Deals
Carlyle’s Credit, Hedge-Fund Head Mitch Petrick to Step Down
- Hedge-fund performance slumped even as unit’s assets grew
- Youngkin to oversee energy as Hersh named CEO of Bush center
This article is for subscribers only.
Carlyle Group LP’s top credit and hedge-fund executive, Mitch Petrick, will leave the alternative-asset manager after several funds in his unit posted losses even as assets expanded.
Petrick, a trader at Morgan Stanley for two decades before he joined Washington-based Carlyle, will become a senior adviser and plans to start his own investment firm, according to a statement Friday. Kewsong Lee, Carlyle’s deputy chief investment officer for private equity, will take on Petrick’s responsibilities overseeing the credit and hedge-fund group, called global market strategies, or GMS.