Global alternative asset manager The Carlyle Group (NASDAQ: CG) announced on Monday that Michael Hart has joined the firm as Managing Director and President of Carlyle GMS Finance, Inc., a Business Development Company targeting middle market investing, as well as its affiliated investment vehicle, NF Investment Corp..
Hart joins Carlyle from Blackrock Solutions, where he was a Managing Director and Co-Head of the US Advisory Practice within the Financial Markets Advisory Group. Hart began his duties this month and is based in New York.
Carlyle Head of Global Market Strategies and Carlyle GMS Finance Chairman Mitch Petrick said, 'Mike has substantial experience investing in and managing loan portfolios of leveraged borrowers and we’re glad to welcome him to Carlyle. He adds important depth and vision to the GMS Finance team, underscoring our commitment to this platform as a premier finance company.'
As President of Carlyle GMS Finance, which was established in 2012, Mr. Hart leads the company day-to-day. The company seeks to generate current income and capital appreciation primarily through debt investments in U.S. middle market companies.
At Blackrock Solutions, Hart advised financial institutions, government agencies and hedge funds on asset valuation and dispositions, financing solutions and strategic alternatives. Prior to joining Blackrock in 2008, Hart spent 12 years with Morgan Stanley where he was at various times Co-Chairman of the Capital Commitment Committee, Global Co-Head of Leveraged and Acquisition Finance, Global Head of the Loan Products Group and a Managing Director in High Yield Capital Markets. He earlier provided LBO financing to buyout firms and made subordinated debt and equity investments while with Chase Manhattan Bank. Hart, 52, earned his BS in Accounting from Duquesne University and his MBA from Duke University’s Fuqua School of Business.
Carlyle’s Global Market Strategies platform had $38.2 billion in assets under management as of June 30, 2014. The platform includes: mezzanine and energy mezzanine loans; high yield and structured credit; distressed equity and debt; and four hedge fund strategies (long/short credit, emerging market equities, macroeconomic and commodities). The GMS platform has 149 investment professionals in New York, Washington, DC, Los Angeles, Chicago, Hong Kong, and London.