Carlyle Hires Former KKR Credit Executive Farr as Senior AdviserBy
Carlyle Group LP named Craig Farr as a senior adviser to its credit group as the firm seeks to rebuild after exiting hedge funds.
Farr, who spent nine years at KKR & Co. and left in 2015 as head of credit and capital markets, will help Washington-based Carlyle develop initiatives and partnerships in its credit unit, the firm said in a statement Monday. His part-time role started last week.
Carlyle is shifting much of its expansion focus to the credit business after deciding to sell out of two hedge-fund firms and a hedge fund-of-funds manager in the past year. The firm in September hired Mark Jenkins, who was global head of private investments at Canada Pension Plan Investment Board, as head of global credit.
Farr, 45, joined KKR in 2006 from Citigroup Inc., where he co-led the North American capital markets business. While at Citigroup, he helped craft and syndicate the $900 million initial public offering of KKR’s first debt vehicle. He also helped KKR raise $5 billion for a private equity fund listed on the Euronext Amsterdam stock exchange.
At KKR, he first oversaw the firm’s capital markets unit before taking on responsibility for its credit group in 2013. KKR established the biggest capital markets business as measured by staff and revenue among peers. The group was started in 2007 to help fund KKR’s own buyouts, then expanded by lending to companies and underwriting debt and equity offerings.
Carlyle’s credit funds manage loans, structured credit, private debt, energy credit and distressed debt. The firm managed $169.1 billion in private equity holdings, real estate and credit assets as of Sept. 30.