Carlyle Doubles Fee-Earning Credit Assets With Fortitude Re Pact

Carlyle Group Inc. scored a new fee arrangement with reinsurer Fortitude Re and boosted its assets under management, as the private equity firm looks to the insurance market for growth.

The new advisory agreement will add $50 billion to the fee-earning assets of Carlyle’s credit business, and boost annualized fee-related earnings by $50 million starting April 1, the buyout firm said in a statement Thursday. Carlyle also agreed to advise Fortitude Re on mergers and acquisitions, transactions and other services.

Washington-based Carlyle, which manages some $300 billion in assets, wants to tap insurers to lock in cash and fees ...