Angelo, Gordon co-founder dies

John Angelo, who co-founded his eponymous firm with Michael Gordon in 1988, died at 74 after a long battle with cancer.  

John Angelo, the co-founder of New York-based Angelo, Gordon & Co., died last Friday (1 January) after a prolonged battle with cancer, according to a statement sent to the firm's employees. He was 74 years old.

Angelo co-founded the alternative investment firm in 1988 with his partner Michael Gordon. The pair launched the firm after leaving merchant banking business LF Rothschild Holdings.

Angelo, Gordon has about $27 billion in assets under management, the bulk of which is in distressed debt and real estate equity and debt strategies. Michael Gordon, who serves as chief investment officer, will continue to lead the firm. Angelo oversaw the business side as chief executive. The firm has been hiring senior staff and grooming successors in recent years.

Those hires include Larry Schloss, the former chief investment officer of the New York City retirement systems who has a long tenure at private equity firms, who joined as president and a member of the firm's executive committee. Josh Baumgarten, formerly a senior managing director at Blackstone, was hired as head of credit in August. He is on gardening leave and is expected to join the firm later this year.

Angelo, Gordon has been building out its credit strategies outside of its marquee distressed debt business. Trevor Clark and Chris Williams were hired last year in Chicago to start a middle-market lending group . The firm is also in the process of raising an energy credit fund though a team in Houston led by Todd Dittmann. AG launched a commercial real estate debt fund in September, while its latest real estate equity fund closed on more than $1 billion last month, as reported by sister title PERE .

“John was one of the most forward-looking people I have known, and a driving force in achieving success for our clients and for us,” Gordon wrote in the employee announcement.