There wasn't any convergence taking place on a New York City basketball court in March as a team of private equity “all stars” competed fiercely against a team of hedge fund hoopsters. The game was arranged by Youth I.N.C., a non-profit organization that supports child-oriented charities. Youth I.N.C., and by extension the children it helps, enjoys strong support among Wall Street players.

Which brings us to the action on the court. On the private equity team were Ted Virtue of MidOcean Partners, Rick Schnall and Kevin Conway of Clayton Dubilier & Rice, Rick Schifter of TPG, Rob Berner of CVC Capital Partners and Joe Landy of Warburg Pincus, among others.

On the hedge fund team were partners from Camillus Capital, Karsh Capital, Eagle Rock Capital and, very tellingly, Marc Lasry of Avenue Capital, who apparently has answered once and for all the question of whether his distressed opportunities shop is a hedge fund or a private equity operation. Lasry, who is usually on the winning side of an investment battle, in this case chose the wrong team. Not to worry – the event raised $700,000 for Youth I.N.C. and normally suit-clad GPs got to wear shorts and mingle with NBA greats, including former New York Knick Walt Clyde Frazier.