Carlyle’s Fund-of-Funds Leader Chappuis Departs After Two YearsBy
Carlyle Group LP, the second-biggest alternative-asset manager, said the head of its fund-of-funds business left after two years.
Jacques Chappuis will become a senior adviser to the Washington-based firm, Carlyle said Tuesday in a statement. He’s been replaced by Lauren Dillard, the chief operating officer and chief financial officer of the fund-of-funds unit.
Carlyle has struggled in its effort to diversify earnings beyond leveraged buyouts. The fund-of-funds group, which allocates client money to other private equity, real estate and hedge fund managers, generated $22 million of distributable earnings, a measure of cash profit, in the year ended Sept. 30, or 2 percent of Carlyle’s earnings. Chappuisjoined in 2013 from Morgan Stanley, where he also oversaw funds of funds…
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