Private equity firm Carlyle Group LP on Thursday reported flat first-quarter profit and a decline in cash generated from managing and selling assets, despite strong capital markets that helped boost earnings for its peers.A stock market rally and record-low interest rates have buoyed the value of private equity fund assets and prompted buyout firms to exit investments and return capital to their investors.While Carlyle has been divesting assets, in what is referred to in private equity as realizations, it did not surpass the asset sales leading up to its initial public offering in May 2012."We've been on a realization mode in the last two years, having realized $33 billion ... As I look at the relatively near term, we do think our distributable earnings will be relatively flat," Carlyle's co-founder and co-chief executive, William Conway, told analysts on a conference call.Carlyle shares slumped 3.2 percent to $31.18 in afternoon trading. Through Wednesday they were up 23.7 percent thi...
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