Global alternative asset manager The Carlyle Group has
completed its purchase of New York-based Metropolitan Real Estate Equity
Management, a global manager of real estate funds of funds.

Metropolitan is now part of Carlyle’s Solutions platform, which also
includes AlpInvest, the $48 billion private equity fund of funds business. The move brings Solutions' AuM to $50.6 billion.

Metropolitan’s management team, led by David Sherman, remains in place. In
addition to his role as co-chief investment officer, Sherman is now head of real estate within the
Solutions platform.

Sherman and his team will continue to run the Metropolitan investment
committee and to make all investment decisions, The Carlyle Group said.

Separate hire

In other news, Carlyle has hired Kewsong Lee as deputy chief
investment officer for corporate private equity – a newly-created role at the
firm.

Lee joins from Warburg Pincus, where he was managing director and a member of
the executive management group.

Lee will officially join the firm in late December and will be based in New York and Washington,
DC.

As deputy CIO, Lee will assist Carlyle
co-chief executive and CIO, William Conway, with activities
related to investing and managing the firm’s corporate private equity platform,
which consists of 11 buyout and growth capital funds totaling $58 billion in AuM.

Lee will also join the firm’s
management and operating committees, while helping with corporate development
for the firm.