Harvey Schwartz

CEO of The Carlyle Group

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Key positions and views

The expansion of private credit is a net positive for the financial system, as it distributes capital away from traditional banks, thereby reducing systemic risk.

The individual wealth market, which accounts for half of all global assets, represents the most significant and primary driver of future growth for the private capital industry.

The private credit market has demonstrated its fundamental durability by withstanding significant and rapid interest rate hikes without major disruption.

Proprietary data from Carlyle's global portfolio companies indicates underlying economic health and no signs of demand destruction, suggesting the economy can sustain higher interest rates.

The Carlyle Group is a global leader in executing large, landmark transactions, evidenced by its role in record-breaking IPOs in Japan and India and major financing deals in the U.S.

Podcast consensus on Schwartz

Points of consensus

▶The Carlyle Group's leadership in executing large-scale, record-breaking transactions is a central theme, reinforced by specific examples of IPOs in Japan (Rigaku) and India (Hexaware), and a major asset-based finance deal in the U.S. (Discover Card).Apr 2026

▶The significant scale and strategic importance of Carlyle's credit and insurance platform is consistently emphasized, identified as its largest business segment with nearly $200 billion in assets and the world's largest CLO manager.Apr 2026

▶The resilience of private markets is a recurring point, supported by claims of private credit's durability against rate hikes and strong aggregate EBITDA growth of 15% in Carlyle's U.S. portfolio companies.Apr 2026

▶A strategic pivot towards the individual wealth channel is highlighted as a key future growth driver, substantiated by plans to launch a dedicated private equity product for wealth management clients.Apr 2026

Points of debate

▶Schwartz's assertion that the growth of private credit reduces systemic risk by distributing capital away from banks is a contentious viewpoint that contrasts with concerns from some regulators about the risks of 'shadow banking'.Apr 2026

▶The claim that there is no marginal demand destruction, based on Carlyle's portfolio data, presents a potentially rosier picture than broader economic indicators might suggest and underpins a debatable view that the economy can sustain high interest rates.Apr 2026

▶The forecast of a $10 trillion expansion in the private capital market over the next decade, while cited by Schwartz, represents a highly optimistic scenario that is subject to significant economic and regulatory variables.Apr 2026

▶The observation of more credit deployment opportunities in Europe than the U.S. is a specific market call that could be debated by other analysts who might see different regional advantages or risks.Apr 2026

Key themes

▶Carlyle's Global Transaction LeadershipApr 2026

Schwartz highlights The Carlyle Group's capacity to execute record-breaking and large-scale financial transactions across diverse global markets. This is evidenced by claims of leading the largest-ever private equity-backed IPOs in Japan (Rigaku) and India (Hexaware), and the largest asset-based finance deal of the last year in the U.S. (Discover Card).

This focus on landmark deals serves to position Carlyle as a premier partner for large, complex capital needs, differentiating it in a crowded private equity landscape and reinforcing its brand as a top-tier global asset manager.

▶The Ascendancy and Stability of Private CreditApr 2026

Schwartz presents a strong case for the growth and stability of the private credit market, emphasizing its durability against interest rate hikes and Carlyle's leading position as the world's largest CLO manager. He argues this shift of capital away from traditional banks is a positive development that reduces, rather than increases, systemic risk.

Schwartz is actively shaping the narrative around private credit, framing it not as a risky 'shadow banking' sector but as a stabilizing force in the financial ecosystem, which is crucial for attracting both institutional and retail capital.

▶Tapping the Individual Wealth MarketApr 2026

A key strategic focus for Schwartz is the vast pool of capital held by individual investors, which he identifies as the primary driver of future growth in private markets. The planned launch of a new private equity solution for the wealth management channel is a direct manifestation of this strategy.

This signals a major strategic shift for alternative asset managers, moving beyond traditional institutional clients to democratize access to private markets, which presents both significant growth opportunities and new regulatory and product design challenges.

▶Macroeconomic Resilience Seen Through a Private LensApr 2026

Based on proprietary data from Carlyle's portfolio companies, Schwartz offers a cautiously optimistic macroeconomic outlook. He cites strong 15% aggregate EBITDA growth in the U.S. portfolio and claims to see no signs of demand destruction, which informs his view that interest rates can remain at elevated levels.

By leveraging proprietary portfolio data, Schwartz projects an image of informational advantage, suggesting Carlyle's investment decisions are grounded in real-time economic signals that may not be visible in public market data, thereby bolstering investor confidence.

Source episodes

Sentiment over time

Not enough data for timeline

Changes over time

Recent Weeks (relative to podcast)

Schwartz reports that The Carlyle Group executed the largest-ever IPO of a private equity-backed company in India with its portfolio company Hexaware.

Last Year (relative to podcast)

Schwartz describes a period of significant achievement for Carlyle, including executing the largest asset-based finance transaction (Discover Card), the largest-ever IPO of a privately held company in Japan (Rigaku), and the third-largest U.S. IPO (StandardAero). During this time, Carlyle's U.S. portfolio companies also experienced aggregate EBITDA growth of approximately 15%.

Present (relative to podcast)

Schwartz assesses the current market, stating that private credit has proven durable despite rate hikes, Carlyle is seeing more credit opportunities in Europe than the U.S., and proprietary portfolio data shows no marginal demand destruction.

End of the Year (relative to podcast)

Schwartz announces The Carlyle Group's plan to launch a new private equity solution specifically targeted at the individual wealth management channel, signaling a key strategic initiative for the near future.

Suggested prompts

How does Harvey Schwartz's view on private credit reducing systemic risk align or conflict with recent statements from financial regulators like the Financial Stability Board? &nearr;What specific strategies and product structures is The Carlyle Group likely to employ to penetrate the individual wealth channel, and what are the potential risks associated with this expansion? &nearr;Based on the 15% EBITDA growth Schwartz cites, which sectors within Carlyle's portfolio are likely driving this performance, and is it sustainable in a prolonged high-interest-rate environment? &nearr;What geopolitical or economic factors underpin Schwartz's observation that more credit deployment opportunities currently exist in Europe compared to the United States? &nearr;

Key concepts

The Carlyle Group 15 ep Private Credit 4 ep Market Growth & Opportunity 4 ep Initial Public Offerings (IPOs) 3 ep Portfolio Company Performance 3 ep Wealth Management Channel 3 ep European Markets 2 ep Systemic Risk 1 ep Collateralized Loan Obligations (CLOs) 1 ep

Notable quotes

“I actually think the distribution of capital across private credit banks and other providers of capital actually is systemically reducing not increasing.”

Harvey Schwartz · Masters in Business LIVE: Carlyle Group CEO Harvey Schwartz | Masters in Business

“We did the largest transaction last year, Discover Card, which is an asset-based finance transaction.”

Harvey Schwartz · Masters in Business LIVE: Carlyle Group CEO Harvey Schwartz | Masters in Business

“And then we did the largest ever privately held company IPO in Japan last year, Regaku.”

Harvey Schwartz · Masters in Business LIVE: Carlyle Group CEO Harvey Schwartz | Masters in Business

“I've seen numbers as big as 10 trillion over the next 10 years”

Harvey Schwartz · Masters in Business LIVE: Carlyle Group CEO Harvey Schwartz | Masters in Business

Report last updated: Apr 21, 2026

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