Fee-related earnings climbed 25% to $785 million, bolstered by direct lending and asset-backed finance, while insurance spreads rose 7% to $877 million. These gains pushed the firm’s total assets under management to $1.05 trillion by the end of June. Despite this operational success, principal investing income plummeted to $16 million from $75 million in the prior quarter. The company attributed this decline to a prudent delay in asset sales, noting that current market conditions are less accommodating for exit strategies.
CEO Marc Rowan is navigating a period of increased scrutiny regarding private asset valuations and lending standards. To maintain momentum, the firm attracted $38 billion in fresh capital during the quarter, fueled by multi-asset securitization strategies and institutional credit inflows. Wealthy individual investors contributed $3 billion, a slight retreat from the $4 billion recorded in the previous three months, as the broader private equity landscape continues to grapple with the impact of higher interest rates on deal exits.
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