Carlyle BDC president to rejoin Morgan Stanley – exclusive

Jeffrey Levin’s duties will be divided among the firm’s other executives.

Jeffrey Levin, president of The Carlyle Group’s business development company, is set to depart early next month, when he will head to Morgan Stanley, according to a source familiar with the matter.

He submitted his resignation to New York-based TCG BDC on 9 January, and his departure will take effect 30 days following the notice. Levin also sat on the BDC’s investment committee and was promoted to partner at Carlyle in 2017. His responsibilities will be largely absorbed by other officers, a Securities and Exchange Commission filing showed.

Carlyle declined to comment, while Morgan Stanley could not be reached for comment.

Before joining Carlyle in June 2012, Levin was a founding partner of Morgan Stanley Credit Partners, part of the investment bank’s Morgan Stanley Investment Management division. He worked the firm’s leveraged and acquisition finance group before that, a Reuters biography showed. The most recent vehicle that Morgan Stanley Credit Partners wrapped up was its second mezzanine debt fund, which collected $1 billion in 2015.

In December, Morgan Stanley Tactical Value Investing closed on a $1.4 billion vehicle, which can invest in either private debt or private equity. The firm also collected $275 million for its North Haven Expansion Credit Fund, which lends to late-stage startup companies, in 2017. Both of the groups are also within the investment management side of Morgan Stanley.

TCG BDC oversaw $2.15 billion in total assets as of 30 September. The firm’s portfolio consists of 79.73 percent first-lien senior secured loans, 8.05 percent second-lien senior secured loans, 11.07 percent subordinated debt and 1.15 percent equity investments, according to Refinitiv BDC Collateral.