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Business News/ News / Carlyle's Head of Direct Lending Aren LeeKong Is Leaving the Firm
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Carlyle's Head of Direct Lending Aren LeeKong Is Leaving the Firm

Carlyle Group Inc.’s direct-lending chief Aren LeeKong is leaving the firm, according to a memo seen by Bloomberg.

Carlyle's Head of Direct Lending Aren LeeKong Is Leaving the FirmPremium
Carlyle's Head of Direct Lending Aren LeeKong Is Leaving the Firm

(Bloomberg) -- Carlyle Group Inc.’s direct-lending chief Aren LeeKong is leaving the firm, according to a memo seen by Bloomberg. 

LeeKong, who resigned to pursue new opportunities professionally, according to the memo, also served as vice chairman of global credit, chief executive officer of business development companies and was a member of the private investment committee. He was appointed to run the BDCs in September 2022, succeeding Linda Pace, as Carlyle reshuffled the leadership team of its global credit division.

A representative for Washington-based Carlyle declined to comment, as did LeeKong.

Justin Plouffe, deputy chief investment officer for global credit, will take over direct lending and BDCs, according to the memo, which confirmed an earlier Bloomberg report on the departure.

Chief Executive Officer Harvey Schwartz, who took over in February 2023, has made several leadership appointments since taking the top job as he seeks to ensure steady growth and boost the firm’s flagging stock price. The private equity giant reported fourth-quarter results that beat Wall Street estimates last month and is overhauling how it pays dealmakers to free up more consistent cash flows for shareholders. 

Read More: Carlyle’s Schwartz Has Some Catching Up to Do: Wall Street Beat

Carlyle’s direct lending business oversees almost $10 billion, up from $2 billion in 2016, according to the memo. It sits within the private credit strategy, which has $25 billion of assets under management, and is part of the firm’s $188 billion global credit arm, according to an investor presentation last month.

Credit investing is a growing part of many private equity firms’ strategies as they diversify away from the traditional business model of buying and selling companies.

Read more: Carlyle Sees ‘Deluge of Opportunities’ From Banks Selling Loans

--With assistance from Amanda Cantrell and Peter Eichenbaum.

(Updates throughout with added context.)

More stories like this are available on bloomberg.com

©2024 Bloomberg L.P.

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Published: 02 Mar 2024, 12:14 AM IST
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