BofA analyst Craig Siegenthaler notes that Carlyle (CG) Group reported better than expected Q1 results, which included fundraising, deployment, and realization beats. Distributable earnings of $1.14 per share came in above both consensus at 96c and BofA at $1.06, driven by lower-than-expected realized performance compensation and taxes. However, the firm still believes the crowded private equity fundraising backdrop is likely to have a more pronounced impact on Carlyle due to its large PE platform and lower returns in recent vintages and reiterated an Underperform rating on the shares ahead of the company’s earnings call.
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