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Hi. I'm Aaron Weinman. Kewsong Lee, Carlyle's chief executive, will step down and leave the private-equity firm with immediate effect, months before the scheduled end of his five-year contract. Lee — considered a <a href="https://www.businessinsider.com/profile-of-kewsong-lee-new-sole-ceo-the-carlyle-group-2020-7">Carlyle change agent</a> — reshaped the investment giant, but struggled to lift its share price near peers like Blackstone, KKR, and Apollo.Let's dive in.If this was forwarded to you,<a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street"> sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here</a>.<a href="https://www.businessinsider.com/profile-of-kewsong-lee-new-sole-ceo-the-carlyle-group-2020-7"></a>1. Kewsong Lee, Carlyle's chief executive, has called time on his journey with the private-equity firm. Carlyle, which manages $376 billion in assets, named William Conway, a co-founder and former CEO of the firm, as interim chief executive until a replacement is found.Under Lee's leadership, Carlyle reduced the number of funds it managed, integrated its <a href="https://www.businessinsider.com/carlyle-group-investment-us-buyouts-growth-strategy-private-equity-deals-2021-4">buyouts and growth-investing</a> groups last year, placed a heavy emphasis on growing its capabilities <a href="https://www.businessinsider.com/carlyle-group-leaders-53-billion-lending-division-credit-teaser-2021-1">in credit</a>, and <a href="https://www.businessinsider.com/private-credit-high-returns-opportunities-risk-carlyle-kkr-apollo-2021-4">hired Mark Jenkins</a> from the Canada Pension Plan Investment Board to lead the credit platform.Carlyle's credit arm swelled to $143 billion last quarter, almost double the amount at the same time last year. It was the first time the credit division surpassed Carlyle's private-equity arm.Two of Carlyle's senior dealmakers have also departed the firm. <a href="https://www.bloomberg.com/news/articles/2022-08-08/carlyle-s-head-of-consumer-media-retail-sammons-leaves-firm?utm_medium=email&amp;utm_source=newsletter&amp;utm_term=220808&amp;utm_campaign=author_19463148&amp;sref=ipW5reFz">Jay Sammons</a>, the head of consumer, media, and retail, left the company to start a new venture, while <a href="https://www.bloomberg.com/news/articles/2022-08-08/francisco-partners-hires-carlyle-s-ashley-evans-as-a-partner?utm_medium=email&amp;utm_source=newsletter&amp;utm_term=220808&amp;utm_campaign=author_19463148&amp;sref=ipW5reFz">Ashley Evans</a>, a partner in Carlyle's tech, media and telecommunications group, left to join Francisco Partners, Bloomberg reported on Monday.Despite Lee's efforts, Carlyle's share price has lagged behind peers like KKR, Apollo, and Blackstone. His abrupt departure also highlights the difficulty some private-equity firms face when transitioning from their founders.Conway and fellow co-founder David Rubenstein handed the reins of co-CEO to Lee and <a href="https://www.businessinsider.com/virginia-gubernatorial-hopeful-glenn-youngkin-on-his-years-at-carlyle-2021-9">Glenn Youngkin</a>. Carlyle lost Youngkin just a few years into his role after he pivoted to a career in public service — Youngkin became governor of Virginia in January — and now Lee is stepping down.Apollo, too, has had to <a href="https://www.businessinsider.com/leon-black-assault-accuser-dragging-in-his-friendship-with-epstein-2022-5">deal with the aftermath</a> of its founder Leon Black's association with now-deceased financier Jeffrey Epstein, while KKR transitioned away from co-founders Henry Kravis and George Roberts last October. Blackstone founder Stephen Schwarzman is still CEO, but he is highly likely to pass the baton to <a href="https://www.businessinsider.com/jon-gray-blackstone-profile-succession-schwarzman-interview-ceo-bumble-oatly-2021-1">his trusted lieutenant</a>, Chief Operating Officer Jon Gray, one day.In other news:<a href="https://www.businessinsider.com/home-equity-investments-big-investors-stake-home-2022-8"></a><div type="image" title="A row of homes in suburban America" height="2333" width="3111" msid="93457072" hostid="261" sizebytes="408660"></div>2. Investors like Bain Capital and Redwood Trust plan to "revolutionize" how people tap into $28 trillion in home equity. Many folks who have seen their home values soar want to cash in on <a href="https://www.businessinsider.com/home-equity-investments-big-investors-stake-home-2022-8">their equity</a>.3. Property firm Adler threw parties on the Côte d'Azur and yacht trips to impress finance folks. Wall Street banks pocketed healthy fees from Adler's bond deals, but some of the funds they sold to are staring at losses, according to this writeup <a href="https://www.bloomberg.com/news/articles/2022-08-08/fat-fees-champagne-and-yachts-how-adler-won-over-its-blue-chip-bankers?cmpid=BBBXT080822_DEALS&amp;utm_medium=email&amp;utm_source=newsletter&amp;utm_term=220808&amp;utm_campaign=deals&amp;sref=ipW5reFz">from Bloomberg</a>.4. Venture-capital firms like Lightspeed are raising funds at a record pace. Even with economic uncertainty, company layoffs, and a slow IPO market, VCs are on track to beat their fundraising <a href="https://www.businessinsider.com/venture-capital-funds-record-amount-economic-downturn-2022-8">highs of 2021</a>.5. Y Combinator's head of admissions is looking at more than 10,000 startups for its next cohort. Stephanie Simon shares her advice for founders applying <a href="https://www.businessinsider.com/how-to-apply-y-combinator-application-down-market-successful-2022-8">in a downturn</a>.6. BlackRock is opening a South Florida office, per the Wall Street Journal. The money manager's head of fixed income and about 35 staff are expected to start working from a location in West Palm Beach <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fblackrock-opening-south-florida-snowbird-office-for-dozens-of-employees-11659906957">next year</a>.7. Cox Enterprises will purchase digital-media company Axios for $525 million. Axios' founders Jim VandeHei, Mike Allen, and Roy Schwartz will continue to <a href="https://www.nytimes.com/2022/08/08/business/media/axios-cox-enterprises.html">run the company</a>.8. US regulators are weighing new rules for regional banks, which could complicate merger plans. The Federal Reserve and Office of the Comptroller of the Currency are discussing whether regional lenders should hold more long-term debt that would help them absorb losses in a downturn, the Wall Street Journal <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fu-s-weighs-new-rules-for-regional-banks-complicating-merger-plans-11659748861">reported</a>.9. Tom Brady bought a Bored Ape NFT for $430,000 in April. He's lost at least $194,000 on it <a href="https://www.businessinsider.com/tom-brady-nft-lost-thousands-bored-ape-club-2022-8">since then</a>.10. Jeff Bezos has amassed a $166 billion fortune since founding Amazon in 1994. From underground clocks to flying to the edge of space, here's how he has <a href="https://www.businessinsider.com/jeff-bezos-net-worth-life-spending-amazon-founder-billion-wealth?r=US&amp;IR=T">spent that money</a>.Done deals:<ul><li>Industrial products manufacturer J.M. Huber has agreed to buy the Biolchim Group from NB Renaissance, Chequers Capital, and the Biolchim Group management team. Jefferies is advising J.M. Huber.</li><li>Pfizer has agreed to <a href="https://www.globenewswire.com/news-release/2022/08/08/2493680/37049/en/Pfizer-to-Acquire-Global-Blood-Therapeutics-for-5-4-Billion-to-Enhance-Presence-in-Rare-Hematology.html">acquire Global Blood Therapeutics</a> for approximately $5.4 billion. Morgan Stanley and Goldman Sachs are advising Pfizer, Wachtell, Lipton, Rosen &amp; Katz is legal counsel. JPMorgan and Centerview Partners are advising GBT, while Cravath, Swaine &amp; Moore and Goodwin Procter are legal advisors.</li></ul>Curated by Aaron Weinman in New York. Tips? Email <a href="mailto:aweinman@insider.com">aweinman@insider.com</a> or tweet <a href="https://twitter.com/aaronw11">@aaronw11</a>. Edited by Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Kewsong Lee's decision to step down as Carlyle chief highlights the challenge private equity faces when transitioning from founders

New Delhi, Jan 21 () Tech firm Skylo on Tuesday said it has raised USD 103 million (about Rs 730 crore) in funding from SoftBank Group and others.
 The company, which has raised USD 116 million in total funding to date, saw participation from SoftBank Group in series B and was joined by series A co-leads DCM and Innovation Endeavors, alongside Moore Strategic Ventures, a statement said.
 It had raised USD 13 million in series A round, the statement added.
 Skylo makes affordable and ubiquitous network that connects any machine or sensors.
 It leverages the cellular Narrowband Internet of Things (NB-IoT) protocol via satellite, making it possible to instantly connect billions of sensors on objects and machines in remote areas. 
 Skylo's new satellite connectivity leverages existing geostationary satellites to bring reliable connectivity without the need to add new infrastructure in space.
 The statement said Skylo has completed successful commercial field trials with a major enterprise and government customers. Its customers include enterprise and government entities across industries, including automotive, railways, agriculture and maritime.
 "Skylo envisions a world where connectivity for machines, sensors and devices is as ubiquitous as the sky. This low-cost, global fabric of connectivity for machine data will be transformative for entire industries," Skylo co-founder and CEO Parthsarathi Trivedi said.
 The statement said Skylo will scale customer implementations, first in India and other emerging markets where it has already started implementing the technology in a range of industries.
 Skylo's service will be commercially available later this summer and the company is in commercial trials with users in the US and other world regions for subsequent launches and market expansion, it added.
 Skylo was founded in 2017 by Trivedi, Chief Technology Officer Andrew Nuttall and Chief Hub Architect Andrew Kalman.
 Its current board of directors includes board chairman former US Ambassador Terry Kramer, David Chao of DCM, Scott Brady and Harpinder Singh of Innovation Endeavors, and Trivedi.
 Skylo, which has offices in San Mateo (California, US), Bengaluru, and Tel Aviv, Israel, is growing the team globally to support its fast-growing customer base. SR RVK

Skylo raises USD 103 mn from SoftBank, others

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Kewsong Lee's decision to step down as Carlyle chief highlights the challenge private equity faces when transitioning from founders

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Skylo raises USD 103 mn from SoftBank, others

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