The Carlyle Group has recruited a new chief financial officer: Peter Nachtwey.
Nachtwey's appointment comes three months after the Washington, DC based-private equity firm announced the departure of John Harris, who had been managing director and CFO of the firm for the past 10 years.
Nachtwey was formerly a senior partner in the global valuation services group at Deloitte & Touche, a financial advisory firm.
Like Harris, Nachtwey will be responsible for the firm's investor reporting, internal controls and financial management. He began his new role at Carlyle on July 16.
?He's a private equity expert and he's a good addition,? said Carlyle spokesperson Chris Ullman.
Harris had announced his intent to retire and pursue some personal goals in May. As CFO, he was said to have been instrumental in structuring Carlyle's private equity funds and negotiating terms with limited partners. In addition, he coordinated the development of Carlyle's global compensation programs.
Harris will continue his relationship with Carlyle, serving as a senior advisor to the firm.
?He will certainly be here indefinitely as senior advisor, and will be helping Pete get acclimated,? Ullman said.
At Deloitte & Touche, Nachtwey was lead partner on one of the firm's largest private equity clients ? The Blackstone Group, according to the Financial Times, before the firm raised $7.8 billion in an initial public listing and sold a stake to the Chinese government. He was the Northeast regional managing partner for the investment management industry in the US. In the late 1990s, he was a partner in the real estate and hospitality division of the firm.
Carlyle is not the only firm who has hired a financial expert from Deloitte & Touche ? Kohlberg Kravis Roberts' chief financial officer, William Janetschek, was a tax partner in its New York office before joining the buyout firm in 1997.
Carlyle, which has grown to managing over $56 billion in assets by more than 780 employees across the firm's 19 offices, is reportedly pondering an initial public listing. Already, Fortress Investment Group and The Blackstone Group have gone public, while KKR has filed an initial registration statement with the same intention.
PEC releases white paper
Private Equity Council, the Washington, DC-based industry lobbying group, has released a white paper outlining private equity's benefits to limited partners, portfolio companies and the public at large. The report, ?Public Value: A Primer on Private Equity,? draws on independent research and real-life examples to describe how private equity investments work. Statistics in the report show private equity firms returned $430 billion in profits to their LPs between 1991 and 2006, and that private equity investments outperformed the public equity markets between 1980 and 2005. ?This report makes a compelling case that private equity firms play a critical role in creating real economic value for the companies they acquire, for the consumers those companies serve and for the pension funds, universities, charities and other institutions that invest in them,? said PEC president Doug Lowenstein, in a statement. ?We hope this report will make clear that private equity is neither a dark force nor a silver bullet, but instead an important tool for driving growth and investment in the American economy.?
Global Infrastructure names Blum as GC
Global Infrastructure Partners has appointed Joseph Blum as a partner and general counsel in London. Blum was formerly partner in Latham & Watkins' London office and co-head of its project development and finance group. In his 21 years at the law firm, Blum represented sponsors, financial institutions and governments in all aspects of project development, financings and privatizations. He specializes in oil and gas, electricity and telecommunications. Adebayo Ogunlesi, chairman and managing partner of GIP, said in a statement: ?We are delighted that Joe will be joining us as a partner and spearheading our legal counsel division. His vast experience in both developed and developing markets and the recognition he has gained across various infrastructure sectors distinguish him as a legal expert and we believe that his significant experience will be an asset for GIP and its limited partners.?
Scale Venture Partners names CFO
Scale Venture Partners, a Foster City, California-based investment firm focused on development stage technology and healthcare investments, has named Mary Denten chief financial officer of the firm. Denten joins the firm from Global Catalyst Partners, where she also was CFO responsible for fundraising, cash management, accounting, reporting, investor relations and financings for portfolio companies. At Scale Venture, she will be dedicated to the financial and administrative functions. Kate Mitchell, a managing director with Scale Venture said in a statement: ?As a central member of our team, Mary's knowledge and network within the venture community will be invaluable as we continue to invest and manage Fund II and lay the foundation for subsequent funds.?
LSE launches new market for alternatives
The London Stock Exchange has announced plans to launch a new market for private equity, property and hedge fund in a bid to compete with Euronext Amsterdam for the windfall from hosting listed alternative funds. The LSE's new specialist market will be lightly regulated and intended for entities that target institutional, professional and highly knowledgeable investors, including single strategy funds, feeder funds, specialist sector funds, limited partnership structures, specialist geographical funds and funds with specialist governance structures. Issuers looking for a broader investor base can still tap the main market, which offers potential access to index tracker funds, as well as the LSE's alternative investment market (AIM). The specialist fund market is expected to open for listing in November of this year, and will be available to both UK and international vehicles. This new market will also complement the FSA's proposed unitary regime for investment entities on the main market.