Deals
Carlyle’s Credit Unit Aims to End Its Long Run as a Laggard
- That business is under pressure to catch up to peers
- CEO Schwartz’s legacy and Carlyle stock price at stake
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By the time Harvey Schwartz took the helm of Carlyle Group Inc. early last year, the pillars of private equity — the firm’s most well-known business — had already cracked.
Elevated interest rates had upended the golden age of buyouts, when dealmakers could bag handsome returns by loading businesses with cheap debt and finding ready buyers. But Schwartz had to grapple with an even more acute problem.