Carlyle fundraising rainmaker retires after two decades with firm

The Asia-based managing director departure comes as the alternatives giant seeks to raise $130bn by 2024.

Carlyle Group, the world’s second-biggest private equity firm according to the PEI 300, is saying farewell to one of its longest-standing Asia based fundraisers as the global alternatives giant seeks to raise $130 billion across its next fundraising cycle.

David Tung, a managing director who set up Carlyle’s Singapore office in 2000, is set to retire from the firm, according to two sources familiar with the matter. Tung advises investor relations in the Asia-Pacific region from Singapore and is responsible for managing relationships with the firm’s key institutional investors in Asia, according to Carlyle’s website.

He will retire on Wednesday, according to one of the sources. It is understood that Tung’s retirement has been planned over the past three years, though it is unclear who his replacement will be.

Tung was named in Private Equity International‘s inaugural Rainmaker 50 list of the industry’s most influential fundraisers. He began his career at Goldman Sachs before joining Merrill Lynch’s private equity group.

Washington, DC-headquartered Carlyle is investing its $6.55 billion Carlyle Asia Partners V, which closed above target in 2018, according to PEI data.

About half of the firm’s $130 billion fundraising target, which it aims to raise by 2024, is tied to the launch of flagship private equity offerings, including the successor to Carlyle Partners Fund VII, which closed in 2018 on $18.5 billion, the firm disclosed at its investor day in February.

To implement Carlyle’s four-year fundraising plan, global head of investor relations Nathan Urquhart said at the investor day that he will deploy a team of more than 100 professionals operating in global regions including Asia.

Dedicated Asia-Pacific-focused private equity funds raised $51.2 billion last year, little changed from the $51 billion raised the prior year, PEI data show. The region was seeking $121.1 billion for geographic-specific funds as of mid-January – almost 50 percent more than Europe-focused vehicles.

A spokeswoman for Carlyle declined to comment.

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