The Carlyle Group has set an ambitious $200 billion fundraising target for the five years through 2028, marking a sharp acceleration from the $158 billion raised between 2023 and 2025. The firm, which manages $477 billion in assets, aims to boost fee-related earnings to $1.9 billion by 2028 from $1.2 billion in 2025.

Chief Executive Harvey Schwartz, who joined three years ago amid industry headwinds and leadership transitions, said he had “systematically reshaped” the firm. Despite market volatility and scrutiny of private capital’s exposure to technology and credit assets, Carlyle’s latest earnings modestly beat analyst expectations, buoyed by private equity deal income and gains in its credit and secondaries businesses.

Chief Financial Officer Justin Plouffe expressed confidence in meeting or exceeding the targets, while the firm approved a $2 billion share repurchase authorization to signal management’s faith in its capital generation capacity. The $200 billion target reflects renewed momentum as M&A activity improves and lower interest rates support financing conditions, positioning Carlyle for growth in a recovering private equity market.