Carlyle Group Case:
Superior Teamwork Creates a Double Win
Industry: Investment Banking
Client: Real Estate Capital Markets Group of Major Midwest Bank
Search: Managing Director-Structured Finance, Real Estate Capital Markets
Client Situation:
Our Chicago client had a newly created position that was difficult to fill and they were very particular. They needed an experienced Managing Director for their fast-growing Real Estate Capital Markets division—an accomplished professional with a combination of skills that are hard to come by. The number of qualified candidates is few and they are typically found only in major financial markets like New York or Los Angeles. Because of their unique combination of skills, candidates are well-compensated and highly sought after. They often don’t envision Chicago as the place to be for a robust investment banking career.
Carlyle Group worked on a nationwide search so that we could select from the best talent in the country. We were looking for MBA candidates with over 10 years of commercial real estate finance experience at a major market commercial bank, investment bank or principal investment firm with proven ability in structuring, pricing and selling b-note/mezzanine loans on fixed and floating rate debt to other banks and the investor community at large. Our client also wanted to make certain that the candidate had the ability and desire to nurture and deepen existing relationships and was compatible with the bank’s business culture.
Once we identified those with the right qualifications and characteristics, our teamwork with RECM began in earnest. Working together, we had to help the candidates see their future in Chicago and convince them that our client represented an outstanding opportunity to make their mark, to work with a great team, and to have more autonomy and greater strategic impact than they would find in a larger firm.
After only a few months, we presented a very desirable candidate for this highly visible, strategic position. The client planned to extend an offer.
Then, tragically and unexpectedly, our contact, with whom we had been working closely on this search and others, and who we placed with our client in 2002, died in a car accident. The loss sent RECM reeling. They needed time to re-group and more than a month went by before they were able to extend an offer to the candidate.
They made their offer on a Friday….the same day the candidate accepted an offer from another firm, a hedge fund with very deep pockets. So, we were all back to square one.
Carlyle Solution:
Because we had such a thorough understanding of what qualities and skills our client was looking for, a deep understanding of their business, and a first hand knowledge of their situation, we were able to step in at once and resume the search process. And, we were extremely motivated to help RECM through the tough and trying times that come with a significant loss. We had a very clear picture about what they needed. We knew where to look and who would be a good fit. We never lost the sense of urgency needed to match a quality candidate with a great opportunity. During the process working closely with senior management at the bank, success was achieved in accessing not one but two proven managers who were open to moving to Chicago and were intrigued by the idea of joining an energetic, fast-growing team.
The result: The client extended offers to both candidates—one in the role of Managing Director of Structured Finance and the other as Director, Structured Placement and B-Note Distributions. After active negotiations, both accepted offers and have quickly become active and integral members of this dynamic team
