The Carlyle Group announced its preliminary 2nd quarter fund valuations. Carlyle's carry funds dropped 2%. It came with a massive disclaimer:
The information set forth above provides preliminary estimates and are subject to quarterly review procedures and final reconciliations and adjustments. Actual fund valuations may differ from the estimates reflected in the information set forth above, and such differences may be material. We undertake no obligation to publicly update or review previously reported preliminary performance metrics for our carry funds. While appreciation/(depreciation) in our carry funds is one of the many drivers of performance fees, there are several other factors that impact this type of revenue and these figures should not be construed as an indication of performance fees, or of any other component of our revenues or expenses, for any period. The preliminary carry fund performance metrics reflected in this release are not indicative of the performance of The Carlyle Group L.P. and are also not necessarily indicative of the future performance of any particular fund. An investment in The Carlyle Group L.P. is not an investment in any of our funds.Got that unit holders? It's the less than straightforward PEU world.