The Carlyle Group apparently likes the assets it bought from the power company, Cogentrix. So much so that it has hired its chief executive to help lead further investments in the sector.
The private equity firm said on Monday that it had named Robert Mancini, Cogentrix's chief executive, as the co-head of its $1.14 billion infrastructure fund. Mr. Mancini is also a managing director at Goldman Sachs, which has owned Cogentrix since 2003.
Mr. Mancini will officially join Carlyle after the firm closes on its deal to buy Cogentrix's North American power plants, including five coal and solar power plants, from Goldman. He will be based in New York and will head the infrastructure fund alongside Robert Dove.
“This is a rare opportunity to help lead Carlyle's expansion into this critical sector,†Mr. Mancini said in a statement. “I look forward to building upon Carlyle's established infrastructure platform as we grow its investments in the power sector t hrough a combination of development and acquisitions.â€
He joined Goldman in 1993, working as a legal executive before moving to the commodities side in 2004, eventually becoming the co-head of the securities firm's North American power asset business.
Carlyle has made a big push into energy investments, having struck deals for a diverse range of assets that include a Connecticut power plant and an oil refinery joint venture with Sunoco.
