Benedicte Gravrand, Opalesque Geneva: Blackstone Strategic Capital Holdings Fund, a vehicle managed by Blackstone Alternative Asset Management (BAAM), has acquired a passive, minority interest in Marathon Asset Management, for an undisclosed sum.
Based in New York, Marathon is an opportunistic global credit event-driven manager founded in 1998 by Louis Hanover and Bruce Richards. It has about $12.75bn in assets under management (AuM) and employs more than 150 professionals.
The acquisition will provide the firm with permanent capital. Richards said that aligning with Blackstone "positions us well for the future as we continue to capitalize on opportunities and expand our business."
Concurrent with this transaction, Marathon’s partner and COO, Andrew Rabinowitz, has been promoted to president and COO.
Separately, senior managing director Vijay Srinivasan assumed responsibility for overseeing global credit research earlier this year, a position formerly held by Richard Ronzetti, who is retiring.
Marathon will retain autonomy over its business management, operations and investment processes, and will continue to be led by the existing management team, according to the announcement.
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