliates that are excluded from the segment results, and adjustments to reflect the Partnership’s share of Urbplan’s net losses as investment losses for the segment results. Adjustments to performance fee related compensation expense relate to certain tax expenses associated with performance fee compensation. Adjustments are also included in these financial statement captions to reflect the Partnership’s 55% economic interest in each of Claren Road, ESG, and, for periods prior to July 1, 2015, Carlyle Commodity Management. Effective for periods beginning on and after July 1, 2015, adjustments are included to reflect the Partnership's approximate 83% economic interest in Carlyle Commodity Management. (e) The Total assets adjustment represents the addition of the assets of the Consolidated Funds that were eliminated in consolidation to arrive at the Partnership’s total assets.
Expenses adjustment representing elimination of intercompany expenses	The Expenses adjustment represents the elimination of intercompany expenses of the Consolidated Funds payable to the Partnership, the inclusion of certain tax expenses associated with performance fee compensation, adjustments related to expenses associated with the investment in NGP Management that are included in operating captions, adjustments to reflect the Partnership’s share of Urbplan’s net losses as a component of investment income, charges and credits associated with Carlyle corporate actions and non-recurring items and adjustments to reflect the Partnership’s economic interests in Claren Road, ESG and Carlyle Commodity Management, as detailed below (Dollars in millions): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Equity-based compensation issued in conjunction with the initial public offering, acquisitions and strategic investments $ 54.5 $ 56.3 $ 202.1 $ 209.7 Acquisition related charges, including amortization of intangibles and impairment 209.6 24.5 247.9 166.6 Other non-operating (income) expense (9.9 ) (39.6 ) (11.7 ) (14.0 ) Tax benefit (expense) associated with performance fee compensation (5.1 ) 15.0 (19.4 ) (23.5 ) Non-Carlyle economic interests in acquired business 26.2 11.9 134.6 156.5 Other adjustments 0.1 1.6 3.1 2.5 Elimination of expenses of Consolidated Funds (57.5 ) (44.3 ) (167.8 ) (182.4 ) $ 217.9 $ 25.4 $ 388.8 $ 315.4
Reconciliation of income before provision for income taxes	The following table is a reconciliation of Income Before Provision for Income Taxes to Economic Net Income, to Fee Related Earnings, and to Distributable Earnings (Dollars in millions): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Income (loss) before provision for income taxes $ (529.1 ) $ 175.4 $ 560.3 $ 1,189.0 Adjustments: Equity-based compensation issued in conjunction with the initial public offering, acquisitions and strategic investments 54.5 56.3 202.1 209.7 Acquisition related charges, including amortization of intangibles and impairment 209.6 24.5 247.9 166.6 Other non-operating (income) expense (9.9 ) (39.6 ) (11.7 ) (14.0 ) Tax benefit (expense) associated with performance fee compensation (5.1 ) 15.0 (19.4 ) (23.5 ) Net (income) loss attributable to non-controlling interests in consolidated entities 152.4 (53.2 ) (657.5 ) (747.4 ) Other adjustments (0.8 ) 2.4 2.2 1.5 Economic Net Income (Loss) $ (128.4 ) $ 180.8 $ 323.9 $ 781.9 Net performance fees (1) (148.6 ) 139.2 282.4 669.0 Investment income (loss) (1) (6.3 ) 3.5 (23.3 ) (9.1 ) Equity-based compensation 30.8 23.8 91.0 57.3 Fee Related Earnings $ 57.3 $ 61.9 $ 155.8 $ 179.3 Realized performance fees, net of related compensation 177.2 97.8 688.3 469.2 Realized investment income (loss) (1) 9.2 (2.7 ) (66.7 ) 14.1 Distributable Earnings $ 243.7 $ 157.0 $ 777.4 $ 662.6 (1) See reconciliation to most directly comparable U.S. GAAP measure below: Three Months Ended September 30, 2015 Carlyle Adjustments (2) Total (Dollars in millions) Performance fees Realized $ 329.2 $ 3.9 $ 333.1 Unrealized (575.8 ) 21.6 (554.2 ) Total performance fees (246.6 ) 25.5 (221.1 ) Performance fee related compensation expense Realized 155.2 0.7 155.9 Unrealized (228.1 ) (0.3 ) (228.4 ) Total performance fee related compensation expense (72.9 ) 0.4 (72.5 ) Net performance fees Realized 174.0 3.2 177.2 Unrealized (347.7 ) 21.9 (325.8 ) Total net performance fees $ (173.7 ) $ 25.1 $ (148.6 ) Investment income (loss) Realized $ 12.5 $ (3.3 ) $ 9.2 Unrealized (22.0 ) 6.5 (15.5 ) Investment income (loss) $ (9.5 ) $ 3.2 $ (6.3 ) Three Months Ended September 30, 2014 Carlyle Adjustments (2) Total (Dollars in millions) Performance fees Realized $ 176.9 $ (1.6 ) $ 175.3 Unrealized 10.5 38.1 48.6 Total performance fees 187.4 36.5 223.9 Performance fee related compensation expense Realized 78.4 (0.9 ) 77.5 Unrealized (14.3 ) 21.5 7.2 Total performance fee related compensation expense 64.1 20.6 84.7 Net performance fees Realized 98.5 (0.7 ) 97.8 Unrealized 24.8 16.6 41.4 Total net performance fees $ 123.3 $ 15.9 $ 139.2 Investment income (loss) Realized $ (0.5 ) $ (2.2 ) $ (2.7 ) Unrealized 4.3 1.9 6.2 Total investment income (loss) $ 3.8 $ (0.3 ) $ 3.5 Nine Months Ended September 30, 2015 Carlyle Adjustments (2) Total (Dollars in millions) Performance fees Realized $ 1,251.0 $ 0.8 $ 1,251.8 Unrealized (629.7 ) 90.4 (539.3 ) Total performance fees 621.3 91.2 712.5 Performance fee related compensation expense Realized 561.7 1.8 563.5 Unrealized (146.2 ) 12.8 (133.4 ) Total performance fee related compensation expense 415.5 14.6 430.1 Net performance fees Realized 689.3 (1.0 ) 688.3 Unrealized (483.5 ) 77.6 (405.9 ) Total net performance fees $ 205.8 $ 76.6 $ 282.4 Investment income (loss) Realized $ 24.2 $ (90.9 ) $ (66.7 ) Unrealized (17.7 ) 61.1 43.4 Investment income (loss) $ 6.5 $ (29.8 ) $ (23.3 ) Nine Months Ended September 30, 2014 Carlyle Adjustments (2) Total (Dollars in millions) Performance fees Realized $ 843.9 $ (8.4 ) $ 835.5 Unrealized 506.4 36.2 542.6 Total performance fees 1,350.3 27.8 1,378.1 Performance fee related compensation expense Realized 368.3 (2.0 ) 366.3 Unrealized 316.3 26.5 342.8 Total performance fee related compensation expense 684.6 24.5 709.1 Net performance fees Realized 475.6 (6.4 ) 469.2 Unrealized 190.1 9.7 199.8 Total net performance fees $ 665.7 $ 3.3 $ 669.0 Investment income (loss) Realized $ 29.4 $ (15.3 ) $ 14.1 Unrealized 4.2 (27.4 ) (23.2 ) Total investment income (loss) $ 33.6 $ (42.7 ) $ (9.1 ) (2) Adjustments to performance fees and investment income (loss) relate to (i) amounts earned from the Consolidated Funds, which were eliminated in the U.S. GAAP consolidation but were included in the segment results, (ii) amounts attributable to non-controlling interests in consolidated entities, which were excluded from the segment results and (iii) the reclassification of NGP X performance fees, which are included in investment income in U.S. GAAP financial statements. Adjustments to investment income (loss) also include the reclassification of earnings for the investments in NGP Management and its affiliates to the appropriate operating captions for the segment results, the exclusion of charges associated with the investment in NGP Management and its affiliates that are excluded from the segment results, and adjustments to reflect the Partnership’s share of Urbplan’s net losses as investment losses for the segment results. Adjustments to performance fee related compensation expense relate to certain tax expenses associated with performance fee compensation. Adjustments are also included in these financial statement captions to reflect the Partnership’s 55% economic interest in each of Claren Road, ESG, and, for periods prior to July 1, 2015, Carlyle Commodity Management. Effective for periods beginning on and after July 1, 2015, adjustments are included to reflect the Partnership's approximate 83% economic interest in Carlyle Commodity Management. (e) The Total assets adjustment represents the addition of the assets of the Consolidated Funds that were eliminated in consolidation to arrive at the Partnership’s total assets.

Supplemental Financial Inform45

Supplemental Financial Information (Tables)	9 Months Ended
	Sep. 30, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Supplemental financial Position	The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Partnership’s financial position as of September 30, 2015 and December 31, 2014 and results of operations for the three and nine months ended September 30, 2015 and 2014 . The supplemental statement of cash flows is presented without effects of the Consolidated Funds. As of September 30, 2015 Consolidated Consolidated Eliminations Consolidated (Dollars in millions) Assets Cash and cash equivalents $ 1,307.5 $ — $ — $ 1,307.5 Cash and cash equivalents held at Consolidated Funds — 1,131.2 — 1,131.2 Restricted cash 277.4 — — 277.4 Restricted cash and securities of Consolidated Funds — 18.4 — 18.4 Accrued performance fees 3,039.1 — (23.3 ) 3,015.8 Investments 1,091.9 — (194.7 ) 897.2 Investments of Consolidated Funds — 23,989.0 1.1 23,990.1 Due from affiliates and other receivables, net 222.8 — (17.7 ) 205.1 Due from affiliates and other receivables of Consolidated Funds, net — 1,164.7 — 1,164.7 Receivables and inventory of a consolidated real estate VIE 172.8 — — 172.8 Fixed assets, net 105.5 — — 105.5 Deposits and other 56.3 1.2 — 57.5 Other assets of a consolidated real estate VIE 68.8 — — 68.8 Intangible assets, net 171.6 — — 171.6 Deferred tax assets 213.1 — — 213.1 Total assets $ 6,726.8 $ 26,304.5 $ (234.6 ) $ 32,796.7 Liabilities and partners’ capital Loans payable $ 39.1 $ — $ — $ 39.1 3.875% senior notes due 2023 499.9 — — 499.9 5.625% senior notes due 2043 606.6 — — 606.6 Loans payable of Consolidated Funds — 16,849.7 (184.6 ) 16,665.1 Loans payable of a consolidated real estate VIE at fair value (principal amount of $167.8 million) 109.1 — — 109.1 Accounts payable, accrued expenses and other liabilities 404.1 — — 404.1 Accrued compensation and benefits 2,045.4 — — 2,045.4 Due to affiliates 469.3 2.4 (1.6 ) 470.1 Deferred revenue 203.8 — (0.2 ) 203.6 Deferred tax liabilities 119.8 — — 119.8 Other liabilities of Consolidated Funds — 1,953.2 (43.1 ) 1,910.1 Other liabilities of a consolidated real estate VIE 95.4 — — 95.4 Accrued giveback obligations 264.0 — — 264.0 Total liabilities 4,856.5 18,805.3 (229.5 ) 23,432.3 Redeemable non-controlling interests in consolidated entities 8.1 2,658.8 — 2,666.9 Partners’ capital 510.0 (9.4 ) 9.4 510.0 Accumulated other comprehensive income (loss) (73.6 ) 7.1 (7.2 ) (73.7 ) Partners’ capital appropriated for Consolidated Funds — 165.3 (7.3 ) 158.0 Non-controlling interests in consolidated entities 217.3 4,677.4 — 4,894.7 Non-controlling interests in Carlyle Holdings 1,208.5 — — 1,208.5 Total partners’ capital 1,862.2 4,840.4 (5.1 ) 6,697.5 Total liabilities and partners’ capital $ 6,726.8 $ 26,304.5 $ (234.6 ) $ 32,796.7 As of December 31, 2014 Consolidated Consolidated Eliminations Consolidated (Dollars in millions) Assets Cash and cash equivalents $ 1,242.0 $ — $ — $ 1,242.0 Cash and cash equivalents held at Consolidated Funds — 1,551.1 — 1,551.1 Restricted cash 59.7 — — 59.7 Restricted cash and securities of Consolidated Funds — 14.9 — 14.9 Accrued performance fees 3,808.9 — (13.3 ) 3,795.6 Investments 1,114.9 — (183.3 ) 931.6 Investments of Consolidated Funds — 26,028.7 0.1 26,028.8 Due from affiliates and other receivables, net 215.8 — (16.4 ) 199.4 Due from affiliates and other receivables of Consolidated Funds, net — 1,213.2 — 1,213.2 Receivables and inventory of a consolidated real estate VIE 163.9 — — 163.9 Fixed assets, net 75.4 — — 75.4 Deposits and other 57.3 1.9 — 59.2 Other assets of a consolidated real estate VIE 86.4 — — 86.4 Intangible assets, net 442.1 — — 442.1 Deferred tax assets 131.0 — — 131.0 Total assets $ 7,397.4 $ 28,809.8 $ (212.9 ) $ 35,994.3 Liabilities and partners’ capital Loans payable $ 40.2 $ — $ — $ 40.2 3.875% senior notes due 2023 499.9 — — 499.9 5.625% senior notes due 2043 606.8 — — 606.8 Loans payable of Consolidated Funds — 16,219.8 (167.6 ) 16,052.2 Loans payable of a consolidated real estate VIE at fair value (principal amount of $243.6 million) 146.2 — — 146.2 Accounts payable, accrued expenses and other liabilities 446.8 — (50.6 ) 396.2 Accrued compensation and benefits 2,312.5 — — 2,312.5 Due to affiliates 183.6 1.0 (0.4 ) 184.2 Deferred revenue 93.9 — (0.2 ) 93.7 Deferred tax liabilities 112.2 — — 112.2 Other liabilities of Consolidated Funds — 2,548.0 (43.1 ) 2,504.9 Other liabilities of a consolidated real estate VIE 84.9 — — 84.9 Accrued giveback obligations 113.4 — (9.0 ) 104.4 Total liabilities 4,640.4 18,768.8 (270.9 ) 23,138.3 Redeemable non-controlling interests in consolidated entities 8.4 3,753.1 — 3,761.5 Partners’ capital 566.0 (71.5 ) 71.5 566.0 Accumulated other comprehensive income (loss) (40.3 ) 6.3 (5.0 ) (39.0 ) Partners’ capital appropriated for Consolidated Funds — 193.0 (8.5 ) 184.5 Non-controlling interests in consolidated entities 286.3 6,160.1 — 6,446.4 Non-controlling interests in Carlyle Holdings 1,936.6 — — 1,936.6 Total partners’ capital 2,748.6 6,287.9 58.0 9,094.5 Total liabilities and partners’ capital $ 7,397.4 $ 28,809.8 $ (212.9 ) $ 35,994.3
Supplemental results of operations	Three Months Ended September 30, 2015 Consolidated Consolidated Eliminations Consolidated (Dollars in millions) Revenues Fund management fees $ 316.7 $ — $ (38.4 ) $ 278.3 Performance fees Realized 334.4 — (5.2 ) 329.2 Unrealized (569.9 ) — (5.9 ) (575.8 ) Total performance fees (235.5 ) — (11.1 ) (246.6 ) Investment income (loss) Realized 15.6 — (3.1 ) 12.5 Unrealized (24.6 ) — 2.6 (22.0 ) Investment income (loss) (9.0 ) — (0.5 ) (9.5 ) Interest and other income 5.5 — (0.5 ) 5.0 Interest and other income of Consolidated Funds — 259.4 — 259.4 Revenue of a consolidated real estate VIE 10.9 — — 10.9 Total revenues 88.6 259.4 (50.5 ) 297.5 Expenses Compensation and benefits Base compensation 163.5 — — 163.5 Equity-based compensation 86.8 — — 86.8 Performance fee related Realized 155.2 — — 155.2 Unrealized (228.1 ) — — (228.1 ) Total compensation and benefits 177.4 — — 177.4 General, administrative and other expenses 288.5 — 1.1 289.6 Interest 14.5 — — 14.5 Interest and other expenses of Consolidated Funds — 355.5 (58.6 ) 296.9 Interest and other expenses of a consolidated real estate VIE 26.8 — — 26.8 Other non-operating income (9.9 ) — — (9.9 ) Total expenses 497.3 355.5 (57.5 ) 795.3 Other income Net investment losses of Consolidated Funds — (20.6 ) (10.7 ) (31.3 ) Loss before provision for income taxes (408.7 ) (116.7 ) (3.7 ) (529.1 ) Benefit for income taxes (4.1 ) — — (4.1 ) Net loss (404.6 ) (116.7 ) (3.7 ) (525.0 ) Net loss attributable to non-controlling interests in consolidated entities (32.0 ) — (120.4 ) (152.4 ) Net loss attributable to Carlyle Holdings (372.6 ) (116.7 ) 116.7 (372.6 ) Net loss attributable to non-controlling interests in Carlyle Holdings (288.7 ) — — (288.7 ) Net loss attributable to The Carlyle Group L.P. $ (83.9 ) $ (116.7 ) $ 116.7 $ (83.9 ) Nine Months Ended September 30, 2015 Consolidated Consolidated Eliminations Consolidated (Dollars in millions) Revenues Fund management fees $ 948.0 $ — $ (117.9 ) $ 830.1 Performance fees Realized 1,264.1 — (13.1 ) 1,251.0 Unrealized (613.1 ) — (16.6 ) (629.7 ) Total performance fees 651.0 — (29.7 ) 621.3 Investment income (loss) Realized (49.3 ) — 73.5 24.2 Unrealized 25.9 — (43.6 ) (17.7 ) Investment income (loss) (23.4 ) — 29.9 6.5 Interest and other income 17.8 — (1.9 ) 15.9 Interest and other income of Consolidated Funds — 742.7 — 742.7 Revenue of a consolidated real estate VIE 73.9 — — 73.9 Total revenues 1,667.3 742.7 (119.6 ) 2,290.4 Expenses Compensation and benefits Base compensation 472.2 — — 472.2 Equity-based compensation 291.0 — — 291.0 Performance fee related Realized 561.7 — — 561.7 Unrealized (146.2 ) — — (146.2 ) Total compensation and benefits 1,178.7 — — 1,178.7 General, administrative and other expenses 539.2 — — 539.2 Interest 43.6 — — 43.6 Interest and other expenses of Consolidated Funds — 959.5 (167.8 ) 791.7 Interest and other expenses of a consolidated real estate VIE 124.4 — — 124.4 Other non-operating income (11.7 ) — — (11.7 ) Total expenses 1,874.2 959.5 (167.8 ) 2,665.9 Other income Net investment gains (losses) of Consolidated Funds — 950.3 (14.5 ) 935.8 Income (loss) before provision for income taxes (206.9 ) 733.5 33.7 560.3 Provision for income taxes 12.4 — — 12.4 Net income (loss) (219.3 ) 733.5 33.7 547.9 Net income (loss) attributable to non-controlling interests in consolidated entities (109.7 ) — 767.2 657.5 Net income (loss) attributable to Carlyle Holdings (109.6 ) 733.5 (733.5 ) (109.6 ) Net income (loss) attributable to non-controlling interests in Carlyle Holdings (95.8 ) — — (95.8 ) Net income (loss) attributable to The Carlyle Group L.P. $ (13.8 ) $ 733.5 $ (733.5 ) $ (13.8 ) Three Months Ended September 30, 2014 Consolidated Consolidated Eliminations Consolidated (Dollars in millions) Revenues Fund management fees $ 354.6 $ — $ (47.2 ) $ 307.4 Performance fees Realized 179.1 — (2.2 ) 176.9 Unrealized (4.3 ) — 14.8 10.5 Total performance fees 174.8 — 12.6 187.4 Investment income (loss) Realized 1.6 — (2.1 ) (0.5 ) Unrealized 5.0 — (0.7 ) 4.3 Total investment income (loss) 6.6 — (2.8 ) 3.8 Interest and other income 9.6 — (0.5 ) 9.1 Interest and other income of Consolidated Funds — 234.1 — 234.1 Revenue of a consolidated real estate VIE 13.2 — — 13.2 Total revenues 558.8 234.1 (37.9 ) 755.0 Expenses Compensation and benefits Base compensation 190.7 — — 190.7 Equity-based compensation 79.7 — — 79.7 Performance fee related Realized 78.4 — — 78.4 Unrealized (14.3 ) — — (14.3 ) Total compensation and benefits 334.5 — — 334.5 General, administrative and other expenses 117.9 — (0.5 ) 117.4 Interest 14.4 — — 14.4 Interest and other expenses of Consolidated Funds — 283.9 (43.8 ) 240.1 Interest and other expenses of a consolidated real estate VIE 38.3 — — 38.3 Other non-operating income (39.6 ) — — (39.6 ) Total expenses 465.5 283.9 (44.3 ) 705.1 Other income Net investment gains (losses) of Consolidated Funds — 127.4 (1.9 ) 125.5 Income before provision for income taxes 93.3 77.6 4.5 175.4 Benefit for income taxes (5.9 ) — — (5.9 ) Net income 99.2 77.6 4.5 181.3 Net income (loss) attributable to non-controlling interests in consolidated entities (28.9 ) — 82.1 53.2 Net income (loss) attributable to Carlyle Holdings 128.1 77.6 (77.6 ) 128.1 Net income attributable to non-controlling interests in Carlyle Holdings 102.7 — — 102.7 Net income attributable to The Carlyle Group L.P. $ 25.4 $ 77.6 $ (77.6 ) $ 25.4 Nine Months Ended September 30, 2014 Consolidated Consolidated Eliminations Consolidated (Dollars in millions) Revenues Fund management fees $ 1,023.3 $ — $ (138.3 ) $ 885.0 Performance fees Realized 859.3 — (15.4 ) 843.9 Unrealized 515.9 — (9.5 ) 506.4 Total performance fees 1,375.2 — (24.9 ) 1,350.3 Investment income (loss) Realized 34.8 — (5.4 ) 29.4 Unrealized (1.2 ) — 5.4 4.2 Total investment income (loss) 33.6 — — 33.6 Interest and other income 18.7 — (2.1 ) 16.6 Interest and other income of Consolidated Funds — 728.5 — 728.5 Revenue of a consolidated real estate VIE 27.2 — — 27.2 Total revenues 2,478.0 728.5 (165.3 ) 3,041.2 Expenses Compensation and benefits Base compensation 615.8 — — 615.8 Equity-based compensation 262.9 — — 262.9 Performance fee related Realized 368.3 — — 368.3 Unrealized 316.3 — — 316.3 Total compensation and benefits 1,563.3 — — 1,563.3 General, administrative and other expenses 369.2 — 1.2 370.4 Interest 41.1 — — 41.1 Interest and other expenses of Consolidated Funds — 940.0 (183.6 ) 756.4 Interest and other expenses of a consolidated real estate VIE 129.5 — — 129.5 Other non-operating income (14.0 ) — — (14.0 ) Total expenses 2,089.1 940.0 (182.4 ) 2,846.7 Other income (loss) Net investment gains of Consolidated Funds — 996.9 (2.4 ) 994.5 Income before provision for income taxes 388.9 785.4 14.7 1,189.0 Provision for income taxes 63.9 — — 63.9 Net income 325.0 785.4 14.7 1,125.1 Net income (loss) attributable to non-controlling interests in consolidated entities (52.7 ) — 800.1 747.4 Net income (loss) attributable to Carlyle Holdings 377.7 785.4 (785.4 ) 377.7 Net income attributable to non-controlling interests in Carlyle Holdings 308.2 — — 308.2 Net income (loss) attributable to The Carlyle Group L.P. $ 69.5 $ 785.4 $ (785.4 ) $ 69.5
Supplemental statement of cash flows	Nine Months Ended September 30, 2015 2014 (Dollars in millions) Cash flows from operating activities Net income (loss) $ (219.3 ) $ 325.0 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation and amortization 281.7 125.4 Equity-based compensation 291.0 262.9 Excess tax benefits related to equity-based compensation (1.4 ) (2.5 ) Non-cash performance fees 584.4 (536.5 ) Other non-cash amounts 41.8 20.8 Investment loss 32.6 3.1 Purchases of investments and trading securities (99.2 ) (271.2 ) Proceeds from the sale of investments and trading securities 382.6 521.9 Payments of contingent consideration (17.8 ) (57.9 ) Change in deferred taxes, net (12.0 ) 11.6 Change in due from affiliates and other receivables (3.4 ) (3.0 ) Change in receivables and inventory of a consolidated real estate VIE (49.5 ) 3.0 Change in deposits and other (9.3 ) (11.4 ) Change in other assets of a consolidated real estate VIE (10.5 ) (0.9 ) Change in accounts payable, accrued expenses and other liabilities (82.9 ) (35.6 ) Change in accrued compensation and benefits (212.8 ) 189.1 Change in due to affiliates 253.5 (71.1 ) Change in other liabilities of a consolidated real estate VIE 43.9 (13.2 ) Change in deferred revenue 111.4 203.1 Net cash provided by operating activities 1,304.8 662.6 Cash flows from investing activities Change in restricted cash (217.9 ) 65.3 Purchases of fixed assets, net (49.8 ) (15.1 ) Acquisitions, net of cash acquired — (3.1 ) Net cash provided by (used in) investing activities (267.7 ) 47.1 Cash flows from financing activities Issuance of 5.625% senior notes due 2043, net of financing costs — 210.8 Net payments on loans payable of a consolidated real estate VIE (53.1 ) (15.9 ) Payments of contingent consideration (8.0 ) (38.1 ) Excess tax benefits related to equity-based compensation 1.4 2.5 Distributions to common unitholders (206.0 ) (91.9 ) Distributions to non-controlling interest holders in Carlyle Holdings (702.4 ) (446.8 ) Contributions from non-controlling interest holders 104.5 117.3 Distributions to non-controlling interest holders (92.1 ) (102.2 ) Net proceeds from issuance of common units, net of offering costs 209.9 449.5 Acquisition of non-controlling interests in Carlyle Holdings (209.9 ) (303.4 ) Change in due to/from affiliates financing activities 4.4 (47.9 ) Net cash used in financing activities (951.3 ) (266.1 ) Effect of foreign exchange rate changes (20.3 ) (16.0 ) Increase in cash and cash equivalents 65.5 427.6 Cash and cash equivalents, beginning of period 1,242.0 966.6 Cash and cash equivalents, end of period $ 1,307.5 $ 1,394.2

Organization and Basis of Pre46

Organization and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Millions	Jun. 05, 2015USD ($)$ / sharesshares	Mar. 10, 2014USD ($)$ / sharesshares	Sep. 30, 2015Segmentshares	Sep. 30, 2014Segment	Sep. 30, 2015Segmentshares	Dec. 31, 2014shares
Partnership Organization And Basis Of Presentation [Line Items]
Number of reportable segments | Segment			4	4	4
Public offering of common units completed by partnership (in shares) | shares	7,000,000	13,800,000
Price per share of public offering of common units (usd per share) | $ / shares	$ 30.07	$ 33.50
Net proceeds from the public offering	$ 209.9	$ 449.5
Partial use of proceeds from the issuance		$ 146.1
Number of newly issued Carlyle Holdings partnership units acquired (in shares) | shares	7,000,000	4,500,000
Remaining use of proceeds from the issuance		$ 303.4
Number of Carlyle Holdings partnership units acquired from Carlyle Holdings limited partners (in shares) | shares	7,000,000	9,300,000
Approximate amount of dilution incurred by partnership		$ 116.8
Excess fair value of consideration issued by Partnership over carrying amount of non-controlling interest acquired		237
Deferred tax asset	$ 57.9	70
Increase to liability owed under tax receivable agreement	49.8	60.1
Increase in partners' capital based on estimated tax information	8.1	9.9
Deferred tax liability	$ 2.6
Common stock, units outstanding (in shares) | shares			80,241,015		80,241,015	67,761,012
Adjustment
Partnership Organization And Basis Of Presentation [Line Items]
Increase to liability owed under tax receivable agreement		3
Increase in partners' capital based on estimated tax information		0.5
Increase to deferred tax asset		$ 3.5
Total Partners' Capital
Partnership Organization And Basis Of Presentation [Line Items]
Number of newly issued Carlyle Holdings partnership units acquired (in shares) | shares		4,500,000

Organization and Basis of Pre47

Organization and Basis of Presentation - Schedule of Adjustment to Partners' Capital (Details) $ in Millions	Jun. 05, 2015USD ($)
Acquisition-date fair value of consideration transferred:
Cash	$ 209.9
Carrying value of non-controlling interest acquired	(45.4)
Excess of fair value of consideration transferred over carrying value of non-controlling interest acquired	$ 164.5

Organization and Basis of Pre48

Organization and Basis of Presentation - Summary of Adjustments Within Partners' Capital (Details) $ in Millions	Jun. 05, 2015USD ($)
Partners’ Capital/Accumulated Other Comprehensive Loss
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Proceeds from The Carlyle Group L.P. common units issued	$ 209.9
Acquisition of non-controlling interest in Carlyle Holdings	(164.5)
Total increase (decrease)	45.4
Non-controlling interests in Carlyle Holdings
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Proceeds from The Carlyle Group L.P. common units issued	0
Acquisition of non-controlling interest in Carlyle Holdings	(45.4)
Total increase (decrease)	(45.4)
Total Partners’ Capital
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Proceeds from The Carlyle Group L.P. common units issued	209.9
Acquisition of non-controlling interest in Carlyle Holdings	(209.9)
Total increase (decrease)	$ 0

Summary of Significant Accoun49

Summary of Significant Accounting Policies - Principles of Consolidation (Details) $ in Millions	Sep. 30, 2015USD ($)
Variable Interest Entity [Line Items]
Consolidated VIEs, assets	$ 23,100
Consolidated VIEs, liabilities	18,000
Collateralized Loan Obligations
Variable Interest Entity [Line Items]
Investments in CLOs	$ 186.4

Summary of Significant Accoun50

Summary of Significant Accounting Policies - Investments in Unconsolidated Variable Interest Entities (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Investments	$ 897.2	$ 931.6
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Investments	482.5	511.8
Receivables	13.9	3.7
Maximum Exposure to Loss	$ 496.4	$ 515.5

Summary of Significant Accoun51

Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Fund Management Fees
Period of time for which management fees will be received by partners from the initial closing date (in years)			10 years
Subsequent period in which management fees are recognized after these fees are called (in months)			6 months
Transaction and advisory fees	$ 4	$ 21.9	$ 16.4	$ 62.1
Performance Fees
Performance fees allocation percentage to partnership			20.00%
Accrued giveback obligations	264		$ 264		$ 104.4
Interest Income
Interest income of Consolidated Funds	$ 219	$ 217	$ 654.7	$ 653
Minimum
Fund Management Fees
Percentage of management fees earned			1.00%
Percentage of management fees earned on unrealized investments after termination of the investment period			0.60%
Extension period for fund closing (in years)			1 year
Percentage of management fees paid by hedge funds			1.50%
Percentage of management fees for business development companies			0.25%
Percentage of management fees for CLOs on the total par amount of assets in the fund			0.15%
Period of management fees related to Collateralized Loan Obligation (in years)			5 years
Percentage of management fees from fund of funds following the expiration of the weighted-average investment period			0.30%
Performance Fees
External coinvestment vehicles (as a percent)			10.00%
Percentage of allocation based performance fees related to fund of funds vehicles			2.00%
Percent of preferred returns			8.00%
Maximum
Fund Management Fees
Percentage of management fees earned			2.00%
Percentage of management fees earned on unrealized investments after termination of the investment period			2.00%
Extension period for fund closing (in years)			2 years
Percentage of management fees paid by hedge funds			2.00%
Percentage of management fees for business development companies			1.00%
Percentage of management fees for CLOs on the total par amount of assets in the fund			1.00%
Period of management fees related to Collateralized Loan Obligation (in years)			10 years
Percentage of management fees from fund of funds following the expiration of the weighted-average investment period			1.00%
Performance Fees
External coinvestment vehicles (as a percent)			20.00%
Percentage of allocation based performance fees related to fund of funds vehicles			10.00%
Percent of preferred returns			9.00%
Private Equity And Real Estate Fund | Minimum
Fund Management Fees
Percentage of management fees from funds of funds during the commitment fee period			0.30%
Private Equity And Real Estate Fund | Maximum
Fund Management Fees
Percentage of management fees from funds of funds during the commitment fee period			1.00%
Hedge funds | Minimum
Fund Management Fees
Percentage of management fees from funds of funds during the commitment fee period			0.20%
Hedge funds | Maximum
Fund Management Fees
Percentage of management fees from funds of funds during the commitment fee period			1.50%

Summary of Significant Accoun52

Summary of Significant Accounting Policies - Additional Information (Details) € in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015EUR (€)	Dec. 31, 2014USD ($)
Accounting Policies [Abstract]
Accrued performance fee-related compensation	$ 1,525.3		$ 1,525.3			$ 1,815.4
Percentage of estimated realizable tax benefit to be paid by corporate taxpayers on exchange transactions			85.00%
Percentage of remaining estimated realizable tax benefit on exchange transactions			15.00%
Cash withheld from carried interest distributions for potential giveback obligations	19.7		$ 19.7			29.9
Cash received on behalf of a non-consolidated funds	11.9		11.9			8.7
Restricted cash included in escrow related to tax contingency					€ 4.4	5.4
Restricted cash for carried interest proceeds for one corporate private equity fund						13.2
Amount included in restricted cash related to a fund’s pending sale			247.7
Cash received to satisfy collateral requirements	1.9		1.9			2.3
Restricted securities of consolidated funds	16.5		16.5			12.6
Foreign currency transaction gain (losses) before tax	9.9	$ 1.1	8.6	$ 5.6
Partners’ capital appropriated for Consolidated Funds	$ 158		$ 158			$ 184.5

Summary of Significant Accoun53

Summary of Significant Accounting Policies - Fixed Assets (Details)	9 Months Ended
	Sep. 30, 2015
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of other fixed assets (in years)	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of other fixed assets (in years)	7 years

Summary of Significant Accoun54

Summary of Significant Accounting Policies - Intangible Assets and Goodwill (Details)	9 Months Ended
	Sep. 30, 2015
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of finite lived intangible assets (in years)	5 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of finite lived intangible assets (in years)	10 years

Summary of Significant Accoun55

Summary of Significant Accounting Policies - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Unrealized losses on cash flow hedge instruments	$ (0.6)	$ (0.9)
Currency translation adjustments	(70.5)	(35.8)
Unrealized losses on defined benefit plans	(2.6)	(2.3)
Total	$ (73.7)	$ (39)

Acquisitions (Details)

Acquisitions (Details) - Diversified Global Asset Management Corporation - USD ($) $ in Millions	Feb. 03, 2014	Sep. 30, 2015
Business Acquisition [Line Items]
Date of acquisition		Feb. 3, 2014
Equity interest (as a percent)	100.00%
Fee-earning assets under management	$ 2,900
Assets under management	3,600
Cash paid for acquisitions	$ 8
Purchase price - newly issued common units (in shares)	662,134
Approximate value of The Carlyle Group L.P. common units	$ 23.1
Contingent consideration - cash	23.7
Contingent consideration - common units	$ 47.3
Contingent consideration payment year		2,021

Fair Value Measurement - Partne

Fair Value Measurement - Partnership's Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Assets
Investments of Consolidated Funds	$ 24,021.5	$ 26,044.7
Liabilities
Loans payable of Consolidated Funds	16,665.1	16,052.2
Derivative instruments of the CLOs	25.8	17.2
Contingent consideration	16.6	51.1
Loans payable of a consolidated real estate VIE	109.1	146.2
Interest rate swaps	1.4	3.2
Foreign currency forward contracts	9.3
Total Liabilities	16,827.3	16,269.9
Equity securities
Assets
Investments of Consolidated Funds	1,264.9	2,472.1
Bonds
Assets
Investments of Consolidated Funds	1,229.2	1,235.8
Loans
Assets
Investments of Consolidated Funds	15,482.2	15,084.9
Partnership and LLC interests
Assets
Investments of Consolidated Funds	3,350.2	3,481
Hedge funds
Assets
Investments of Consolidated Funds	2,660.3	3,753.5
Other
Assets
Investments of Consolidated Funds	3.3	1.5
Investments of Consolidated Funds
Assets
Investments of Consolidated Funds	23,990.1	26,028.8
Trading securities
Assets
Investments of Consolidated Funds	1.6	3.3
Foreign currency forward contracts
Assets
Investments of Consolidated Funds	13.3
Restricted securities of Consolidated Funds
Assets
Investments of Consolidated Funds	16.5	12.6
Level I
Assets
Investments of Consolidated Funds	244.9	350.8
Liabilities
Loans payable of Consolidated Funds	0	0
Derivative instruments of the CLOs	0	0
Contingent consideration	0	0
Loans payable of a consolidated real estate VIE	0	0
Interest rate swaps	0	0
Foreign currency forward contracts	0
Total Liabilities	0	0
Level I | Equity securities
Assets
Investments of Consolidated Funds	237.1	346.8
Level I | Bonds
Assets
Investments of Consolidated Funds	0	0
Level I | Loans
Assets
Investments of Consolidated Funds	0	0
Level I | Partnership and LLC interests
Assets
Investments of Consolidated Funds	0	0
Level I | Hedge funds
Assets
Investments of Consolidated Funds	0	0
Level I | Other
Assets
Investments of Consolidated Funds	0	0
Level I | Investments of Consolidated Funds
Assets
Investments of Consolidated Funds	237.1	346.8
Level I | Trading securities
Assets
Investments of Consolidated Funds	0	0
Level I | Foreign currency forward contracts
Assets
Investments of Consolidated Funds	0
Level I | Restricted securities of Consolidated Funds
Assets
Investments of Consolidated Funds	7.8	4
Level II
Assets
Investments of Consolidated Funds	2,745.4	3,910.3
Liabilities
Loans payable of Consolidated Funds	0	0
Derivative instruments of the CLOs	0	0
Contingent consideration	0	0
Loans payable of a consolidated real estate VIE	0	0
Interest rate swaps	1.4	3.2
Foreign currency forward contracts	9.3
Total Liabilities	10.7	3.2
Level II | Equity securities
Assets
Investments of Consolidated Funds	71.8	156.8
Level II | Bonds
Assets
Investments of Consolidated Funds	0	0
Level II | Loans
Assets
Investments of Consolidated Funds	0	0
Level II | Partnership and LLC interests
Assets
Investments of Consolidated Funds	0	0
Level II | Hedge funds
Assets
Investments of Consolidated Funds	2,660.3	3,753.5
Level II | Other
Assets
Investments of Consolidated Funds	0	0
Level II | Investments of Consolidated Funds
Assets
Investments of Consolidated Funds	2,732.1	3,910.3
Level II | Trading securities
Assets
Investments of Consolidated Funds	0	0
Level II | Foreign currency forward contracts
Assets
Investments of Consolidated Funds	13.3
Level II | Restricted securities of Consolidated Funds
Assets
Investments of Consolidated Funds	0	0
Level III
Assets
Investments of Consolidated Funds	21,031.2	21,783.6
Liabilities
Loans payable of Consolidated Funds	16,665.1	16,052.2
Derivative instruments of the CLOs	25.8	17.2
Contingent consideration	16.6	51.1
Loans payable of a consolidated real estate VIE	109.1	146.2
Interest rate swaps	0	0
Foreign currency forward contracts	0
Total Liabilities	16,816.6	16,266.7
Level III | Equity securities
Assets
Investments of Consolidated Funds	956	1,968.5
Level III | Bonds
Assets
Investments of Consolidated Funds	1,229.2	1,235.8
Level III | Loans
Assets
Investments of Consolidated Funds	15,482.2	15,084.9
Level III | Partnership and LLC interests
Assets
Investments of Consolidated Funds	3,350.2	3,481
Level III | Hedge funds
Assets
Investments of Consolidated Funds	0	0
Level III | Other
Assets
Investments of Consolidated Funds	3.3	1.5
Level III | Investments of Consolidated Funds
Assets
Investments of Consolidated Funds	21,020.9	21,771.7
Level III | Trading securities
Assets
Investments of Consolidated Funds	1.6	3.3
Level III | Foreign currency forward contracts
Assets
Investments of Consolidated Funds	0
Level III | Restricted securities of Consolidated Funds
Assets
Investments of Consolidated Funds	$ 8.7	$ 8.6

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Details)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Maximum lag period for which the partnership investments in funds are valued (in days)	90 days

Fair Value Measurement - Financ

Fair Value Measurement - Financial Assets Measured at Fair Value (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 21,083.2	$ 22,049.3	$ 21,783.6	$ 21,864.1
Transfers in				4.5
Transfers out	(115.1)	(47.7)	(119)	(135.2)
Purchases	3,271.4	2,841.9	7,041.5	7,190.7
Sales	(2,071.6)	(1,045)	(4,934.5)	(3,658.2)
Settlements	(1,195.6)	(1,054.2)	(2,693.1)	(3,285.7)
Realized and unrealized gains (losses), net
Included in earnings	(101.1)	193.5	978.4	923.1
Included in other comprehensive income	160	(685)	(1,025.7)	(650.5)
Balance, end of period	21,031.2	22,252.8	21,031.2	22,252.8
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	(320.7)	46.7	(67)	87
Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	1,023.8	2,582.4	1,968.5	2,714.1
Transfers in				4.5
Transfers out	(115.1)	(47.7)	(115.1)	(135.2)
Purchases	32.6	1.1	60.6	27.5
Sales	(21)	(4.1)	(1,043.3)	(430.6)
Settlements	0	0	0	0
Realized and unrealized gains (losses), net
Included in earnings	11.1	44	261	389.7
Included in other comprehensive income	24.6	(190.2)	(175.7)	(184.5)
Balance, end of period	956	2,385.5	956	2,385.5
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	3.3	55.5	(299.2)	81.8
Bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	1,193.7	1,345.8	1,235.8	1,249.5
Transfers in				0
Transfers out	0	0	0	0
Purchases	177.8	167.2	403.2	557.2
Sales	(117.1)	(180.5)	(324.9)	(486.2)
Settlements	0	0	0	0
Realized and unrealized gains (losses), net
Included in earnings	(27.7)	(2.8)	(4.4)	14.4
Included in other comprehensive income	2.5	(80.9)	(80.5)	(86.1)
Balance, end of period	1,229.2	1,248.8	1,229.2	1,248.8
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	(24.9)	(3)	(4.9)	9.3
Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	15,460.9	14,344.7	15,084.9	14,067.8
Transfers in				0
Transfers out	0	0	0	0
Purchases	2,948.7	2,572.3	6,223	6,331.7
Sales	(1,543.2)	(607.3)	(2,682.1)	(1,805.4)
Settlements	(1,195.6)	(1,054.2)	(2,693.1)	(3,285.7)
Realized and unrealized gains (losses), net
Included in earnings	(204.7)	(47)	(88.3)	(65.9)
Included in other comprehensive income	16.1	(391.3)	(362.2)	(425.3)
Balance, end of period	15,482.2	14,817.2	15,482.2	14,817.2
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	(199.8)	(50)	(112.7)	(36.3)
Partnership and LLC interests
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	3,390.1	3,761.8	3,481	3,815.2
Transfers in				0
Transfers out	0	0	0	0
Purchases	112.3	101.3	350.8	274.3
Sales	(390.3)	(252.1)	(884.2)	(931.4)
Settlements	0	0	0	0
Realized and unrealized gains (losses), net
Included in earnings	121.3	199.8	809.8	584.7
Included in other comprehensive income	116.8	(22.5)	(407.2)	45.5
Balance, end of period	3,350.2	3,788.3	3,350.2	3,788.3
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	(98.5)	44.7	349.2	31.6
Other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	4	1.5	1.5	2
Transfers in				0
Transfers out	0	0	0	0
Purchases	0	0	0	0
Sales	0	(0.8)	0	(0.8)
Settlements	0	0	0	0
Realized and unrealized gains (losses), net
Included in earnings	(0.7)	0.2	1.9	(0.3)
Included in other comprehensive income	0	(0.1)	(0.1)	(0.1)
Balance, end of period	3.3	0.8	3.3	0.8
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	(0.7)	0.2	2.1	0.1
Trading securities and other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	2	4.7	3.3	6.9
Transfers in				0
Transfers out	0	0	0	0
Purchases	0	0	0	0
Sales	0	(0.2)	0	(3.8)
Settlements	0	0	0	0
Realized and unrealized gains (losses), net
Included in earnings	(0.4)	(0.8)	(1.7)	0.6
Included in other comprehensive income	0	0	0	0
Balance, end of period	1.6	3.7	1.6	3.7
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	(0.1)	(0.8)	(1.4)	0.6
Restricted securities of Consolidated Funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	8.7	8.4	8.6	8.6
Transfers in				0
Transfers out	0	0	(3.9)	0
Purchases	0	0	3.9	0
Sales	0	0	0	0
Settlements	0	0	0	0
Realized and unrealized gains (losses), net
Included in earnings	0	0.1	0.1	(0.1)
Included in other comprehensive income	0	0	0	0
Balance, end of period	8.7	8.5	8.7	8.5
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$ 0	$ 0.1	$ (0.1)	$ (0.1)

Fair Value Measurement - Fina60

Fair Value Measurement - Financial Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 16,916.9	$ 16,419.5	$ 16,266.7	$ 15,534.7
Initial consolidation of funds	584.2		1,248.6	811
Initial consolidation of funds		811
Borrowings	959.5	601.4	2,584.6	3,112.4
Paydowns	(1,357.7)	(715)	(2,703.2)	(2,465.7)
Sales	(0.9)	(0.6)	(5.6)	(3.9)
Realized and unrealized (gains) losses, net
Included in earnings	(303.4)	39.2	(151.6)	204.4
Included in other comprehensive income	18	(486.4)	(422.9)	(523.8)
Balance, end of period	16,816.6	16,669.1	16,816.6	16,669.1
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	(319.2)	(5.9)	(225.6)	33.2
Loans Payable of Consolidated Funds
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	16,727.5	16,136.4	16,052.2	15,220.7
Initial consolidation of funds	584.2		1,248.6	811
Initial consolidation of funds		811
Borrowings	959.5	592.6	2,584.6	3,066.9
Paydowns	(1,315.9)	(673.6)	(2,627.6)	(2,308.7)
Sales	0	0	0	0
Realized and unrealized (gains) losses, net
Included in earnings	(303.8)	53.3	(198.8)	171.5
Included in other comprehensive income	13.6	(498.8)	(393.9)	(540.5)
Balance, end of period	16,665.1	16,420.9	16,665.1	16,420.9
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	(324.7)	16.5	(244.8)	18.2
Derivative Instruments of Consolidated Funds
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	29.1	15.2	17.2	13.1
Initial consolidation of funds	0		0	0
Initial consolidation of funds		0
Borrowings	0	0	0	0
Paydowns	0	0	0	0
Sales	(0.9)	(0.6)	(5.6)	(3.9)
Realized and unrealized (gains) losses, net
Included in earnings	(2.4)	4.4	15.1	9.9
Included in other comprehensive income	0	(1.2)	(0.9)	(1.3)
Balance, end of period	25.8	17.8	25.8	17.8
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	3.3	(3.9)	(12.3)	(8)
Contingent Consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	47.9	120.2	51.1	178.8
Initial consolidation of funds	0		0	0
Initial consolidation of funds		0
Borrowings	0	0	0	0
Paydowns	(21.4)	(21.9)	(22.5)	(95.6)
Sales	0	0	0	0
Realized and unrealized (gains) losses, net
Included in earnings	(10)	(27.6)	(11.8)	(12.5)
Included in other comprehensive income	0.1	(0.4)	(0.2)	(0.4)
Balance, end of period	16.6	70.3	16.6	70.3
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	(10.6)	(27.6)	(12.4)	(12.5)
Loans Payable of a consolidated real estate VIE
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	112.4	147.7	146.2	122.1
Initial consolidation of funds	0		0	0
Initial consolidation of funds		0
Borrowings	0	8.8	0	45.5
Paydowns	(20.4)	(19.5)	(53.1)	(61.4)
Sales	0	0	0	0
Realized and unrealized (gains) losses, net
Included in earnings	12.8	9.1	43.9	35.5
Included in other comprehensive income	4.3	14	(27.9)	18.4
Balance, end of period	109.1	160.1	109.1	160.1
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$ 12.8	$ 9.1	$ 43.9	$ 35.5

Fair Value Measurement - Summar

Fair Value Measurement - Summary of Quantitative Information about Partnership's Level III Inputs (Details) $ / shares in Units, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)$ / shares	Dec. 31, 2014USD ($)Multiplier$ / shares
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of liabilities	$ 16,827.3	$ 16,269.9
Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	21,031.2	21,783.6
Fair value of liabilities	16,816.6	16,266.7
Level III | Senior secured notes | Discounted Cash Flow with Consensus Pricing
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of liabilities	$ 15,460	$ 14,757.5
Valuation technique of liabilities	Discounted Cash Flow with Consensus Pricing	Discounted Cash Flow with Consensus Pricing
Level III | Senior secured notes | Discounted Cash Flow with Consensus Pricing | Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Par)	35.00%	35.00%
Discount Rates (as a percent)	1.00%	1.00%
Default Rates (as a percent)	1.00%	1.00%
Recovery Rates (as a percent)	60.00%	63.00%
Level III | Senior secured notes | Discounted Cash Flow with Consensus Pricing | Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Par)	102.00%	100.00%
Discount Rates (as a percent)	11.00%	11.00%
Default Rates (as a percent)	4.00%	3.00%
Recovery Rates (as a percent)	75.00%	75.00%
Level III | Senior secured notes | Discounted Cash Flow with Consensus Pricing | Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Par)	98.00%	98.00%
Discount Rates (as a percent)	3.00%	3.00%
Default Rates (as a percent)	3.00%	2.00%
Recovery Rates (as a percent)	66.00%	68.00%
Level III | Subordinated notes and preferred shares | Discounted Cash Flow with Consensus Pricing
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of liabilities	$ 1,186.2	$ 1,278.8
Valuation technique of liabilities	Discounted Cash Flow with Consensus Pricing	Discounted Cash Flow with Consensus Pricing
Level III | Subordinated notes and preferred shares | Discounted Cash Flow with Consensus Pricing | Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Par)	1.00%	1.00%
Discount Rates (as a percent)	8.00%	8.00%
Default Rates (as a percent)	1.00%	1.00%
Recovery Rates (as a percent)	60.00%	63.00%
Level III | Subordinated notes and preferred shares | Discounted Cash Flow with Consensus Pricing | Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Par)	116.00%	132.00%
Discount Rates (as a percent)	15.00%	15.00%
Default Rates (as a percent)	4.00%	3.00%
Recovery Rates (as a percent)	75.00%	75.00%
Level III | Subordinated notes and preferred shares | Discounted Cash Flow with Consensus Pricing | Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Par)	59.00%	63.00%
Discount Rates (as a percent)	11.00%	10.00%
Default Rates (as a percent)	2.00%	2.00%
Recovery Rates (as a percent)	66.00%	68.00%
Level III | Combination notes | Consensus Pricing
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of liabilities	$ 18.9	$ 15.9
Valuation technique of liabilities	Consensus Pricing	Consensus Pricing
Level III | Combination notes | Consensus Pricing | Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Par)	90.00%	97.00%
Level III | Combination notes | Consensus Pricing | Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Par)	96.00%	98.00%
Level III | Combination notes | Consensus Pricing | Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Par)	94.00%	98.00%
Level III | Loans Payable of a consolidated real estate VIE | Discounted Cash Flow
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of liabilities	$ 109.1	$ 146.2
Valuation technique of liabilities	Discounted Cash Flow	Discounted Cash Flow
Level III | Loans Payable of a consolidated real estate VIE | Discounted Cash Flow | Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)	20.00%	23.00%
Discount to Expected Payment (as a percent)	0.00%	0.00%
Level III | Loans Payable of a consolidated real estate VIE | Discounted Cash Flow | Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)	30.00%	33.00%
Discount to Expected Payment (as a percent)	100.00%	100.00%
Level III | Loans Payable of a consolidated real estate VIE | Discounted Cash Flow | Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)	23.00%	26.00%
Discount to Expected Payment (as a percent)	32.00%	36.00%
Level III | Derivative instruments of the CLOs | Counterparty Pricing
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of liabilities	$ 25.8	$ 17.2
Valuation technique of liabilities	Counterparty Pricing	Counterparty Pricing
Level III | Derivative instruments of the CLOs | Counterparty Pricing | Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (as a percent)	6.00%	2.00%
Level III | Derivative instruments of the CLOs | Counterparty Pricing | Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (as a percent)	35.00%	22.00%
Level III | Derivative instruments of the CLOs | Counterparty Pricing | Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (as a percent)	20.00%	11.00%
Level III | Contingent cash consideration | Discounted Cash Flow
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of liabilities	$ 16.6	$ 51.1
Valuation technique of liabilities	Discounted Cash Flow	Discounted Cash Flow
Level III | Contingent cash consideration | Discounted Cash Flow | Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)	5.00%	5.00%
Assumed % of Total Potential Contingent Payments	0.00%	0.00%
Level III | Contingent cash consideration | Discounted Cash Flow | Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)	21.00%	18.00%
Assumed % of Total Potential Contingent Payments	100.00%	100.00%
Level III | Contingent cash consideration | Discounted Cash Flow | Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)	11.00%	13.00%
Assumed % of Total Potential Contingent Payments	6.00%	20.00%
Level III | Equity securities | Comparable Multiple 1
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	$ 938.3	$ 1,783.7
Valuation technique of assets	Comparable Multiple	Comparable Multiple
Level III | Equity securities | Comparable Multiple 1 | Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Ltm Ebitda Multiple Range	4.6	4.8
Level III | Equity securities | Comparable Multiple 1 | Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Ltm Ebitda Multiple Range	15.6	16.2
Level III | Equity securities | Comparable Multiple 1 | Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Ltm Ebitda Multiple Range	11.3	12.1
Level III | Equity securities | Comparable Multiple 2
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets		$ 168.7
Valuation technique of assets		Comparable Multiple
Level III | Equity securities | Comparable Multiple 2 | Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Forward EBITDA Multiple | Multiplier		8.4
Level III | Equity securities | Comparable Multiple 2 | Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Forward EBITDA Multiple | Multiplier		8.4
Level III | Equity securities | Comparable Multiple 2 | Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Forward EBITDA Multiple | Multiplier		8.4
Level III | Equity securities | Consensus Pricing
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	$ 17.7	$ 16.1
Valuation technique of assets	Consensus Pricing	Consensus Pricing
Level III | Equity securities | Consensus Pricing | Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes ($ per share) | $ / shares	$ 0	$ 0
Level III | Equity securities | Consensus Pricing | Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes ($ per share) | $ / shares	245	246
Level III | Equity securities | Consensus Pricing | Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes ($ per share) | $ / shares	$ 0	$ 0
Level III | Bonds | Consensus Pricing
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	$ 1,229.2	$ 1,235.8
Valuation technique of assets	Consensus Pricing	Consensus Pricing
Level III | Bonds | Consensus Pricing | Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Par)	1.00%	0.00%
Level III | Bonds | Consensus Pricing | Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Par)	142.00%	133.00%
Level III | Bonds | Consensus Pricing | Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Par)	98.00%	99.00%
Level III | Loans | Consensus Pricing
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	$ 15,427.6	$ 14,873.4
Valuation technique of assets	Consensus Pricing	Consensus Pricing
Level III | Loans | Consensus Pricing | Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Par)	2.00%	0.00%
Level III | Loans | Consensus Pricing | Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Par)	138.00%	126.00%
Level III | Loans | Consensus Pricing | Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Par)	98.00%	98.00%
Level III | Loans | Market Yield Analysis
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	$ 54.6	$ 211.5
Valuation technique of assets	Market Yield Analysis	Market Yield Analysis
Level III | Loans | Market Yield Analysis | Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Market Yield (as a percent)	5.00%	5.00%
Level III | Loans | Market Yield Analysis | Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Market Yield (as a percent)	16.00%	17.00%
Level III | Loans | Market Yield Analysis | Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Market Yield (as a percent)	11.00%	11.00%
Level III | Partnership and LLC interests | NAV of Underlying Fund
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	$ 3,350.2	$ 3,481
Valuation technique of assets	NAV of Underlying Fund(1)	NAV of Underlying Fund(1)
Level III | Other | Counterparty Pricing
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	$ 3.3	$ 1.5
Valuation technique of assets	Counterparty Pricing	Counterparty Pricing
Level III | Other | Counterparty Pricing | Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (as a percent)	0.00%	0.00%
Level III | Other | Counterparty Pricing | Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (as a percent)	15.00%	6.00%
Level III | Other | Counterparty Pricing | Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (as a percent)	5.00%	3.00%
Level III | Investments of Consolidated Funds
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	$ 21,020.9	$ 21,771.7
Level III | Trading securities and other | Comparable Multiple 1
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	$ 1.6	$ 3
Valuation technique of assets	Comparable Multiple	Comparable Multiple
Level III | Trading securities and other | Comparable Multiple 1 | Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Ltm Ebitda Multiple Range	5.8	5.8
Level III | Trading securities and other | Comparable Multiple 1 | Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Ltm Ebitda Multiple Range	5.8	5.8
Level III | Trading securities and other | Comparable Multiple 1 | Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Ltm Ebitda Multiple Range	5.8	5.8
Level III | Trading securities and other | Discounted Cash Flow
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets		$ 0.3
Valuation technique of assets		Discounted Cash Flow
Level III | Trading securities and other | Discounted Cash Flow | Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)		10.00%
Level III | Trading securities and other | Discounted Cash Flow | Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)		10.00%
Level III | Trading securities and other | Discounted Cash Flow | Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)		10.00%
Level III | Restricted securities of Consolidated Funds | Consensus Pricing
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	$ 8.7	$ 8.6
Valuation technique of assets	Consensus Pricing	Consensus Pricing
Level III | Restricted securities of Consolidated Funds | Consensus Pricing | Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (as a percent)	87.00%	87.00%
Level III | Restricted securities of Consolidated Funds | Consensus Pricing | Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (as a percent)	87.00%	87.00%
Level III | Restricted securities of Consolidated Funds | Consensus Pricing | Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (as a percent)	87.00%	87.00%

Accrued Performance Fees - Comp

Accrued Performance Fees - Components of Accrued Performance Fees (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Accrued performance fees	$ 3,015.8	$ 3,795.6
Operating Segments | Corporate Private Equity
Segment Reporting Information [Line Items]
Accrued performance fees	2,074	2,932.6
Operating Segments | Global Market Strategies
Segment Reporting Information [Line Items]
Accrued performance fees	96.6	129.9
Operating Segments | Real Assets
Segment Reporting Information [Line Items]
Accrued performance fees	318.5	272.9
Operating Segments | Investment Solutions
Segment Reporting Information [Line Items]
Accrued performance fees	$ 526.7	$ 460.2

Accrued Performance Fees - Co63

Accrued Performance Fees - Components of Accrued Giveback Obligations (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Accrued giveback obligations	$ (264)	$ (104.4)
Operating Segments | Corporate Private Equity
Segment Reporting Information [Line Items]
Accrued giveback obligations	(50.3)	(52.4)
Operating Segments | Real Assets
Segment Reporting Information [Line Items]
Accrued giveback obligations	$ (213.7)	$ (52)

Accrued Performance Fees - Perf

Accrued Performance Fees - Performance Fees (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Performance fees	$ (246.6)	$ 187.4	$ 621.3	$ 1,350.3
Corporate Private Equity
Segment Reporting Information [Line Items]
Performance fees	(257.8)	217.1	522.4	981.8
Global Market Strategies
Segment Reporting Information [Line Items]
Performance fees	(52.3)	(19.4)	(29.9)	91.6
Real Assets
Segment Reporting Information [Line Items]
Performance fees	32.1	31.9	3.3	108.8
Investment Solutions
Segment Reporting Information [Line Items]
Performance fees	$ 31.4	$ (42.2)	$ 125.5	$ 168.1

Accrued Performance Fees - Addi

Accrued Performance Fees - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)fund	Sep. 30, 2014USD ($)fund	Sep. 30, 2015USD ($)fund	Sep. 30, 2014USD ($)	Dec. 31, 2014
Segment Reporting Information [Line Items]
Percentage of accrued performance fees related to certain Corporate Private Equity funds	44.00%		44.00%		55.00%
Number of Partnership's Corporate Private Equity funds related to accrued performance fees | fund			2
Percentage of performance fees related to certain Corporate Private Equity funds	97.00%	64.00%	33.00%	66.00%
Performance fees related to certain Corporate Private Equity funds	$ 239.5	$ 120.6	$ 206.3	$ 897.2
Number of Partnership's Corporate Private Equity funds related to performance fees | fund	3	4	2
Number of Partnerships Global Market Strategies funds related to performance fees | fund	1
Number of Partnerships Real Asset funds related to performance fees | fund	3	1	3
Decrease to performance fee compensation expense related to certain funds		$ 56.9
Decrease to provision for income taxes related to certain funds		18.9
Carlyle Partners V, L.P.
Segment Reporting Information [Line Items]
Revenue (losses) recognized on certain Corporate Private Equity funds	$ 120	107.9	$ 154.2	487.8
Carlyle Europe Partners III, L.P.
Segment Reporting Information [Line Items]
Revenue (losses) recognized on certain Corporate Private Equity funds		142.1	202	$ 527.2
Carlyle U.S. Equity Opportunity Fund, L.P.
Segment Reporting Information [Line Items]
Revenue (losses) recognized on certain Corporate Private Equity funds		38.4
Carlyle Asia Growth Partners IV, L.P.
Segment Reporting Information [Line Items]
Revenue (losses) recognized on certain Corporate Private Equity funds	53.5
Carlyle Energy Mezzanine Opportunities Fund
Segment Reporting Information [Line Items]
Revenue (losses) recognized on certain Corporate Private Equity funds	43.7
Carlyle Realty Partners V, L.P.
Segment Reporting Information [Line Items]
Revenue (losses) recognized on certain Corporate Private Equity funds	38.5
Carlyle Realty Partners VI, L.P.
Segment Reporting Information [Line Items]
Revenue (losses) recognized on certain Corporate Private Equity funds		29.5	96.6
Carlyle Realty Partners VI, L.P. and Carlyle/Riverstone Global Energy
Segment Reporting Information [Line Items]
Revenue (losses) recognized on certain Corporate Private Equity funds	29.7
Claren Road's Master Fund
Segment Reporting Information [Line Items]
Revenue (losses) recognized on certain Corporate Private Equity funds		(6)
Credit Opportunities Fund
Segment Reporting Information [Line Items]
Revenue (losses) recognized on certain Corporate Private Equity funds		(7.4)
Carlyle/Riverstone Global Energy and Power Fund III, L.P.
Segment Reporting Information [Line Items]
Revenue (losses) recognized on certain Corporate Private Equity funds			(102.1)
Powerfund IV, L.P.
Segment Reporting Information [Line Items]
Revenue (losses) recognized on certain Corporate Private Equity funds	(41)		$ (63.7)
Carlyle Partners IV, L.P.
Segment Reporting Information [Line Items]
Revenue (losses) recognized on certain Corporate Private Equity funds	$ 25.1	(28.5)
Fund III Secondary Investments (2006) and Main Fund III Co-Investments (2006)
Segment Reporting Information [Line Items]
Revenue (losses) recognized on certain Corporate Private Equity funds		$ (75.8)

Investments - Schedule of Inves

Investments - Schedule of Investments (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Equity Method Investments and Joint Ventures [Abstract]
Equity method investments, excluding accrued performance fees	$ 874.3	$ 918.7
Trading securities and other investments	22.9	12.9
Total investments	$ 897.2	$ 931.6

Investments - Additional Inform

Investments - Additional Information (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)collateralized_loan_obligationshares	Dec. 31, 2014USD ($)
Schedule of Equity Method Investments [Line Items]
Percentage of carried interest income to be allocated to Partnership for future interests in future carry funds	47.50%
Number of years until Carlyle can purchase the remaining interests in NGP Management	10 years
Carrying value of investment in NGP X general partner attributable to carried interest allocation	$ 0	$ 18,500,000
Carrying value of general partner investments in NGP X	$ 20,700,000	20,400,000
Partnership vested period (in years)	5 years
Length of term in years of promissory note to Barclays (in years)	6 years
Approximate amount of contingent consideration to be paid in cash to Barclays in 2016	33.33%
Approximate amount of contingent consideration to be issued in a promissory note to Barclays in 2016	66.66%
Basis spread of variable rate promissory note (as a percent)	2.50%
Aggregate commitments closed for NGP XI fund	$ 5,300,000,000
Partnership's basis difference based on underlying net assets	$ 99,100,000	141,600,000
Basis difference amortization period (in years)	10 years
Trading securities and other investments	$ 22,900,000	$ 12,900,000
Number of collateralized loan obligations | collateralized_loan_obligation	5
Total assets of the CLOs that were formed during the year	$ 3,200,000,000
Minimum percent of aggregate assets for individual investments with fair value	5.00%
Management fee-related revenues
Schedule of Equity Method Investments [Line Items]
Percentage of management fee revenue allocated to Carlyle	55.00%	47.50%
Barclays Natural Resource Investments
Schedule of Equity Method Investments [Line Items]
Contingent consideration	$ 183,000,000
Accrued contingent consideration obligation	$ 183,000,000
Carlyle Holdings
Schedule of Equity Method Investments [Line Items]
Issuance of partnership units (in shares) | shares	597,944
Value of additional partnership units to be issued upon the satisfaction of certain performance conditions	$ 15,000,000
ECM Capital, L.P.
Schedule of Equity Method Investments [Line Items]
Contingent consideration	$ 45,000,000
ECM Capital, L.P. | Barclays Natural Resource Investments
Schedule of Equity Method Investments [Line Items]
Percentage of carried interest to be received if certain options to purchase additional interests are made	40.00%
Purchase price	$ 504,600,000
Issuance of partnership units (in shares) | shares	996,572
Corporate mezzanine securities and bonds
Schedule of Equity Method Investments [Line Items]
Trading securities and other investments	$ 22,900,000	$ 12,900,000

Investments - Schedule of Net I

Investments - Schedule of Net Investment Earnings (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Equity Method Investments and Joint Ventures [Abstract]
Management fees	$ 14.5	$ 13.8	$ 41.4	$ 43.4
Performance fees	(3.4)	3.1	(18.5)	3.1
Investment income (loss)	(2)	0	(2.5)	0
Expenses and amortization of basis differences	(15.3)	(19.3)	(53.1)	(57.6)
Net investment income (loss)	$ (6.2)	$ (2.4)	$ (32.7)	$ (11.1)

Investments - Schedule of Equit

Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Schedule of Investments [Line Items]
Equity method investments	$ 874.3	$ 918.7
Operating Segments | Corporate Private Equity
Schedule of Investments [Line Items]
Equity method investments	228.1	246.3
Operating Segments | Global Market Strategies
Schedule of Investments [Line Items]
Equity method investments	24	25.3
Operating Segments | Real Assets
Schedule of Investments [Line Items]
Equity method investments	$ 622.2	$ 647.1

Investments - Components of Inv

Investments - Components of Investment Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Equity Method Investments and Joint Ventures [Abstract]
Income (loss) from equity investments	$ (14.7)	$ 4.3	$ 0.5	$ 32.3
Income (loss) from trading securities	(1.3)	(0.9)	(1.5)	0.5
Other investment income	6.5	0.4	7.5	0.8
Total investment income (loss)	$ (9.5)	$ 3.8	$ 6.5	$ 33.6

Investments - Schedule of Incom

Investments - Schedule of Income (Loss) from Equity-Method Investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Schedule of Investments [Line Items]
Income (loss) from equity-method investments	$ (14.7)	$ 4.3	$ 0.5	$ 32.3
Operating Segments | Corporate Private Equity
Schedule of Investments [Line Items]
Income (loss) from equity-method investments	(10)	12.1	20.2	40.1
Operating Segments | Global Market Strategies
Schedule of Investments [Line Items]
Income (loss) from equity-method investments	(1.3)	0.7	(0.4)	2.4
Operating Segments | Real Assets
Schedule of Investments [Line Items]
Income (loss) from equity-method investments	$ (3.4)	$ (8.5)	$ (19.3)	$ (10.2)

Investments - Interest and Othe

Investments - Interest and Other Income of Consolidated Funds (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Equity Method Investments and Joint Ventures [Abstract]
Interest income from investments	$ 219	$ 217	$ 654.7	$ 653
Other income	40.4	17.1	88	75.5
Total	$ 259.4	$ 234.1	$ 742.7	$ 728.5

Investments - Net Investment Ga

Investments - Net Investment Gains (Losses) of Consolidated Funds (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Equity Method Investments and Joint Ventures [Abstract]
Gains (losses) from investments of Consolidated Funds	$ (337.8)	$ 169.5	$ 738.1	$ 1,151.4
Gains (losses) from liabilities of CLOs	306.6	(45.3)	197	(158.4)
Gains (losses) on other assets of CLOs	(0.1)	1.3	0.7	1.5
Total	$ (31.3)	$ 125.5	$ 935.8	$ 994.5

Investments - Realized and Unre

Investments - Realized and Unrealized Gains (Losses) Earned from Investments of Consolidated Funds (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Equity Method Investments and Joint Ventures [Abstract]
Realized gains	$ 433.8	$ 248.2	$ 867.9	$ 1,194.4
Net change in unrealized losses	(771.6)	(78.7)	(129.8)	(43)
Total	$ (337.8)	$ 169.5	$ 738.1	$ 1,151.4

Intangible Assets and Goodwil75

Intangible Assets and Goodwill - Carrying Amount of Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Acquired contractual rights	$ 833.7	$ 843
Acquired trademarks	6.6	6.7
Accumulated amortization	(714.4)	(455.1)
Finite-lived intangible assets, net	125.9	394.6
Goodwill	45.7	47.5
Intangible assets, net	$ 171.6	$ 442.1

Intangible Assets and Goodwil76

Intangible Assets and Goodwill - Carrying Amount of Goodwill, by Segment (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 47.5
Foreign currency translation	(1.8)
Balance at end of period	45.7
Operating Segments | Global Market Strategies
Goodwill [Roll Forward]
Balance at beginning of period	28
Foreign currency translation	0
Balance at end of period	28
Operating Segments | Investment Solutions
Goodwill [Roll Forward]
Balance at beginning of period	19.5
Foreign currency translation	(1.8)
Balance at end of period	$ 17.7

Intangible Assets and Goodwil77

Intangible Assets and Goodwill - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Goodwill [Line Items]
Goodwill	$ 45,700,000		$ 45,700,000		$ 47,500,000
Amount of redemption notices related to credit hedge funds	1,900,000,000
Pretax impairment charge recorded during the period for intangible assets related to our credit hedge funds	186,600,000
Total net pretax charge associated with our credit hedge funds during the period related to impairment charge and contingent consideration liabilities	162,400,000
Impairment loss			11,800,000	$ 30,600,000
Intangible asset amortization expense, excluding impairment losses	20,400,000	$ 25,100,000	64,100,000	$ 78,000,000
Corporate Private Equity
Goodwill [Line Items]
Goodwill	0		0
Operating Segments | Real Assets
Goodwill [Line Items]
Goodwill	0		0
Operating Segments | Global Market Strategies
Goodwill [Line Items]
Goodwill	$ 28,000,000		$ 28,000,000		$ 28,000,000
Level III | Minimum | Discounted Cash Flow | Global Market Strategies
Goodwill [Line Items]
Discount rate (as a percent)			10.00%
Level III | Maximum | Discounted Cash Flow | Global Market Strategies
Goodwill [Line Items]
Discount rate (as a percent)			20.00%

Intangible Assets and Goodwil78

Intangible Assets and Goodwill - Estimated Future Amortization Expense (Details) $ in Millions	Sep. 30, 2015USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2,015	$ 12.1
2,016	38.3
2,017	35.2
2,018	19.2
2,019	9
Thereafter	12.1
Total	$ 125.9

Borrowings - Partnership's Borr

Borrowings - Partnership's Borrowings (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Borrowing Outstanding	$ 1,139.1	$ 1,140.2
Carrying Value	1,145.6	1,146.9
Senior Credit Facility Term Loan Due 5/05/2020
Debt Instrument [Line Items]
Borrowing Outstanding	25	25
Carrying Value	$ 25	25
Loan maturity date	May 5, 2020
CLO Term Loan
Debt Instrument [Line Items]
Borrowing Outstanding	$ 14.1	15.2
Carrying Value	$ 14.1	15.2
Loan maturity date	Sep. 28, 2018
3.875% Senior Notes Due 2/01/2023
Debt Instrument [Line Items]
Borrowing Outstanding	$ 500	500
Carrying Value	$ 499.9	$ 499.9
Loan maturity date	Feb. 1, 2023
Interest rate on senior notes (as a percent)	3.875%	3.875%
5.625% Senior Notes Due 3/30/2043
Debt Instrument [Line Items]
Borrowing Outstanding	$ 600	$ 600
Carrying Value	$ 606.6	$ 606.8
Loan maturity date	Mar. 30, 2043
Interest rate on senior notes (as a percent)	5.625%	5.625%

Borrowings - Additional Informa

Borrowings - Additional Information (Details) € in Millions	Oct. 03, 2013EUR (€)	Mar. 31, 2013USD ($)	Jan. 31, 2013USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Mar. 31, 2013USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Mar. 31, 2014USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity in term loan				$ 25,000,000			$ 25,000,000
Borrowing capacity				750,000,000			750,000,000
Maximum borrowing				1,139,100,000			1,139,100,000		$ 1,140,200,000
Interest expense				14,500,000	$ 14,400,000		43,600,000	$ 41,100,000
Accumulated other comprehensive loss related to cash flow hedges		$ 8,800,000				$ 8,800,000
Fair value of collateralized loan obligation assets				18,000,000,000			$ 18,000,000,000		17,600,000,000
Interest Rate Swap | Not designated as a hedging instrument
Debt Instrument [Line Items]
Loan maturity date							Sep. 30, 2016
Notional amount				293,750,000			$ 293,750,000
Interest Rate Swaps Second | Not designated as a hedging instrument
Debt Instrument [Line Items]
Notional amount				268,750,000			$ 268,750,000
Derivative maturity date							Sep. 30, 2016
3.875% Senior Notes Due 2/01/2023
Debt Instrument [Line Items]
Loan maturity date							Feb. 1, 2023
Senior notes principal amount			$ 500,000,000
Interest rate on senior notes (as a percent)			3.875%
Senior notes percentage of par value			99.966%
Date of first required interest payment							Aug. 1, 2013
Senior notes redemption terms percentage to principal amount			100.00%
Interest expense				5,000,000	5,000,000		$ 14,900,000	14,900,000
Fair value of notes payable				516,200,000			$ 516,200,000		521,200,000
3.875% Senior Notes Due 2/01/2023 | Treasury Rate
Debt Instrument [Line Items]
Interest rate spread on term loan to fund investment in a CLO (as a percent)			30.00%
5.625% Senior Notes Due 3/30/2043
Debt Instrument [Line Items]
Loan maturity date							Mar. 30, 2043
Senior notes principal amount		$ 400,000,000				$ 400,000,000				$ 200,000,000
Interest rate on senior notes (as a percent)		5.625%				5.625%				5.625%
Senior notes percentage of par value		99.583%				99.583%				104.315%
Date of first required interest payment							Sep. 30, 2013
Senior notes redemption terms percentage to principal amount		100.00%
Interest expense					$ 8,400,000		$ 25,300,000	$ 23,100,000
Fair value of notes payable				633,900,000			$ 633,900,000		707,600,000
5.625% Senior Notes Due 3/30/2043 | Treasury Rate
Debt Instrument [Line Items]
Interest rate spread on term loan to fund investment in a CLO (as a percent)		40.00%
Senior Credit Facility Term Loan Due 5/05/2020
Debt Instrument [Line Items]
Loan maturity date							May 5, 2020
Maximum borrowing				$ 25,000,000			$ 25,000,000		$ 25,000,000
Term Loan Principal and Interest Due in Quarterly Installment
Debt Instrument [Line Items]
Loan maturity date							Aug. 9, 2018
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum percentage of applicable margin in addition to base rate				0.75%			0.75%
Maximum percentage of applicable margin				1.75%			1.75%
Actual percentage at period end							1.33%
Term loan principal prepaid						$ 475,000,000
New Term Loan
Debt Instrument [Line Items]
Maximum borrowing	€ 12.6			$ 14,100,000			$ 14,100,000
Interest rate spread on term loan to fund investment in a CLO (as a percent)	1.75%
Actual percentage at period end for term loan that funded investment in CLO							1.75%
Maturity period	5 years

Borrowings - Outstanding Loans

Borrowings - Outstanding Loans Payable of Consolidated Funds (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	$ 16,945.5	$ 16,361.5
Fair Value	16,665.1	16,052.2
Senior secured notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	15,731.6	15,104.2
Fair Value	$ 15,460	$ 14,757.5
Weighted Average Interest Rate (as a percent)	1.86%	1.68%
Weighted Average Remaining Maturity in Years	9 years 3 months 25 days	9 years 2 months 16 days
Subordinated notes and preferred shares
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	$ 1,193.9	$ 1,242.3
Fair Value	$ 1,186.2	$ 1,278.8
Weighted Average Remaining Maturity in Years	8 years 6 months 7 days	8 years 3 months 11 days
Combination notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	$ 20	$ 15
Fair Value	$ 18.9	$ 15.9
Weighted Average Remaining Maturity in Years	78 months 4 days	7 years 1 month 21 days

Contingent Consideration - Chan

Contingent Consideration - Changes in Contingent Consideration Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Loss Contingency Accrual [Roll Forward]
Balance, beginning of period	$ 354.2	$ 342.8	$ 384.6	$ 350.3
Change in carrying value	(18.8)	89.4	(42.5)	155.6
Payments	(21.3)	(22.3)	(25.8)	(96)
Issuances of equity	0	(0.6)	(2.2)	(0.6)
Balance, end of period	314.1	409.3	314.1	409.3
Amounts payable to the sellers who are Carlyle professionals | Performance-based | Contingent cash consideration
Loss Contingency Accrual [Roll Forward]
Balance, beginning of period	28.5	88.4	26.8	145.1
Change in carrying value	0.2	(29.9)	1.9	(16.1)
Payments	(20.2)	(20.2)	(20.2)	(90.7)
Issuances of equity	0	0	0
Balance, end of period	8.5	38.3	8.5	38.3
Amounts payable to the sellers who are Carlyle professionals | Performance-based | Contingent equity consideration
Loss Contingency Accrual [Roll Forward]
Balance, beginning of period	0	26.2	0	15.7
Change in carrying value	0	(12)	0	(1.5)
Payments	0	0	0	0
Issuances of equity	0	0	0
Balance, end of period	0	14.2	0	14.2
Amounts payable to the sellers who are Carlyle professionals | Employment-based | Contingent cash consideration
Loss Contingency Accrual [Roll Forward]
Balance, beginning of period	101.6	184.3	156.8	148.7
Change in carrying value	(11.2)	(26)	(60.9)	9.6
Payments	0	(0.4)	(3.3)	(0.4)
Issuances of equity	0	(0.6)	(2.2)	(0.6)
Balance, end of period	90.4	157.3	90.4	157.3
Contingent cash and other consideration payable to non- Carlyle personnel
Loss Contingency Accrual [Roll Forward]
Balance, beginning of period	224.1	43.9	201	40.8
Change in carrying value	(7.8)	157.3	16.5	163.6
Payments	(1.1)	(1.7)	(2.3)	(4.9)
Issuances of equity	0	0	0
Balance, end of period	$ 215.2	$ 199.5	$ 215.2	$ 199.5

Contingent Consideration - Addi

Contingent Consideration - Additional Information (Details) - USD ($) $ in Millions	Jul. 01, 2015	Sep. 30, 2015	Jun. 30, 2015	Sep. 30, 2015
Business Acquisition [Line Items]
Amount of decrease in contingent consideration payable due to change in ownership interest		$ 46.3
Barclays Natural Resource Investments
Business Acquisition [Line Items]
Change in carrying value of contingent consideration obligation for Barclays				$ 23.2
Vermillion
Business Acquisition [Line Items]
Percentage of economic interest		83.00%	55.00%	55.00%
Revised ownership percentage	83.00%

Contingent Consideration - Maxi

Contingent Consideration - Maximum Amounts of Cash Obligations with Business Acquisitions and Strategic Investment (Details) $ in Millions	Sep. 30, 2015USD ($)
Business Acquisition, Contingent Consideration [Line Items]
Total maximum cash obligations	$ 618
Liability recognized on financial statements	314.1
Business Acquisitions
Business Acquisition, Contingent Consideration [Line Items]
Total maximum cash obligations	390
NGP Investment
Business Acquisition, Contingent Consideration [Line Items]
Total maximum cash obligations	228
Contingent cash consideration | Performance-based
Business Acquisition, Contingent Consideration [Line Items]
Total maximum cash obligations	392.3
Liability recognized on financial statements	223.7
Contingent cash consideration | Employment-based
Business Acquisition, Contingent Consideration [Line Items]
Total maximum cash obligations	225.7
Liability recognized on financial statements	90.4
Contingent cash consideration | Business Acquisitions | Performance-based
Business Acquisition, Contingent Consideration [Line Items]
Total maximum cash obligations	209.3
Contingent cash consideration | Business Acquisitions | Employment-based
Business Acquisition, Contingent Consideration [Line Items]
Total maximum cash obligations	180.7
Contingent cash consideration | NGP Investment | Performance-based
Business Acquisition, Contingent Consideration [Line Items]
Total maximum cash obligations	183
Contingent cash consideration | NGP Investment | Employment-based
Business Acquisition, Contingent Consideration [Line Items]
Total maximum cash obligations	$ 45

Accrued Compensation and Bene85

Accrued Compensation and Benefits (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Accrued performance fee-related compensation	$ 1,525.3	$ 1,815.4
Accrued bonuses	305.6	229.6
Employment-based contingent cash consideration	90.4	156.8
Other	124.1	110.7
Total	$ 2,045.4	$ 2,312.5

Commitments and Contingencies -

Commitments and Contingencies - Unfunded Commitments (Details) $ in Millions	Sep. 30, 2015USD ($)
Segment Reporting Information [Line Items]
Unfunded Commitments	$ 3,132.8
Operating Segments | Corporate Private Equity
Segment Reporting Information [Line Items]
Unfunded Commitments	2,011.4
Operating Segments | Global Market Strategies
Segment Reporting Information [Line Items]
Unfunded Commitments	351.6
Operating Segments | Real Assets
Segment Reporting Information [Line Items]
Unfunded Commitments	734.1
Operating Segments | Investment Solutions
Segment Reporting Information [Line Items]
Unfunded Commitments	$ 35.7

Commitments and Contingencies87

Commitments and Contingencies - Additional Information (Details) € in Millions	Jul. 07, 2010USD ($)	Aug. 04, 2001USD ($)	Jun. 30, 2015EUR (€)	May. 31, 2011lawsuit	Sep. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Dec. 31, 2014EUR (€)	Sep. 30, 2015EUR (€)	Apr. 15, 2015EUR (€)	Dec. 31, 2014USD ($)
Guarantor Obligations [Line Items]
Unfunded commitments					$ 3,132,800,000			$ 3,132,800,000
Unfunded commitment subscribed individually by senior Carlyle professionals, operating executives and other professionals					2,700,000,000			2,700,000,000
Liability for potential repayment of previously received performance fees					264,000,000			264,000,000					$ 104,400,000
Cash withheld from carried interest distributions for potential giveback obligations					19,700,000			$ 19,700,000					29,900,000
Expiration date of non-cancelable lease agreement for primary office space								Jul. 31, 2026
Rent expense					13,700,000		$ 13,300,000	$ 42,600,000	$ 40,000,000
Deferred rent payable					52,500,000			52,500,000					40,400,000
Number of civil actions | lawsuit				2
Maximum amount of potential damages according to the liquidator’s expert report	$ 1,000,000,000
Total amount liable as a result of French tax court opinion | €												€ 105
Amount paid in current period for tax obligations by consolidated fund | €			€ 30
Amount paid in current period for tax obligations by Partnership | €			€ 67
Total assets					$ 32,796,700,000			$ 32,796,700,000					35,994,300,000
Total remaining amount liable after consideration of assets in fund | €											€ 7
Losses of Fund related to French tax matter						$ 34,000,000
Previously recognized losses of Fund related to French tax matter | €										€ 42
CEREP I
Guarantor Obligations [Line Items]
Total assets | €											€ 1
Guaranteed Loans
Guarantor Obligations [Line Items]
Aggregate annual incremental borrowings		$ 11,300,000
Variable interest rate under credit facility								three-month LIBOR
Margin interest rate (as a percent)		3.00%
Weighted-average rate under credit facility (as a percent)					3.28%			3.28%			3.28%
Outstanding borrowings under credit facility					$ 7,200,000			$ 7,200,000					7,900,000
Contingent Obligations (Giveback)
Guarantor Obligations [Line Items]
Unbilled receivable for giveback obligations from current and former employees					30,400,000			30,400,000					27,700,000
Cash withheld from carried interest distributions for potential giveback obligations					363,700,000			363,700,000					$ 336,500,000
Amount of realized and distributed carried interest subject to potential giveback on after-tax basis					$ 1,900,000,000			$ 1,900,000,000

Commitments and Contingencies88

Commitments and Contingencies - Future Minimum Commitments for Leases (Details) $ in Millions	Sep. 30, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,015	$ 13.3
2,016	54.4
2,017	50.6
2,018	46.2
2,019	40.6
Thereafter	336.7
Future minimum commitments for leases, total	$ 541.8

Related Party Transactions - Du

Related Party Transactions - Due from Affiliates and Other Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Notes receivable and accrued interest from affiliates	$ 20.8	$ 11.1
Other receivables from unconsolidated funds and affiliates, net	153.9	160.6
Total	205.1	199.4
Contingent Obligations (Giveback)
Related Party Transaction [Line Items]
Unbilled receivable for giveback obligations from current and former employees	$ 30.4	$ 27.7

Related Party Transactions - 90

Related Party Transactions - Due to Affiliates (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Related Party Transactions [Abstract]
Due to affiliates of Consolidated Funds	$ 0.8	$ 0.6
Due to non-consolidated affiliates	282.6	37.1
Performance-based contingent cash and equity consideration related to acquisitions	32.6	43.6
Amounts owed under the tax receivable agreement	138	89
Other	16.1	13.9
Total	$ 470.1	$ 184.2

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	Jun. 05, 2015	Mar. 10, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Related Party Transactions [Abstract]
Maximum percentage of interest on amounts due from affiliates					7.10%
Number of Carlyle Holdings partnership units acquired from Carlyle Holdings limited partners (in shares)	7,000,000	9,300,000
Payment of aircraft related expenses			$ 1.4	$ 1.3	$ 4	$ 4.2

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Taxes [Line Items]
Benefit for income taxes	$ (4.1)	$ (5.9)	$ 12.4	$ 63.9
Number of years federal income tax returns are subject to examination			3 years
Period in which significant changes in unrecognized tax benefits are not expected			next twelve months
U.S. Federal
Income Taxes [Line Items]
Income tax examination, start year			2,012
Income tax examination, end year			2,014
State and Local
Income Taxes [Line Items]
Income tax examination, start year			2,011
Income tax examination, end year			2,014
Foreign
Income Taxes [Line Items]
Income tax examination, start year			2,008
Income tax examination, end year			2,014

Non-controlling Interests in 93

Non-controlling Interests in Consolidated Entities - Partnership's Non-Controlling Interests in Consolidated Entities (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated entities	$ 4,894.7	$ 6,446.4
Non-Carlyle interests in Consolidated Funds
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated entities	4,677.4	6,160.1
Non-Carlyle interests in majority-owned subsidiaries
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated entities	336.1	301.4
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated entities	$ (118.8)	$ (15.1)

Non-controlling Interests in 94

Non-controlling Interests in Consolidated Entities - Partnership's Non-Controlling Interests in Income (Loss) of Consolidated Entities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Noncontrolling Interest [Line Items]
Net income (loss) attributable to other non-controlling interests in consolidated entities	$ (53.7)	$ 304.3	$ 894.9	$ 1,107.7
Net income (loss) attributable to partners’ capital appropriated for CLOs	30	(112.5)	(22.9)	(288.1)
Net income (loss) attributable to redeemable non-controlling interests in consolidated entities	(128.7)	(138.6)	(214.5)	(72.2)
Non-controlling interests in income (loss) of consolidated entities	(152.4)	53.2	657.5	747.4
Non-Carlyle interests in Consolidated Funds
Noncontrolling Interest [Line Items]
Net income (loss) attributable to other non-controlling interests in consolidated entities	(22)	333.4	1,005.6	1,162.2
Non-Carlyle interests in majority-owned subsidiaries
Noncontrolling Interest [Line Items]
Net income (loss) attributable to other non-controlling interests in consolidated entities	(9.2)	(17.9)	(25.6)	(55.6)
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions
Noncontrolling Interest [Line Items]
Net income (loss) attributable to other non-controlling interests in consolidated entities	$ (22.5)	$ (11.2)	$ (85.1)	$ 1.1

Non-controlling Interests in 95

Non-controlling Interests in Consolidated Entities - Additional Information (Details) - shares	Jun. 05, 2015	Mar. 10, 2014
Noncontrolling Interest [Abstract]
Public offering of common units completed by partnership (in shares)	7,000,000	13,800,000

Earnings Per Common Unit - Basi

Earnings Per Common Unit - Basic and Diluted Net Income Per Common Unit (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Basic
Net income attributable to The Carlyle Group L.P.	$ (83,900,000)	$ 25,400,000	$ (13,800,000)	$ 69,500,000
Dilution of earnings due to participating securities with distribution rights	820,200	(304,000)	163,250	(1,077,500)
Net loss attributable to common units	$ (83,079,800)	$ 25,096,000	$ (13,636,750)	$ 68,422,500
Weighted-average common units outstanding, basic (in shares)	78,849,332	66,474,689	72,812,892	61,422,816
Net income per common unit (usd per share)	$ (1.05)	$ 0.38	$ (0.19)	$ 1.11
Diluted
Net loss attributable to The Carlyle Group L.P.	$ (83,900,000)	$ 25,400,000	$ (13,800,000)	$ 69,500,000
Dilution of earnings due to participating securities with distribution rights	0	(290,600)	(1,423,000)	(1,105,300)
Incremental net loss from assumed exchange of Carlyle Holdings partnership units	(250,900,000)		(67,800,000)
Net loss attributable to common units	$ (334,800,000)	$ 25,109,400	$ (83,023,000)	$ 68,394,700
Weighted-average common units outstanding, diluted (in shares)	301,558,908	72,086,875	299,143,320	67,440,601
Net income per common unit (usd per share)	$ (1.11)	$ 0.35	$ (0.28)	$ 1.01

Earnings Per Common Unit - Weig

Earnings Per Common Unit - Weighted-Average Common Units Outstanding, Basic and Diluted (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Line Items]
Weighted-average common units outstanding, basic (in shares)	78,849,332	66,474,689	72,812,892	61,422,816
Weighted-average common units outstanding, diluted (in shares)	301,558,908	72,086,875	299,143,320	67,440,601
The Carlyle Group, L.P.
Earnings Per Share [Line Items]
Weighted-average common units outstanding, basic (in shares)	78,849,332	66,474,689	72,812,892	61,422,816
Weighted-average common units outstanding, diluted (in shares)	78,849,332	66,474,689	72,812,892	61,422,816
Unvested deferred restricted common units
Earnings Per Share [Line Items]
Weighted-average common units outstanding, basic (in shares)	0	0	0	0
Weighted-average common units outstanding, diluted (in shares)	0	5,146,277	0	5,551,876
Contingently issuable Carlyle Holdings Partnership units
Earnings Per Share [Line Items]
Weighted-average common units outstanding, basic (in shares)		0		0
Weighted-average common units outstanding, diluted (in shares)		465,909		465,909
Weighted-average vested Carlyle Holdings Partnership units
Earnings Per Share [Line Items]
Weighted-average common units outstanding, diluted (in shares)	216,864,271		216,956,438
Unvested Carlyle Holdings Partnership units
Earnings Per Share [Line Items]
Weighted-average common units outstanding, diluted (in shares)	5,845,305		9,373,990

Earnings Per Common Unit - Addi

Earnings Per Common Unit - Additional Information (Details) - USD ($)	Aug. 01, 2013	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average common units outstanding, diluted (in shares)		301,558,908	72,086,875	299,143,320	67,440,601
Incremental net loss from assumed exchange of Carlyle Holdings partnership units		$ 250,900,000		$ 67,800,000
Weighted-average vested Carlyle Holdings Partnership units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)		3,501,505		4,625,233
Weighted-average common units outstanding, diluted (in shares)		216,864,271		216,956,438
Unvested Carlyle Holdings Partnership units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average common units outstanding, diluted (in shares)		5,845,305		9,373,990
Carlyle Holdings partnership units deemed antidilutive (in shares)			228,449,290		229,987,569
AlpInvest
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Additional ownership percentage acquired	40.00%
Common units issued to AlpInvest employees that are subject to vesting conditions (in shares)	914,087
AlpInvest | Unvested Carlyle Holdings Partnership units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average common units outstanding, diluted (in shares)				766,991

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details) - USD ($)	Aug. 01, 2013	Jun. 30, 2015	Dec. 31, 2012	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Jan. 01, 2015	May. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of the Partnership's common units and Carlyle Holdings partnership units available for grant under the Equity Incentive Plan (in shares)									31,895,630	30,450,000
AlpInvest
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional ownership percentage acquired	40.00%
Common units issued to AlpInvest employees that are subject to vesting conditions (in shares)	914,087
Unvested Partnership Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting of unvested units (in years)						5 years
Allocated share based compensation expense				$ 1,800,000	$ 1,900,000	$ 6,900,000	$ 6,400,000
Unrecognized equity-based compensation expense				3,900,000		$ 3,900,000
Weighted-average term for unrecognized compensation expense to be recognized (in years)						7 months
Unvested Partnership Common Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeiture rate (as a percent)						5.00%
Unvested Partnership Common Units | AlpInvest
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional ownership percentage acquired	40.00%
Common units issued to AlpInvest employees that are subject to vesting conditions (in shares)	914,087
Amount of unvested common units forfeited by an individual (in shares)		11,674
Unvested Carlyle Holdings Partnership Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting of unvested units (in years)						6 years
Forfeiture rate (as a percent)						2.50%
Tax benefits related to equity-based compensation expense						$ 0
Unrecognized equity-based compensation expense				481,500,000		$ 481,500,000
Weighted-average term for unrecognized compensation expense to be recognized (in years)						2 years 7 months
Unvested Carlyle Holdings Partnership Units | Carlyle Holdings
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation expense				41,800,000	43,300,000	$ 147,900,000	148,800,000
Unvested Carlyle Holdings Partnership Units | ECM Capital, L.P.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting of unvested units (in years)			5 years
Number of partnership units issued with time vesting (in shares)			996,572
Number of partnership units issued at closing with performance-based vesting (in shares)			597,944
Deferred Restricted Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation expense				43,100,000	33,900,000	134,500,000	105,300,000
Tax benefits related to equity-based compensation expense				4,000,000	$ 4,200,000	12,700,000	13,100,000
Unrecognized equity-based compensation expense				339,500,000		$ 339,500,000
Weighted-average term for unrecognized compensation expense to be recognized (in years)						2 years 7 months
Additional compensation expense recognized due to the revision of forfeiture rates						$ 7,500,000
Deferred Restricted Common Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeiture rate (as a percent)						2.00%
Forfeiture rate (as a percent)						2.00%		5.00%
Deferred Restricted Common Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting of unvested units (in years)						6 years
Forfeiture rate (as a percent)						10.00%
Forfeiture rate (as a percent)						10.00%		15.00%
Unit discount (as a percent)						25.00%
Phantom Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting of unvested units (in years)						3 years
Forfeiture rate (as a percent)						10.00%
Allocated share based compensation expense						$ 1,700,000	$ 2,400,000
Unrecognized equity-based compensation expense				$ 100,000		$ 100,000
Weighted-average term for unrecognized compensation expense to be recognized (in years)						1 year 3 months
Forfeiture rate (as a percent)						10.00%		15.00%

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Status of Non-Vested Equity-Based Awards (Details)	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Carlyle Holdings
Unvested Units
Beginning balance (in shares) | shares	35,997,415
Granted (in shares) | shares	0
Vested (in shares) | shares	8,513,810
Forfeited (in shares) | shares	444,477
Ending balance (in shares) | shares	27,039,128
Weighted- Average Grant Date Fair Value
Beginning balance (usd per share)	$ 22.16
Granted (usd per share)	0
Vested (usd per share)	22
Forfeited (usd per share)	22
Ending balance (usd per share)	$ 22.21
The Carlyle Group, L.P. | Equity Settled Awards | Deferred Restricted Common Units
Unvested Units
Beginning balance (in shares) | shares	18,929,270
Granted (in shares) | shares	5,317,631
Vested (in shares) | shares	5,268,467
Forfeited (in shares) | shares	1,744,997
Ending balance (in shares) | shares	17,233,437
Weighted- Average Grant Date Fair Value
Beginning balance (usd per share)	$ 26.12
Granted (usd per share)	24.08
Vested (usd per share)	26.83
Forfeited (usd per share)	25.03
Ending balance (usd per share)	$ 25.38
The Carlyle Group, L.P. | Equity Settled Awards | Unvested Common Units
Unvested Units
Beginning balance (in shares) | shares	809,797
Granted (in shares) | shares	0
Vested (in shares) | shares	31,132
Forfeited (in shares) | shares	11,674
Ending balance (in shares) | shares	766,991
Weighted- Average Grant Date Fair Value
Beginning balance (usd per share)	$ 27.19
Granted (usd per share)	0
Vested (usd per share)	21.53
Forfeited (usd per share)	27.99
Ending balance (usd per share)	$ 27.41
The Carlyle Group, L.P. | Cash Settled Awards | Phantom Units
Unvested Units
Beginning balance (in shares) | shares	104,070
Granted (in shares) | shares	0
Vested (in shares) | shares	93,109
Forfeited (in shares) | shares	3,956
Ending balance (in shares) | shares	7,005
Weighted- Average Grant Date Fair Value
Beginning balance (usd per share)	$ 23.40
Granted (usd per share)	0
Vested (usd per share)	22.52
Forfeited (usd per share)	24.14
Ending balance (usd per share)	$ 34.59

Consolidation of a Real Esta101

Consolidation of a Real Estate Development Company - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Period, in days, of the financial reporting lag		90 days
Funding By Partnership To Consolidated Real Estate VIE	$ 297.3	$ 297.3
Amount of funding received by Urbplan during the period	27.1
Amount of funding to Urbplan by Partnership during the period	6.8
Amount of funding to urbplan by senior Carlyle Professionals during the period	20.3
Customer advances received	$ 133.9	$ 133.9	$ 190.4
IGP-M Plus
Real Estate Properties [Line Items]
Margin interest rate (as a percent)		12.00%
Additional margin interest rate (as a percent)		20.30%
Minimum
Real Estate Properties [Line Items]
Customer receivables accrued interest rate (as a percent)	9.00%	9.00%
Minimum | CDI Plus
Real Estate Properties [Line Items]
Margin interest rate (as a percent)		4.00%
Additional margin interest rate (as a percent)		18.10%
Minimum | IPCA Plus
Real Estate Properties [Line Items]
Margin interest rate (as a percent)		11.00%
Additional margin interest rate (as a percent)		20.50%
Maximum
Real Estate Properties [Line Items]
Customer receivables accrued interest rate (as a percent)	12.00%	12.00%
Maximum | CDI Plus
Real Estate Properties [Line Items]
Margin interest rate (as a percent)		7.40%
Additional margin interest rate (as a percent)		21.60%
Maximum | IPCA Plus
Real Estate Properties [Line Items]
Margin interest rate (as a percent)		13.50%
Additional margin interest rate (as a percent)		23.00%
Urbplan
Real Estate Properties [Line Items]
Estimated fair value percentage of outstanding principal amounts of loans (as a percent)		65.00%
Outstanding commitments for land development services	$ 48.4	$ 48.4
Maximum Additional Capital Investment Fund	60	60
Partnership
Real Estate Properties [Line Items]
Partnership contractual obligation	71.9	71.9
Senior Carlyle professionals
Real Estate Properties [Line Items]
Amount of capital funding in year of consolidation	$ 225.4	$ 225.4

Consolidation of a Real Esta102

Consolidation of a Real Estate Development Company - Assets and Liabilities Recognized in the Partnership's Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Receivables and inventory of a consolidated real estate VIE:
Receivables and inventory of a consolidated real estate VIE	$ 172.8	$ 163.9
Other assets of a consolidated real estate VIE:
Other assets of a consolidated real estate VIE	68.8	86.4
Other liabilities of a consolidated real estate VIE:
Principal amount	167.8	243.6
Partnership
Receivables and inventory of a consolidated real estate VIE:
Customer and other receivables	94.2	91.5
Inventory costs in excess of billings and advances	78.6	72.4
Receivables and inventory of a consolidated real estate VIE	172.8	163.9
Other assets of a consolidated real estate VIE:
Restricted investments	19.7	36.8
Fixed assets, net	1.1	1.8
Deferred tax assets	9.4	12.9
Other assets	38.6	34.9
Other assets of a consolidated real estate VIE	68.8	86.4
Loans payable of a consolidated real estate VIE, at fair value (principal amount of $167.8 million and $243.6 million as of September 30, 2015 and December 31, 2014, respectively)	109.1	146.2
Other liabilities of a consolidated real estate VIE:
Accounts payable	15.5	26.1
Other liabilities	79.9	58.8
Other liabilities of a consolidated real estate VIE	95.4	84.9
Partnership | Loans Payable of a consolidated real estate VIE
Other liabilities of a consolidated real estate VIE:
Principal amount	$ 167.8	$ 243.6

Consolidation of a Real Esta103

Consolidation of a Real Estate Development Company - Revenues and Expenses Recognized in the Partnership's Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue of a consolidated real estate VIE
Land development services	$ 9.7	$ 6	$ 71	$ 15.8
Investment income	1.2	7.2	2.9	11.4
Revenue of a consolidated real estate VIE	10.9	13.2	73.9	27.2
Interest and other expenses of a consolidated real estate VIE:
Costs of products sold and services rendered	2.5	8.8	45.7	25.3
Interest expense	13.3	8.6	33.6	30.3
Change in fair value of loans payable	3	9.1	12.6	35.4
Compensation and benefits	4.3	3	9.1	8.5
G&A and other expenses	3.7	8.8	23.4	30
Interest and other expenses of a consolidated real estate VIE	$ 26.8	$ 38.3	$ 124.4	$ 129.5

Consolidation of a Real Esta104

Consolidation of a Real Estate Development Company - Outstanding Principal Amounts on Loans (Details) $ in Millions	Sep. 30, 2015USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2,015	$ 11.3
2,016	22.1
2,017	16.9
2,018	14.5
2,019	16.4
Thereafter	86.6
Total outstanding principal amounts on the loans	$ 167.8

Segment Reporting - Additional

Segment Reporting - Additional Information (Details) - Segment	Jul. 01, 2015	Sep. 30, 2015	Sep. 30, 2014	Jun. 30, 2015	Sep. 30, 2015
Segment Reporting Information [Line Items]
Number of reportable segments		4	4		4
Vermillion
Segment Reporting Information [Line Items]
Percentage of economic interest		83.00%		55.00%	55.00%
Revised ownership percentage	83.00%

Segment Reporting - Reportable

Segment Reporting - Reportable Segments Financial Data (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Fund level fee revenues
Fund management fees	$ 278.3	$ 307.4	$ 830.1	$ 885
Performance fees
Realized	329.2	176.9	1,251	843.9
Unrealized	(575.8)	10.5	(629.7)	506.4
Total performance fees	(246.6)	187.4	621.3	1,350.3
Investment income (loss)
Realized	12.5	(0.5)	24.2	29.4
Unrealized	(22)	4.3	(17.7)	4.2
Total investment income (loss)	(9.5)	3.8	6.5	33.6
Interest and other income	5	9.1	15.9	16.6
Total revenues	297.5	755	2,290.4	3,041.2
Performance fee related
Realized	155.2	78.4	561.7	368.3
Unrealized	(228.1)	(14.3)	(146.2)	316.3
Total compensation and benefits	177.4	334.5	1,178.7	1,563.3
General, administrative, and other indirect expenses	289.6	117.4	539.2	370.4
Interest expense	14.5	14.4	43.6	41.1
Total expenses	795.3	705.1	2,665.9	2,846.7
Segment assets	32,796.7		32,796.7		$ 35,994.3
Corporate Private Equity
Performance fees
Total performance fees	(257.8)	217.1	522.4	981.8
Global Market Strategies
Performance fees
Total performance fees	(52.3)	(19.4)	(29.9)	91.6
Real Assets
Performance fees
Total performance fees	32.1	31.9	3.3	108.8
Investment Solutions
Performance fees
Total performance fees	31.4	(42.2)	125.5	168.1
Operating Segments
Fund level fee revenues
Fund management fees	311.9	318.8	919.3	924.4
Portfolio advisory fees, net	3	4.1	12.3	11.6
Transaction fees, net	1	17.8	4.1	50.5
Total fund level fee revenues	315.9	340.7	935.7	986.5
Performance fees
Realized	333.1	175.3	1,251.8	835.5
Unrealized	(554.2)	48.6	(539.3)	542.6
Total performance fees	(221.1)	223.9	712.5	1,378.1
Investment income (loss)
Realized	9.2	(2.7)	(66.7)	14.1
Unrealized	(15.5)	6.2	43.4	(23.2)
Total investment income (loss)	(6.3)	3.5	(23.3)	(9.1)
Interest and other income	5	8.5	16.6	17.7
Total revenues	93.5	576.6	1,641.5	2,373.2
Compensation and benefits
Direct base compensation	121.7	138.3	361.6	396.2
Indirect base compensation	42.8	47	133.8	140.3
Equity-based compensation	30.8	23.8	91	57.3
Performance fee related
Realized	155.9	77.5	563.5	366.3
Unrealized	(228.4)	7.2	(133.4)	342.8
Total compensation and benefits	122.8	293.8	1,016.5	1,302.9
General, administrative, and other indirect expenses	78.1	82.1	238.8	230.8
Depreciation and amortization expense	6.6	5.4	18.8	16.4
Interest expense	14.4	14.5	43.5	41.2
Total expenses	221.9	395.8	1,317.6	1,591.3
Economic Net Income (Loss)	(128.4)	180.8	323.9	781.9
Net Performance Fees	(148.6)	139.2	282.4	669
Investment Income (Loss)	(6.3)	3.5	(23.3)	(9.1)
Equity-based compensation	30.8	23.8	91	57.3
Fee Related Earnings	57.3	61.9	155.8	179.3
Realized Net Performance Fees	177.2	97.8	688.3	469.2
Realized Investment Income (Loss)	9.2	(2.7)	(66.7)	14.1
Distributable Earnings	243.7	157	777.4	662.6
Segment assets	6,726.8		6,726.8
Operating Segments | Corporate Private Equity
Fund level fee revenues
Fund management fees	152.5	151.5	443.5	428.5
Portfolio advisory fees, net	2.8	3.8	11.3	10.6
Transaction fees, net	0.9	17	3.7	49.6
Total fund level fee revenues	156.2	172.3	458.5	488.7
Performance fees
Realized	258.6	125	1,101.1	747.4
Unrealized	(513.9)	100.8	(583)	237.5
Total performance fees	(255.3)	225.8	518.1	984.9
Investment income (loss)
Realized	11	6.4	22	10.3
Unrealized	(12.7)	3.8	(4.6)	13.2
Total investment income (loss)	(1.7)	10.2	17.4	23.5
Interest and other income	3.1	4.7	9	8.7
Total revenues	(97.7)	413	1,003	1,505.8
Compensation and benefits
Direct base compensation	59.1	67	169.3	189.4
Indirect base compensation	23.3	25.9	71.1	73.4
Equity-based compensation	17	12.9	49.6	30.1
Performance fee related
Realized	120.6	52.7	494.8	326.4
Unrealized	(235)	49.4	(256.8)	122.1
Total compensation and benefits	(15)	207.9	528	741.4
General, administrative, and other indirect expenses	36.4	35.5	105.9	108.6
Depreciation and amortization expense	3.3	2.7	9	8.1
Interest expense	7.8	7.9	23.1	22.6
Total expenses	32.5	254	666	880.7
Economic Net Income (Loss)	(130.2)	159	337	625.1
Net Performance Fees	(140.9)	123.7	280.1	536.4
Investment Income (Loss)	(1.7)	10.2	17.4	23.5
Equity-based compensation	17	12.9	49.6	30.1
Fee Related Earnings	29.4	38	89.1	95.3
Realized Net Performance Fees	138	72.3	606.3	421
Realized Investment Income (Loss)	11	6.4	22	10.3
Distributable Earnings	178.4	116.7	717.4	526.6
Segment assets	3,425.3		3,425.3
Operating Segments | Global Market Strategies
Fund level fee revenues
Fund management fees	52.3	65.6	162.6	192.9
Portfolio advisory fees, net	0.1	0.2	0.6	0.4
Transaction fees, net	0	0.2	0	0.2
Total fund level fee revenues	52.4	66	163.2	193.5
Performance fees
Realized	11.8	11.3	25	26.3
Unrealized	(62.4)	(10.8)	(40.1)	84.3
Total performance fees	(50.6)	0.5	(15.1)	110.6
Investment income (loss)
Realized	3.1	4.1	5.9	6.8
Unrealized	(5)	(4.3)	(10.7)	(1.2)
Total investment income (loss)	(1.9)	(0.2)	(4.8)	5.6
Interest and other income	0.7	1.9	3.9	4.7
Total revenues	0.6	68.2	147.2	314.4
Compensation and benefits
Direct base compensation	22.4	29.9	75.3	83.7
Indirect base compensation	6.9	6.9	22.1	18.9
Equity-based compensation	5	4	14.5	9.9
Performance fee related
Realized	5.4	6.1	11.8	12.4
Unrealized	(28.6)	2.6	(18.6)	39
Total compensation and benefits	11.1	49.5	105.1	163.9
General, administrative, and other indirect expenses	14	14	49.1	38.6
Depreciation and amortization expense	1.3	1	3.7	2.9
Interest expense	2.6	2.5	8.1	7.2
Total expenses	29	67	166	212.6
Economic Net Income (Loss)	(28.4)	1.2	(18.8)	101.8
Net Performance Fees	(27.4)	(8.2)	(8.3)	59.2
Investment Income (Loss)	(1.9)	(0.2)	(4.8)	5.6
Equity-based compensation	5	4	14.5	9.9
Fee Related Earnings	5.9	13.6	8.8	46.9
Realized Net Performance Fees	6.4	5.2	13.2	13.9
Realized Investment Income (Loss)	3.1	4.1	5.9	6.8
Distributable Earnings	15.4	22.9	27.9	67.6
Segment assets	714.3		714.3
Operating Segments | Real Assets
Fund level fee revenues
Fund management fees	69.3	55.7	197.1	165.6
Portfolio advisory fees, net	0.1	0.1	0.4	0.6
Transaction fees, net	0.1	0.6	0.4	0.7
Total fund level fee revenues	69.5	56.4	197.9	166.9
Performance fees
Realized	57.7	28.4	112.5	38.3
Unrealized	(9.3)	9.5	(38.3)	69.9
Total performance fees	48.4	37.9	74.2	108.2
Investment income (loss)
Realized	(4.9)	(13.2)	(94.7)	(3)
Unrealized	2.1	6.7	58.4	(35.5)
Total investment income (loss)	(2.8)	(6.5)	(36.3)	(38.5)
Interest and other income	0.9	1.4	2.6	3.3
Total revenues	116	89.2	238.4	239.9
Compensation and benefits
Direct base compensation	20.4	20.7	56.4	60.7
Indirect base compensation	9.7	9.9	30.8	35.9
Equity-based compensation	6.2	5.4	19.6	14
Performance fee related
Realized	25.5	9.9	46	10.6
Unrealized	7.2	8	28.4	39.2
Total compensation and benefits	69	53.9	181.2	160.4
General, administrative, and other indirect expenses	17	21.1	52.4	52.3
Depreciation and amortization expense	1.2	0.8	3.1	2.6
Interest expense	2.6	2.6	7.9	7.3
Total expenses	89.8	78.4	244.6	222.6
Economic Net Income (Loss)	26.2	10.8	(6.2)	17.3
Net Performance Fees	15.7	20	(0.2)	58.4
Investment Income (Loss)	(2.8)	(6.5)	(36.3)	(38.5)
Equity-based compensation	6.2	5.4	19.6	14
Fee Related Earnings	19.5	2.7	49.9	11.4
Realized Net Performance Fees	32.2	18.5	66.5	27.7
Realized Investment Income (Loss)	(4.9)	(13.2)	(94.7)	(3)
Distributable Earnings	46.8	8	21.7	36.1
Segment assets	1,698.4		1,698.4
Operating Segments | Investment Solutions
Fund level fee revenues
Fund management fees	37.8	46	116.1	137.4
Portfolio advisory fees, net	0	0	0	0
Transaction fees, net	0	0	0	0
Total fund level fee revenues	37.8	46	116.1	137.4
Performance fees
Realized	5	10.6	13.2	23.5
Unrealized	31.4	(50.9)	122.1	150.9
Total performance fees	36.4	(40.3)	135.3	174.4
Investment income (loss)
Realized	0	0	0.1	0
Unrealized	0.1	0	0.3	0.3
Total investment income (loss)	0.1	0	0.4	0.3
Interest and other income	0.3	0.5	1.1	1
Total revenues	74.6	6.2	252.9	313.1
Compensation and benefits
Direct base compensation	19.8	20.7	60.6	62.4
Indirect base compensation	2.9	4.3	9.8	12.1
Equity-based compensation	2.6	1.5	7.3	3.3
Performance fee related
Realized	4.4	8.8	10.9	16.9
Unrealized	28	(52.8)	113.6	142.5
Total compensation and benefits	57.7	(17.5)	202.2	237.2
General, administrative, and other indirect expenses	10.7	11.5	31.4	31.3
Depreciation and amortization expense	0.8	0.9	3	2.8
Interest expense	1.4	1.5	4.4	4.1
Total expenses	70.6	(3.6)	241	275.4
Economic Net Income (Loss)	4	9.8	11.9	37.7
Net Performance Fees	4	3.7	10.8	15
Investment Income (Loss)	0.1	0	0.4	0.3
Equity-based compensation	2.6	1.5	7.3	3.3
Fee Related Earnings	2.5	7.6	8	25.7
Realized Net Performance Fees	0.6	1.8	2.3	6.6
Realized Investment Income (Loss)	0	0	0.1	0
Distributable Earnings	3.1	$ 9.4	10.4	$ 32.3
Segment assets	$ 888.8		$ 888.8

Segment Reporting - Total Segme

Segment Reporting - Total Segments to Partnership Income before Provision for Taxes Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Revenues	$ 297.5	$ 755	$ 2,290.4	$ 3,041.2
Expenses	795.3	705.1	2,665.9	2,846.7
Other income	(31.3)	125.5	935.8	994.5
Economic net income	(529.1)	175.4	560.3	1,189
Total assets	32,796.7		32,796.7		$ 35,994.3
Total Reportable Segments
Segment Reporting Information [Line Items]
Revenues	93.5	576.6	1,641.5	2,373.2
Expenses	221.9	395.8	1,317.6	1,591.3
Other income	0	0	0	0
Economic net income	(128.4)	180.8	323.9	781.9
Total assets	6,726.8		6,726.8
Consolidated Funds
Segment Reporting Information [Line Items]
Revenues	259.4	234.1	742.7	728.5
Expenses	355.5	283.9	959.5	940
Other income	(20.6)	127.4	950.3	996.9
Economic net income	(116.7)	77.6	733.5	785.4
Total assets	26,304.5		26,304.5		$ 28,809.8
Reconciling Items
Segment Reporting Information [Line Items]
Revenues	(55.4)	(55.7)	(93.8)	(60.5)
Expenses	217.9	25.4	388.8	315.4
Other income	(10.7)	(1.9)	(14.5)	(2.4)
Economic net income	(284)	$ (83)	(497.1)	$ (378.3)
Total assets	$ (234.6)		$ (234.6)

Segment Reporting - Expenses Ad

Segment Reporting - Expenses Adjustment Represents Elimination of Intercompany Expenses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Other non-operating (income) expense	$ (9.9)	$ (39.6)	$ (11.7)	$ (14)
Total expenses adjustment	795.3	705.1	2,665.9	2,846.7
Reconciling Items
Segment Reporting Information [Line Items]
Equity-based compensation issued in conjunction with the initial public offering, acquisitions and strategic investments	54.5	56.3	202.1	209.7
Acquisition related charges, including amortization of intangibles and impairment	209.6	24.5	247.9	166.6
Other non-operating (income) expense	(9.9)	(39.6)	(11.7)	(14)
Tax benefit (expense) associated with performance fee compensation	(5.1)	15	(19.4)	(23.5)
Non-Carlyle economic interests in acquired business	26.2	11.9	134.6	156.5
Other adjustments	0.1	1.6	3.1	2.5
Total expenses adjustment	217.9	25.4	388.8	315.4
Eliminations
Segment Reporting Information [Line Items]
Other non-operating (income) expense	0	0	0	0
Total expenses adjustment	$ (57.5)	$ (44.3)	$ (167.8)	$ (182.4)

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Income Before Provision for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Loss before provision for income taxes	$ (529.1)	$ 175.4	$ 560.3	$ 1,189
Adjustments:
Other non-operating (income) expense	(9.9)	(39.6)	(11.7)	(14)
Net (income) loss attributable to non-controlling interests in consolidated entities	152.4	(53.2)	(657.5)	(747.4)
Reconciling Items
Adjustments:
Equity-based compensation issued in conjunction with the initial public offering, acquisitions and strategic investments	54.5	56.3	202.1	209.7
Acquisition related charges, including amortization of intangibles and impairment	209.6	24.5	247.9	166.6
Other non-operating (income) expense	(9.9)	(39.6)	(11.7)	(14)
Tax benefit (expense) associated with performance fee compensation	(5.1)	15	(19.4)	(23.5)
Net (income) loss attributable to non-controlling interests in consolidated entities	152.4	(53.2)	(657.5)	(747.4)
Other adjustments	(0.8)	2.4	2.2	1.5
Net performance fees	25.1	15.9	76.6	3.3
Operating Segments
Adjustments:
Economic Net Income (Loss)	(128.4)	180.8	323.9	781.9
Net performance fees	(148.6)	139.2	282.4	669
Investment Income (Loss)	(6.3)	3.5	(23.3)	(9.1)
Equity-based compensation	30.8	23.8	91	57.3
Fee Related Earnings	57.3	61.9	155.8	179.3
Realized performance fees, net of related compensation	177.2	97.8	688.3	469.2
Realized investment income (loss)	9.2	(2.7)	(66.7)	14.1
Distributable Earnings	$ 243.7	$ 157	$ 777.4	$ 662.6

Segment Reporting - Adjustments

Segment Reporting - Adjustments for Performance Fees, Performance Fee Related Compensation and Investment Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Jun. 30, 2015	Sep. 30, 2015	Sep. 30, 2014
Performance fees
Realized	$ 329.2	$ 176.9		$ 1,251	$ 843.9
Unrealized	(575.8)	10.5		(629.7)	506.4
Total performance fees	(246.6)	187.4		621.3	1,350.3
Performance fee related compensation expense
Realized	155.2	78.4		561.7	368.3
Unrealized	(228.1)	(14.3)		(146.2)	316.3
Investment income (loss)
Realized	12.5	(0.5)		24.2	29.4
Unrealized	(22)	4.3		(17.7)	4.2
Total investment income (loss)	$ (9.5)	3.8		$ 6.5	33.6
Claren Road
Investment income (loss)
Percentage of economic interest				55.00%
Emerging Sovereign Group LLC
Investment income (loss)
Percentage of economic interest				55.00%
Vermillion
Investment income (loss)
Percentage of economic interest	83.00%		55.00%	55.00%
Carlyle Consolidated
Performance fees
Realized	$ 329.2	176.9		$ 1,251	843.9
Unrealized	(575.8)	10.5		(629.7)	506.4
Total performance fees	(246.6)	187.4		621.3	1,350.3
Performance fee related compensation expense
Realized	155.2	78.4		561.7	368.3
Unrealized	(228.1)	(14.3)		(146.2)	316.3
Total performance fee related compensation expense	(72.9)	64.1		415.5	684.6
Net performance fees
Realized	174	98.5		689.3	475.6
Unrealized	(347.7)	24.8		(483.5)	190.1
Total net performance fees	(173.7)	123.3		205.8	665.7
Investment income (loss)
Realized	12.5	(0.5)		24.2	29.4
Unrealized	(22)	4.3		(17.7)	4.2
Total investment income (loss)	(9.5)	3.8		6.5	33.6
Adjustments
Performance fees
Realized	3.9	(1.6)		0.8	(8.4)
Unrealized	21.6	38.1		90.4	36.2
Total performance fees	25.5	36.5		91.2	27.8
Performance fee related compensation expense
Realized	0.7	(0.9)		1.8	(2)
Unrealized	(0.3)	21.5		12.8	26.5
Total performance fee related compensation expense	0.4	20.6		14.6	24.5
Net performance fees
Realized	3.2	(0.7)		(1)	(6.4)
Unrealized	21.9	16.6		77.6	9.7
Total net performance fees	25.1	15.9		76.6	3.3
Investment income (loss)
Realized	(3.3)	(2.2)		(90.9)	(15.3)
Unrealized	6.5	1.9		61.1	(27.4)
Total investment income (loss)	3.2	(0.3)		(29.8)	(42.7)
Total Reportable Segments
Performance fees
Realized	333.1	175.3		1,251.8	835.5
Unrealized	(554.2)	48.6		(539.3)	542.6
Total performance fees	(221.1)	223.9		712.5	1,378.1
Performance fee related compensation expense
Realized	155.9	77.5		563.5	366.3
Unrealized	(228.4)	7.2		(133.4)	342.8
Total performance fee related compensation expense	(72.5)	84.7		430.1	709.1
Net performance fees
Realized	177.2	97.8		688.3	469.2
Unrealized	(325.8)	41.4		(405.9)	199.8
Total net performance fees	(148.6)	139.2		282.4	669
Investment income (loss)
Realized	9.2	(2.7)		(66.7)	14.1
Unrealized	(15.5)	6.2		43.4	(23.2)
Total investment income (loss)	$ (6.3)	$ 3.5		$ (23.3)	$ (9.1)

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event	1 Months Ended
	Oct. 31, 2015$ / shares
Subsequent Event [Line Items]
Distribution per common unit (usd per share)	$ 0.56
Dividends payable, date of record	Nov. 16, 2015
Dividends payable, date to be paid	Nov. 24, 2015

Supplemental Financial Infor112

Supplemental Financial Information - Supplemental Financial Position (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Assets
Cash and cash equivalents	$ 1,307.5	$ 1,242	$ 1,394.2	$ 966.6
Cash and cash equivalents held at Consolidated Funds	1,131.2	1,551.1
Restricted cash	277.4	59.7
Restricted cash and securities of Consolidated Funds	18.4	14.9
Accrued performance fees	3,015.8	3,795.6
Investments	897.2	931.6
Investments of Consolidated Funds	23,990.1	26,028.8
Due from affiliates and other receivables, net	205.1	199.4
Due from affiliates and other receivables of Consolidated Funds, net	1,164.7	1,213.2
Receivables and inventory of a consolidated real estate VIE	172.8	163.9
Fixed assets, net	105.5	75.4
Deposits and other	57.5	59.2
Other assets of a consolidated real estate VIE	68.8	86.4
Intangible assets, net	171.6	442.1
Deferred tax assets	213.1	131
Total assets	32,796.7	35,994.3
Liabilities and partners’ capital
Loans payable	39.1	40.2
3.875% senior notes due 2023	499.9	499.9
5.625% senior notes due 2043	606.6	606.8
Loans payable of Consolidated Funds	16,665.1	16,052.2
Loans payable of a consolidated real estate VIE	109.1	146.2
Accounts payable, accrued expenses and other liabilities	404.1	396.2
Accrued compensation and benefits	2,045.4	2,312.5
Due to affiliates	470.1	184.2
Deferred revenue	203.6	93.7
Deferred tax liabilities	119.8	112.2
Other liabilities of Consolidated Funds	1,910.1	2,504.9
Other liabilities of a consolidated real estate VIE	95.4	84.9
Accrued giveback obligations	264	104.4
Total liabilities	23,432.3	23,138.3
Redeemable non-controlling interests in consolidated entities	2,666.9	3,761.5
Partners’ capital	510	566
Accumulated other comprehensive income (loss)	(73.7)	(39)
Partners’ capital appropriated for Consolidated Funds	158	184.5
Non-controlling interests in consolidated entities	4,894.7	6,446.4
Non-controlling interests in Carlyle Holdings	1,208.5	1,936.6
Total partners’ capital	6,697.5	9,094.5
Total liabilities and partners’ capital	32,796.7	35,994.3
Consolidated Operating Entities
Assets
Cash and cash equivalents	1,307.5	1,242
Cash and cash equivalents held at Consolidated Funds	0	0
Restricted cash	277.4	59.7
Restricted cash and securities of Consolidated Funds	0	0
Accrued performance fees	3,039.1	3,808.9
Investments	1,091.9	1,114.9
Investments of Consolidated Funds	0	0
Due from affiliates and other receivables, net	222.8	215.8
Due from affiliates and other receivables of Consolidated Funds, net	0	0
Receivables and inventory of a consolidated real estate VIE	172.8	163.9
Fixed assets, net	105.5	75.4
Deposits and other	56.3	57.3
Other assets of a consolidated real estate VIE	68.8	86.4
Intangible assets, net	171.6	442.1
Deferred tax assets	213.1	131
Total assets	6,726.8	7,397.4
Liabilities and partners’ capital
Loans payable	39.1	40.2
3.875% senior notes due 2023	499.9	499.9
5.625% senior notes due 2043	606.6	606.8
Loans payable of Consolidated Funds	0	0
Loans payable of a consolidated real estate VIE	109.1	146.2
Accounts payable, accrued expenses and other liabilities	404.1	446.8
Accrued compensation and benefits	2,045.4	2,312.5
Due to affiliates	469.3	183.6
Deferred revenue	203.8	93.9
Deferred tax liabilities	119.8	112.2
Other liabilities of Consolidated Funds	0	0
Other liabilities of a consolidated real estate VIE	95.4	84.9
Accrued giveback obligations	264	113.4
Total liabilities	4,856.5	4,640.4
Redeemable non-controlling interests in consolidated entities	8.1	8.4
Partners’ capital	510	566
Accumulated other comprehensive income (loss)	(73.6)	(40.3)
Partners’ capital appropriated for Consolidated Funds	0	0
Non-controlling interests in consolidated entities	217.3	286.3
Non-controlling interests in Carlyle Holdings	1,208.5	1,936.6
Total partners’ capital	1,862.2	2,748.6
Total liabilities and partners’ capital	6,726.8	7,397.4
Consolidated Funds
Assets
Cash and cash equivalents	0	0
Cash and cash equivalents held at Consolidated Funds	1,131.2	1,551.1
Restricted cash	0	0
Restricted cash and securities of Consolidated Funds	18.4	14.9
Accrued performance fees	0	0
Investments	0	0
Investments of Consolidated Funds	23,989	26,028.7
Due from affiliates and other receivables, net	0	0
Due from affiliates and other receivables of Consolidated Funds, net	1,164.7	1,213.2
Receivables and inventory of a consolidated real estate VIE	0	0
Fixed assets, net	0	0
Deposits and other	1.2	1.9
Other assets of a consolidated real estate VIE	0	0
Intangible assets, net	0	0
Deferred tax assets	0	0
Total assets	26,304.5	28,809.8
Liabilities and partners’ capital
Loans payable	0	0
3.875% senior notes due 2023	0	0
5.625% senior notes due 2043	0	0
Loans payable of Consolidated Funds	16,849.7	16,219.8
Loans payable of a consolidated real estate VIE	0	0
Accounts payable, accrued expenses and other liabilities	0	0
Accrued compensation and benefits	0	0
Due to affiliates	2.4	1
Deferred revenue	0	0
Deferred tax liabilities	0	0
Other liabilities of Consolidated Funds	1,953.2	2,548
Other liabilities of a consolidated real estate VIE	0	0
Accrued giveback obligations	0	0
Total liabilities	18,805.3	18,768.8
Redeemable non-controlling interests in consolidated entities	2,658.8	3,753.1
Partners’ capital	(9.4)	(71.5)
Accumulated other comprehensive income (loss)	7.1	6.3
Partners’ capital appropriated for Consolidated Funds	165.3	193
Non-controlling interests in consolidated entities	4,677.4	6,160.1
Non-controlling interests in Carlyle Holdings	0	0
Total partners’ capital	4,840.4	6,287.9
Total liabilities and partners’ capital	26,304.5	28,809.8
Eliminations
Assets
Cash and cash equivalents	0	0
Cash and cash equivalents held at Consolidated Funds	0	0
Restricted cash	0	0
Restricted cash and securities of Consolidated Funds	0	0
Accrued performance fees	(23.3)	(13.3)
Investments	(194.7)	(183.3)
Investments of Consolidated Funds	1.1	0.1
Due from affiliates and other receivables, net	(17.7)	(16.4)
Due from affiliates and other receivables of Consolidated Funds, net	0	0
Receivables and inventory of a consolidated real estate VIE	0	0
Fixed assets, net	0	0
Deposits and other	0	0
Other assets of a consolidated real estate VIE	0	0
Intangible assets, net	0	0
Deferred tax assets	0	0
Total assets	(234.6)	(212.9)
Liabilities and partners’ capital
Loans payable	0	0
3.875% senior notes due 2023	0	0
5.625% senior notes due 2043	0	0
Loans payable of Consolidated Funds	(184.6)	(167.6)
Loans payable of a consolidated real estate VIE	0	0
Accounts payable, accrued expenses and other liabilities	0	(50.6)
Accrued compensation and benefits	0	0
Due to affiliates	(1.6)	(0.4)
Deferred revenue	(0.2)	(0.2)
Deferred tax liabilities	0	0
Other liabilities of Consolidated Funds	(43.1)	(43.1)
Other liabilities of a consolidated real estate VIE	0	0
Accrued giveback obligations	0	(9)
Total liabilities	(229.5)	(270.9)
Redeemable non-controlling interests in consolidated entities	0	0
Partners’ capital	9.4	71.5
Accumulated other comprehensive income (loss)	(7.2)	(5)
Partners’ capital appropriated for Consolidated Funds	(7.3)	(8.5)
Non-controlling interests in consolidated entities	0	0
Non-controlling interests in Carlyle Holdings	0	0
Total partners’ capital	(5.1)	58
Total liabilities and partners’ capital	$ (234.6)	$ (212.9)

Supplemental Financial Infor113

Supplemental Financial Information - Supplemental Financial Position (Additional Information) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Condensed Balance Sheet Statements, Captions [Line Items]
Principal amount	$ 167.8	$ 243.6
3.875% Senior Notes Due 2/01/2023
Condensed Balance Sheet Statements, Captions [Line Items]
Interest rate on senior notes (as a percent)	3.875%	3.875%
5.625% Senior Notes Due 3/30/2043
Condensed Balance Sheet Statements, Captions [Line Items]
Interest rate on senior notes (as a percent)	5.625%	5.625%
Consolidated Operating Entities
Condensed Balance Sheet Statements, Captions [Line Items]
Principal amount	$ 167.8	$ 243.6
Consolidated Operating Entities | 3.875% Senior Notes Due 2/01/2023
Condensed Balance Sheet Statements, Captions [Line Items]
Interest rate on senior notes (as a percent)	3.875%	3.875%
Consolidated Operating Entities | 5.625% Senior Notes Due 3/30/2043
Condensed Balance Sheet Statements, Captions [Line Items]
Interest rate on senior notes (as a percent)	5.625%	5.625%

Supplemental Financial Infor114

Supplemental Financial Information - Supplemental Results of Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Fund management fees	$ 278.3	$ 307.4	$ 830.1	$ 885
Performance fees
Realized	329.2	176.9	1,251	843.9
Unrealized	(575.8)	10.5	(629.7)	506.4
Total performance fees	(246.6)	187.4	621.3	1,350.3
Investment income (loss)
Realized	12.5	(0.5)	24.2	29.4
Unrealized	(22)	4.3	(17.7)	4.2
Investment income (loss)	(9.5)	3.8	6.5	33.6
Interest and other income	5	9.1	15.9	16.6
Interest and other income of Consolidated Funds	259.4	234.1	742.7	728.5
Revenue of a consolidated real estate VIE	10.9	13.2	73.9	27.2
Total revenues	297.5	755	2,290.4	3,041.2
Compensation and benefits
Base compensation	163.5	190.7	472.2	615.8
Equity-based compensation	86.8	79.7	291	262.9
Performance fee related
Realized	155.2	78.4	561.7	368.3
Unrealized	(228.1)	(14.3)	(146.2)	316.3
Total compensation and benefits	177.4	334.5	1,178.7	1,563.3
General, administrative and other expenses	289.6	117.4	539.2	370.4
Interest	14.5	14.4	43.6	41.1
Interest and other expenses of Consolidated Funds	296.9	240.1	791.7	756.4
Interest and other expenses of a consolidated real estate VIE	26.8	38.3	124.4	129.5
Other non-operating (income) expense	(9.9)	(39.6)	(11.7)	(14)
Total expenses	795.3	705.1	2,665.9	2,846.7
Other income (loss)
Net investment gains (losses) of Consolidated Funds	(31.3)	125.5	935.8	994.5
Loss before provision for income taxes	(529.1)	175.4	560.3	1,189
Benefit for income taxes	(4.1)	(5.9)	12.4	63.9
Net income (loss)	(525)	181.3	547.9	1,125.1
Net loss attributable to non-controlling interests in consolidated entities	(152.4)	53.2	657.5	747.4
Net loss attributable to Carlyle Holdings	(372.6)	128.1	(109.6)	377.7
Net loss attributable to non-controlling interests in Carlyle Holdings	(288.7)	102.7	(95.8)	308.2
Net income attributable to The Carlyle Group L.P.	(83.9)	25.4	(13.8)	69.5
Consolidated Operating Entities
Revenues
Fund management fees	316.7	354.6	948	1,023.3
Performance fees
Realized	334.4	179.1	1,264.1	859.3
Unrealized	(569.9)	(4.3)	(613.1)	515.9
Total performance fees	(235.5)	174.8	651	1,375.2
Investment income (loss)
Realized	15.6	1.6	(49.3)	34.8
Unrealized	(24.6)	5	25.9	(1.2)
Investment income (loss)	(9)	6.6	(23.4)	33.6
Interest and other income	5.5	9.6	17.8	18.7
Interest and other income of Consolidated Funds	0	0	0	0
Revenue of a consolidated real estate VIE	10.9	13.2	73.9	27.2
Total revenues	88.6	558.8	1,667.3	2,478
Compensation and benefits
Base compensation	163.5	190.7	472.2	615.8
Equity-based compensation	86.8	79.7	291	262.9
Performance fee related
Realized	155.2	78.4	561.7	368.3
Unrealized	(228.1)	(14.3)	(146.2)	316.3
Total compensation and benefits	177.4	334.5	1,178.7	1,563.3
General, administrative and other expenses	288.5	117.9	539.2	369.2
Interest	14.5	14.4	43.6	41.1
Interest and other expenses of Consolidated Funds	0	0	0	0
Interest and other expenses of a consolidated real estate VIE	26.8	38.3	124.4	129.5
Other non-operating (income) expense	(9.9)	(39.6)	(11.7)	(14)
Total expenses	497.3	465.5	1,874.2	2,089.1
Other income (loss)
Net investment gains (losses) of Consolidated Funds	0	0	0	0
Loss before provision for income taxes	(408.7)	93.3	(206.9)	388.9
Benefit for income taxes	(4.1)	(5.9)	12.4	63.9
Net income (loss)	(404.6)	99.2	(219.3)	325
Net loss attributable to non-controlling interests in consolidated entities	(32)	(28.9)	(109.7)	(52.7)
Net loss attributable to Carlyle Holdings	(372.6)	128.1	(109.6)	377.7
Net loss attributable to non-controlling interests in Carlyle Holdings	(288.7)	102.7	(95.8)	308.2
Net income attributable to The Carlyle Group L.P.	(83.9)	25.4	(13.8)	69.5
Consolidated Funds
Revenues
Fund management fees	0	0	0	0
Performance fees
Realized	0	0	0	0
Unrealized	0	0	0	0
Total performance fees	0	0	0	0
Investment income (loss)
Realized	0	0	0	0
Unrealized	0	0	0	0
Investment income (loss)	0	0	0	0
Interest and other income	0	0	0	0
Interest and other income of Consolidated Funds	259.4	234.1	742.7	728.5
Revenue of a consolidated real estate VIE	0	0	0	0
Total revenues	259.4	234.1	742.7	728.5
Compensation and benefits
Base compensation	0	0	0	0
Equity-based compensation	0	0	0	0
Performance fee related
Realized	0	0	0	0
Unrealized	0	0	0	0
Total compensation and benefits	0	0	0	0
General, administrative and other expenses	0	0	0	0
Interest	0	0	0	0
Interest and other expenses of Consolidated Funds	355.5	283.9	959.5	940
Interest and other expenses of a consolidated real estate VIE	0	0	0	0
Other non-operating (income) expense	0	0	0	0
Total expenses	355.5	283.9	959.5	940
Other income (loss)
Net investment gains (losses) of Consolidated Funds	(20.6)	127.4	950.3	996.9
Loss before provision for income taxes	(116.7)	77.6	733.5	785.4
Benefit for income taxes	0	0	0	0
Net income (loss)	(116.7)	77.6	733.5	785.4
Net loss attributable to non-controlling interests in consolidated entities	0	0	0	0
Net loss attributable to Carlyle Holdings	(116.7)	77.6	733.5	785.4
Net loss attributable to non-controlling interests in Carlyle Holdings	0	0	0	0
Net income attributable to The Carlyle Group L.P.	(116.7)	77.6	733.5	785.4
Eliminations
Revenues
Fund management fees	(38.4)	(47.2)	(117.9)	(138.3)
Performance fees
Realized	(5.2)	(2.2)	(13.1)	(15.4)
Unrealized	(5.9)	14.8	(16.6)	(9.5)
Total performance fees	(11.1)	12.6	(29.7)	(24.9)
Investment income (loss)
Realized	(3.1)	(2.1)	73.5	(5.4)
Unrealized	2.6	(0.7)	(43.6)	5.4
Investment income (loss)	(0.5)	(2.8)	29.9	0
Interest and other income	(0.5)	(0.5)	(1.9)	(2.1)
Interest and other income of Consolidated Funds	0	0	0	0
Revenue of a consolidated real estate VIE	0	0	0	0
Total revenues	(50.5)	(37.9)	(119.6)	(165.3)
Compensation and benefits
Base compensation	0	0	0	0
Equity-based compensation	0	0	0	0
Performance fee related
Realized	0	0	0	0
Unrealized	0	0	0	0
Total compensation and benefits	0	0	0	0
General, administrative and other expenses	1.1	(0.5)	0	1.2
Interest	0	0	0	0
Interest and other expenses of Consolidated Funds	(58.6)	(43.8)	(167.8)	(183.6)
Interest and other expenses of a consolidated real estate VIE	0	0	0	0
Other non-operating (income) expense	0	0	0	0
Total expenses	(57.5)	(44.3)	(167.8)	(182.4)
Other income (loss)
Net investment gains (losses) of Consolidated Funds	(10.7)	(1.9)	(14.5)	(2.4)
Loss before provision for income taxes	(3.7)	4.5	33.7	14.7
Benefit for income taxes	0	0	0	0
Net income (loss)	(3.7)	4.5	33.7	14.7
Net loss attributable to non-controlling interests in consolidated entities	(120.4)	82.1	767.2	800.1
Net loss attributable to Carlyle Holdings	116.7	(77.6)	(733.5)	(785.4)
Net loss attributable to non-controlling interests in Carlyle Holdings	0	0	0	0
Net income attributable to The Carlyle Group L.P.	$ 116.7	$ (77.6)	$ (733.5)	$ (785.4)

Supplemental Financial Infor115

Supplemental Financial Information - Supplemental Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities
Net income (loss)			$ (219.3)	$ 325
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization			281.7	125.4
Equity-based compensation	$ 86.8	$ 79.7	291	262.9
Excess tax benefits related to equity-based compensation			(1.4)	(2.5)
Non-cash performance fees			584.4	(536.5)
Other non-cash amounts			41.8	20.8
Investment loss			32.6	3.1
Purchases of investments and trading securities			(99.2)	(271.2)
Proceeds from the sale of investments and trading securities			382.6	521.9
Payments of contingent consideration			(17.8)	(57.9)
Change in deferred taxes, net			(12)	11.6
Change in due from affiliates and other receivables			(3.4)	(3)
Change in receivables and inventory of a consolidated real estate VIE			(49.5)	3
Change in deposits and other			(9.3)	(11.4)
Change in other assets of a consolidated real estate VIE			(10.5)	(0.9)
Change in accounts payable, accrued expenses and other liabilities			(82.9)	(35.6)
Change in accrued compensation and benefits			(212.8)	189.1
Change in due to affiliates			253.5	(71.1)
Change in other liabilities of a consolidated real estate VIE			43.9	(13.2)
Change in deferred revenue			111.4	203.1
Net cash provided by operating activities			1,304.8	662.6
Cash flows from investing activities
Change in restricted cash			(217.9)	65.3
Purchases of fixed assets, net			(49.8)	(15.1)
Acquisitions, net of cash acquired			0	(3.1)
Net cash provided by (used in) investing activities			(267.7)	47.1
Cash flows from financing activities
Issuance of 5.625% senior notes due 2043, net of financing costs			0	210.8
Net payments on loans payable of a consolidated real estate VIE			(53.1)	(15.9)
Payments of contingent consideration			(8)	(38.1)
Excess tax benefits related to equity-based compensation			1.4	2.5
Distributions to common unitholders			(206)	(91.9)
Distributions to non-controlling interest holders in Carlyle Holdings			(702.4)	(446.8)
Contributions from non-controlling interest holders			104.5	117.3
Distributions to non-controlling interest holders			(92.1)	(102.2)
Net proceeds from issuance of common units, net of offering costs			209.9	449.5
Acquisition of non-controlling interests in Carlyle Holdings			(209.9)	(303.4)
Change in due to/from affiliates financing activities			4.4	(47.9)
Net cash used in financing activities			(951.3)	(266.1)
Effect of foreign exchange rate changes			(20.3)	(16)
Increase in cash and cash equivalents			65.5	427.6
Cash and cash equivalents, beginning of period			1,242	966.6
Cash and cash equivalents, end of period	$ 1,307.5	$ 1,394.2	$ 1,307.5	$ 1,394.2

Supplemental Financial Infor116

Supplemental Financial Information - Supplemental Statement of Cash Flows (Additional Information) (Details)	Sep. 30, 2015	Dec. 31, 2014
5.625% Senior Notes Due 3/30/2043
Condensed Cash Flow Statements, Captions [Line Items]
Interest rate on senior notes (as a percent)	5.625%	5.625%