The Carlyle Group has appointed David Zwiener as an operating executive in its global financial services team.
Zwiener, who joins from international reinsurance group PartnerRe where he was interim chief executive officer since January 2015, worked at Carlyle previously from 2007-2008 when he co-headed the global financial institutions group before leaving to become chief financial officer at Wachovia Group, Carlyle said in a statement.
As an operating executive at Carlyle, Zwiener will advise on industry and operational due diligence for potential investments and also serve on boards of portfolio companies, it said.
“His deep operational experience in both the insurance and banking industries will be a great resource to us as we look to build value in current and future investments,” Olivier Sarkozy, Carlyle head of global financial services said in the statement.
Zwiener’s other previous roles include as a principal at Dowling Capital Partners, president of Property Casualty Operations and CFO at The Hartford Financial Services Group.
Carlyle Global Financial Services Partners II fund, a 2011-vintage $1 billion vehicle that closed in 2014, invests globally in management buyouts, growth capital opportunities and strategic minorities in companies in asset and wealth management, insurance, specialty finance, financial technology, depositories and capital markets/business services.
Its current investments include fund administrator Conifer Financial Services, insurance broker PIB and credit rating agency DBRS, all acquired in 2015, and Edgewood Partners Holdings, in which it invested in 2013, according to the firm’s website.
Investors in Carlyle’s fourth US buyout vehicle, a 2005-vintage fund that raised $7.85 billion, have approved a two-year, fee-free extension to give fund managers more time to exit two remaining investments, as reported by Private Equity International.
The remaining stakes are in aerospace hardware distributor and inventory management services provider Wesco Holding and embedded semiconductor designer NXP Semiconductor.