Expectations were high for the funds since they allow investors to gain exposure to Bitcoin in traditional brokerage accounts instead of through crypto-native startups.

Carlyle Group followed the lead of larger rivals KKR and Apollo Global Management by tying the pay of dealmakers and senior employees more closely to investment outcomes. 

Morningstar sourced the third-party SMAs from asset management firms including AllianceBernstein, John Hancock and others.

Through mutual funds, ETFs, target date funds and direct stock ownership, 168 million Americans have exposure to publicly traded REITs.

T. Rowe's private credit fund, dubbed OCREDIT, launched in October.