PRINT THIS PAGE Ed Ewing and his turnaround team leave Carlyle to set up on their own.15/07/2004. Source: AltAssets. 
 Edward Ewing and his 20-strong turnaround team have left Carlyle Group to set up on their own. The new firm will be called Ewing Management Group and was officially launched on July 1 this year.
The split is understood to be entirely mutual and follows the firm's decision not to extend the Carlyle Management Group fund's two-year investment period.
The fund closed with $590m of commitments in 2002 but has only invested in two transactions and used 20 per cent of its capital to date. No further commitments will be drawn down.
Ewing Management Group has also recruited Elizabeth Varley Camp, a former managing director of Goldman Sach's private equity team, to run the firm's New York office. She joins as a general partner.
Carlyle plans to recruit a new team to replace the departing professionals in the future, according to a spokesperson for the firm.
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