Carlyle Group reported a first-quarter profit that exceeded Wall Street’s expectations as its fundraising machine barreled forward. Still, a drop in performance revenues meant earnings sagged versus the prior year.

Economic net income, a closely watched performance measure that reflects changes in the value of the firm’s holdings, fell to $161m on a post-tax basis, or 47 cents a share, from $364.6m, or $1.09 a share, a year earlier. Analysts polled by FactSet had expected 29 cents.