The Carlyle Group Appoints Peter Garvey and Jonathan Cosgrave as Directors of the Carlyle Cardinal Ireland Fund
With Over 25 years’ Combined Investment Industry Experience at Leading Global Firms, New Team Members Will Focus On Growth Capital and Buyout Investment Opportunities In Ireland
Dublin, Ireland – Global alternative asset manager The Carlyle Group (NASDAQ: CG) today announced the appointment of Peter Garvey and Jonathan Cosgrave as Directors of the Carlyle Cardinal Ireland Fund (CCI), a €292 million dedicated Irish private equity fund focused on growth capital and buyout investment opportunities across Ireland. Both Mr. Garvey and Mr. Cosgrave are Irish nationals, and will be based in Dublin.
Mr. Garvey has 15 years of experience across private equity, management consulting, and both leveraged and corporate finance. Prior to joining Carlyle, Mr. Garvey was with the Private Equity Group of Goldman Sachs Asset Management. He joined Goldman Sachs from McKinsey & Co. where he provided strategic advice and due diligence services to global financial institutions and private equity firms.
Mr. Garvey earned a degree in Economics and Finance from Trinity College, Dublin and is a Fellow of the Institute of Chartered Accountants in Ireland.
Mr. Cosgrave joins Carlyle after 10 years with Warburg Pincus, where he focused on growth capital and buyout investment opportunities primarily in the healthcare sector. Prior to joining Warburg Pincus, Mr. Cosgrave worked 4 years at JP Morgan in the M&A team.
Mr. Cosgrave earned a first class honours degree in Pharmacy from Trinity College, Dublin and a Diploma in Business and IT from the Smurfit School of Business at University College, Dublin.
Mr. Garvey said, “I am delighted to have the opportunity to return to Ireland at a very exciting time for the private equity industry here. The combination of Carlyle’s investment track record and Cardinal’s local network places us in a great position to source, and invest in, outstanding Irish businesses.”
Mr. Cosgrave added: “Ireland offers a significant number of high-quality companies and strong management teams across many different industry sectors. I look forward to working alongside the existing CCI team to find great companies and executives with whom we can partner with to create compelling investment opportunities for our fund.”
The addition of Mr. Garvey and Mr. Cosgrave to the CCI team follows the recruitment of John Dolan, who joined CCI as a Director in February 2014 following ten years of corporate finance and investing experience with NCB and Investec Ventures.
“Adding the international experience that Peter and Jonny bring, places CCI in a great position to offer companies and management teams the combination of capital to grow, local knowledge and global relationships to support expansion into overseas markets” Mr. Dolan said in relation to the new appointments.
With a focus on investment opportunities in the TMT, healthcare, clean-tech, consumer brands, specialist manufacturing and financial services sectors, CCI will look to build on Carlyle’s track record of working with high growth, entrepreneurial, family-owned businesses, as well as companies looking to expand and grow regionally and internationally. Cardinal has a successful 10-year history of investing locally in Ireland.
The fund completed its first investment in January 2014, taking a significant majority shareholding in the Kildare-based premium chocolate manufacturer, Lily O’Brien’s.
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About The Carlyle Group The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with approximately $199 billion of assets under management across 120 funds and 133 fund of funds vehicles as of June 30, 2014. Carlyle's purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,600 people in 38 offices across six continents. [NOTE: FIGURES TO BE UPDATED FOR Q2 2014 RESULTS RELEASED ON JULY 30]
About Cardinal: Cardinal Capital Group (“Cardinal”) is a specialist investment management firm with offices in London and Dublin. Cardinal’s business activities encompass alternative investment management including hedge funds, private equity and real estate. Cardinal Asset Management Limited (UK) is registered and authorised by the Financial Conduct Authority as a financial advisor and maintains regulatory approval to conduct a wide range of financial services activities. Cardinal was founded in 2003 by Nigel McDermott and Nick Corcoran.