Thanks Bill, and morning, everyone. good
platform results a segments. our quarter global and As and challenging of third testament year-to-date the strength business a three quarter, delivered particularly quality to strong you've and investment heard our Carlyle of
and geopolitical continues deliver economic uncertainties our results. impactful to business headwinds, While creating are
fee-related are year-to-date same-period almost of Consider firm's up And full-year are the following, the earnings XX% higher than last $XXX history. any million from year. the already in
year-to-date. and asset across have classes funds XX% geographies carry appreciated Our
are our portfolio noted, construction and do we As Bill investment so. delivering and are is to approach, why to well-positioned we continue outsized returns proven
almost capital more this Our million and translates strategic $XX clearly is And of Fortitude of when $XX billion $X.X and end that net while net such new realizing accrued $XXX raising formation, is completed in revenue capital billion up have the from performance billion you revenue we performance at last of new fund CBAM. after is include raised challenging billion year year-to-date as that transactions in into $X.X year-to-date. year,
dig segments and update the then I'll our results. that financial me With each of on an backdrop, global provide let into business
Our global topline has increased and in growth both solid of resources. $XXX private-equity earnings corporate to infrastructure global and results equity, natural expansion. deliver private-equity XX% with across million real-estate, business margin continues Fee-related private year-to-date
current equivalent those amount an of has carry, to taking funds taken vintage have as funds led cash carry do net and as from strong generation carry. we we accrued current carry current of on carry, Our know currently generating not that we we yet has look-forward, that
revenues to to continue well-positioned performance strong future generate we periods. we in So believe, are
almost Global into future and new for $XX private-equity growth, $XX deployed investments. billion new also is having billion almost year-to-date poised capital having raised in
seen already raising. is given and of the in corporate CP While solar challenging slow, capital of near-term, likely to private-equity realizations markets we're the pace and impact the fund deployment
across opportunities we Over our platform. global private-equity growth the significant investment long-term, see continued for
this in strategic has billion our In global from assets just has as more been year doubled, our credit, have to under $XXX accretive. and impact highly management doubled transactions the year-to-date than FRE nearly
desirable market Our investment of invest teams with advantage the in liquidity dislocations spectrum, characteristics. to across taking risk-reward opportunities are active increasingly
nature, near-term management time, remains our potentially credit of floating-rate from withstand our put default economic portfolios streams in any current and the Many higher while fee are not increased largest fund We strategies so yields. good, existing that rates. to at-risk. are quality same we anticipate At do worsening current position actively investors conditions benefit challenges
activity may slow capital transaction fees. of So markets the pace slower
Looking conditions. velocity X been billion. has price $XX The across strong raised CLO at due strategies. future for formation global year XX Year-to-date, billion of to-market new CLOs has this capital growth, credit falling new is $X with
in continues double geography. loans and type quarter a few pipeline growth seeing and perform well significant for $X.X robust lending years. private expect are continue And the the Direct and originations size more across with next new asset billion of opportunities our credit with near-record we can we it its than generated fortitude demand to to over gross of
business portfolio Investment the Solutions. investors. to support Moving to and management is liquidity well-positioned of This needs fund global increasing Global
to year-to-date negative given own million, market partially impact as investment investment fund $XX activity poised of portfolios foreign-exchange rates. FRE lower seen tick to solutions Secondary to volatility. Global is to optimize their investors the owing seek accelerate, has
the making year-to-date. and next-generation funds to $XXX of be of sooner million, AlpInvest with of their their vintages expected. more co-investments is was raise However, strong Solutions XX% quarter flat than investing year-to-date, X% current secondary in up to carry Investment net accrued funds progress, market are and Global up than is back-in depreciation and likely
quarters we And side other strategy that out slow few over others the To diligence activity This in active. pace diversification much now is while to the the us positioned core the on ready future as cycles, act. come importantly, do past we've more work we and seen growth. our remains to expect summarize, to our next in certain why areas, of remain will to
now back firmwide Turning to results.
deeper Let into earnings. dig me third quarter
Let's fee-related earnings. start with
third robust fee revenues. the Dan are are more as fee about lower structures in As subject revenues million down That catchup management $XX fees XX% revenues revenues not fee-related reminder, closed-end up mentioned, are redemptions. a of said, quarter fee from to to due second-quarter, management a a from XX% our year-ago. And and than fund performance and
expense and a third hosted Conference Cash pre function as in the on returned the related of down Investment lower-fee we compensation based of impact as the largely increase was levels. in sequentially, Global quarter, pandemic Europe. and of largely and $XXX translation our compensation G&A to quarter expenses entertainment million of revenue in travel foreign-exchange third performance
to labor margin strong continue increased Expenses in margin XXXX. inflationary the to year-to-date, the XXX year-over-year. and impacted continued quarter FRE market and that XX% expenses third FRE basis-points more will be XX% of by than was impact pressure into
fee-related between million. For to expect be the $XXX earnings $XXX million full-year, now we and
unit remain our XXXX that compared That translation, buy and foreign-exchange intact. And fund-raising full-year trend long-term growth still we slowing XXXX. expected FRE results. from to more headwinds we to than each FRE remains the expect transaction increase out impacting With fees said, XX% confident
performance highlights that quarter of first-half year. the of expect our realized revenues on performance in realized of team's quarter's to and last we've of to that record. exceed our XXXX third our million, that the portfolio revenues surpassed difficult second-half Net monetize our $XXX performance result, quarter the already revenues investments where Year-to-date, I $XXX quarter, just the million despite strength said realized conditions. I net goal. of third-largest ability third With net the
a $X.X of of we gives remaining high-level funds carry performance over and fair-value realize investments accrued and net revenue earnings. in us of performance Our that revenues our $XXX distributable confidence time billion, balance of will billion
per Today, share valuations in our accrued levels, represents $XX higher accrual and public declines process. remains Our near carry over in despite record significant in cap and market valuation increasingly power. our rates future discount used earnings
long-term let our growing our earnings well-positioned of against More on expanding firm for me well returns fee-related and the wrap-up. our are of performing and growth business deliver value. and backdrop. to diversifying drive So global three capabilities challenging focused segments We're each stakeholders. the We're broadly, outsized shareholder to
Now to your the call the over let operator, me questions. take turn we so
