The longtime head of DLJ Merchant Banking, Steven Rattner, has retired from his role as chairman.
DLJ Merchant Banking, established in 1985, is the private equity arm of global investment bank Credit Suisse.
Founded in 1959 by William Donaldson, Dan Lufkin and Richard Jenrette, Donaldson Lufkin & Jenrette was the first investment bank to be taken public in 1970. Credit Suisse purchased the bank for approximately $11.5 billion in 2000 and continues to use the DLJ brand for its private equity operations.
Rattner joined DLJ's investment banking division in 1985 and joined the merchant banking division in 2001.
Nicole Arnaboldi will step into the vacancy left by Rattner’s departure. She is currently co-head of illiquid alternatives alongside Steve Cantor, a role she will retain in addition to her new responsibilities.
Arnaboldi and Rattner were unavailable for comment.
Arnaboldi joined Credit Suisse through the 2000 merger with DLJ where she was a managing director on the merchant banking team. She joined DLJ as an associate in 1985.
DLJ Merchant Banking experienced significant turnover following its absorption into Credit Suisse. In 2004, co-head Larry Schloss spun out to form private equity firm Diamond Castle. Diamond Castle closed its first independent fund on $1.8 billion in 2006.
A team of professionals led by Thompson Dean and Steven Webster then spun out of DLJ Merchant Banking in 2005 to form Avista Capital. Avista closed its $2 billion debut fund last summer and targets US-based companies in the energy, healthcare and media sectors.
Credit Suisse’s alternatives investments business has more than $167 billion (€107.7 billion) in assets under management across a family of funds including: private equity, leveraged buyouts, mezzanine, real estate, secondary funds and fund of funds, hedge funds and fund of funds, and leveraged loan and collateralised loan obligation programs among others.
DLJ Merchant Banking closed its most recent fund on $2.1 billion in 2006. The fund focuses on investments using $20 million to $200 million of equity capital primarily in North America and Europe. Ownership ranges from control lead investments to substantial minority stakes.