Carlyle infra fund gets new co-head following Goldman deal

Carlyle named Cogentrix chief executive Robert Mancini co-head of its infrastructure fund. The private equity firm bought energy firm Cogentrix last week from Goldman Sachs.

Carlyle Infrastructure Partners Monday appointed Goldman Sachs Group managing director and chief executive of recently acquired portfolio company Cogentrix Energy, Robert Mancini, its co-head.

Mancini, 54, will run Carlyle Infrastructure Partners, a $1.4 billion core infrastructure fund, alongside Carlyle Group managing director Robert Dove, according to a press statement.

Carlyle last week bought Cogentrix, a US power plant developer in Charlotte, North Carolina, from Wall Street firm Goldman, which had purchased Cogentrix in 2003 for $115 million and $2.3 billion in debt.

Carlyle said Mancini will remain with Goldman Sachs, where he is a managing director, until its deal for Cogentrix is closed in the fourth quarter.

Carlyle, the Washington, D.C., private equity firm overseeing $156 billion, acquired Cogentrix to be a platform company to invest in power generation. 

Carlyle has been apt to frame itself as a longtime investor in energy following a discontinuation of its joint venture with private equity firm Riverstone Holdings. The partnership with Riverstone provided Carlyle with the greater part of its exposure to energy.

A lawyer, Mancini joined Goldman in 1993, working in Asia as well as in the US, and specialising in fixed income. He became co-president of Cogentrix in 2003, leaving in 2007 to run a commodity trading business for Goldman before returning to Cogentrix in 2010 as its chief executive.

Mancini called his appointment to co-head Carlyle Infrastructure Partners a “rare opportunity” to help guide Carlyle to expand its presence in a “critical sector”.

Dove joined Carlyle in 2006 from infrastructure developer Bechtel Corporation.