(Bloomberg) -- Warburg Pincus appointed Jeffrey Perlman as chief executive officer, succeeding Chip Kaye, who will become chairman alongside Tim Geithner.
Perlman, 41, will begin in his new role on Sept. 2, the New York-based alternative asset management firm said Wednesday in an emailed statement.
It’s just the third leadership transition in Warburg’s 58-year history, following the early 2000s appointment of Kaye and Joseph Landy as co-CEOs, who took the helm from founder Lionel Pincus.
“I am deeply honored to succeed Chip as CEO and am excited by the tremendous set of opportunities ahead of us,” Perlman said in the statement. He credited Kaye, 60, for fostering a culture of collaboration and shared success at Warburg, which oversees more than $83 billion.
“With Chip and Tim serving as chairs, the firm will maintain strong continuity while continuing its long-standing reputation as a strong partner for management teams,” said Perlman, who was named president a year ago. “As we continue to expand the firm and its offerings, we look forward to delivering long-term value for our investors.”
Warburg has gained traction with new strategies, including its first capital solutions fund, dedicated to structured equity and debt investments. It has raised more than $3 billion for that vehicle, exceeding an initial $1.5 billion target, according to a person with knowledge of the matter.
A spokesperson for the firm declined to comment on fundraising.
“We are looking forward to Warburg Pincus’ next chapter under Jeff’s leadership,” Kaye said in the statement.
Kaye joined the company in 1986 and led its push into Asia eight years later, making Warburg among the first of its rivals to open offices in China and India. The firm is well positioned to deliver for investors amid a complicated geopolitical backdrop, in part because of its ability to anticipate and navigate market shifts, he said.
“It is our commitment to remaining nimble, staying focused, and leveraging our expertise to evolve businesses that has played to our strengths as a firm and has allowed us to successfully partner with our investors and management teams since our inception,” Kaye said.
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