Reuters: Bankruptcy News: PEOPLE: Special situations fund SVP appoints new MD

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PEOPLE: Special situations fund SVP appoints new MD Sep 5th 2012, 16:00 By Natalie Harrison Wed Sep 5, 2012 12:00pm EDT LONDON, Sept 5 (IFR) - Global investment firm Strategic Value Partners has appointed former Goldman Sachs banker Stephen McGuinness as a senior managing director. McGuinness will be responsible for SVP's business development activities, and will help oversee the firm's strategic initiatives and general operations. He will report to Victor Khosla, SVP's founder and senior managing director. During his 19-year career at Goldman Sachs, McGuinness served as co-chief operating officer of Goldman Sachs Asset Management where he jointly managed an USD850bn global asset management operation. McGuinness was co-head of the Goldman Sachs special situations group from 2006-2008, which managed several billion dollars in proprietary capital in credit and distressed investments. Prior to that, he held a number of leadership positions at Goldman including co-head of leveraged finance sales and trading, co-head of European fixed income sales, global fixed income chief of staff, head of North American equity sales and chief operating officer of global compliance. "Steve McGuinness joins SVP at an exciting point in our growth," said Khosla. "His addition brings to our team senior management and sales expertise from one of the leading financial firms, as well as deep knowledge of credit and distressed situations having grown up in the business." SVP, which was founded in 2001 and has approximately USD4bn in assets under management, is focused on distressed, event driven and turnaround investments. It has invested approximately USD2.2bn over the last 20 months in U.S. and European distressed opportunities, principally buying senior debt at an average price below 70% of face value. In June, SVP led the recapitalisation of German plastics and packaging company Kloeckner Pentaplast with a Triple-C rated EUR255m five-year senior secured second lien high-yield bond after taking control of the business from Blackstone. Kloeckner has annual sales of more than EUR1bn. Earlier this year, SVP closed on USD918m for Strategic Value Special Situations Fund II, well above its original USD600m target for the fund. Link this Share this Digg this Email Reprints

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