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Carlyle Group fundraising drops by half as head of private equity, other executives depart

May 4, 2023

Private equity firm The Carlyle Group reported earlier this week that its fundraising declined by 48% over the last twelve months through March 2023.[1] Carlyle reported raising $27.6 billion during the twelve months ending March 31, 2023[2], down from nearly $53 billion the year prior.[3]

Carlyle’s flagship buyout fund, Carlyle Partners VIII, in particular has struggled. After raising $10.5 billion during its first quarter in market (third quarter 2021), the fund has raised less than half of that ($3.9 billion) over the last six quarters combined.[4] Carlyle Partners VIII raised just $208 million during the first quarter of 2023 and $395 million over the past six months.[5]

If Carlyle keeps fundraising at that rate ($208 million per quarter), it will take the firm 15 more years to reach Carlyle Partners VIII’s $27 billion target.[6]








(Source: Carlyle Group earnings releases, 3Q21-1Q23)


Carlyle private equity head, other executives leave firm

The decline in fundraising corresponds to a period when Carlyle has seen dozens of longtime staff depart – from Managing Directors to its CEO Kewsong Lee to, most recently, the Chief Investment Officer of Carlyle’s private equity funds.

Since 2019, dozens of Carlyle executives and employees with a combined total of more than 550 years’ experience at Carlyle and almost a thousand years of investment/ finance experience have left the firm. That exodus of expertise may leave investors wondering about the quality of investment decisions at Carlyle.

Peter Clare, Carlyle’s longtime Chief Investment Officer of its private equity funds, chairman of Carlyle’s Americas division and a member of the company’s board of directors, stepped down from the firm on April 30 after more than thirty years.[7]

Clare helped build Carlyle’s Asia buyout business and launch the firm’s first distressed-debt investments before being appointed co-head of the US buyout division in 2011, Bloomberg reported.[8]

Clare’s exit comes as Carlyle Partners VIII fundraising has stalled and after Carlyle recently launched fundraising for Carlyle Asia Partners VI, seeking as much as $10 billion for the fund.[9] Meanwhile, Carlyle is preparing to launch fundraising for its Carlyle Europe Partners VI buyout fund, seeking 7.5 billion euros ($8.5 billion).[10]


Oil and gas fund helps prop up Carlyle fundraising

Carlyle reported that NGP Natural Resources XIII, an oil and gas-focused fund managed by Carlyle subsidiary NGP Energy Capital that is seeking to raise $2.5 billion[11], was one of the drivers of its fundraising in the first quarter of 2023.[12] Carlyle and NGP are also raising NGP Royalty Partners II, another oil and gas fund.[13]

Carlyle Group subsidiary NGP has continued to make new oil & gas investments, including Wing Resources VII (April 2023)[14]Elk Range Royalties (April 2023)[15], and Mesa Minerals III (Nov 2022).[16]


Carlyle staff departures, 2019-2023


NamePositionDepartureYears at CarlyleYears Investment/ Finance Experience (at Carlyle exit)Source
Peter ClareCIO Private EquityApr-233131
Ryan SelwoodChief Development OfficerFeb-23122
Todd TrillerManaging DirectorJan-23634
Brooke CoburnDeputy Chief Investment Officer,  Real AssetsDec-222630
Rahul MukimDirectorDec-22616
Avik DeyCo-Head of EnergyNov-220.518
Patrick DoyleExecutive PartnerNov-22321
Kewsong LeeCEOAug-22933
Jay SammonsGlobal head of consumer, media and retailAug-221618
Nathan UrquhartGlobal head of investor relationsAug-22314
Ashley EvansPartner in Carlyle’s technology, media and telecommunications groupJul-221619
Mike GozyckiManaging DirectorJul-221515
Norma KuntzChief Operating Officer and Chief Financial Officer of Global Private EquityJun-221124
David BluffManaging Director, Head of buyout team in Australia and New ZealandJun-221421
Ian JacksonManaging Director/PartnerJun-221326
George WesterkampManaging Director, AlpinvestJun-222131
James ShillitoPrincipal, HealthcareJun-22722
Cam DyerManaging Director, Partner, Co-head of Global TMT SectorJan-222024
Michael JohnsonHead of Investor Relations for Carlyle Global CreditJan-22119
Nancy PalleschiManaging Director and Head of Global Conferences and EventsDec-212121
Fernando BorgesManaging DirectorAug-211426
Adam PalmerManaging DirectorJun-212527
Cherine AboulzelofManaging Director, Head of Europe, Metropolitan Real EstateApr-21428
Erik ThyssenManaging Partner, AlpinvestApr-212020
David TungManaging Director, Asia fundraisingMar-212136
Shary MoalemzadehCo-Head of Illiquid Credit Strategies and Co-Head of
Carlyle Strategic Partners
Adam GlucksmanManaging DirectorJan-211017
William AllenManaging DirectorJan-211216
Glenn YoungkinCo-CEOSep-202528
Will DarmanManaging DirectorSep-201216
Eric KumpManaging DirectorJul-201028
John KimJun-2036
Idris MohammedManaging DirectorJun-203
Andrew MarinoManaging Director and co-Head of Global Infrastructure InvestingMay-201620
Rodney CohenManaging Director and Co-Head of The Carlyle Group’s Carlyle Equity Opportunity FundsMar-201025
Charlotte LawrenceJan-201015
Jonathan CosgraveManaging Director and Co-head of Carlyle’s Ireland FundDec-19518
Peter GarveyManaging Director and Co-head of Carlyle’s Ireland FundDec-19520
Drew OlianVice PresidentOct-1959
Ward YoungPrincipalSep-191314
David ScharfOperating AdvisorSep-19714
David AlbertManaging Director, Energy CreditJul-19925
Vincenzo NarcisoManaging DirectorJun-19515
Juan Carlos FelixManaging DirectorMay-191118
Zeina BainManaging DirectorMar-191818
Elliot WagnerManaging DirectorFeb-191820
David StonehillManaging DirectorFeb-19919




[1] “Carlyle Reports First Quarter 2023 Financial Results,” May 4, 2023.

[2] “Carlyle Reports First Quarter 2023 Financial Results,” May 4, 2023.

[3] “Carlyle Reports First Quarter 2022 Financial Results,” Apr 28, 2022.

[4] Carlyle 3Q21,1Q23 earnings releases.

[5] Carlyle 3Q21,4Q22, 1Q23 earnings releases.

[6] “Carlyle Pushes for Industry’s Largest Buyout Fund at $27 Billion,” Bloomberg, Jul 21, 2021.

[7] “Carlyle’s Pete Clare to Exit After Being Passed Over for CEO,” Bloomberg, Feb 27, 2023.

[8] “Carlyle’s Pete Clare to Exit After Being Passed Over for CEO,” Bloomberg, Feb 27, 2023.

[9] “Carlyle to return next year with latest Asia mega-fund,” Private Equity International, Nov 15, 2021. “US pension commits up to $65m to Carlyle, IDG Capital’s new funds,” Deal Street Asia, May 23, 2022.

[10] “Carlyle Prepares to Raise Its Biggest-Ever European Buyout Fund,” Bloomberg, Jan 19, 2022.

[11] NGP Natural Resources XIII Form D, Feb 14, 2023.

[12] “Carlyle Reports First Quarter 2023 Financial Results,” May 4, 2023.

[13] “NGP and Crestline funds backed by Alaska,” Private Debt Investor, Dec 8, 2022.

[14] “NGP and Wing Resources Announce Formation of Wing Resources VII, LLC,” Media release, Apr 20, 2023.

[15] “Foley Serves as Legal Counsel to Elk Range in Acquisition of Mineral and Royalty Interests in the Eagle Ford Basin,” Foley & Lardner LLP, Apr 27, 2023.

[16] “Mesa Minerals Partners III Raises $150 Million of Aggregate Equity Commitments from NGP,” NGP, Nov 7, 2022.

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