Sterling Stamos is expanding its private equity and real asset platform, which includes real estate and natural resources, to $2 billion, nearly four times its previous alternative platform.
The California and New York-based asset manager, which oversees roughly $6 billion in capital, has appointed Deutsche Asset Management (DAM) veteran Robert Goodman to manage its expanded alternative asset unit.
“Alternatives are rapidly displacing traditional long only investments,” Goodman, who started at Sterling Stamos earlier this week, told PEO. “Increasingly, not simply institutional investors but also family offices and individuals are seeking exposure to alternatives. I think the world of alternatives is going to become the traditional world of investment.”
Goodman worked as DAM’s vice chairman of the firm’s global operating committee and oversaw several private equity fund of funds and real estate transactions. Prior to that, he held various investment banking and insurance posts at N M Rothschild & Sons, Lazard Freres, and Goldman Sachs.
The $2 billion will be invested small- and mid-cap domestic private equity funds, international private equity funds, cleantech private equity funds and venture capital funds. On the real assets side, the firm will target US real estate funds and international real estate funds, as well as a separate natural resources fund.
Goodman, who will oversee a team of 20 investment professionals in his new post, worked with Sterling Stamos founder Peter Stamos in the mid-1980s while the two were colleagues in McKinsey’s Scandinavian insurance division.
Last May, brokerage giant Merrill Lynch purchased a stake in Sterling Stamos for an undisclosed amount.