Cerberus Capital Management LP hired David Glenn from private-equity firm Lightyear Capital LLC to help make acquisitions, according to a person briefed on the matter.
Glenn, 42, will seek deals in the financial-services industry as Cerberus prepares to raise its next buyout fund, said the person, who asked not to be identified because the company is private. The New York-based firm, which attracted $6.5 billion for its last fund, will start marketing to clients in the coming months, said the person.
Peter Duda, a spokesman for Cerberus, and Elliot Sloane, a spokesman for New York-based Lightyear, declined to comment.
Prior to joining Lightyear, Glenn was a vice president at Greenhill & Co., a New York-based investment bank, where he focused on financial services. He will serve on Cerberus’s investment committee.
Cerberus’s effort to raise a fresh capital comes after the hedge fund and buyout firm recouped 90 percent of its investment in automaker Chrysler by selling its former lending unit. The firm lost control of General Motors Corp.’s former lending unit, which it bought in 2006, when it was bailed out by the federal government.