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Alternative Market Briefing

Two Goldman veterans to launch dedicated private debt hedge fund

Thursday, June 18, 2015

Rob Allard
Benedicte Gravrand, Opalesque Geneva for New Managers:

Two Goldman Sachs veterans are to launch Firebreak Capital later this year, a dedicated private debt hedge fund focusing on the opportunity set wrought by financial regulatory reform and bank capital requirements.

The New York-based firm has already set up a website and is currently working on two innovative private debt trades.

Rob Allard and Jonathan Egol, who head the new firm, are both former Managing Directors at Goldman Sachs. While at Goldman Sachs, Allard was Head of Structured Product Origination and Distribution; Egol was Head of the Mortgage CDO, Correlation and Derivatives trading business, and sat on GS Bank Risk and Counterparty Credit Risk Committees.

According to the announcement, "Firebreak aims to be an alternative balance sheet in the illiquid lending and investment sector, leveraging the emerging disruptive trends in consumer and commercial direct lending, as well as providing private credit, asset-backed and structured finance solutions. Firebreak will prospectively add cutting-edge technology that delivers insight and an efficient approach to its private debt strategy."

With ex-bankers at the helm, Firebreak is taking on a timely opportunity in the lending market that is coming from banks: as traditional banking services have be......................

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