It’s A Special Situation: Rodney Cohen In Talks To Join Carlyle Group

The Carlyle Group has lots of different private equity fund strategies, but none would be described as turnaround or special situations. That may be about to change.

peHUB has learned that the firm is in talks to hire Rodney Cohen, co-managing partner of Pegasus Capital Advisors. The two sides have not yet reached a final agreement, but sources tell peHUB that they are close.

Were Cohen to join, the most likely scenario would be that he’d help Carlyle launch a special situations fund later this year. The firm does have a pair of “Strategic Partners” vehicles, but both of them focus more on debt than on equity.

“I think the conversations are pretty broad, since Rodney has experience both with turnarounds and regular buyouts,” says a source familiar with the situation. “He could do one, both or even something slightly different.”

Cohen has spent the past 14 years with Pegasus, a middle-market turnaround shop, before which he was a practicing attorney. Pegasus currently is investing out of a $750 million fund raised in 2007, and has around $2 billion in assets under management.

Neither Cohen nor Carlyle returned requests for comment.