Carlyle's wealth division has seen its assets nearly double since Harvey Schwartz took the helm in 2023, marking a significant shift in how the firm allocates capital. The wealth business is projected to represent roughly 20% of total capital flows moving through the organization, signaling a strategic pivot toward alternative asset management. This expansion reflects broader market trends where institutional players are diversifying beyond traditional private equity into wealth preservation and generational asset transfer—a space where crypto and Web3 assets are increasingly competing for allocation.