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Justin Plouffe
CFO, Carlyle
First call on the ledger
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Where they stand
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Carlyle posted its highest quarterly earnings in almost four years on PE exits; AUM $485B, record $97B dry powder; asked whether the exit 'dam' has broken.
So for us, it's more of the same. Capital markets are open. It's a good environment and we're finding great opportunities to exit and to invest.
Host notes public-market spreads widening, concentrated in tech, with the Fed not cutting and possibly hiking; Plouffe recalls the predicted default wave when rates first rose never materialized.
So I'd say it's bifurcated. If you look at our markets outside of software, spreads are actually relatively tight still. They're coming off of all-time tights, but I would characterize those capital markets as very open to do business, and new deals can get done very well. Software's a little bit different. It's more difficult to get deals done in the software space.
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