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Carlyle mid-market lending unit loses president despite powerful debut fundraise

16 May 2014

exit sign_sqThe president of Carlyle Group’s mid-market lending business has reportedly stepped down despite the unit recently pipping the $1bn mark for its debut fundraise.

Kenneth Kencel’s resignation from Carlyle GMS finance was effective from May 5 according to a filing with the US securities regulator, which was first reported by Buyouts magazine.

The unit also lost its chief operating officer last week when Ian Sandler resigned, it added, with Michael Petrick stepping in to the role of president.

Carlyle’s GMS division has more than $33bn of assets under management in leveraged finance, structured credit, mezzanine and distressed investments.

GMS Finance had raised about $1.07bn for its maiden fund at the end of March, outstripping its $1bn target.

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