Credit Suisse First Boston (CSFB) has replaced Peter Bacon, its head of financial sponsor coverage, who has quit to join a hedge fund, according to Financial News.
Bacon will leave the bank next month to launch the European arm of GSO, a $2.5 billion (€2.1 billion) credit opportunity fund, the paper said.
At CSFB, Bacon will be replaced by Didier Denat and Ronan Agnew as co-heads in charge of working with the bank’s European private equity clients in London.
GSO was founded earlier this year by three other former CSFB bankers: alternative investment veteran Bennett Goodman, global head of leverage finance and Bacon’s former boss; Tripp Smith, a former head of high-yield bonds; and Doug Ostrover, head of high-yield sales.
Bacon became head of the European financial sponsor coverage team in 2000, having previously run DLJ Merchant Banking’s chemicals investment banking team in New York.
According to Financial News, GSO has the ability to invest 30 percent of its capital in unquoted assets and will offer investors lock-up periods of up to three years, although it will not compete with buyout funds and could work alongside private equity firms as a junior partner if it invests in the equity of a buyout transaction.