Jeff Nedelman
Co-President at CG
Executive
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
| Metric | Period | Value/Detail |
|---|---|---|
| Total Shareholder Return (TSR) | FY 2024 | 28% |
| CEO tenure TSR (Feb 15, 2023–Dec 31, 2024) | Through 12/31/2024 | >50% |
| Fee‑Related Earnings (FRE) margin | FY 2024 vs FY 2023 | 46% vs 37% |
| Income before tax margin | Q3 2025 | 25.8% |
| Wealth/evergreen momentum | LTM to Q2 2025 | Evergreen AUM ~$30B; UBS partnership for international wealth clients |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Carlyle Group (NASDAQ: CG) | Global Head of Client Business; member, Leadership Committee and New Products Committee; Co‑President effective 1/1/2026 | 2023–present | Leads global investor relations and distribution across private equity, credit, and AlpInvest; focus on institutional and global wealth channels . |
| Certares | Partner & Senior Managing Director; member, Investment Committee and Management Committee (incl. CK Opportunities Fund) | 2020–2023 | Investment decision‑making and platform leadership across strategies . |
| Goldman Sachs | Co‑Chief Operating Officer of Global Equities; previously Global Head of Prime Services; Head of Americas Equity Sales | 25+ years (prior to 2020) | Expanded financing and execution products/services; senior leadership across equities and prime brokerage . |
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
| Instrument / Metric | Program Design | Targeting/Vesting | Notes |
|---|---|---|---|
| Performance‑Vesting RSUs (stock‑price PSUs) | Drives stock price appreciation; rigorous stock price hurdles | 3‑year program; full vesting at 60% stock price appreciation in stock‑price PSU program (introduced 2024) | Designed based on shareholder feedback; further aligns executives with investors . |
| Time‑Vesting RSUs | Retention and ownership | Generally eligible to vest over 3.5–4 years | Delivered to senior leaders/NEOs; aligns with share ownership . |
| CEO sign‑on PSUs (context) | Absolute + relative TSR | 5‑year; 110% stock price appreciation and ≥60th percentile relative TSR to S&P 500 Financials for full vesting | Signals performance rigor in CG’s equity program . |
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
| Area | Evidence | Implication |
|---|---|---|
| Global client distribution and wealth | CG reports nearly six‑fold increase in CAPM assets over the last year; evergreen strategies ~40% YoY AUM growth to nearly $30B; exclusive secondary solution for UBS’s international wealth clients | Strong distribution momentum in channels Nedelman oversees, supportive of durable fundraising and management fee growth . |
| Capital markets / fee generation | ~$230M capital markets fees over LTM to Q2 2025, with further upside tied to M&A/IPO cycles | Additional non‑management fee revenue streams; cross‑selling lever across segments . |
| Firm TSR and profitability | 2024 TSR 28%; CEO‑tenure TSR >50% through YE 2024; FRE margin improved to 46% in 2024 (from 37% in 2023) | Positive shareholder alignment backdrop during Nedelman’s tenure; improved operating leverage . |
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 .