Jeff Nedelman

About Jeff Nedelman

Jeff Nedelman is Global Head of Client Business at Carlyle, based in New York, and will become Co‑President effective January 1, 2026; age 58; education: BA (UC Berkeley) and MBA (Kellogg, Northwestern) . He joined Carlyle in 2023 after 25+ years at Goldman Sachs (including Co‑COO Global Equities, Global Head of Prime Services, Head of Americas Equity Sales) and a Partner/Senior Managing Director role at Certares (Investment and Management Committees) . During his tenure, firm performance highlights include 2024 TSR of 28%, CEO‑tenure TSR >50% through year‑end 2024, and FRE margin improvement to 46% (from 37% in 2023), with notable distribution momentum in wealth and evergreen strategies and a UBS partnership for international wealth clients .

Select firm performance markers during Nedelman’s tenure

Past Roles

External Roles

• No public company directorships or external board roles disclosed for Nedelman in retrieved filings .

Fixed Compensation

• Nedelman’s specific base salary and target/actual bonus are not disclosed in CG’s 2025 Proxy or subsequent filings. Carlyle’s program emphasizes a small fixed base and at‑risk pay for named executive officers (NEOs); time‑vesting RSUs generally vest over 3.5–4 years . For 2024 bonuses, CG expanded a Bonus Deferral Program paying a portion of annual performance bonuses in RSUs vesting over three years to align employees broadly with shareholders (applies across the firm; exceptions for contractual cases) .

Performance Compensation

Performance metrics used by CG’s Compensation Committee include firm financials (e.g., FRE), shareholder value creation, leadership/organizational execution, and business development, among others, as evidenced by CEO bonus constructs; comparable constructs may inform broader senior leader assessments even if individual targets for Nedelman are not disclosed .

Equity Ownership & Alignment

• Stock ownership guidelines: Executive officers must meet minimum ownership within 5 years. CEO: $10M; other executive officers: greater of $2.5M or 3x salary; retain at least 50% of net shares until compliant (75% if past deadline). Unvested PSUs/options do not count; certain time‑based RSUs/deferred shares do count . As Co‑President effective 1/1/2026, Nedelman would be subject to executive officer guidelines .
• Clawbacks: CG maintains an Incentive Compensation Clawback Policy (covers restatements/inaccurate info and “detrimental activity”) and a Dodd‑Frank Clawback Policy mandating recoupment of excess incentive‑based comp upon restatements; both administered by the Compensation Committee .
• Hedging/Pledging: Short sales, derivatives, and hedging of CG stock are prohibited; pledging is generally prohibited absent prior approval .
• Insider activity: No Form 4 transactions by Nedelman were located in retrieved filings; CG noted entering into customary indemnification agreements with newly appointed executives (including Nedelman) . Absence of Form 4s limits visibility into his current beneficial ownership and potential selling pressure .

Employment Terms

• Appointment: Co‑President effective January 1, 2026; continues to lead Global Client Business .
• Indemnification: CG will enter into a customary indemnification agreement with Nedelman similar to other executive officers .
• Change‑in‑Control: For new equity awards since 2022, CG requires a qualifying termination following a change‑in‑control (double‑trigger) for accelerated vesting; no excise tax gross‑ups; no tax gross‑ups on perquisites .
• Non‑compete/non‑solicit, severance multiples, and specific contract economics for Nedelman are not disclosed in retrieved documents.

Performance & Track Record

Compensation Committee, Peer Group, Say‑on‑Pay

• Peer references: Apollo, Ares, Blackstone, Blue Owl, KKR, TPG (with additional asset managers) used as reference market for NEO compensation decisions .
• Governance practices: Independent comp consultant; equity‑heavy, at‑risk pay; clawbacks; ownership guidelines; hedging/pledging prohibitions; double‑trigger CIC for newer awards .
• Say‑on‑Pay: 81% approval in 2024 (up from 68% in 2023), reflecting responsiveness to shareholder feedback and program changes (e.g., stock‑price PSUs, broader bonus deferrals into RSUs) .

Risk Indicators & Red Flags

• Hedging/pledging restrictions mitigate misalignment risk; clawbacks (including detrimental activity) enhance accountability .
• No excise tax gross‑ups and double‑trigger CIC reduce shareholder‑unfriendly optics .
• Insider selling pressure: No Nedelman Form 4s found in retrieved sources; RSU deferrals and multi‑year vesting schedules generally temper near‑term sell pressure, though aggregate firm‑level net share settlements retire shares for tax (4.62M retired in 9M 2025) .

Investment Implications

• Alignment: Elevation to Co‑President, equity‑heavy incentives (RSUs/PSUs), ownership guidelines, and clawbacks indicate strong long‑term alignment and lower agency risk for Nedelman’s remit (global client/wealth) .
• Retention/succession: The announced promotion and multi‑year vesting structures reduce near‑term attrition risk and support continuity in fundraising/distribution strategy .
• Execution drivers: Continued growth in wealth/evergreen and distribution partnerships (e.g., UBS) underpins management fee durability and AUM scalability—key levers for valuation in alt‑asset managers .
• Watch items: Limited disclosure of Nedelman‑specific comp/ownership; monitor 2026 proxy for Co‑President package terms (salary/bonus targets, RSU/PSU grants, severance/CIC), any Form 4 activity, and sustainability of wealth inflows amid market cycles .