PE HUB Wire Highlights, 8.30.19


Photo of Luisa Beltran, PE HUB Senior Editor, courtesy of Buyouts Insider.

Katira, ex-Hamilton Lane principal, gets 22-month prison sentence; Goodman to step down from Blackstone; Hot secondaries market on pace to set another record

It’s Friday, Hubsters. Who’s BBQing this weekend? We won’t be publishing Monday, in honor of Labor Day. But I’ll be back on Tuesday.

Yesterday, Blackstone announced that Bennett Goodman — the G in GSO is stepping down. Goodman, 62, doesn’t plan to join one of his former partners at a rival firm. Instead, he intends to build a family office and explore opportunities to invest the wealth he’s amassed over 35 years in finance, Bloomberg said.

Goodman, together with two colleagues, Tripp Smith and Doug Ostrover, started GSO in 2005, the story said. Blackstone acquired GSO in 2008 for as much as $930 million in cash and Blackstone units, the New York Times reported at the time. Ostrover stepped down in 2016 while Smith announced his departure from BX in 2018. Smith is reportedly starting a competing credit firm. Does anyone know the status is of this firm? Email me atlbeltran@buyoutsinsider.com

In more Blackstone-related news, Jefferson River Capital and Moment Ventures have led the $5.4 million seed round of Alto, a fintech platform that aims to make it easier for investors to add alternatives to IRAs. Jefferson River is the family office of Tony James, BX’s executive vice chairman.

Infrastructure has become one of the hottest sectors to invest. Alphabet Inc is teaming up with its subsidiary, Sidewalk Labs LLC, and the Ontario Teachers’ Pension Plan, to launch an infrastructure holding company that is being spun out of Sidewalk, the Wall Street Journal is reporting. Sidewalk Infrastructure Partners will seek to invest in projects that require more than $100 million equity.

Now, Hubsters, infrastructure has gotten much attention, but I’m still seeing bridges and roads that need lots of work. When will these funds get to work?

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