Carlyle Group Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 7, 2025), Carlyle Group Inc. reported 17 stock positions worth $4.3 billion. Its top holding was Standardaero (SARO) at 96.1% of the portfolio, followed by Pony AI (PONY, 1.2%) and Phathom Pharmaceuticals (PHAT, 0.9%). Compared with Q2 2025, it opened 1 new position, sold out of 4 and reduced 1. The biggest buy was a new position in Spruce Biosciences (SPRB) and the biggest sale an exit from Soleno Therapeutics (SLNO).
- Most Recent 13F
- Q2 2026
- Location
- WASHINGTON, DC
- CIK
- 0001527166
- Portfolio Value
- $4.3B (Q3 2025)
- SEC Filing
- 0000898432-25-000873 ↗ filed Nov 7, 2025
Holdings Value
Holdings 17 stocks · $4.3B
| SARO Standardaero Inc. | 96.05% | 152,673,891 | $4.2B | No change |
| PONY Pony AI Inc. | 1.22% | 2,362,447 | $53.1M | No change |
| PHAT Phathom Pharmaceuticals Inc. | 0.95% | 3,496,808 | $41.1M | No change |
| SPRB Spruce Biosciences Inc. | 0.57% | 2,896,518 | $24.8M | New |
| INVH Invitation Homes Inc. | 0.32% | 477,500 | $14.0M | No change |
| GETY Getty Images Holdings Inc. | 0.28% | 6,234,252 | $12.3M | No change |
| CUBE Cubesmart | 0.21% | 220,500 | $9.0M | No change |
| FWRD Forward Air Corp. | 0.07% | 107,214 | $3.1M | No change |
| JSPR Jasper Therapeutics Inc. | 0.06% | 1,066,189 | $2.5M | No change |
| ACET Adicet Bio Inc. | 0.06% | 2,948,718 | $2.4M | No change |
| SPWR Sunpower Inc. filed as COMPLETE SOLARIA INC | 0.05% | 1,258,970 | $2.2M | Reduce -20.7% |
| QTTB Q32 Bio Inc. | 0.05% | 1,102,741 | $2.1M | No change |
| DNUT Krispy Kreme Inc. | 0.03% | 340,748 | $1.3M | No change |
| XCUR Exicure Inc. | 0.03% | 281,636 | $1.1M | No change |
| OKUR Onkure Therapeutics Inc. Class A | 0.02% | 269,895 | $742K | No change |
| NABL N-Able Inc. | 0.02% | 93,732 | $731K | No change |
| NCNA Nucana PLC-ADR | 0.01% | 133,333 | $619K | No change |
Portfolio Sells Q2 2025 → Q3 2025
Portfolio Buys Q2 2025 → Q3 2025
| SPRB Spruce Biosciences Inc. | New | 0.57% | +0.57 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 19 | $10.0B | MDLN, SARO, PHAT, INVH, PONY |
| Q1 2026 | 20 | $10.6B | MDLN, SARO, PHAT, PONY, INVH |
| Q4 2025 | 20 | $13.6B | MDLN, SARO, PHAT, PONY, INVH |
| Q3 2025 | 17 | $4.3B | SARO, PONY, PHAT, SPRB, INVH |
| Q2 2025 | 20 | $5.0B | SARO, SLNO, PHAT, PONY, INVH |
| Q1 2025 | 23 | $3.8B | SARO, SLNO, WRD, PHAT, PONY |
| Q4 2024 | 27 | $4.1B | SARO, SLNO, WRD, PONY, PHAT |
| Q3 2024 | 26 | $954.2M | QDEL, SLNO, GTM, PHAT, QTTB |
| Q2 2024 | 31 | $1.1B | QDEL, GTM, SLNO, GDS, PHAT |
| Q1 2024 | 32 | $1.6B | QDEL, GTM, SLNO, VTRU, VRNA |