Angelo, Gordon & Co., the New York based alternative investment firm, has hired Joshua Baumgarten as a senior managing director and head of credit. He will also sit on the firm’s executive committee and joins as a partner. Baumgarten is currently a senior managing director at The Blackstone Group.
Baumgarten will report to Michael Gordon, Angelo Gordon's co-founder and chief investment officer and oversee the firm's credit strategies, including US and European distressed, leveraged loans, RMBS/ABS/whole loans, CMBS, mid-market lending and energy lending. The credit portfolio managers and their investment teams remain the same.
“Over the past five years, we have grown and diversified our credit platform as our clients continue to use credit as an important part of their asset allocation,” Gordon said in a statement. “We have intensified our distressed debt efforts in Europe and added new origination teams in middle market lending and energy lending. Josh's role will be to continually enhance the success of our credit platform by working closely with each investment team and our clients to meet their return goals.”
Angelo Gordon is in the process of raising its first energy credit fund, having hired a team to manage that strategy 2013. The firm also brought on a middle-market lending team last year and has been growing that group and raising its first direct lending fund under the Twin Brook Capital Partners subsidiary in Chicago.
Baumgarten has been with Blackstone for eight years. Most recently he was a senior managing director at Blackstone Alternative Asset Management (BAAM), the firm’s hedge fund solutions business, which includes funds of funds, a seeding platform and LP advisory services. At BAAM, Baumgarten oversaw credit investing. He also played a key role in Blackstone's global co-investment business.
Prior to joining Blackstone in 2007, Baumgarten was a portfolio manager and trader on high-yield portfolios at BlackRock, which he joined in 2000. He started his career at Jefferies in investment banking, and also spent time in venture capital investing before that.
Angelo, Gordon & Co. is a privately held limited partnership founded in 1988 that handles approximately $27 billion across credit, real estate and private equity. The firm is headquartered in New York, with additional offices across the US, Europe and Asia.