Investments (Tables)

6 Months Ended

Jun. 30, 2014

Equity Method Investments And Joint Ventures [Abstract]

Investments

Investments consist of the following:

	As of
	June 30, 2014		December 31, 2013
	(Dollars in millions)
Equity method investments, excluding accrued performance fees	$	757.8	$	751.1
Trading securities and other investments		13.8		14.2
Total investments	$	771.6	$	765.3

Summary of Realized Net Investment Earnings (Loss) Recognized in Partnership's Condensed Consolidated Statements of Operations

The realized net investment earnings (loss) recognized in the Partnership’s condensed consolidated statements of operations for the three and six months ended June 30, 2014 were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
	(Dollars in millions)
Investment earnings	$	15.2		$	15.6		$	29.6		$	31.8
Expenses and amortization of basis differences		19.6			19.3			38.3			36.5
Realized net investment loss	$	(4.4	)	$	(3.7	)	$	(8.7	)	$	(4.7	)

Equity Method Investments

The Partnership’s equity method investments include its fund investments in Corporate Private Equity, Global Market Strategies and Real Assets, typically as general partner interests, and its investment in NGP Management (included within Real Assets), which are not consolidated. Investments are related to the following segments:

	As of
	June 30, 2014		December 31, 2013
	(Dollars in millions)
Corporate Private Equity	$	233.4	$	206.5
Global Market Strategies		28.1		25.1
Real Assets		496.3		519.5
Total	$	757.8	$	751.1

Components of Investment Income (Loss)

The components of investment income (loss) are as follows:

	Three Months Ended June 30,					Six Months Ended June 30,
	2014			2013		2014		2013
	(Dollars in millions)
Income from equity investments	$	24.0		$	7.7	$	28.0	$	4.9
Income (loss) from trading securities		(0.5	)		3.2		1.4		6.5
Other investment income		0.2			0.1		0.4		—
Total	$	23.7		$	11.0	$	29.8	$	11.4

Carlyle's Income (Loss) from Equity-Method Investments

Carlyle’s income (loss) from its equity-method investments is included in investment income (loss) in the condensed consolidated statements of operations and consists of:

	Three Months Ended June 30,					Six Months Ended June 30,
	2014		2013			2014			2013
	(Dollars in millions)
Corporate Private Equity	$	11.0	$	10.3		$	28.0		$	23.2
Global Market Strategies		1.7		0.7			1.7			1.8
Real Assets		11.3		(3.3	)		(1.7	)		(20.1	)
Total	$	24.0	$	7.7		$	28.0		$	4.9

Interest and Other Income of Consolidated Funds

The components of interest and other income of Consolidated Funds are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
	(Dollars in millions)
Interest income from investments	$	214.8	$	221.7	$	436.0	$	452.3
Other income		28.9		31.2		58.4		69.0
Total	$	243.7	$	252.9	$	494.4	$	521.3

Net Investment Gains (Losses) of Consolidated Funds

The components of net investment gains (losses) of Consolidated Funds are as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
	(Dollars in millions)
Gains from investments of Consolidated Funds	$	493.0		$	543.3		$	981.9		$	1,142.7
Losses from liabilities of CLOs		(48.0	)		(253.5	)		(113.1	)		(640.4	)
Gains (losses) on other assets of CLOs		—			0.8			0.2			(0.2	)
Total	$	445.0		$	290.6		$	869.0		$	502.1

Realized and Unrealized Gains (Losses) Earned from Investments of Consolidated Funds

The following table presents realized and unrealized gains (losses) earned from investments of the Consolidated Funds:

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
	(Dollars in millions)
Realized gains	$	213.9	$	216.6	$	946.2	$	694.5
Net change in unrealized gains		279.1		326.7		35.7		448.2
Total	$	493.0	$	543.3	$	981.9	$	1,142.7