Carlyle winding down Asia structured credit fund – exclusive

No new investments are being made from the fund, which was launched in 2014.

Global asset manager Carlyle Group is winding down a $1 billion-target fund it was raising, according to market sources. The sources said that no new investments will be made from the fund.

It is understood that some members of the seven-strong Carlyle Asia Structured Credit Opportunities (CASCO) team – which was managing the fund – have either left or will leave as the wind-down of the fund, which started at the beginning of this year, continues. Carlyle had not found a replacement for former team head Greg Park who left the company in August last year, according to sources.

A Carlyle source provided PDI with the following statement: “We have a team in place actively managing the fund and [they] will continue to do so in the foreseeable future.”

According to Linkedin, Park has recently taken up a new role as chairman at Lending Ark Capital, a Hong Kong-headquartered specialist alternative investment firm focused on providing private debt and equity capital to Asian corporates and banks, with a heavy focus on the financial services sector including fintech.

Park had not responded to queries from PDI by the time this article was published. Carlyle did not elaborate on the statement above.

CASCO was part of Carlyle’s global market strategies (GMS) unit which handles more than $29 billion of assets under management.

In 2014, Carlyle launched CASCO and hired Park, the former head of the Asia securitized products group at Deutsche Bank, to lead the team. The CASCO fund had received around $440 million in commitments by December 2016, according to a filing with the Securities and Exchange Commission (SEC). CASCO targeted privately negotiated tranches of Asian structured financings backed by corporate and consumer loan receivables, according to Carlyle’s website.

The group first introduced a leveraged finance business in Asia, hiring Eric Mason from J.P Morgan to head the business in 2007. The unit was shut down and Mason left after a year in the role in 2008, according to market sources.

Carlyle has $158 billion in total assets under management. The firm is headquartered in Washington, D.C. and has nine Asian outposts including an office in Hong Kong.