Carlyle's Fund-of-Funds Leader Chappuis Departs After Two Yearsby
Carlyle Group LP, the second-biggest alternative-asset manager, said the head of its fund-of-funds business left after two years.
Jacques Chappuis will become a senior adviser to the Washington-based firm, Carlyle said Tuesday in a statement. He’s been replaced by Lauren Dillard, the chief operating officer and chief financial officer of the fund-of-funds unit.
Carlyle has struggled in its effort to diversify earnings beyond leveraged buyouts. The fund-of-funds group, which allocates client money to other private equity, real estate and hedge fund managers, generated $22 million of distributable earnings, a measure of cash profit, in the year ended Sept. 30, or 2 percent of Carlyle’s earnings. Chappuis joined in 2013 from Morgan Stanley, where he also oversaw funds of funds.
That year, Carlyle packaged its management of Dutch funds manager AlpInvest Partners and other offerings into a group called investment solutions, a fourth main business line next to private equity, real estate and energy, and credit and hedge funds. Assets managed by the investment solutions group have increased 2.3 percent to $48.9 billion since Chappuis started in May 2013.
During his tenure, Chappuis oversaw Carlyle’s purchase of the 40 percent of AlpInvest that it didn’t already own, as well as its acquisitions of Metropolitan Real Estate Equity Management and Diversified Global Asset Management.
Dillard joined Carlyle in 2002, working on tax matters, strategic acquisitions and the company’s 2012 initial public offering. She joined the fund-of-funds group in 2013. She also works on internal and external efforts to advance the role of women in private equity, Carlyle said.