Former Goldman partner fits in at GSC Partners

Lawton Fitt, who became the first female partner in Goldman Sachs’ equity division in 1994, has been hired by distressed-investment firm GSC Partners as a senior advisor and as a member of the firm’s board of advisors.

GSC Partners, the New York-based distressed-investment firm, has hired former Goldman Sachs partner Lawton Fitt as a senior advisor and as a member of its board of advisors.

Fitt, who was the first-ever female partner in the history of Goldman Sachs’ equity division, was a senior member of that firm’s high-technology investment banking team in New York and served as that team’s European head before retiring in 2002, after 23 years at the firm.

After her Goldman tenure, she became secretary of the Royal Academy of Arts in London, where she was the first female and the first American ever in that position. She is currently a non-executive director at Reuters Group, CIENA and Citizens Communications.

With the addition of Fitt, GSC’s board of advisors is made up of nine current and retired executives of multinational companies. In addition to advising GSC on investments, they also help recruit executives for its portfolio companies, where they may also serve as board members themselves.

GSC’s investors include institutional investors and high-net-worth individuals seeking alternative investments. The firm manages more than $14 billion (€11 billion) in assets. It invests in distressed debt, corporate credit, European mezzanine lending and structured finance. This past April, GSC raised its second European mezzanine fund with €1 billion ($1.27 billion) of capital.

This is the second Goldman Sachs alum to be tapped for a major position at GSC in the last three months. In July, the firm appointed Michael Lynch, a 30-year veteran of Goldman’s investment banking division, as its senior managing director.