Kewsong Lee was hired by Carlyle Group to become its Deputy Chief Investment Officer. Lee worked with Warburg Pincus for 21 years. A veteran of buyout deals, the 48-year old Lee would assume the newly-created position in December. As the firm's No. 2 buyout executive, he would be reporting directly to Carlyle Co-Founder and Chief Investment Officer Bill Conway. In this position, Lee would oversee 11 funds which hold a combined total of USD 58 billion in assets. He would also be part of the management and operating committees of Carlyle.

Lee played a major role in numerous buyout transactions while at Warburg Pincus. This included the sale department store Neiman Marcus Group as well as the transactions of TransDigm Group Inc and Arch Capital Group Ltd.

In a statement, Conway said, "Kew will be a great addition to this team and will play a critical role in helping us ensure the platform we have created continues to make superb investments and create value for our investors."