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In October, 2013 Larry Schloss, who was the Chief Investment Officer of the Retirement System for the City of New York, left his municipal position to become the president of Angelo, Gordon and Co.<ref name="Bloomberg:NYC Investment Chief Schloss Headed to Angelo, Gordon">{{cite web|last1=Braun|first1=Martin Z.|title=NYC Investment Chief Schloss Headed to Angelo, Gordon|url=http://www.bloomberg.com/news/2013-10-09/nyc-chief-investment-officer-schloss-to-join-angelo-gordon.html|publisher=Bloomberg|accessdate=8 January 2015|date=10 October 2013}}</ref>
In October, 2013 Larry Schloss, who was the Chief Investment Officer of the Retirement System for the City of New York, left his municipal position to become the president of Angelo, Gordon and Co.<ref name="Bloomberg:NYC Investment Chief Schloss Headed to Angelo, Gordon">{{cite web|last1=Braun|first1=Martin Z.|title=NYC Investment Chief Schloss Headed to Angelo, Gordon|url=http://www.bloomberg.com/news/2013-10-09/nyc-chief-investment-officer-schloss-to-join-angelo-gordon.html|publisher=Bloomberg|accessdate=8 January 2015|date=10 October 2013}}</ref>

==Key personnel==

* Mr. John M Angelo: Co-Founder and Chief Executive Officer
* Mr. Michael L Gordon: Co-Founder and Chief Investment Officer
* Mr. Lawrence MVD Schloss: President
* Mr. Kirk Wickman: Chief Administrative Officer


==Investments==
==Investments==

Revision as of 10:53, 8 January 2015

Angelo Gordon & Co.
Company typePrivate
IndustryPrivate equity
Founded1988
Headquarters245 Park Avenue
New York City, New York, U.S.
ProductsDistressed securities, hedge funds, Leveraged buyouts
Total assets$25 billion
Websitewww.angelogordon.com

Angelo Gordon & Company is an American alternative investment manager founded in November 1988[1][2] by John M. Angelo and Michael L. Gordon[3] who together ran the arbitrage department of L.F. Rothschild in the 1980s.[4][5]

The firm is 100% employee-owned, SEC-registered, and has approximately 350 employees. Angelo, Gordon focuses on four main investment disciplines: credit, real estate, private equity, and multi-strategy.[2] Within those broad categories, the firm offers products in distressed debt and non-investment grade corporate credit, convertible and merger arbitrage,[3] residential and consumer debt, energy direct lending,[3] real estate private equity, real estate debt and lending, net lease real estate, private equity, multi-strategy, and middle market direct lending. Angelo, Gordon offers two types of investment structures: open-ended hedge fund products and closed-ended private equity-style products.[3]

The firm is headquartered in New York City with additional offices worldwide including in Washington DC, San Francisco, Los Angeles, Chicago, Houston, London, Amsterdam, Hong Kong, Seoul, and Tokyo.[3]

History

John Angelo and Michael Gordon founded the firm on strategies with which they had 15 years prior experience: distressed securities, risk arbitrage, and convertible arbitrage. The multi-strategy platform was added in 1993 as a way to offer investors a single fund which captured many of Angelo, Gordon’s investment strategies and which could tactically allocate as markets shifted. In 1998, the leveraged loan business was added as an extension of the distressed debt business.[6][3]

The firm began buying real estate as early as 1990 through investments in the distressed debt of bankrupt real estate companies. In 1993, as real estate markets buckled under the weight of too much debt, the firm launched its opportunistic real estate strategy investments with the goal of improving and repositioning the property by increasing operating income.[2]

In early 2002 the company added core plus real estate to its real estate strategies as it was able to benefit from its operating partner network, and purchase high quality real estate.[2] Since 2005, the firm has expanded its real estate offerings through a dedicated opportunistic Asian real estate strategy.[7] In the wake of the global financial crisis of 2008 and the European banking crisis of 2011, Angelo , Gordon added European real estate to its strategies as prices were depressed and liquidity was severely curtailed in the region.[8]

Net Lease real estate strategy was established in 2005 to focus on below investment grade tenants.[9] Angelo, Gordon further expanded into the intersections of real estate and credit with the addition of real estate debt in 2006[10] and residential and consumer debt in 2008.[11]

In 2009, Angelo, Gordon was one of only nine private investment firms to partner with the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation in PPIP--the Private-Public Investment Partnership.[12] The U.S. government invested alongside the selected firms to unlock the frozen credit markets in the wake of the global financial crisis.[13] This was a highly successful program.[6][14][15]

The firm took advantage of the post-2008 financial crisis contraction in bank lending to smaller companies through senior secure direct lending to energy companies in 2013[16] and to middle market borrowers in the private equity sponsor community in 2014.[17]

In October, 2013 Larry Schloss, who was the Chief Investment Officer of the Retirement System for the City of New York, left his municipal position to become the president of Angelo, Gordon and Co.[18]

Key personnel

  • Mr. John M Angelo: Co-Founder and Chief Executive Officer
  • Mr. Michael L Gordon: Co-Founder and Chief Investment Officer
  • Mr. Lawrence MVD Schloss: President
  • Mr. Kirk Wickman: Chief Administrative Officer

Investments

Angelo Gordon operates three basic types of investment vehicles:

In recent news reports, Angelo Gordon & Co is the lead secured creditor including that of Bally Technologies & New Evolution Fitness with founder Mark Mastrov, Jim Rowley & Dean Moloney will be purchasing Tribune Company, Philadelphia Media Holdings and the Star Tribune Media Company in Minneapolis.[19][20] The company was selected by the U.S. government to participate in the Public-Private Investment Program for Legacy Assets, under which the government will back investment managers' purchases of toxic assets from banks.

See also

References

  1. ^ "Company Profile for Angelo Gordon & Co LP". Bloomberg. Retrieved 3 June 2013.
  2. ^ a b c d "Profile". IPE. Retrieved 7 January 2015.
  3. ^ a b c d e f "Company Overview of Angelo, Gordon & Co". Bloomberg Businessweek. Retrieved 7 January 2015.
  4. ^ "Angelo, Gordon & Co". WallstreetOasis.com. Retrieved 7 January 2015.
  5. ^ Fabrikant, Geraldine "BUSINESS PEOPLE; 2 Officials at Rothschild Leaving to Start Firm." New York Times, November 2, 1988
  6. ^ a b "Through the Cycle: Senior Secured Loans Poised to Perfom" (PDF). Angelo, Gordon & Co. Retrieved 8 January 2015. Cite error: The named reference "Pi online" was defined multiple times with different content (see the help page).
  7. ^ Hu, Bei (3 February 2009). "Angelo Gordon Seeks Up to $1 Billion for Asia Real Estate Fund". Retrieved 8 January 2015.
  8. ^ "NYC's Angelo, Gordon aims at doubling European exposure to €1bn". Property Investor Europe. 9 March 2014. Retrieved 8 January 2015.
  9. ^ "Angelo, Gordon & Co. Announces Closing of AG Net Lease Realty Fund, L.P. With Commitments of $160 Million". PR Newswire. 22 January 2007. Retrieved 8 January 2015.
  10. ^ Kenly Waite, Susan (24 March 2011). "Angelo Gordon Preps CMBS Fund". Hedge Fund Intelligence. Retrieved 8 January 2015.
  11. ^ "Jonathan Lieberman Profile". Forbes. Retrieved 8 January 2015.
  12. ^ "Public-Private Investment Program-". US Department of the Treasury. Retrieved 8 January 2015.
  13. ^ "GE Capital Real Estate and Angelo, Gordon & Co. Pre-Qualified as Legacy Securities Fund Manager for the U.S. Department of the Treasury's PPIP Program". Businesswire. 8 July 2009. Retrieved 8 January 2015.
  14. ^ Dash, Eric (26 August 2010). "A Big Surprise: Troubled Assets Garner Rewards". The New York Times. Retrieved 8 January 2015.
  15. ^ Comtois, James (2 September 2013). "Managers make hay with toxic mortgage funds". Pensions and Investments. Retrieved 8 January 2015.
  16. ^ "Angelo Gordon hires energy team for credit investments". Reuters PE HUB. 25 Octorber 2013. Retrieved 8 January 2015. {{cite web}}: Check date values in: |date= (help)
  17. ^ "Angelo, Gordon & Co. to launch middle-market direct-lending business". LeveragedLoan.com. Retrieved 8 January 2015.
  18. ^ Braun, Martin Z. (10 October 2013). "NYC Investment Chief Schloss Headed to Angelo, Gordon". Bloomberg. Retrieved 8 January 2015.
  19. ^ “One Investment Firm Plays Role in 3 Biggest Newspaper Bankruptcies”, “Poynter Institute”, 2009-07-09.
  20. ^ “What's a Big City Without a Newspaper?”, “New York Times”, 2009-08-06.

Additional references



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