Carlyle Promotes 21 Investment Professionals to Senior Positions

Washington, DC – Global private equity firm The Carlyle Group announced today that it has promoted 21 investment professionals, 12 to managing director and nine to principal/director. The individuals work in Carlyle’s offices around the globe conducting buyout, venture, real estate, and high yield transactions.

Professionals promoted to managing director from director/principal are: Guido Audagna, Benoit Colas, Robert Hodges, Glori Holzman Graziano, KC Kung, John Kwun, Jason Lee, Chip Lippman, Wulf Meinel, Jane Gail Orringer, Linda Pace, and Adam Palmer. The new principals/directors promoted from vice president/associate director are Mark Frantz, James Kim, Jay Koh, Yi Luo, Eliot Merrill, Josh Ofstein, Catherine Simoni, Kanwal Singh, and Doug Wiley. (Principals and directors are the same level in Carlyle parlance; principal is the title used in the U.S. and director is the title used in Europe and Asia.)

Carlyle Co-founder and Managing Director Daniel A. D’Aniello, said, “Carlyle derives its strength from its superb staff. Through their hard work and commitment, these individuals have served Carlyle’s investors well. They are central to Carlyle’s success today and are the future of the firm.”

New Managing Directors:

Guido Audagna – Mr. Audagna focuses on Europe real estate opportunities and is based in Milan. Prior to joining Carlyle, Mr. Audagna was at BNL Fondi Immobiliari SGR in Milan (a subsidiary of the BNL Banca Nazionale del Lavoro Group) where he was Fund Manager of Italian real estate funds. Prior to this he worked at REAG Real Estate Advisory Group (a subsidiary of American Appraisal) in Milan and Padua where he was Area Manager for northeast Italy. Mr. Audagna completed his undergraduate degree in Architecture at the Polytechnic of Turin and has a graduate degree in Town Planning and Real Estate Market from Corep of Turin.

Benoit Colas – Mr. Colas focuses on European buyout opportunities in the telecommunications and industrial sectors and is based in Paris. Prior to joining Carlyle, Mr. Colas was with The Boston Consulting Group in Paris and Chicago where he was a Senior Manager. He led numerous strategy & business development assignments for large corporate clients in various industries with a strong focus in telecom, retail, and consumer goods. He was a member of BCG High Tech & Telecom practice. Mr. Colas holds a degree in Engineering & Management from École des Mines in Paris.

Robert Hodges – Mr. Hodges is the portfolio manager of the pan-European real estate fund and is based in Paris. He is also responsible for acquisitions in the United Kingdom. Prior to joining Carlyle, Mr. Hodges was a Director of LaSalle Investment Management with responsibility for portfolio management of European commingled funds. He was responsible for the portfolio management of several direct investment funds and was responsible for the team of asset managers working on the first portfolio of distressed debt to be sold into the French market in 1995. Before moving to France in 1995, Mr. Hodges worked for LaSalle in London. Prior to LaSalle, Mr. Hodges worked as a corporate finance analyst for Brown, Shipley and at Crédit Agricole du Calvados. Mr. Hodges graduated from the London School of Economics and Political Science with a Bachelor of Science (Economics).

Glori Holzman Graziano – Ms. Holzman Graziano is Co-Head of High Yield Research and focuses on high yield opportunities in the energy, forest products, packaging, and chemical sectors and is based in New York. Prior to joining Carlyle in 2001, Ms. Holzman Graziano spent more than 17 years as a sell-side high yield bond analyst at various institutions including SG Cowen, Bank of America, Goldman Sachs and Morgan Stanley where she specialized in the energy industry. Additionally, she was Co-Head of High Yield Research while at Bank of America. Earlier in her career, she was at Standard & Poor’s rating agency specializing in the rating of corporate bonds issued by energy companies. Ms. Holzman Graziano received an M.B.A. from George Washington University and a B.A. from Washington University in St. Louis Missouri.

Kuo Chuan “KC” Kung – Mr. Kung focuses on buyout opportunities in Southeast Asia and Australasia and is based in Singapore. He also serves as lead for transactions in the consumer products industry in the Asia Pacific region. Prior to joining Carlyle, Mr. Kung was an Engagement Manager with McKinsey & Company where he consulted with financial services, telecommunications, and consumer products clients in Greater China, Southeast Asia, and the U.S. Mr. Kung received a B.A. from Dartmouth College and an M.B.A. from Harvard Business School. Mr. Kung grew up in Taiwan and Hong Kong, and is a native Chinese speaker.

John Kwun – Mr. Kwun focuses on Korean and selected North Asian buyout opportunities and is based in Seoul. Prior to joining Carlyle, Mr. Kwun was Executive Director and Head of North Asia Mergers and Acquisitions at Goldman, Sachs & Co. During his nine years with Goldman Sachs in New York and Asia, he completed many transactions for multinationals including DaimlerChrysler, Hutchison Whampoa, the LG Group, the Samsung Group, the SK Group, and Taiwan Semiconductor Manufacturing. Mr. Kwun received an M.B.A. from the Wharton School of Business at the University of Pennsylvania, an M.A. from the Nitze School of Advanced International Studies at Johns Hopkins University, and an A.B. in Economics and Government from Harvard College.

Jason Lee – Mr. Lee focuses on Asian real estate opportunities and is based in Hong Kong. Prior to joining Carlyle Asia Real Estate, Mr. Lee was a Principal with Carlyle Realty in Washington, DC. Mr. Lee joined Carlyle in 1996 and has been involved in the acquisition of more than US$3 billion of real estate assets through Carlyle Realty Partners I and II. Prior to joining Carlyle, Mr. Lee worked for the O’Connor Group in New York as an Associate for The Argo Partnerships, two opportunistic real estate investment funds with a total of US$800 million of equity capital in partnership with J.P. Morgan. Prior to O’Connor, Mr. Lee worked for Disney Development Company, the real estate arm of The Walt Disney Company, in California as a Senior Development Analyst. Mr. Lee received a B.S. in Business Administration from the University of California, Berkeley and an M.B.A. from Harvard Business School.

Christopher “Chip” Lippman – Mr. Lippman focuses on U.S. real estate opportunities and is based in Washington, DC. Mr. Lippman is involved in raising equity capital and investment sourcing in various markets with a focus on Washington, DC and Chicago. Since joining Carlyle in 1998, Mr. Lippman has been involved in raising approximately $1 billion of equity for private equity funds focused on real estate opportunities in the United States. In addition, Mr. Lippman has led the investment of approximately $250 million of equity in real estate transactions totaling approximately $900 million since 1998. Mr. Lippman graduated cum laude from Harvard College with an A.B. in Economics.

Wulf Meinel – Mr. Meinel focuses on European real estate opportunities and is based in Frankfurt. Prior to joining Carlyle, Dr. Meinel was head of the German LaSalle Investment Management operations. Dr. Meinel has nine years of real estate experience as an investment manager, banker and lawyer. Before joining LaSalle he was head of the International Strategic Management Department of Dresdner Bank’s real estate lending arm. Dr. Meinel holds a Ph.D. in European Law from the University of Freiburg, Germany and an M.A. in Social Science from the University of Freiburg, Germany. He is fluent in German, English, French and Italian.

Janegail Orringer – Ms. Orringer is Co-Head of High Yield Research and focuses on high yield opportunities in the lodging, healthcare, and broadcasting/advertising media sectors and is based in New York. Prior to joining Carlyle, Ms. Orringer spent nine years at SunAmerica Inc. as both a High Yield Portfolio Manager and Analyst in the high yield, mezzanine, and distressed asset classes. Ms. Orringer received her B.A. from Bryn Mawr College and J.D. and M.B.A. from New York University.

Linda Pace – Ms. Pace is a leveraged loan portfolio Manager and based in New York. Prior to joining Carlyle, Ms. Pace spent ten years with BHF-Bank AG where she co-headed the bank’s syndicated loan group in New York and had responsibility for investing in leverage loans on behalf of the bank’s $2 billion on-balance sheet portfolio as well as two $400 million collateralized loan obligation funds. Prior to that, Ms. Pace worked at Société Générale as a corporate credit analyst. Ms. Pace received her undergraduate degree in French from Douglass College and her M.B.A in Finance from New York University.

Adam Palmer – Mr. Palmer focuses on investments in the aerospace, defense, and information technology sectors and is based in Washington, DC. Prior to joining Carlyle in 1996, Mr. Palmer was with Lehman Brothers in their Technology Corporate Finance Group focusing on mergers and acquisitions and financings for defense electronics and information services companies. Mr. Palmer received a B.A. from Duke University in International Political Economy. Mr. Palmer sits on the Board of Directors of Grand Vehicle Works, LLC, Vought Aircraft Industries, Inc. and US Investigations Services.

New Principals/Directors:

Mark Frantz – Mr. Frantz focuses on U.S. venture opportunities in the technology and telecommunications sectors and is based in McLean, VA and Washington, DC. He is also the Chairman of the Northern Virginia Technology Council’s Venture Capital Committee and the Co-Chair of the Greater Washington Board of Trade’s Technology Transfer Task Force. Mr. Frantz works with Carlyle Venture portfolio companies Secure Elements, ISR Solutions, Panasas, Blackboard, Imagitas and Grant Street Group. Prior to joining Carlyle in 2001, Mr. Frantz worked for Redleaf Ventures where he was the Senior Director for the Northern Virginia office. Prior to Redleaf, he was the Associate to the Senior Chairman of Deutsche Banc Alex. Brown, working extensively with the Technology and Internet Groups. Mr. Frantz has also served as the Associate Director of the White House Office of Intergovernmental Affairs under President George H. W. Bush and as the technology policy advisor to Pennsylvania Governor Tom Ridge. Mr. Frantz holds J.D. and M.B.A. degrees from the University of Pittsburgh and a B.A. degree from Allegheny College.

James Kim – Mr. Kim focuses on Asian real estate opportunities and is based in Hong Kong. Prior to joining Carlyle, Mr. Kim was an Associate at Remy Capital Partners, an $800 million asset management and private investment fund in Los Angeles. Prior to Remy, Mr. Kim worked for Walt Disney Imagineering in California as an Assistant Manager of Finance focusing on real estate investment and development initiatives of The Walt Disney Company. Mr. Kim has also worked in strategy consulting for three years at The LEK Partnership in its U.S. and Australian offices. Mr. Kim received a B.S. in Industrial Engineering and Operations Research from the University of California, Berkeley and an M.B.A. from Harvard Business School.

Jay Koh – Mr. Koh focuses on U.S. venture opportunities and is based in San Francisco. He leads investments in early- to mid-stage technology companies in the wireless, security, semiconductor and defense/commercial sectors. Prior to rejoining Carlyle, Mr. Koh served as a law clerk to Justice David H. Souter on the U.S. Supreme Court and to Judge Michael Boudin on the U.S. Court of Appeals for the First Circuit. Mr. Koh’s prior experience at Carlyle as an Associate in 1993-1995 focused on real estate and corporate transactions, including distressed asset investments. Mr. Koh received his J.D. from the Yale Law School, where he was a Notes Editor on the Yale Law Journal and won the Stone and Stewart Prizes. He received a Masters in Management from Oxford University and an A.B. in Economics magna cum laude from Harvard College, where he was a member of Phi Beta Kappa and a John Harvard Scholar. Mr. Koh is an Observer on the Board of Directors of Canesta.

Yi Luo – Mr. Luo focuses on Asia Buyout primarily in China and is based in Hong Kong. Prior to joining Carlyle, Mr. Luo was a Vice President of Merrill Lynch & Co.’s Investment Banking division in Hong Kong. While at Merrill Lynch, Mr. Luo led execution and origination efforts on a number of prominent capital markets and M&Amp;Amp;A transactions for clients in China, such as the IPO for CNOOC and Shanghai Pudong Development Bank’s sale of a strategic stake to Citigroup. Prior to that, Mr. Luo was an Executive Director at Goldman, Sachs & Co.’s Principle Investment Area for two years. He was involved in originating and monitoring principle investment projects in China such as China Ping’an Insurance Company. He also played a key role in completing the firm’s first ever investment in China’s non-performing loans area in 2002. Mr. Luo received his M.B.A. from the University of Michigan Business School where he graduated with High Distinction. He received a B.S. from the Southwest University of Economics and Finance in China.

Eliot Merrill – Mr. Merrill focuses on U.S. buyout opportunities in the telecommunications and media sectors and is based in New York. Prior to joining Carlyle, Mr. Merrill was a Principal at Freeman Spogli & Co., a buyout fund with offices in New York and Los Angeles. Prior to that, Mr. Merrill worked at Dillon Read & Co. Inc. in the Mergers & Acquisitions Group. Previously, Mr. Merrill was a Sail Consultant and Special Project Coordinator for Doyle Sailmakers, Inc. Mr. Merrill graduated magna cum laude from Harvard College.

Josh Ofstein – Mr. Ofstein focuses on U.S. venture opportunities in the hardware and systems sectors including materials, semiconductors, capital equipment, technical software and storage and is based in San Francisco. Prior to joining Carlyle, Mr. Ofstein was a Vice President in Banc of America Securities Industrial Practice Group where he focused on the automotive sector. Before joining BofA, he was with Ziff Brothers Investments West Coast Technology Venture Group where he focused on infrastructure and software investments. While at Ziff he was actively involved in ZBI’s investments in NetGravity, Acuity, Real Networks, CrossRoute Software and Visto. Previously, Mr. Ofstein worked in investment banking for three years at Robertson, Stephens & Co. in the Semiconductor and Capital Equipment Group. He is also on the Advisory Board of the Fabless Semiconductor Association. Mr. Ofstein received a B.S. from the Wharton School of the University of Pennsylvania.

Catherine Simoni – Ms. Simoni focuses on European real estate opportunities and is based in Paris. Prior to joining Carlyle, Ms. Simoni was a director at SARI Development, the development arm of Nexity, where she was responsible for implementing business plans on several major French office developments, including leasing and sale of such developments. Prior to SARI Development, Ms. Simoni was a Director at Finestate & Robert, a subsidiary of J.E. Robert Company, where she worked on transactions in real estate and real estate-backed loan portfolios in France, Spain, Belgium, and Italy. Ms. Simoni attended Ingenieur, Nice University, France.

Kanwaljit Singh – Mr. Singh focuses on Asian venture opportunities in the IT and IT enabled services sectors and is based in Bangalore. Prior to joining Carlyle, Mr. Singh worked for three years as Head of Marketing for South Asia with Intel Corporation, where he was responsible for Intel’s brand marketing, retail programs, OEM Co-op marketing, and new distribution initiatives. Before Intel, he worked with Unilever India for 11 years in the areas of sales, product marketing and new product initiatives. Mr. Singh has more than 16 years experience in business development, marketing, and sales. Mr. Singh has an M.B.A. from the Faculty of Management Studies, Delhi University and holds a Bachelor of Engineering (Electrical) degree from Punjab Engineering College, Chandigarh.

Doug Wiley – Mr. Wiley focuses on U.S. real estate opportunities and is based in Washington, DC. He is responsible for coordinating all matters related to the acquisition and disposition of real estate investments, including contract and joint venture negotiations, and structuring of the capital requirements thereto. Prior to joining Carlyle, Mr. Wiley was a Vice President with ProLogis Trust at its European headquarters in Amsterdam, The Netherlands, where he was responsible for all European acquisition and disposition activities. Prior thereto, Mr. Wiley worked at ProLogis’ North American headquarters in Denver, Colorado, where he was responsible for assisting with ProLogis’ international initiatives in Mexico and Europe, and ProLogis’ North American land acquisition and build-to-suit development programs. Mr. Wiley graduated with honors from the University of Texas at Austin, where he received a B.A. in Economics.

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