By Echo Wang

NEW YORK (Reuters) – Personal fairness agency Carlyle Group (NASDAQ:) posted flat third-quarter earnings however beat Wall Road’s estimates as greater payment earnings was offset by elevated compensation bills.

Distributable earnings, or revenue that may be returned to shareholders, within the third quarter was $367 million, or 95 cents per share, almost flat in contrast with the identical interval final 12 months. Wall Road analysts, on common, anticipated it to publish 90 cents per share, based on LSEG information.

Washington, D.C.-based Carlyle reported document fee-related earnings of $278 million, a 36% enhance from the earlier 12 months. This quarter additionally noticed a fee-related earnings margin of 47%, up from 37% in the identical quarter final 12 months.

Charges that Carlyle receives for managing traders’ cash and transactions, in addition to features from asset gross sales, jumped. That was offset by an increase in compensation bills on account of a beforehand introduced pay overhaul that linked pay extra carefully to funding efficiency.

Carlyle’s belongings below administration rose 17% from the prior quarter to $447 billion.

Carlyle’s company personal fairness funds rose 4% through the quarter, buoyed by optimistic macro developments in the US and Asia.

Its actual property funds added 2%, infrastructure and pure sources funds gained 2%, and world credit score funds appreciated 3%.

Carlyle took U.S. plane upkeep providers supplier StandardAero Inc public final month, in one of many largest preliminary public choices (IPO) this 12 months. The IPO valued the corporate at about $8 billion.

Carlyle stated its internet accrued efficiency revenues, representing funding earnings that haven’t been realized, reached $2.8 billion within the quarter, up 28% quarter-over-quarter.

Carlyle spent $3.9 billion on new acquisitions, and retained $85 billion of unspent capital.