The Carlyle Group has recruited Alex Popov, a hedge fund veteran specializing in non-investment grade credit, to build out a business line of opportunistic credit funds.

Popov was named managing director in charge of credit opportunities in global credit, Carlyle’s financing platform for corporate loans, structured and private finance, as well as distressed credits. Opportunity funds have generally centered on raising investor money for high-risk/high-return financing of businesses that are otherwise unable to obtain bank or capital-market funding.

Popov was formerly managing director at HPS Investment Partners (formerly Highbridge Principal Strategies), which runs funds providing capital for non-investment grade companies in the U.S. and Europe. While at HPS/Highbridge, Popov was involved in corporate credit and real estate funds, according to Carlyle's press release issued Monday.

Popov, a 20-year hedge fund veteran, will report to Mark Jenkins, the head of the $29 billion-asset global credit business. Jenkins is also a recent hire for a new position, coming to his post last September after leaving the Canada Pension Plan Investment Board as head of private investments.

"The opportunistic credit space is a critical part of the buildout of our global credit platform,” said Jenkins, in the release.

Popov was at HPS from 2008 to 2016, following stints at Oaktree Capital Management, American Capital Strategies and investment bank Donaldson, Lufkin & Jenrette.

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