The Carlyle Group named Harvey M. Schwartz on Monday because the non-public fairness agency’s chief government, almost seven months after Kewsong Lee abruptly stepped down as chief after studying that the agency’s billionaire co-founders had been planning to take a extra energetic function in administration.
Mr. Schwartz’s management represents a second likelihood for him and Carlyle. Mr. Schwartz left Goldman Sachs in 2018 after he was handed over for the financial institution’s prime job. Carlyle has been and not using a everlasting chief since August, when Mr. Lee shocked Wall Road by stepping down two years after turning into the agency’s sole chief government.
Mr. Schwartz, 58, will assume his new function on Feb. 15, taking on for one in all Carlyle’s co-founders, William Conway, who has been interim chief government.
Throughout roughly 20 years at Goldman Sachs, Mr. Schwartz served because the financial institution’s president and co-chief working officer in addition to its chief monetary officer. Since leaving the financial institution, he has served on the boards of SoFi Applied sciences and the Financial institution of London.
Mr. Conway and David Rubenstein, one other of Carlyle’s co-founders, said in a statement about Mr. Schwartz that “given his expertise, observe document, and skillset, the board was unanimous in its willpower that he’s the suitable chief to drive Carlyle ahead.”
The announcement comes sooner or later earlier than the agency is about to launch its newest quarterly earnings. Carlyle, which managed $369 billion in belongings on the finish of September, making it one of many world’s largest non-public fairness corporations, faces financial challenges.
The trade is reckoning with declines in profitability amid investor uncertainty and a sequence of interest-rate will increase by the Federal Reserve which have made it costlier to borrow cash to purchase and restructure firms, which is non-public fairness’s inventory in commerce.
Mr. Schwartz is anticipated to affix a digital city corridor assembly on Monday morning with Carlyle’s workers, of which there are greater than 2,000 world wide, in line with an individual acquainted with his plans. Following that assembly, Mr. Schwartz, who might be within the firm’s New York workplaces, is anticipated to begin assembly the agency’s staff there, the individual mentioned.
