• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

1

Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
NewslettersTerm Sheet

Who will become Carlyle’s next chief executive? Here’s the running list of candidates

By
Jessica Mathews
Jessica Mathews
Former Senior Writer
Down Arrow Button Icon
By
Jessica Mathews
Jessica Mathews
Former Senior Writer
Down Arrow Button Icon
October 26, 2022, 6:50 AM ET
Add Fortune on Google for similar content.

After Kewsong Lee’s abrupt resignation in August, Carlyle Group is suddenly back to square one—becoming yet another major U.S. private equity firm in need of a viable succession plan.

Carlyle is on the hunt to find a replacement for its chief executive, as my colleague Luisa Beltran reports for Fortune, and the firm has retained the executive search firm Russell Reynolds Associates, to find just the right person for the job. 

So who’s on the roster, you may ask? While Carlyle hasn’t made public any of its candidates, my colleague Beltran uncovered some of the internal and external candidates who have their eyes on the job. Here’s what she’s learned:

Several internal executives have thrown their hat into the ring for the CEO spot, a person familiar with the situation said. Names that have arisen include Peter Clare, Carlyle chief investment officer for corporate private equity and chairman of Americas private equity, and Mark Jenkins, head of global credit. Clare has spent about 30 years at Carlyle, holding several positions at the firm including chair of the US buyout and the growth investment committees. Jenkins, meanwhile, joined Carlyle in 2016 from Canada Pension Plan Investment Board, where he was a senior managing director and global head of private investments. Clare and Jenkins are part of a team of executives named to the newly established “Office of the CEO” that is working with William Conway, a Carlyle co-founder and ex-co-CEO, as he serves as interim CEO. (Russell Reynolds declined comment.)

It’s possible that Carlyle—which has long touted its diversity and emphasizes that nearly half of its employees are women—takes the opportunity to hire a woman as its chief executive, Beltran writes. That would set the firm apart from its rivals (all led by men). Sandra Horbach, a Carlyle partner, would make a great choice. From Beltran:

Horbach is known for breaking down barriers in private equity and is considered one of the most powerful women in PE. In 1992, she was named a partner at Forstmann Little, becoming the first woman to earn that title at a major private equity firm. She joined Carlyle in 2005 where she launched and built the consumer and retail team. Horbach led some of Carlyle’s most well-known investments including Dunkin’ Brands, which went public in 2011, and Beats Electronics, the headphone maker that Apple scooped up in 2014 for $3 billion. In 2016, Horbach toppled another barrier when she was named co-head of Carlyle’s U.S. buyout arm. Along with Brian Bernasek, co-head and a managing director, Horbach currently oversees all buyout deals for Carlyle in the U.S. She was also integral in launching Carlyle global portfolio solutions, a playbook used by its portfolio companies to grow.

Unfortunately, Horbach appears to have little interest in the position, one source told Beltran, stating that “she’s a deal person.”

Beltran also adds insight on another name that’s come up: Adena Friedman, president and CEO of Nasdaq. She served as CFO and managing director of Carlyle from March 2011 to May 2014, but Beltran reports that she may be unlikely to make the leap back to her former employer. 

A top priority in the selection process is likely some assurance that the next chief executive will bother to stick it out this time around.

You can read the full story here.

See you tomorrow,

Jessica Mathews
Twitter: @jessicakmathews
Email: jessica.mathews@fortune.com
Submit a deal for the Term Sheet newsletter here.

Jackson Fordyce curated the deals section of today’s newsletter.

VENTURE DEALS

- Bilt Rewards, a New York-based consumer brand for renters, raised $150 million in funding. Left Lane Capital led the round and was joined by investors including Smash Capital, Wells Fargo, Greystar, Invitation Homes, Camber Creek, Fifth Wall, and Prosus Ventures. 

- SubjectWell, an Austin-based engagement platform for matching patients with chronic health conditions to new care options, raised $35 million in Series B funding. Asset Management Ventures led the round and was joined by Bertelsmann. 

- AM Batteries, an Acton, Mass.-based lithium-ion, dry-electrode technology company, raised $25 million in Series A funding. Anzu Partners led the round and was joined by investors including TDK Ventures, Foothill Ventures, Toyota Ventures, Zeon Ventures, SAIC Capital, VinFast, Doral Energy-Tech Ventures, and Creative Ventures. 

- Seqera Labs, a Barcelona, Spain-based data orchestration and workflow software provider for life sciences, raised €22 million in Series A funding. Addition led the round and was joined by investors including Talis Capital, Speedinvest, BoxOne Ventures, and Amino Collective.

- PreVeil, a Boston-based encrypted email and file collaboration solutions provider, raised $20 million in Series C funding led by PSG.

- Resonai, a Tel Aviv, Israel-based operating system that turns physical spaces into digital ones, raised $20 million in Series A extension funding. Meitav-Dash, Blue Square Israel, and Irani Ventures co-led the round. 

- flyp, a London, U.K.-based property selling platform, raised £5 million ($5.74 million) in seed funding led by Outward VC. 

- Surfe, a Paris, France-based workspace platform for revenue teams, raised €4 million in seed funding. 360 Capital led the round and was joined by TS Ventures. 

- Memorable, a Boston-based A.I.-focused branding and performance advertising company, raised $2.75 million in pre-seed funding. LDV Capital led the round and was joined by investors including TenOneTen Ventures, BDMI, AperiamVentures, and other angels.

PRIVATE EQUITY

-  Citi Ventures acquired a minority stake in Wildfire Systems, a San Diego-based fintech platform for reward programs and shopping companions. Financial terms were not disclosed. 

- Credit Bureau Connection, backed by Capstreet, acquired CreditDriver Solutions, a Lakeland, Fla.-based soft credit technology provider. Financial terms were not disclosed. 

- Fenix Parts, a portfolio company of Stellex Capital Management, acquired American & Import Auto Parts, a Sterling Heights, Mich.-based automotive recycler. Financial terms were not disclosed.

- ParkHub, backed by LLR Partners, acquired Smarking, a San Francisco-based parking software provider. Financial terms were not disclosed.

- Stride Consumer Partners acquired a minority stake in Patrick Ta Beauty, a Los Angeles-based beauty brand. Financial terms were not disclosed. 

IPOS

- Mobileye Global, a Jerusalem-based self-driving technology company, raised $861 million through the sale of 41 million shares priced at $21. Intel owns the company.

PEOPLE

- InMotion Ventures, the London, U.K.-based corporate venture capital arm of Jaguar Land Rover, hired Mike Smeed as managing director. Formerly, he was with Chery Jaguar Land Rover. 

- Madrona, a Seattle-based venture capital firm, hired Wei Gao as venture partner, Anna Baird as operating partner, and Vivek Ramaswami as partner. Formerly, Gao was with Hoppin, Baird was with Outreach.io, and Ramaswami was with Steadfast. 

- SVB Capital, the Santa Clara, Calif.-based venture capital arm of SVB, hired Alison Killilea as a managing partner. Formerly, she was with W Capital Partners. 

This is the web version of Term Sheet, a daily newsletter on the biggest deals and dealmakers. Sign up to get it delivered free to your inbox.

About the Author
By Jessica MathewsFormer Senior Writer
LinkedIn iconTwitter icon

Jessica Mathews is a former senior writer for Fortune, where she covered transportation, defense tech, and Elon Musk’s companies.

See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Newsletters

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Newsletters

Lisa Cook and E. Jean Carroll win against Trump at the Supreme Court
NewslettersMPW Daily
Lisa Cook and E. Jean Carroll win against Trump at the Supreme Court
By Emma HinchliffeJune 29, 2026
10 hours ago
Coworkers watching World Cup at a bar
NewslettersFortune Workplace Innovation
How smart employers are turning the World Cup into a workplace win
By Emma BurleighJune 29, 2026
14 hours ago
The sell-off in Strategy’s preferred stock has investors questioning everything
NewslettersFortune Crypto
The sell-off in Strategy’s preferred stock has investors questioning everything
By Ben WeissJune 29, 2026
15 hours ago
As JPMorgan’s CEO race heats up, the case for a two-person succession contest is put to the test
C-SuiteNext to Lead
As JPMorgan’s CEO race heats up, the case for a two-person succession contest is put to the test
By Ruth UmohJune 29, 2026
16 hours ago
CEOs have forgotten the moderate playbook. The stakes for relearning it have never been higher
NewslettersCEO Daily
CEOs have forgotten the moderate playbook. The stakes for relearning it have never been higher
By Diane BradyJune 29, 2026
17 hours ago
The Google Midlothian Data Center in Midlothian, Texas, on Friday, Nov. 14, 2025. Alphabet's Google plans to invest $40 billion in three new Texas data centers. (Photo: Jonathan Johnson/Bloomberg/Getty Images)
NewslettersFortune Tech
Google: Thank you Meta! But your AI capacity is in another data center!
By Andrew NuscaJune 29, 2026
18 hours ago

Most Popular

Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
Success
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
By Sydney LakeJune 29, 2026
12 hours ago
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
5 days ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
3 days ago
The retired college professor fighting a $313 trespassing ticket in Wisconsin thinks he's part of a national struggle
Environment
The retired college professor fighting a $313 trespassing ticket in Wisconsin thinks he's part of a national struggle
By Catherina GioinoJune 28, 2026
2 days ago
Ex-Google engineer says Larry Page, Sergey Brin and Sundar Pichai share the same trait—it's the lesson he swears by as a $7.2 billion AI CEO
Success
Ex-Google engineer says Larry Page, Sergey Brin and Sundar Pichai share the same trait—it's the lesson he swears by as a $7.2 billion AI CEO
By Orianna Rosa RoyleJune 28, 2026
2 days ago
Cristiano Ronaldo is soccer's first-ever billionaire: He went from begging for burgers outside McDonald's to landing a $400 million contract
Success
Cristiano Ronaldo is soccer's first-ever billionaire: He went from begging for burgers outside McDonald's to landing a $400 million contract
By Preston ForeJune 28, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.