ALTERNATIVES

Carlyle’s Middle East-North Africa chief steps down

Walid Musallam, head of Carlyle Group's Middle Eastern and North African operations, is stepping down as political turmoil reduces investment in the region.

Mr. Musallam will be succeeded by Can Deldag and Firas Nasir, Rosanna Konarzewski, a spokeswoman for Carlyle in London, said by telephone.

Carlyle, which is investing a $500 million fund in the region, declined to elaborate on the reasons for Mr. Musallam's departure.

“The fund is showing strong progress and the four recent investments” are “performing very well,” Ms. Konarzewski said by e-mail.

Mr. Musallam joined Carlyle in November 2006 from the Abu Dhabi Investment Co., now known as Invest AD, where he was CEO. Mr. Musallam, who previously worked at the World Bank's International Finance Corp. and Lehman Brothers Holdings, helped Carlyle raise its first fund for the region in 2009.

Turmoil brought by the Arab Spring uprisings in the past year has prevented buyout firms from investing in some markets in the region such as Egypt. Firms have instead focused on less-turbulent markets such as Turkey.

Carlyle's so-called MENA Fund accepted $42.6 million from the $64 billion Libyan Investment Authority, Tripoli, Libya's sovereign wealth fund, according to a filing that Global Witness, a London-based advocacy group, said it obtained in May.