Bennett Goodman, one of the three founders of GSO Capital Partners, has joined parent Blackstone’s board of directors. Blackstone said in a statement yesterday (24 February) that the appointment comes on the back of strong growth and performance at GSO.
“Bennett heads one of our largest and best performing businesses. His deep knowledge of markets and critical thinking about companies, institutions and economies has been invaluable to the management committee as the firm has expanded into new geographies and businesses and set a strategic direction. I look forward to his insights as he serves on the board,” Stephen Schwarzman, Blackstone’s chairman, chief executive and co-founder, said in a statement.
GSO manages almost $73 billion in direct lending strategies, leveraged loan vehicles and distressed investment funds. The AUM increased by 12 percent from $65 billion at the end of 2013. The firm’s mezzanine funds returned 25.4 percent last year, while its Rescue Lending funds were up 15.4 percent, according to Blackstone’s fourth quarter earnings release. GSO was founded in 2005 by Goodman, as well as Doug Ostrover and Tripp Smith. It was then acquired by Blackstone in 2008.
Blackstone’s has about $290 billion in assets under management across private equity, real estate, private debt, real assets and secondary funds. The other members of the board include Schwarzman, president Tony James, vice chairman Tom Hill, who heads up the hedge fund solutions business; Jon Gray, head of the real estate group; Richard Jenrette, the retired former chairman and chief executive of The Equitable Companies Incorporated and the co-founder of Donaldson, Lufkin & Jenrette; Shelly Lazarus, chairman emeritus of advertising company Ogilvy & Mather; Jay Light, dean of the Harvard Business School; Brian Mulroney, the former prime minister of Canada, and William Parrett, the chairman of the United States Council for International Business.