What To Do When Your Partner Decides To Run AIG
Hiring Bob Lipp is one of the best moves Marge Magner’s ever made. At least that’s what she told me this morning in a discussion about Lipp and what LPs think of her firm’s moving parts. Despite (basically) losing her partner and co-founder to the corporate world, Magner and her young firm, Brysam Global Partners, couldn’t be happier. See, Magner and her fellow ex-Citigroup exec Bob Willumstad formed Brysam Global Partners in 2007. They raised a $1 billion private equity fund to invest in consumer facing financial services companies in emerging markets. But in June, Willumstad decided to take on a minor, insignificant extracurricular activity. He became CEO of AIG International. (You may have heard of it, some paltry $49 billion company.) He technically still works for Brysam Global Partners as a Senior Advisor, though the amount of time he commits can’t be much. Naturally, I had a few questions for Magner and Lipp. Follow the jump to read what Brysam’s LPs did when Willumstad left, where the firm sees opportunities, the status of its fund, and a bonus piece of trivia.
