Beach Point Taps TPG AG, Blackstone Alum Baumgarten as CIO

(Bloomberg) – Beach Point Capital Management has previously hired Joshua Baumgarten, a credit veteran who previously worked as president and chief investment manager at TPG Angelo Gordon and Blackstone Inc.

According to a statement sent by E -Post, Baumgarten will participate in the company’s executive committee.

Last year, TPG left Angelo Gordon after his ten -year term and served as the last joint management partner and credit president. Baumgarten Previously TPG Inc. Before he was purchased by Angelo Gordon, he served as a joint president.

Before joining Angelo Gordon, Baumgarten worked at Blackstone for nine years, where he directed the credit platform and launched Blackstone’s global joint investment business.

Beach Point also hires Eric Storch as the global chairman of customer partnerships and business development, where he will lead the firm’s investor relations and capital formation strategy. Storch spent for more than a decade for more than ten years in Oak Hill Advisors and worked at Blackstone.

Both Baumgarten and Stoch joined the company’s New York office this week. Scott Klein and Carl Goldsmith, who founded the company in 2009, will continue as co -chairman and CEOS.

The Beach Point manages about $ 20 billion and focuses on credit investments, including private loans. Earlier this year, Bloomberg reported that the company provided credit to Cipriani for global growth. In addition, other sectors are also active in secured credit obligations, leveraged finance and commercial real estates.

In May, the company announced that it has collected more than $ 1.25 billion to invest in opportunistic loans.

There are more stories like this Bloomberg.com