Former JPMorgan Chase & Company executive Michael Cavanagh will oversee The Carlyle Group's internal operations alongside Glenn Youngkin.
The global asset manager, which manages some $189 billion in assets across 118 funds and 106 fund of funds vehicles, named the pair co-chief operating officers as well as co-presidents.
The role of president is a new position at Carlyle, where Cavanagh and Youngkin will develop and implement the firm’s global day-to-day operations, according to a firm statement.
Cavanagh, who previously led JPMorgan’s corporate and investment banking business, will join Carlyle’s executive group, which includes co-CEOs William Conway and David Rubenstein, Youngkin and three other Carlyle executives.
Cavanagh will assume the role this summer and will be based in New York. He has also worked as head of JPMorgan’s treasury and securities services division and as chief financial officer. He was previously at JPMorgan’s predecessor Bank One and Citigroup.
Youngkin joined Carlyle in 1995 and served as interim principal financial officer and global head of the industrial sector investment team prior to becoming COO in 2011. He previously worked at McKinsey & Company and in the investment banking group at CS First Boston. Youngkin will become co-president this summer and will work from the firm’s Washington DC office.
The new appointments follow Carlyle’s best year of fundraising since 2007. The firm raised $22 billion in new capital in 2013, Rubenstein said during an earnings call last month. The firm’s carry funds also raised more than $14 billion for the year.
Carlyle was unavailable for comment at press time.