Larry Schloss, president at Angelo, Gordon & Co has left the alternative investment firm, PERE‘s sister publication, Private Debt Investor, reported Monday.
In a letter to employees the firm said his responsibilities, which included marketing, management and strategic planning, were being assumed by other executives. The position of president, created when Schloss joined in 2013, has now been eliminated, PDI understands.
Scholss’s departure comes two months after the death of John Angelo, the firm’s chief executive and one of its two co-founders.
It appeared that Schloss was being groomed to replace Angelo, although Michael Gordon, the firm’s chief investment officer and other co-founder, has taken over as chief executive.
Schloss could not be reached for comment.
In the letter, Gordon said he would continue to lead the firm as CEO and CIO. “We appreciate the diligence and energy that Larry brought to our firm over the past two years and wish him well in his future endeavors,” Gordon said.
Schloss joined Angelo, Gordon in October 2013 from the New York City Comptroller’s office, which oversees the city’s five pension funds. He spent more than three years at the NYC pensions and had also worked in a variety of senior private equity roles. These included co-founding his own PE firm, Diamond Castle Holdings, serving as the global head of Credit Suisse First Boston Private Equity and working as the chairman of Donaldson, Lufkin & Jenrette Merchant Banking.
New York-headquartered Angelo, Gordon has $25 billion in assets under management across a variety of alternative investment strategies, including private equity, hedge funds, real estate equity and debt, distressed credit, energy credit and mid-market direct lending. The firm has 10 other offices across the US, Europe and Asia.
Angelo, Gordon has been investing in real estate since 1993. Adam Schwartz is the head of the firm’s US and Europe real estate group and Wilson Leung leads Asia real estate activities.
In September, the firm launched a commercial real estate debt fund in September targeting $750 million. In December, its latest real estate equity fund closed on more than $1 billion.