Blackstone (NYSE:BX) has announced that Doug Ostrover will step down as a Senior Managing Director of Blackstone and will become a Senior Adviser to the firm. Mr. Ostrover was, along with Bennett Goodman and Tripp Smith, one of the founders of GSO, Blackstone’s alternative credit platform. Blackstone acquired GSO in 2008 and it now has assets under management of $75 billion. Mr. Ostrover intends to found a family office to invest capital and work alongside management teams.
Bennett Goodman and Tripp Smith, the co-heads of GSO, said, “Doug has been our great friend and colleague for the last 25 years. The success of GSO as the leading alternative credit platform in the market today is in no small measure the result of Doug’s creative thinking and energy. While we will miss him as a colleague, we are delighted that we will still have the benefit of his advice and counsel as a Senior Adviser.”
Stephen A. Schwarzman, CEO, Chairman and Co-Founder of Blackstone, added, “On behalf of all of us at the firm, I want to thank Doug for his many contributions to Blackstone and GSO. He leaves behind a deep bench of finance professionals at GSO, whom he helped mentor and train over the years. I wish him well in the next stage of his career and I am glad that he is keeping a continuing affiliation with the firm.”
Before co-founding GSO in 2005, Mr. Ostrover was Chairman of the Leveraged Finance Group of CSFB. Mr. Ostrover received a BA in Economics from the University of Pennsylvania and an MBA from the Stern School of Business of New York University.
GSO Capital Partners LP is the global credit and distressed investment platform of Blackstone. With approximately $75 billion of assets under management, GSO is one of the largest alternative managers in the world focused on the leveraged-finance, or non-investment grade related, marketplace. GSO seeks to generate attractive risk-adjusted returns in its business by investing in a broad array of strategies including mezzanine debt, distressed investing, leveraged loans and other special-situation strategies. Its funds are major providers of credit for small and middle-market companies and they also advance rescue financing to help distressed companies.