• Executive to run most of Carlyle unit previously under Petrick
  • Pension to combine property, infrastructure, agriculture teams

Mark Jenkins is joining Carlyle Group LP as head of global credit, exiting the Canada Pension Plan Investment Board amid a shakeup of the country’s largest pension fund.

Jenkins will oversee most of the Carlyle unit previously run by Mitch Petrick. He will also become a member of Carlyle’s management committee, the Washington-based asset manager said in a statement Monday. He’ll start later this month and be based in New York.

Jenkins’s departure comes less than four months after Toronto-based Canada Pension announced Mark Machin would take over as chief executive officer, replacing Mark Wiseman, who left to become a senior managing director at BlackRock Inc.

Canada Pension will create a new investment unit called Real Assets that will combine real estate investments, infrastructure and agriculture groups under one umbrella to be lead by Graeme Eadie, the fund said in a statement. Eadie has been with Canada Pension since 2005, most recently serving as global head of real estate.

Jenkins, who was global head of private investments and leaves on Sept. 16, will be replaced by Shane Feeney, the pension fund’s current head of direct private equity who has been with Canada Pension since 2010. Feeney will be replaced by Ryan Selwood, the pension fund said.

‘Bench Strength’

“These appointments demonstrate the deep bench strength and investment expertise we have developed at CPPIB,” said Machin. “Graeme, Shane and Ryan have been instrumental in a number of our major transactions and will no doubt continue to provide superb leadership in their new roles.”

Carlyle has been reviewing its global market strategies unit, which houses the firm’s credit and hedge funds, after the division’s leader Petrick left in May. Since then, Carlyle has sold one if its hedge funds, Emerging Sovereign Group, and continued to transition another, Carlyle Commodity Management, toward new investment strategies.

The firm’s credit funds manage loans, structure credit, private debt, energy credit and distressed debt.

“Our credit business is broad and deep with tremendous growth potential,” Bill Conway and David Rubenstein, Carlyle’s co-CEOs, said in the firm’s statement. “Mark is an experienced and proven investment leader who will help take our firm to a new level of success."

Canada Pension oversees the retirement savings of 19 million Canadians with C$287.3 billion ($219.4 billion) in assets under management.

Carlyle manages $176 billion in private equity holdings, credit assets, real estate and hedge funds. The firm was founded in 1987 by Conway, Rubenstein and Chairman Dan D’Aniello.

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