Accrued Performance Fees

The components of accrued performance fees are as follows:



	As of
	September 30, 2014		December 31, 2013
	(Dollars in millions)
Corporate Private Equity	$	2,799.9	$	2,830.4
Global Market Strategies	140.5		167.2
Real Assets	328.1		277.2
Solutions	474.9		378.8
Total	$	3,743.4	$	3,653.6

Approximately 54% of accrued performance fees at September 30, 2014 are related to Carlyle Partners V, L.P. and Carlyle Europe Partners III, L.P., two of the Partnership’s Corporate Private Equity funds.

Approximately 62% of accrued performance fees at December 31, 2013 are related to Carlyle Partners IV, L.P., Carlyle Partners V, L.P. and Carlyle Europe Partners III, L.P., three of the Partnership’s Corporate Private Equity funds.

Accrued performance fees are shown gross of the Partnership’s accrued performance fee-related compensation, and accrued giveback obligations (see Note 10), which are separately presented in the condensed consolidated balance sheets. The components of the accrued giveback obligations are as follows:



	As of
	September 30, 2014			December 31, 2013
	(Dollars in millions)
Corporate Private Equity	$	(27.1	)	$	(10.4	)
Global Market Strategies	(2.1		)	(2.1		)
Real Assets	(12.9		)	(27.1		)
Total	$	(42.1	)	$	(39.6	)

Performance Fees

The performance fees included in revenues are derived from the following segments:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014		2013
	(Dollars in millions)
Corporate Private Equity	$	217.1		$	265.6		$	981.8	$	886.5
Global Market Strategies	(19.4		)	(14.8		)	91.6		142.4
Real Assets	31.9			24.6			108.8		73.7
Solutions	(42.2		)	45.1			168.1		119.4
Total	$	187.4		$	320.5		$	1,350.3	$	1,222.0

Approximately 64% ($120.6 million) of performance fees for the three months ended September 30, 2014 are related to Carlyle Partners IV, L.P., Carlyle Partners V, L.P., Carlyle Europe Partners III, L.P., Carlyle U.S. Equity Opportunity Fund, L.P., four of the Partnership’s Corporate Private Equity funds, and Carlyle Realty Partners VI, L.P., one of the Partnership's Real Assets funds, as well as Claren Road's Master Fund and Credit Opportunities Fund and AlpInvest’s Main Fund III Secondary Investments (2006) and Main Fund III Co-Investments (2006). Total revenues recognized from Carlyle Partners IV, L.P., Carlyle Partners V, L.P., Carlyle Europe Partners III, L.P., Carlyle U.S. Equity Opportunity Fund, L.P. and Carlyle Realty Partners VI, L.P., were $(28.5) million, $107.9 million, $142.1 million, $38.4 million and $29.5 million respectively, for the three months ended September 30, 2014. For the three months ended September 30, 2014, total revenue from Claren Road's Master Fund and Credit Opportunities Fund was $(6.0) million and $(7.4) million, respectively, and AlpInvest’s Main Fund III Secondary Investments (2006) and Main Fund III Co-Investments (2006) collectively was $(75.8) million. The revenue reversal from these AlpInvest vehicles resulted in a corresponding decrease to performance fee compensation expense of $56.9 million and a decrease to the provision for income taxes of $18.9 million, resulting in no net impact to the net income attributable to Carlyle Holdings for this period.

Approximately 66% ($897.2 million) of performance fees for the nine months ended September 30, 2014 are related to Carlyle Partners V, L.P. and Carlyle Europe Partners III, L.P., two of the Partnership’s Corporate Private Equity funds. Total revenues recognized from Carlyle Partners V, L.P. and Carlyle Europe Partners III, L.P. were $487.8 million and $527.2 million, respectively, for the nine months ended September 30, 2014.

Approximately 79% and 67% ($252.3 million and $814.3 million, respectively) of performance fees for the three and nine months ended September 30, 2013, respectively, were related to Carlyle Partners IV, L.P., Carlyle Partners V, L.P., and Carlyle Global Financial Services Partners, L.P., three of the Partnership’s Corporate Private Equity funds. Total revenues recognized from Carlyle Partners IV, L.P., Carlyle Partners V, L.P. and Carlyle Global Financial Services Partners, L.P. were $104.4 million, $143.1 million and $37.0 million, respectively, for the three months ended September 30, 2013, and were $327.4 million, $578.5 million and $55.9 million, respectively, for the nine months ended September 30, 2013.