Blackstone's Ostrover To Leave GSO Unit, Start Family Office

May 22 2015 | 2:11pm ET

One of the three founders of Blackstone’s GSO Capital Partners is leaving to form a family office. 

Doug Ostrover will step down on July 1. He will remain a senior adviser to Blackstone, according to company statement. 

Ostrover founded GSO along with Bennett Goodman and Tripp Smith in 2005, and the alternative credit firm was bought by Blackstone in 2008. He leaves a unit with assets under management of $75 billion and responsible for nearly ten percent of Blackstone’s total annual revenue.

“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,” Bennett Goodman and Tripp Smith, the unit’s two other founders, said in the press release.

Steve Schwarzman, Blackstone’s co-founder and chief executive officer, said “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.”

Both Goodman and Smith will invest in Ostrover’s family office, according to a Bloomberg article citing an unnamed person familiar with the matter. 

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