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KKR's Energy Head Lipschultz to Leave, Start Firm With Ostrover

  • Owl Rock will lend to mid-sized companies as banks retreat
  • Lipschultz oversaw profit-making deals and two bankruptcies

KKR & Co.’s top energy and infrastructure dealmaker, Marc Lipschultz, will leave the private equity firm after 21 years and start a credit fund with former Blackstone Group LP executive Doug Ostrover.

Lipschultz will leave New York-based KKR this month and join Ostrover, who left Blackstone last year, they said in an interview. Their new firm, Owl Rock Capital, 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.