(Bloomberg) -- Carlyle Group Inc. is restructuring its European private equity business with the aim of encouraging its two main buyout strategies to share resources and ideas.
The US group will create a new European private equity executive committee to coordinate operations between Carlyle Europe Partners and Carlyle Europe Technology Partners, according to an internal memo seen by Bloomberg. The idea is that the two investment teams, which manage 17.3 billion euros ($18.2 billion), will better pool resources and share deal opportunities.
Marco de Benedetti and Michael Wand, co-heads of CEP and CETP respectively, will also become co-heads of Europe Private Equity. Jonathan Zafrani has been promoted to co-head of CEP alongside de Benedetti, the memo said, replacing Gregor Boehm, who will become chairman of Europe Private Equity.
“This as an opportunity to bring together the two teams and create something bigger, stronger, and more competitive through deeper collaboration and clear leadership in the region,” Carlyle Chief Executive Officer Kewsong Lee said in the memo.
“CEP will leverage CETP’s strong expertise in tech to strengthen its capabilities in this area, while CETP will benefit from CEP’s deep understanding of many industry verticals and end markets for B2B technology as well as their broader reach in Italy and Spain,” Lee wrote.
Carlyle’s CETP team are in the process of raising 2.5 billion euros for a fifth flagship fund, according to a person familiar with the matter, who asked not to be identified discussing fundraising. A spokesman for Carlyle declined to comment on the process.
The Europe team changes follow last week’s announcement that Carlyle’s energy and infrastructure teams would cooperate rather than act in competition.
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