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.

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