Mark Jenkins
Co-President at CG
Executive
About Mark Jenkins
Mark Jenkins is Head of Global Credit at Carlyle and a member of the Leadership Committee; effective January 1, 2026 he will become Co‑President leading Global Credit and Insurance. He joined Carlyle in 2016 after senior roles at CPPIB (where he chaired key investment committees and founded CPPIB Credit Investments), Barclays (Co‑Head of Leveraged Finance Origination and Execution), and Goldman Sachs, and holds a B.Comm from Queen’s University; he is based in New York and was 58 as of July 2025 . Carlyle’s 2024 total shareholder return was 28%, and under the realigned compensation framework management improved FRE margin from 37% to 46% in 2024; management also highlighted strong progress in insurance ($77B insurance AUM in 2024 and over $19B committed to Carlyle strategies), areas directly connected to Jenkins’ remit . Carlyle reported income before tax of $1.4B and a 25.7% margin for 2024; pay design emphasizes equity and stock‑price–linked PSUs, clawbacks, and ownership guidelines for executives and segment heads .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Canada Pension Plan Investment Board (CPPIB) | Senior Managing Director; led Global Private Investment; Chair of Credit Investment Committee and Private Investments Committee; managed Portfolio Value Creation | Not disclosed | Founded CPPIB Credit Investments; led acquisition/oversight of Antares Capital; expanded middle market lending platform |
| Barclays Capital | Managing Director, Co‑Head of Leveraged Finance Origination and Execution (New York) | Not disclosed | Built and led leveraged finance origination/execution franchise |
| Goldman Sachs | Senior positions in Fixed Income and Financing (New York) | 11 years | Senior leadership roles across fixed income/financing; foundation for subsequent credit leadership |
| Carlyle | Head of Global Credit; incoming Co‑President (effective 1/1/2026) | 2016–present | Leads global credit; will lead Global Credit and Insurance; central to firm’s insurance strategy scale‑up |
External Roles
| Organization | Role | Years | Strategic impact / notes |
|---|---|---|---|
| Fortitude Re | Director (current) | Not disclosed | Strategic insurance partner; platform builds Carlyle’s internal insurance asset‑liability and regulatory capabilities |
| Wilton Re | Director (previous) | Not disclosed | Insurance exposure and expertise |
| Teine Energy | Director (previous) | Not disclosed | Energy sector exposure |
| Antares Capital | Director (previous) | Not disclosed | Middle market lending leadership and expansion |
| Merchant Capital Solutions | Director (previous) | Not disclosed | Specialty finance exposure |
| Carlyle Secured Lending, Inc. (CSL) | Director (previous) | Not disclosed | Public BDC in Carlyle’s credit ecosystem |
| Carlyle Credit Solutions, Inc. (CARS) | Director (previous) | Not disclosed | Public BDC in Carlyle’s credit ecosystem |
| Carlyle Secured Lending III | Director (previous) | Not disclosed | Private BDC vehicle |
Fixed Compensation
- Company program context (individual amounts for Jenkins not disclosed in 2024 proxy; he was not a named executive officer):
- Base salaries for NEOs were unchanged in 2024 (CEO $1,000,000; other NEOs $500,000). Majority of comp is variable and equity‑based .
- Annual performance bonuses used firm financials (e.g., FRE) and qualitative factors; CEO’s 2024 bonus was $6,000,000 based on a 200% achievement factor .
- Beginning with 2024, a mandatory Bonus Deferral Program paid a graduated portion of annual bonuses in RSUs vesting over three years to broaden equity alignment (applied across employees, including senior leaders; exceptions for contractual commitments) .
Performance Compensation
- Long‑term equity program design applicable to executives and senior leaders:
- Time‑vesting RSUs: generally vest over ~3.5–4 years to promote retention and share ownership .
- Bonus Deferral RSUs: a portion of annual cash bonus mandatorily converted into RSUs vesting 1/3 per year over three years (granted for 2024 bonuses in Feb 2025) .
- Stock Price Appreciation PSUs: vesting tied to absolute stock price hurdles over a three‑year period; full vesting requires 60% stock price appreciation (2024 program) .
- Broader pay architecture emphasizes variable, equity‑settled awards and aligns to shareholder outcomes; clawbacks and ownership guidelines apply .
| Metric/Instrument | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|
| Stock Price Appreciation PSUs (2024 program) | Not disclosed | 60% absolute CG stock price appreciation for full vesting | Not disclosed at executive‑specific level | Service plus attainment of stock price hurdles over 3 years |
| Bonus Deferral RSUs | Linked to % of annual bonus (graduated) | N/A | N/A | 1/3 each year on Feb 1 of 2026–2028 for 2024 bonuses granted Feb 2025 |
| Time‑vesting RSUs | Discretionary/annual | N/A | N/A | Generally 3.5–4 years |
Notes: Carlyle indicates segment heads and executive officers are subject to clawback policies; specific award counts/values for Jenkins are not disclosed in the 2024 NEO tables .
Equity Ownership & Alignment
- Stock ownership guidelines: CEO must own the greater of $10 million or 6x salary; other executive officers must own the greater of $2.5 million or 3x salary; compliance expected within five years, with mandatory post‑vest retention until met .
- Clawbacks: Carlyle maintains both a Dodd‑Frank compliant clawback (mandatory recoupment of excess incentive‑based compensation upon a material restatement) and an additional incentive compensation clawback policy that extends beyond Dodd‑Frank (including recoupment for detrimental activity) .
- Hedging/pledging: Short sales and derivative hedging of CG stock are prohibited; pledging is generally prohibited absent prior approval .
- Beneficial ownership disclosure: The 2025 proxy lists share ownership for directors/NEOs and >5% holders; Jenkins is not listed individually in that table (he was not a director or 2024 NEO), so no specific share count is disclosed for him as of April 4, 2025 .
Employment Terms
- Role and tenure: Joined Carlyle in 2016; currently Head of Global Credit; effective January 1, 2026 he will become Co‑President and lead Global Credit and Insurance .
- Indemnification: Carlyle disclosed it will enter into customary indemnification agreements with Jenkins (and other appointees) in the same form as for other executive officers and directors .
- Change‑of‑control and vesting practice (company policy): Requires a qualifying termination following a change in control (double‑trigger) for accelerated vesting; no excise tax gross‑ups .
- Severance, non‑compete/non‑solicit, and individual employment agreement terms for Jenkins are not disclosed in the 2025 proxy or the July 2025 8‑K.
Performance & Track Record
- Firm performance context during Jenkins’ leadership of Global Credit:
- 2024 TSR: 28%; income before tax $1.4B and 25.7% margin .
- FRE margin improved to 46% in 2024 from 37% in 2023 under the re‑aligned comp/cost framework .
- Management emphasized progress in insurance—$77B insurance AUM in 2024 and over $19B of commitments to Carlyle strategies—an area Jenkins will lead as Co‑President .
- Strategic positioning: Management commentary highlights Fortitude Re partnership as a core capability‑builder for insurance solutions; Jenkins is a Fortitude Re director and a central leader for credit/insurance strategy .
Compensation Governance and Risk
- Peer group reference set used for executive pay benchmarking in 2024 included Apollo, Ares, Blackstone, Blue Owl, KKR, TPG, and others; the committee placed particular emphasis on alternative managers most comparable to Carlyle .
- Say‑on‑pay approval improved to 81% at the 2024 Annual Meeting (from 68% in 2023), reflecting positive shareholder feedback on the redesigned PSU and equity alignment programs .
- Risk mitigants include: no option repricing, no pension benefits for executive officers, no tax gross‑ups on perquisites, and robust clawbacks and stock ownership/retention rules .
Risk Indicators & Red Flags
- Hedging/pledging: Prohibited (pledging generally prohibited absent approval), reducing alignment risk; no evidence disclosed of Jenkins pledging CG shares .
- Clawback scope: Dodd‑Frank compliant policy plus a broader firm policy that covers detrimental activity supports accountability .
- Related parties: No Jenkins‑specific related party transactions disclosed in the 2025 proxy; Fortitude Re is a strategic partner where Jenkins serves as director, and management describes its strategic importance to the insurance build‑out .
Investment Implications
- Alignment: As a segment head and incoming Co‑President, Jenkins is subject to Carlyle’s ownership guidelines, clawbacks, hedging/pledging restrictions, and equity‑heavy incentives (time‑vested RSUs, stock‑price PSUs, and bonus‑deferral RSUs), aligning him with shareholder outcomes .
- Retention/Promotion: Elevation to Co‑President (effective 1/1/2026) and leadership of Global Credit & Insurance suggest strong internal sponsorship and lower near‑term retention risk; watch for future disclosures of any new grants tied to the role .
- Execution levers: Insurance AUM growth and credit platform expansion are central value drivers tied to Jenkins’ remit; progress cited for 2024 provides a baseline to assess future performance contribution .
- Monitoring: Because Jenkins was not a 2024 NEO, granular pay and ownership data are not in the proxy; monitor future proxies and Form 4s for insider activity and potential selling pressure around PSU/RSU vesting under firmwide schedules (e.g., bonus‑deferral RSUs) .