The Carlyle Group has hired former General Electric executive Matthew O’Connor as a managing director, according to a statement from the firm.
From Carlyle’s Washington DC office, O’Connor will co-head the power investing team with Bob Mancini. The team is investing in a managed account with Congentrix Energy power group that was brought over by Goldman Sachs last year, the statement disclosed.
“We see remarkable opportunity in the electric power generation space in North America from both an M&A and development perspective and look forward to having Matt help lead the execution of our strategy,” said Mancini in the statement.
Carlyle’s North American power team is part of the firm’s energy platform that focuses on US exploration and production, energy mezzanine lending and a commodities hedge fund, the statement disclosed.
The Charlotte, North Carolina-based Cogentrix acquisition is joined by Carlyle’s purchase of five coal and solar power projects in Florida, Virginia, Colorado and California, as well as a development pipeline of gas and renewable power projects, according to the statement.
Carlyle is an asset manager with more than $180 billion of assets under management across 118 funds and 81 funds of funds as of 30 June.
So far this year, the firm has launched Carlyle International Energy Partners—a buyout fund targeting $1.5 billion. Carlyle Japan III launched and is targeting ¥100 million (€766 million, $1 billion) while its sub-Saharan African fund is seeking $500 million and has raised at least $145.4 million. The firm’s fourth European fund has also launched with a $3 billion target and it has raised about $10.3 billion for its $12 billion-targeted US fund, according to Private Equity International’s Research and Analytics division.