The Carlyle Group has created a new role that will oversee the firm’s credit activities, a position it filled with a longtime credit professional snagged from the Canada Pension Plan Investment Board (CPPIB).
The Washington-based investment firm announced on Monday (12 September) that it has hired Mark Jenkins as its first head of global credit, a role he will officially begin by the end of the month. He will be based in New York and has been in the industry for 23 years.
Jenkins joins Carlyle from his roles as a senior managing director and global head of private investments at CPPIB. While at the Toronto-based pension fund, he oversaw growth of CPPIB’s middle-market lending division and led the acquisition of Antares Capital, according to a statement from the firm. Jenkins has also held roles at Barclays Capital and Goldman Sachs.
A CPPIB spokeswoman provided PDI with a statement showing Shane Feeny has been named the the fund's global head of private investments. Feeny was formerly CPPIB's head of direct private equity.
Kewsong Lee, Carlyle’s deputy chief investment officer for corporate private equity and global market strategies (GMS) head, said in the statement that Jenkins has “an exceptional track record of investing, building businesses and leading teams” and called Carlyle’s credit investments “an important strategic priority”.
Jenkins will report to Lee, a person close to the matter said.
Lee, who joined Carlyle in 2010, became a recent addition to the credit division, which is within GMS, when he filled the GMS role in May, replacing Mitch Petrick. He was already in the deputy CIO role and a managing director at the firm. Petrick remains on staff as a senior advisor but left his global market strategies role to start his own investment firm. In April, the firm also said staff expansion plans for its credit side were also probable.
Carlyle’s credit strategies consist of loan and structured credit and private credit alongside investments in energy companies and distressed debt. In April, the firm closed a $403 million collateralised loan obligation, a transaction arranged by JPMorgan.
According to a transcript of Carlyle’s July second-quarter earnings call, co-chief executive officer and founder David Rubenstein said the firm held a second close for its fourth distressed debt fund in June, bringing total commitments to over $1 billion. Carlyle disclosed in an April regulatory filing that the firm had raised $576 million for the same fund, which has a $2 billion target.