凯雷集团 2024年度报告

Annual Report2024 At Carlyle, we worktogether to createlong-term value for ourinvestors, companies,shareholders, people,and communities. Capital at aCrossroads –Why PrivateMarkets MatterMore Than Ever LETTER TOSHAREHOLDERS In this context, understanding how capitalis being deployed—and where long-termvalue is being created—has never beenmore essential. The transformation of theinvestment landscape is well underway, andprivate markets are at the center of it. Over the past two decades, the number ofpublicly traded companies in the U.S. hasdeclined by nearly 50%, while the numberof private companies has grown by over500%—from fewer than 1,000 in 2000 tomore than 6,000 today.1 As we write this letter, the global economystands at an inflection point. Escalatinggeopolitical tensions, realignmentsin global trade, market volatility, andshifting regulatory landscapes havecreated an environment of heighteneduncertainty. The continued ripple effectsof tariffs, supply chain recalibrations, andfragmented geopolitical alliances arereshaping how capital flows—and whereopportunities lie. This seismic shift means a growing share ofthe economic activity that drives wealthcreation—hyper-growth, innovation, andscaling into market leadership—is nowoccurring before companies ever reachthe public markets, if they do at all. Manyof today’s most dynamic businesses haveraised billions in private capital, allowingthem to accelerate innovation, createjobs, and generate meaningful value whileremaining privately held. While these short-term disruptions haverattled public markets, they have alsoreinforced the strategic importance ofprivate markets. The long-term trendsdriving innovation, value creation, andcapital formation remain intact—and inmany cases, are accelerating. As a result, private markets have becomecritical engines of both value creation andemployment. The way companies raisecapital, innovate, and expand has changeddramatically—shaped by geopoliticalrealignments, technological breakthroughs,and evolving macroeconomic forces. Atthe same time, public market-focusedstrategies are facing structural limitations,with fewer listings and constrained accessto early-stage growth. For investors seeking to capture thenext era of economic expansion—andalpha generation—understanding theevolving role of private markets is moreessential than ever. The forces reshapingcapital deployment are not only unlockingcompelling investment opportunities—they're defining the next chapter ofinnovation, value creation, and job growthacross the global economy. THE FORCES RESHAPING PRIVATE MARKETS A new era of private market investing isbeing driven by a fundamental shift inwhere economic activity—and long-termenterprise value—is being generated.Several powerful trends are transforminghow capital is deployed, where opportunitylies, and who gets access. These include, butare not limited to: THE AI REVOLUTION AND THE ENERGYAND INFRASTRUCTURE BOOM The rapid advancement of artificialintelligence is driving extraordinary demandfor data centers, energy infrastructure, andcomputing power. As AI use cases expand,so does the need for investment in thephysical and digital systems that supportthem. More than $1.8 trillion of capital isexpected to be deployed by 2030 to meetthis growing demand, underscoring thesector's explosive potential.2Private marketsare playing a key role in financing theselarge-scale developments—from renewableenergy and grid modernization to next-generation semiconductor manufacturing. STRATEGIC REALIGNMENT OF INVESTMENTAND SUPPLY CHAINS The COVID-19 pandemic exposedvulnerabilities in global supply chains,triggering a wave of rethinking aroundhow and where goods are produced.What began as crisis response has evolvedinto lasting strategic realignment—accelerated by geopolitical tensions,trade realignments, and national securityconcerns. Companies are prioritizingonshoring, domestic manufacturing, andinvestment in defense, infrastructure, andenergy security. These shifts are fuelingcapital flows into sectors essential tonational resilience. One clear signal: U.S.manufacturing construction spending hasmore than doubled since 2021, surpassing$200 billion annually as the push for supplychain security intensifies.3 THE RISE OF PRIVATE WEALTH INVESTORSIN PRIVATE MARKETS Individual investors are gaining accessto private markets—once the exclusivedomain of institutions—through newinvestment vehicles designed for broaderparticipation. This democratization is beingdriven by regulatory evolution, productinnovation, and technology platformslowering barriers to entry. More than90% of financial advisors are planning toincrease their private markets allocationsin the next two years.6As access expands,a new class of investors is tapping intoprivate opportunities that were previouslyout of reach. THE PLAYBOOK FOR PRIVATE MARKETS SUCCESS Combined, these structural shifts havechanged the way investors must think aboutcapital deployment. Simpl