Rich Friedman may be asked to take on a more public role as CEO David Solomon looks to shine the light on Goldman's alternative-investing activities.
Rich Friedman has built Goldman's private-investing activities into a sprawling collection of funds that have invested more than $180 billion in real estate and infrastructure, private equity, and credit markets.Rich Friedman built Goldman Sachs' merchant-banking unit into a sprawling collection of funds invested in real estate and infrastructure, private equity, and credit markets that often competes with flashier investment firms like Blackstone, Carlyle, and KKR.
Though advocates put him in the pantheon of buyout greats, Friedman hasn't enjoyed the same name recognition as men with names like Schwarzman, Kravis, and Rubenstein. That's by design, according to interviews with about a dozen current and former colleagues, clients, and competitors. , which encompasses Friedman's unit, to make it easier for analysts and investors to value, according to people familiar with his thinking. A staggering 43% of the fee pool for the asset-management industry is in alternatives, according to Bernstein analysts. Most of that is in private markets, where more and more of the world's active investing is taking place.
After Brown, Friedman attended the University of Chicago's business school on the advice of his brother. Only after a finance professor started talking about how odds change at the racetrack did Friedman wake up. He joined Goldman after graduation, in 1981.Goldman Sachs is scrapping a homegrown email app it once touted — and it's a sign the bank is moving away from building tech in house
"He was seen as a boy wonder," a former colleague said."Even in those days, 33-year-olds didn't get chosen to run divisions."Stephen Friedman and Rubin weren't asking to start a private-equity arm separate from the investment bank, but a unit that worked with it hand in hand to find investments. The model continues to challenge Wall Street norms, where investment bankers closely guard their role as unconflicted adviser.
Other details of the office, which some consider nicer than Blankfein's, include a small putting green, an aerial photo of Friedman's vacation home in Bridgehampton, New York, and a pointillist painting with the words"no" and"go," which he jokingly suggests is used to settle investment decisions.Goldman Sachs' big bet on the future of Wall Street had a rocky start.
The bank introduced a mezzanine fund in 1996, added infrastructure funds, and in 2008 raised a fund for direct lending that pioneered a surge in interest from other private-equity shops. A seventh mezzanine fund raised $13.3 billion last year, part of more than $45 billion raised in the two years through December. That month, when credit markets across Wall Street swooned, Goldman stepped in and lent more than $3 billion.
Some banks moved quickly to jettison their businesses. Analysts began a quarter-by-quarter watch of which banks were withdrawing their money from the funds. Friedman began thinking of ways to adapt.
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