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  "documentTitle": "Carlyle | Investor Conference Presentation Deck | 27 slides",
  "authorId": "carlyle",
  "authorName": "Carlyle",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "investor_relations",
  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2019-12-01 00:00:00",
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  "pageNumber": 15,
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  "density": "dense",
  "nDataPoints": 10,
  "notes": "The chart uses a dual-axis combination of stacked bars (FRE) and a line (FRE Margin).",
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      "text": "FRE & MARGIN TRENDS",
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      "text": "Fee Related Earnings growth accelerated over the last few years. FRE of $345 million through Q3 2019 positions CG to generate approximately $450 million for FY 2019 & we expect continued growth from here. FRE Margin was 28% through Q3 2019 benefiting from high incremental margin revenue, up substantially from the prior 2 years. We are targeting $500 million in annual FRE over the next couple years and the expansion of pre-tax FRE margins to ≥ 30% over the next several years",
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      "text": "Note: Data as of 9/30/2019. Reflects Management's views as of 12/2/2019. 1) 2017 Fee Related Earnings were $192 million, and $124 million net of $68 million in net insurance recoveries. 2018 Fee Related Earnings were $350 million, and $318 million net of $32 million in insurance recoveries. FRE Margins are based on Fee Related Earnings excluding the impact of insurance recoveries.",
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      "kind": "title",
      "text": "Fee Related Earnings And Margins Moving Higher And We Expect The Trend To Continue",
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