Keg party

29 July 2015 By Jeffrey Goldfarb Follow @jgfarb

Carlyle and Apollo found more to sell than buy in the second quarter, a pattern becoming hard to break. Along with Blackstone, KKR and others, global LBO shops have almost $500 bln to invest. As corporate buyers keep winning deals, private equity’s fuse may get short.

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Carlyle Group said on July 29 its second-quarter economic net income, a measure of earnings used in the private equity industry, declined by 38 percent, to $180 million, from a year ago mainly because of lower valuations in its energy and hedge fund investments.

Rival buyout firm Apollo Global Management said on the same day that ENI fell 25 percent, to $155 million, from the second quarter of 2014 as profit including unrealized gains and losses declined across its private equity, credit and real estate investments.

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