Kewsong Lee
Kewsong Lee | |
|---|---|
| Born | August 12, 1965 Albany, New York, U.S. |
| Occupation(s) | Entrepreneur, former CEO of The Carlyle Group |
| Known for | Former CEO of The Carlyle Group |
Kewsong Lee (; born August 12, 1965) is an American entrepreneur and the former chief executive officer (CEO) of the private equity firm The Carlyle Group.
Early life and education
Lee was born on August 12, 1965, in Albany, New York. He is of Korean heritage; his father, Hak Chong Lee, served as a professor at Yonsei University. Due to his father's academic career and involvement with the United Nations, Lee spent his early childhood in South Korea and Singapore before enrolling at Choate Rosemary Hall, a boarding school in Connecticut, where he graduated in 1982.
He obtained an A.B. degree in Applied Mathematics with a focus on Economics from Harvard College in 1986. Later, he earned his MBA from Harvard Business School in 1990.
Career
Following his undergraduate studies, Lee started his professional journey at consulting firm McKinsey & Company, where he worked for two years prior to beginning his MBA at Harvard Business School in 1988. During his studies, he completed an internship at Goldman Sachs in 1989 but returned to McKinsey after earning his MBA in 1990.
In 1992, Lee became part of private equity firm Warburg Pincus, dedicating 21 years there and ascending to Partner and member of the Executive Management Group. Throughout his tenure, he participated in transactions involving companies such as Neiman Marcus, Aramark, TransDigm, and MBIA. Between 2009 and 2017, Lee held the position of lead director at Arch Capital Group and served on the boards of Transdigm and Aramark.
The Carlyle Group
Lee joined The Carlyle Group in 2013 as deputy chief investment officer for corporate private equity and assumed leadership over the global credit division by 2015. In 2018, he was appointed co-chief executive officer alongside Glenn Youngkin, succeeding the firm's founders who remained involved on the executive board. Lee was responsible for corporate private equity and global credit operations, while Youngkin oversaw real estate, energy, infrastructure, and investment solutions.
In 2019, Lee and Youngkin guided Carlyle’s conversion from a publicly traded partnership into a corporation. Youngkin resigned in July 2020, leaving Lee as the sole CEO. Bloomberg observed that although both were initially intended to share equal authority, Lee managed the company’s largest business units and spearheaded strategic initiatives while Youngkin’s divisions underperformed.
During his tenure as CEO, Lee restructured Carlyle by broadening its investment focus into credit, real estate, and insurance sectors to reduce reliance on traditional private equity. Under his direction, Carlyle’s credit assets increased from representing 17% of total assets in January 2018 to 38% by June 2022. Reuters highlighted enhancements in key performance indicators during Lee’s leadership; however, Carlyle continued to trail competitors such as Blackstone and KKR.
On August 8, 2022, Lee unexpectedly stepped down amid contract discussions with the board. Reports indicated multiple reasons for his departure: the founders desired more control than Lee was prepared to grant; disagreements arose over some organizational and managerial decisions; and disappointing stock performance prompted intervention from the founders.
Post-Carlyle Group
Following his exit from Carlyle, Lee established BellTower Partners, a holding company. In 2024, BellTower made a minority investment in Ascot Group Ltd—a global specialty insurance company—with Lee appointed as chairman of its board. Additionally, BellTower acquired a stake in Patricof Co., a private equity firm focusing on investors who are professional athletes.
Personal life
Lee is wedded to Zita Ezpeleta, a lawyer who previously practiced at Sidley Austin. The couple first connected during their undergraduate years at Harvard College's Lowell House and are parents to two children.