The Carlyle Group has expanded the roles of two senior executives, it said.
Carlyle deputy chief investment officer for corporate private equity Kewsong Lee has an added responsibility of supervising the global market strategies unit at Carlyle, replacing managing director Mitch Petrick.
Lee was previously a partner at Warburg Pincus for 21 years, having been part of the firm’s transactions with Aramark, and Neiman Marcus, among others.
According to a source familiar with the matter, Petrick will step down from his current role in a few weeks to become a part-time senior advisor. He intends to launch his own investment management company, but has no specific time frame, the person told Private Equity International. He joined Carlyle in 2010 as managing director and global head of credit alternatives and capital markets, and was previously at Morgan Stanley for 20 years, overseeing the firm’s global institutional sales and trading.
Carlyle president and chief operating officer Glenn Youngkin became also responsible for the energy and natural resources group. Youngkin joined Carlyle in 1995, until which he had been a management consultant at McKinsey & Company and an investment banker at CS First Boston.
Carlyle also said Kenneth Hersh has been named deputy chief investment officer for energy and natural resources, reporting to Carlyle chief investment officer Bill Conway. Youngkin is replacing Hersh’s position, but Hersh will stay with the group in a diminished role, the source said. While he continues his position at Carlyle, Hersh was recently named president and chief executive of the George W. Bush Presidential Center, Carlyle said.
Carlyle co-chief executives William Conway and David Rubenstein said in a joint statement that the firm plans to continue growing out the global market strategies segment, now led by Lee.
The private equity firm has so far raised about $3.2 billion for its longer-term fund, Carlyle Global Partners, and has room to raise additional capital, as reported by PEI. Last month it also closed its second power fund, Carlyle Power Partners II, on its $1.5 billion target, as reported by PEI.
A spokeswoman was not immediately available to comment.