Michael Meagher joins as a partner from private credit firm Golub Capital, and JP Seminario moves to a managing director role from his previous position at investment firm Silver Point Capital. Both will focus on origination, or raising new debt deals, in the U.S., according to an internal memo. A Carlyle spokesperson confirmed the hires.
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Corporations that once relied on banks have increasingly borrowed outside the traditional system in recent years as the number of debt products that banks offer declined and their lending policies tightened.
Carlyle’s direct-lending business now manages assets worth $12.5 billion, up from $2 billion in 2016, the memo said. That is a small slice of the more than $200 billion sitting in its global credit business.
Like many of its peers, Carlyle identified other business areas, including credit, to try to boost returns as the traditional model of buying and selling businesses struggled against higher interest rates and market volatility.
Reporting by Isla Binnie in New York; Editing by David French and Mark Porter
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Isla Binnie reports on how company directors and executives manage stakeholder and shareholder interests, with a focus on compensation, corporate crises, dealmaking and succession. She also covers how politics, regulation, environmental issues and the broader economy affect boardroom discussions. Isla previously covered business, politics and general news in Spain and Italy. She trained with Reuters in London and covered emerging markets debt for the International Financing Review (IFR).