Carlyle Group has restructured the leadership of its European private equity platform following underperformance from its previous vintage, signalling plans to resume fundraising for its flagship European buyout fund, according to a report by the Financial Times.
The report cites unnamed sources familiar with the matter as highlighting that the US firm added nine hires to the team last year and is expected to bring on two additional senior professionals. Market observers interpret the recruitment drive as a clear sign that Carlyle, which manages nearly $480bn in assets globally, is preparing to relaunch its European fundraising after a two-year pause.
Carlyle’s 2018 European buyout fund has faced difficulties exiting investments, leaving the overall internal rate of return in negative territory by December 2025. Earlier efforts to raise the next fund stalled, with only $1.2bn secured at first close in 2024, well short of the €6bn raised by its predecessor. The firm opted to suspend the fundraising process while overhauling the investment team.
The changes include replacing co-heads Marco De Benedetti and Jonathan Zafrani with Michael Wand, a long-serving executive credited with leading some of Carlyle’s top-performing vehicles. Wand is expected to deploy the fund’s existing capital over the coming months, shifting the investment focus toward technology, healthcare, professional services, and advanced industrials, while scaling back consumer-oriented deals.
