Blackstone announced that Doug Ostrover will step down as a senior managing director of Blackstone and will become a senior adviser to the firm. Ostrover was, along with Bennett Goodman and Tripp Smith, one of the founders of GSO, Blackstone’s alternative credit platform. Blackstone acquired GSO in 2008 and it now has assets under management of $75 billion. Ostrover intends to found a family office to invest capital and work alongside management teams. Before co-founding GSO in 2005, Ostrover was Chairman of the Leveraged Finance Group of CSFB.
Bennett Goodman and Tripp Smith, the co-heads of GSO, said, “Doug has been our great friend and colleague for the last 25 years. The success of GSO as the leading alternative credit platform in the market today is in no small measure the result of Doug’s creative thinking and energy. While we will miss him as a colleague, we are delighted that we will still have the benefit of his advice and counsel as a Senior Adviser.”
Stephen A. Schwarzman, CEO, Chairman and Co-Founder of Blackstone, added, “On behalf of all of us at the firm, I want to thank Doug for his many contributions to Blackstone and GSO. He leaves behind a deep bench of finance professionals at GSO, whom he helped mentor and train over the years. I wish him well in the next stage of his career and I am glad that he is keeping a continuing affiliation with the firm.”