Senior Goldman Sachs Group Inc. leveraged-finance banker Craig Packer is joining the credit fund being formed by veteran KKR & Co. dealmaker Marc Lipschultz and ex-Blackstone Group LP executive Doug Ostrover, according to a person with knowledge of the matter.
Packer will work alongside founders Lipschultz and Ostrover at the new firm, known as Owl Rock Capital, where at least some executives’ titles are still being decided, said the person, who asked not to be identified because the appointment hasn’t been announced.
Lipschultz, who’s leaving KKR this month after 21 years, and Ostrover revealed their venture this week in an interview with Bloomberg, saying the firm will make loans to small and mid-sized companies across industries, as well as invest in their debt, which the pair see as an under-served market after regulations hampered banks’ lending activities. They’ve already hired about a dozen people, Ostrover said.
Packer’s plan to leave Goldman Sachs, where he’s been co-head of Americas leveraged finance since 2008, was disclosed in a memo to the investment bank’s staff and reported by Bloomberg Wednesday.
The Wall Street Journal reported Packer’s plan to join Owl Rock earlier Thursday. Packer and Lipschultz didn’t immediately respond to messages seeking comment on the move after business hours.