Private Equity Firms Embracing Technology for AI: The Curious Case of Carlyle’s Tech Team
Private equity firms have traditionally not been known for their technology teams, but recent developments suggest a shift in this trend. According to eFinancialCareers, these firms have been quietly bolstering their technological capabilities in preparation for the age of artificial intelligence (AI).
The Rise of Tech Talent in Private Equity
In recent years, private equity firms have been making significant hires in the technology space. However, not all of these hires stay for long. A prime example is Chitra Hotra, the former chief data and analytics officer at Carlyle in New York. Hotra recently made a surprising exit from Carlyle to join Wells Fargo as its head of data and analytics, as well as its COO of technology.
Hotra’s background includes more than two decades as a banking technologist, with stints at institutions like Bank of America and JPMorgan. Her move from Oaktree Capital to Carlyle last summer marked her transition to the buy side, where she played a crucial role in enhancing Carlyle’s data and analytics capabilities.
Interestingly, Hotra is not the only ex-banking MD in private equity to make a move to Wells Fargo recently. Nonso Ogbonna, who was previously an MD and head of engineering partnerships at Goldman Sachs, also joined Wells Fargo as an MD in enterprise functions technology. This trend highlights the increasing demand for tech talent in the financial sector.
Reshuffling in the Private Equity Tech Landscape
Another notable departure from Carlyle is Sharud Datta, a senior technologist who served as the CTO for global credit. Datta has decided to stay within the private equity realm by joining Veritas Capital as its chief information officer. His role at Veritas Capital will involve scaling the firm’s generative AI initiatives, showcasing the growing importance of AI in the investment landscape.
Datta’s extensive experience in the technology sector, including previous roles at Ares and Millennium, positions him as a valuable asset for Veritas Capital as they navigate the evolving tech landscape in private equity.
Conclusion
The movement of top technologists from private equity firms like Carlyle to institutions like Wells Fargo and Veritas Capital reflects the increasing emphasis on technology and AI in the financial industry. As these firms continue to invest in building out their technology capabilities, we can expect to see more talent reshuffling and strategic hires to drive innovation and growth in the sector.
For more insights on the changing landscape of technology in private equity, you can read the full article here.
