Alternative investment firm Strategic Value Partners has hired former RREEF opportunity fund executive Benjamin Young to help manage its debt investments.
The firm has appointed Young as global head of real estate, overseeing its distressed debt acquisition. Young, previously chief investment officer of RREEF’s global opportunity funds, will be based in SVP’s Greenwich, Connecticut offices.
He has been joined by Argoneo executive Georg Strassner. Strassner was a southern regional head of the German real estate company, which is owned by Morgan Stanley Properties Germany and asset management company, Corpus Sireo. Strassner will manage SVP’s assets across Germany and be based in Frankfurt.
SVP has invested in real estate deals through its two private equity funds, including SVP Special Situations Fund and the SVP Global Opportunities Fund, both of which have raised roughly $800 million in equity. Both Young and Strassner are believed to have started at the firm in the past couple of months. SVP also has roughly $2.2 billion of assets under management in its hedge fund business.
Last August, RREEF shelved plans to begin raising its next global opportunity fund. The New York-based firm spent much of 2009 sounding out investors about appetite for RREEF Global Opportunities III, with a provisional target of $1.5 billion equity commitments.
In the past few months, the alternative investment and asset management business of Deutsche Bank has witnessed a spate of departures, including Mark Fogle, who resigned at the end of March this year as RREEF chief investment officer for Asia Pacific. He has since been replaced by Paul Keogh, who joined RREEF in 2004.
Other departures have included RREEF's former head of acquisitions, Brian Chinappi, who left to join Standard Chartered as global head of real estate investment; head of client relations, Phillip Levinson, who moved to The Blackstone Group’s capital raising team; and head of portfolio management, Jon Tanaka, who joined Angelo Gordon as head of Japan.