Carlyle names Harvey Schwartz as CEO

He replaces Kewsong Lee who resigned in August after five years in the role. Lee was also an external hire, having been recruited in 2013 after a 21-year career at Warburg Pincus. Bill Conway assumed CEO duties on an interim basis; he will now step down while retaining his role as co-chairman.

Schwartz joined Goldman in 1997 and held several leadership roles, including in the securities and investment banking divisions. He was named CFO in 2012, overseeing critical financial and risk management processes as well as capital allocation strategy, and became president and co-COO in 2016, according to a statement.

Since retiring from Goldman in 2018, Schwartz has served in several non-executive roles. He is currently group chairperson of The Bank of London, a clearing and payments bank, and on the board of SoFi Technologies, a San Francisco-based financial technology company.

The transition to Lee and Glenn Youngkin, who served as co-CEOs from 2017 through 2020 when Youngkin retired, was billed as an exercise in succession planning. Founders Conway, Daniel D’Aniello, and David Rubenstein scaling back their involvement. Conway and Rubenstein took on the chairman role, while D’Aniello became chairman emeritus.

As of June, Carlyle had USD 369bn in assets under management, including USD 260bn in fee-earning assets. Private equity exposure amounted to USD 164bn, with USD 141bn in credit, and USD 63bn in global investment solutions, which includes fund-of-funds, secondaries, and co-investment.

Carlyle has a sizeable presence in Asia, which accounts for 10 of its 26 offices globally. The firm is currently in the market with its latest flagship pan-regional buyout fund, seeking USD 8.5bn.

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