Brad Bauer has been promoted to co-chief executive officer of alternative investments firm Värde Partners alongside Ilfryn Carstairs, a spokesperson said.
Bauer will continue to oversee Värde's private markets investing as co-chief investment officer, with fellow co-CIO Carstairs.
"Brad has demonstrated exceptional leadership and vision throughout the years, and this elevation was a natural progression that received the full support of the partners," said George G. Hicks, Värde's co-founder and co-executive chair in a news release.
Hicks served as co-CEO until he became co-executive chair in January 2022. Carstairs has served as sole CEO since then, the spokeswoman said.
"Our intentional leadership framework with co-CEOs in the U.S. and Asia aligns with the global nature of our firm and our LP base," said Carstairs in the same release.