The value of buyout holdings at private-equity firms affects economic net income because the metric depends on quarterly mark-to-market valuations of those investments. Accounting rules require the firms to value their portfolio holdings every quarter.

Carlyle’s distributable earnings, which measures the availability of funds to return to private and public investors, fell 24 percent to $188 million from $247 million a year earlier. The company said it will pay a distribution of 85 cents a share to public investors on March 13.

Active Buyer

The firm was the most active U.S. private-equity buyer in 2012, taking part in deals worth at least $19 billion, according to data compiled by Bloomberg.

“When it comes to our activity in 2012, I would say I am pleased but not satisfied,” The firm deployed $7.9 billion into deals last year, below its five-year average of $9 billion a year, Conway said.

Total assets under management rose to $170 billion from $157 billion at the end of the third quarter, driven by Carlyle’s acquisitions of stakes in commodities hedge-fund manager Vermillion Asset Management LLC and energy investor NGP Energy Capital Management LLC. Blackstone, the largest so-called alternative-asset manager, said last month its assets under management reached a record $210 billion.

Carlyle raised $4.6 billion during the quarter, including for its latest flagship buyout fund, Carlyle Partners VI. The fund has gathered $6 billion on its way to a target of $10 billion, co-CEO David Rubenstein said on the conference call.

Dividend Recaps

Carlyle, like other alternative-asset managers, reports profit that differs from U.S. generally accepted accounting principles. The quarterly profit under those rules, known as GAAP, was $12 million, or 25 cents a share.

Carlyle has benefited from low interest rates, tapping the favorable debt markets to put its portfolio companies on healthier standing. Conway said 25 of the firm’s portfolio companies have taken advantage of cheap credit to refinance debt, fund deals and perform dividend recapitalizations, or the process of borrowing money and paying a dividend to the owners.