Key Takeaways
- • Carlyle Group generated $5.7 billion in realised private equity proceeds from its Global Private Equity business in Q3 2026, led by the $720 million sale of a stake in Rigaku.
- • Onto Innovation acquired a 27% stake in Tokyo-based Rigaku from a Carlyle-affiliated vehicle, completing the 61.1 million-share transaction on August 10, 2026.
- • The Rigaku disposal accounted for roughly 13% of Carlyle's Global Private Equity realisations in the quarter.
- • Global Private Equity realised proceeds totalled $23.6 billion over the 12 months to September 2026, while carry fund proceeds reached $39.6 billion, up 23% year on year.
- • Carlyle ended September with $479 billion in AUM (up 1%), $330 billion in fee-earning AUM (down 1%), and $94 billion in available capital (up 5%).
Summary
Carlyle Group reported $5.7 billion in realised proceeds from its Global Private Equity business in the third quarter of 2026, according to the primary source report. The largest single exit was the $720 million sale of a stake in Rigaku, the Japanese scientific equipment maker. Onto Innovation, a US-based company, acquired a 27% stake, with the transaction completed on August 10 through the purchase of 61.1 million existing shares from a Carlyle-affiliated vehicle. The disposal represented about 13% of the division's quarterly realisations.
Carlyle acquired an approximately 80% stake in Rigaku in 2021 through its fourth Japan buyout fund, Carlyle Japan Partners IV, partnering with the company's then management, who retained roughly 20%. Rigaku later listed in a 2024 IPO that raised 129 billion yen (about $863 million). The company makes analytical and metrology instruments, primarily based on X-ray technology, used in applications from semiconductor manufacturing to pharmaceuticals and advanced materials.
Other notable exits in the period included Camino Natural Resources Holdings, an energy platform investment; Tescan Group, held in Carlyle's European technology funds; and VaroPreem, part of its international energy funds. Global Private Equity generated $23.6 billion in realised proceeds over the 12 months to September 2026.
Across the firm, realised proceeds from carry funds totalled $8.8 billion in the third quarter, including $1.5 billion from global credit and $1.6 billion from Carlyle AlpInvest. Over the 12 months to September 30, carry fund proceeds reached $39.6 billion, up 23% from the prior 12-month period.
At the end of September, Carlyle reported $479 billion in assets under management, up 1% year on year. Fee-earning AUM stood at $330 billion, down 1%, while available capital rose 5% to $94 billion.
Carlyle acquired an approximately 80% stake in Rigaku in 2021 through its fourth Japan buyout fund, Carlyle Japan Partners IV, partnering with the company's then management, who retained roughly 20%. Rigaku later listed in a 2024 IPO that raised 129 billion yen (about $863 million). The company makes analytical and metrology instruments, primarily based on X-ray technology, used in applications from semiconductor manufacturing to pharmaceuticals and advanced materials.
Other notable exits in the period included Camino Natural Resources Holdings, an energy platform investment; Tescan Group, held in Carlyle's European technology funds; and VaroPreem, part of its international energy funds. Global Private Equity generated $23.6 billion in realised proceeds over the 12 months to September 2026.
Across the firm, realised proceeds from carry funds totalled $8.8 billion in the third quarter, including $1.5 billion from global credit and $1.6 billion from Carlyle AlpInvest. Over the 12 months to September 30, carry fund proceeds reached $39.6 billion, up 23% from the prior 12-month period.
At the end of September, Carlyle reported $479 billion in assets under management, up 1% year on year. Fee-earning AUM stood at $330 billion, down 1%, while available capital rose 5% to $94 billion.
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