The Carlyle Group promoted its deputy head to co-head of the U.S. buyout group, the firm announced today.
Peter Clare, 45, was named co-head of the U.S. buyout group, effective immediately. There was previously one head of the group, Allan Holt, who will retain his position. Clare will move into this position from his role as deputy head of the U.S. buyout group and head of the aerospace and defense sector team. He will be based in Washington and will report to Bill Conway, Carlyle founder and chief investment officer.
"I am pleased to have Pete join me as Co-head of the U.S. Buyout group," Holt said in a statement. "Pete has built one of the best investment track records at Carlyle and he has done it across different geographies and asset classes."
Clare joined in Carlyle in 1992 as member of the U.S. buyout group. He moved to Hong Kong as a founding member of the Asia buyout group from 1999 to 2001. He was promoted to global head of aerospace and defense in 2004 and was named deputy head of the U.S. buyout group in 2010. Before joining Carlyle, he worked at First City Capital Corporation, a private equity firm that invested in leveraged buyouts and distressed bonds. He has also worked at Interfunding/Merchant Banking Group and the leveraged buyout department of Prudential-Bache Capital Funding.
Clare will be succeeded in his aerospace and defense sector position by Adam Palmer, 38. Palmer joined Carlyle in 1996 as a member of the aerospace team. Prior to that he worked at Lehman Brothers in the technology corporate finance group, where he focused on M&A for defense electronics and information services companies.
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