Private equity firm Carlyle Group LP (CG.O) said on Wednesday its fourth-quarter after-tax economic net income surged to $347.2 million from $6.4 million a year ago, as the value of its holdings was buoyed by the wider stock market rally.

With the S&P 500 rising 6.1 percent in the final three months of 2017 in its best quarterly performance in two years, corporate valuations rose, boosting the value of Carlyle’s private equity funds by 8 percent and allowing it to book hefty profits.

Carlyle rivals Apollo Global Management LLC (APO.N) and Blackstone Group LP(BX.N), which reported earnings last week, also saw similar gains, disclosing appreciation of 9.1 percent and 6.8 percent in their private equity funds, respectively.

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