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GSO Capital Partners
is one of the largest credit-oriented alternative asset
An alternative asset is a newer type of asset that has not been traditionally considered part of an investment portfolio. Historically, examples include real estate, commodities, as well as rare coins and stamps, artwork or trading cards...
managers in the world and a major participant in the leveraged finance marketplace.
The firm manages approximately $29 billion of assets and operates as the credit-focused subsidiary of The Blackstone Group (NYSE: BX).
In July 2010, GSO announced the final closing of the Blackstone / GSO Capital Solutions Fund (the Fund) with total commitments of over $3.25 billion.
In March 2008, Blackstone acquired GSO the credit-oriented alternative asset manager for $620 million in cash and stock and up to $310 million through an earnout over the next five years based on certain earnings targets. The combination of Blackstone and GSO created one of the largest credit platforms in the alternative asset management business, with over $21 billion of total assets under management
Assets under management is a financial term used denote the market value of funds being managed by a financial instutition on behalf of its clients, investors, depositors, etc. This metric is a sign of size and success against competition...
. GSO was founded in 2005 by Bennett Goodman, Tripp Smith and Doug Ostrover.
The GSO team had previously managed the leveraged finance businesses at Donaldson, Lufkin & Jenrette
Donaldson, Lufkin & Jenrette or DLJ is a defunct U.S. investment bank founded by William H. Donaldson, Richard Jenrette and Dan Lufkin in 1959. Its businesses included securities underwriting; sales and trading; investment and merchant banking; financial advisory services; investment research;...
and later Credit Suisse First Boston
Credit Suisse First Boston was the former name of the banking firm Credit Suisse.-History:In 1978, Credit Suisse and First Boston Corporation formed a London-based 50-50 investment banking joint venture called the Financière Crédit Suisse-First Boston...
, after the acquisition of DLJ. Blackstone had existing relationships with the GSO team as an original investor in GSO's funds. Following the completion of the acquisition, Blackstone merged GSO's operations with its existing debt investment operations.