Alan Kirshenbaum, chief financial officer (CFO) of TPG’s business development company (BDC) TPG Specialty Lending, is stepping down to “pursue a new career opportunity,” according to a statement from the firm. Kirshenbaum will depart on or after October 2, at which point chief operating officer (COO) Robert Ollwerther will assume the role of interim CFO, reports PDI sister publication Private Funds Management.
Kirshenbaum, who led the BDC through its inaugural six quarters as a public company, will remain CFO through his departure date, and will play an advisory role in the third quarter close to facilitate the transition, the firm said. Ollwerther will maintain his position as COO while serving as interim CFO, and TPG will begin an internal and external search to identify a permanent CFO effective immediately.
Prior to being named CFO in November 2013, Kirshenbaum was a vice president at TPG Specialty Lending. From 2011 to 2013, he served as CFO and executive director of TPG Special Situations Partners. Earlier, he served as CFO at investment firms Natsource and MainStay Investments.
Ollwerther joined TPG Specialty Lending as COO in 2014 and was previously the COO of Avenue Capital Group. Before that, he spent 25 years as a managing director at Merrill Lynch.
“[Ollwerther] is a seasoned executive and valued member of the TSLX team… I look forward to continuing to partner with [him] as we execute on our long-term, strategic objectives,” said TPG Specialty Lending chairman and co-chief Executive, Joshua Easterly in a statement.