- Firm manages money on discretionary and non-discretionary basis
- Firm recently in deal for Sirius Int’l Insurance
- BlackRock has non-control stake in firm
Gallatin Point Capital, a new firm formed by an ex-BlackRock executive and a former Treasury Department official, raised at least $94 million for its debut fund, which invests in financial institutions, according to an SEC filing.
Gallatin managed $687 million on a discretionary basis and $324 million on a non-discretionary basis, according to the firm’s Form ADV, filed in March.
Matthew Botein, BlackRock’s former chief investment officer and co-head of its alternatives group, and former Treasury official Lewis Sachs launched Gallatin in 2016. Gallatin started operations as an investment adviser in 2017, the Form ADV said.
Other executives at Gallatin Point include Jerry Chang, chief operating officer and chief financial officer at Gallatin Point, according to his LinkedIn profile; Craig Wenzel, managing director, who joined in December; and Lance Toler, managing director, who joined last year.
Gallatin Point got seed backing from BlackRock, which has a non-control minority interest in Gallatin Point’s management company, the Form ADV said.
A client in BlackRock’s alternatives-solutions group made a $400 million non-discretionary commitment to the firm, Buyouts previously reported.
The strategic investor “has the right to provide a significant amount of the aggregate investment amount” of each investment made by Gallatin, the Form ADV said.
The strategic investor does not have a voting, equity stake in Gallatin and has no involvement in day-to-day operations, the document said.
Gallatin recently joined Carlyle Group, Centerbridge Partners and Bain Capital Credit in backing plans by Sirius International Insurance Group to go public in a SPAC deal.
Action Item: Check out Gallatin Point’s Form ADV here: https://bit.ly/2iKjwA6