Carlyle’s assets under management rose to $325bn by the end of March, but the firm reported weaker-than-expected results for the first quarter, a time marked by market volatility and economic contraction.

While the Washington-based firm’s distributable earnings climbed 41% to $302.8m, or 74 cents a share, from $214.9m, or 58 cents a share, in last year’s first quarter, analysts polled by FactSet were expecting $1 a share.