Carlyle Group LP's Irish team intends to leave the private equity giant at the end of 2019 to launch an investment and buyout fund focused on medium-sized businesses in Ireland, The Irish Times reported, citing market sources.
Managing Directors Peter Garvey and Jonathan Cosgrave established a new company called Melior Equity Partners in July. The pair hired London-based Asante Capital Group LLP to advise on the new firm's plans in advance of a fund launch in early 2020, sources told the newspaper.
Carlyle's Irish team has been running a €290 million private equity fund with Dublin-based Cardinal Capital Group since 2014.
Three other members of the 10-member Carlyle Cardinal Ireland investment team will join the firm as Carlyle Cardinal Ireland Fund LP's investment term comes to an end later this year, according to the publication.
