Castle Harlan promotes Faust to MD

  Heather Faust joined the mid-market firm in 2008.     

Castle Harlan has promoted former vice president Heather Faust to managing director, according to a statement.

Faust joined the firm in 2008, prior to which she was a management consultant at McKinsey & Company where she advised clients in business transformations. She previously worked at the US Department of Defense.

Faust’s promotion brings the total number of managing directors at Castle Harlan to four, according to the firm’s website.

In October, Castle Harlan added a new director of investor relations, hiring former Old City Investment Partners managing director Hemali Dassani.

Castle Harlan invests in the mid-market in North America and Europe and has managed eight funds, including three funds focused on Australia, with total commitments of more than $6 billion. Its most recent fund, Castle Harlan Partners V, closed on $800 million in 2010 after targeting $1.5 billion, according to Private Equity International’s Research & Analytics division. About 50 percent of Fund V has been invested to date, according to a spokesperson from the firm. 

In 2013 the firm invested in Shelf Drilling, a shallow water drilling services provider, and made two add-on acquisitions. Castle Harlan also exited IDQ Holdings, which brands automotive aftermarket products, last year. 

New York-based Castle Harlan was founded in 1987 and is led by 11 executives including chairman and chief executive officer John Castle and chairman of the executive committee Leonard Harlan. The firm has completed 53 acquisitions since inception.