Former Carlyle Partner Joins Apollo as Head of European Private Equity

Leung, 47, spent 15 years at the Carlyle Group where he most recently served as co-head of European buyouts, overseeing a portfolio of 22 companies with aggregate enterprise value exceeding €35 billion. His departure marks one of the highest-profile lateral moves in the European PE market in recent years.

Apollo's European Ambitions

The hire signals Apollo's determination to close the gap with European PE leaders like CVC Capital Partners, EQT, and Permira. Apollo's European equity fund currently manages approximately $18 billion, compared to over $30 billion at CVC and $25 billion at EQT.

Apollo CEO Marc Rowan described Leung's appointment as "transformational for our European franchise." The firm plans to open new offices in Munich and Milan in H2 2026, adding to its existing European presence in London and Luxembourg.

Track Record at Carlyle

During his tenure, Leung led or co-led several of Carlyle's most successful European investments, including the $4.2 billion acquisition of Logista Holdings, which generated a 3.1x gross return, and the €2.8 billion take-private of Sedgwick Group in the UK insurance market. His portfolio generated a blended gross IRR of approximately 24% across 14 realized investments.

Carlyle has not yet named a replacement, with co-head Marco De Benedetti assuming sole leadership of European buyouts on an interim basis. Industry sources suggest Carlyle is considering both internal promotions and external candidates for the role.