The Carlyle Group is one of the biggest global investment firms in the world. With $216 billion in assets spread across 343 investments, our relationship with this key client is already estimated to be worth around $27 million, spanning 17 offices and 14 countries.

Client relationship partner for Carlyle Christopher Kelly explains: “In recent times we’ve been working on more than 100 matters for Carlyle and its subsidiaries and portfolio companies, but the potential for further growth is substantial.

“In recent times we’ve been working on more than 100 matters for Carlyle and its subsidiaries and portfolio companies, but the potential for further growth is substantial.”

“Currently, around 84 percent of the work we do for them is Corporate/M&A and banking and finance based, with the rest covering capital markets, restructuring and insolvency, dispute resolution and project finance.

“Ultimately, our aim is to become one of Carlyle’s preferred legal counsel across Asia Pacific, EMEA and the United States and to develop Carlyle as a global ‘marquee’ private equity client in the longer term.”

Relationship building

One of the ways we’re strengthening our relationship with the Carlyle Group is through secondments and, in September 2018, London associate Irina Kozlova began a secondment at Carlyle’s Hong Kong office that will run until June.

She says: “I’d previously worked with the group’s Hong Kong legal team during an Indian buyout deal, but what surprised me most when I arrived was how small the team is, with just two permanent lawyers and a three-person compliance team.

“When you consider they work on mandates across the whole Asia-Pacific region, I quickly got a much better appreciation of how busy they are, juggling multiple acquisitions and exits, as well as doing advisory work for Carlyle’s portfolio companies.

“It taught me how much they rely on external counsel at every step of a transaction.”

Adding value

During her nine-month secondment, Irina has been involved in several acquisitions and exits involving Carlyle Japan partners, plus most recently Carlyle’s acquisition of a nine percent stake in the Indian private life insurance company, SBI Life Insurance.

She comments: “My involvement on these deals included negotiating bid-offer letters, term sheets, consultancy services agreements, engagement letters, non-disclosure agreements and key transactional documents.

“In addition, I worked with external counsel and advisors regarding legal due diligence and background reviews, process management, and the execution process.”

Irina also valued the chance to immerse herself in the client’s culture, particularly when she attended Carlyle’s annual Asia buyout fund event in Hangzhou, China, travelled back to London for the Carlyle global legal offsite this year and even attended the two-day investor conference in Hong Kong in May.

“I think it’s been a great opportunity to showcase the Firm’s regional capabilities by connecting the Carlyle team in Hong Kong to our partners and associates across the region and beyond.”

On her experience in Hangzhou she says: “It gave me the opportunity to meet members of the Asia-Pacific deal teams, including from China, Singapore, Korea, Australia, Indonesia and India, which was invaluable in helping me put faces to names and deepen relationships.

“Over the course of the nine months I’ve also built a good understanding of the Asia buyout team’s investment strategy for 2019/2020, which is focused on large capital opportunities. Such knowledge can only be helpful as we look for ways to help them in future.”

With White & Case already among Carlyle’s top five firms for Asia-Pacific transactions, Irina’s secondment was strategically important to consolidate and build on this position.

Showcasing skills

Irina says: “I think it’s been a great opportunity to showcase the Firm’s regional capabilities by connecting the Carlyle team in Hong Kong (in particular managing director and general counsel for Asia-Pacific Wayne Bannon) to our partners and associates across the region (particularly Japan and Singapore) and beyond.

“From my time here, I can see how the Carlyle Group often needs and appreciates the support of larger international law firms such as White & Case because of the size and cross-border nature of the transactions they are working on.

“This presents an excellent opportunity to expand our relationship outside of Hong Kong.”

Priceless experience

From a personal development perspective, Irina has also found the secondment invaluable. She says: “Secondments are an excellent opportunity to put yourself in your client’s shoes and better understand a client’s commercial business needs.

“I have also generally cherished my move from London to Hong Kong. The rapid changes in the business landscape and the innovation which is taking place in Hong Kong and the greater China region have always excited me.

“Hong Kong is incredibly fast-paced, a diverse environment, and rich in culture and opportunity for a young professional such as myself. It has been an eye-opening experience and I’d recommend secondments to anyone at White & Case.”