Carlyle Group, the Washington D.C.-based private equity firm, on Oct. 25 named Korean-American Kewsong Lee, along with Glenn Youngkin, as co-CEOs as its three founders are stepping back from the day-to-day business after 30 years.
Lee, 51, is currently deputy chief investment officer for private equity and head of its global market strategies segment. It is just four years since he joined Carlyle from Warburg Pincus, another PEF.
His appointment comes after KKR & Co., another leading PEF, in July said it would promote Korean-American Joseph Bae along with Scott Nuttall as co-CEOs.
Now two of the world’s top four PEFs that also include Blackstone Group and Apollo Global Management are run by Korean-Americans.
Carlyle was established by David Rubenstein, William Conway and Daniel D’Aniello in 1987. Rubenstein and Conway, who serve as co-CEOs, will become co-executive chairmen of the company. D’Aniello, the current chairman, will become chairman emeritus.
“Glenn and Kewsong will work together on all issues related to leading Carlyle, and will have full responsibility, authority and accountability for the firm’s performance,” Rubenstein, Conway and D’Aniello said in a statement.
Carlyle has also participated in big deals in Korea, including the 2.1 trillion won (US$1.80 billion) purchase of ADT Caps, a local security firm, in 2014.
By Lee Ji-yoon (email@example.com