Peter Clare, chief investment officer of corporate private equity and chairman of the Americas with the Carlyle Group, will retire from the firm effective April 30, 2023. He is also stepping down from his role as a member of the board of directors, effective immediately. 

The announcement comes amid a change of the top job at Carlyle. Clare was passed over for former Goldman Sachs executive Harvey Schwartz, who joined the global investment giant as CEO on February 15, succeeding Kewsong Lee who left the company in August when his employment agreement ended. 

Clare joined the firm in 1992 and held several senior leadership roles across the corporate private equity business. Sandra Horbach and Brian Bernasek, co-heads of Carlyle’s US buyout and growth platform, will assume the role of co-heads of the Americas to oversee the firm’s private equity business across the region, in addition to their current responsibilities. 

“We are enormously grateful for Pete’s significant contributions to the firm over multiple decades and his decision to retire ends an exceptional career at Carlyle,” said Bill Conway and David Rubenstein, Carlyle co-chairpersons. 

Carlyle’s corporate private equity business has doubled its assets under management in the last six years, totaling $105 billion as of the end of last year. The platform includes flagship regional funds across the US, Europe, and Asia as well as sector-specific strategies.