Career
Lee's first job after graduation from Harvard was at consulting firm,McKinsey &Company. [2] [7] He spent two years there before leaving in 1988 to attend Harvard Business School. [2] [7]
Lee did a summer internship at Goldman Sachs in 1989 but ultimately decided to return to McKinsey &Company in 1990 after graduating from Harvard Business School. [2] [7]
In 1992,Lee joined private equity firm,Warburg Pincus. [2] [7] He would spend 21 years at the firm where he became a Partner as well as a member of the Executive Management Group. [8] [4] While at Warburg,Lee was involved in transactions that included companies such as Neiman Marcus,Aramark,TransDigm and MBIA. [4] [9]
From 2009 to 2017,Lee was a lead director at Arch Capital Group as well as a board member for other firms such as Transdigm and Aramark. [8]
The Carlyle Group
In 2013,Lee joined The Carlyle Group as deputy chief investment officer for corporate private equity. [3] [4] [9] In 2015,Lee also assumed the role of leading the global credit unit. [10] [11]
In 2018,Lee and Glenn Youngkin became co-chief executive officers,succeeding the founders who remained on the executive board. [12] As co-chief executive officers,Lee oversaw the firm's corporate private equity and global credit businesses,while Youngkin oversaw Carlyle's real estate,energy,infrastructure,and investment solutions businesses. [13] [14]
In 2019,Lee and Youngkin oversaw the firm's transition from a publicly traded partnership into a corporation. [15]
In July 2020,Youngkin stepped down from his role at Carlyle,making Lee the sole chief executive officer of the firm. According to Bloomberg,though the partnership was intended as equals,Lee ran the company's largest businesses and took initiative while Youngkin's business lines stalled. [16] [17] [18]
As CEO,Lee reorganized the company and invested in new sectors like credit,real estate,and insurance to diversify the company away from its private equity roots. [11] [19] [20] Carlyle's ratio of credit assets to total assets increased from 17% in January 2018 to 38% in June 2022. [21] According to Reuters,under Lee's leadership,Carlyle made progress in core performance metrics,but still lagged rivals such as Blackstone and KKR. [21]
On August 8,2022,Lee stepped down as CEO suddenly during contract negotiations with the board. [22] Sources linked the departure to multiple reasons. The founders wanted more control over the company than what Lee wanted. [19] [20] The founders disagreed with some of Lee's organization and management decisions. [19] [21] [23] Bloomberg News said the poor performance of the company's stock price prompted the founders to act. [23]
Post-Carlyle Group
After leaving Carlyle,Lee founded BellTower Partners,a holding company. In 2024,BellTower closed a minority investment in Ascot Group Ltd,a global specialty insurance firm,with Lee becoming board chair. [24] BellTower bought a share of Patricof Co,a private equity firm catering to professional athlete investors. [25]
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