Carlyle Names BlackRock’s Hart President of GMS UnitDevin Banerjee
Carlyle Group LP, the world’s second-biggest manager of investment alternatives to stocks and bonds, named Michael Hart president of a unit that invests in the debt of mid-sized companies.
Hart, 52, who was a managing director at BlackRock Inc.’s solutions unit, will lead GMS Finance Inc., a business development company within Carlyle’s Global Market Strategies division, the Washington-based firm said in a statement today. He started this month in Carlyle’s New York office.
Led by Bill Conway, Dan D’Aniello and David Rubenstein, Carlyle has grown the Global Market Strategies unit faster than any of its other divisions since the 2008 financial crisis. Overseen by Mitch Petrick, the unit manages $38.2 billion in assets including mezzanine investments, loans, high-yield and structured credit, distressed equity and debt, and hedge funds. Carlyle oversaw $203 billion in assets as of June 30.
GMS Finance sought $1 billion when it started raising money in 2012, people familiar with the plans said at the time. Carlyle joined KKR & Co., Brevet Capital Management LLC, Monroe Capital LLC and other alternative-asset managers in starting funds to lend to middle-market companies, taking advantage of a pullback in lending by banks hampered by heightened capital standards. Carlyle sought returns of 7 percent to 10 percent with the vehicle, the people said.
Before joining BlackRock in 2008, Hart worked with Petrick at Morgan Stanley, where he helped lead leveraged finance, loan products and high-yield capital markets, according to the statement. He previously worked at Chase Manhattan Bank.
“Mike has substantial experience investing in and managing loan portfolios of leveraged borrowers,” Petrick said in the statement. “He adds important depth and vision to the GMS Finance team.”