Beach Point Capital Management has appointed Josh Baumgarten in the newly-created role of president and chief investment officer, and Eric Storch as global head of client partnerships and business development.
Both executives will be based in the $20bn credit specialist’s New York office, with the appointments taking immediate effect.
Baumgarten will join Beach Point’s executive committee and work alongside the senior leadership team to drive corporate and investment strategy across its core investment verticals, including private credit, liquid credit and collateral loan obligations (CLOs), multi-asset credit, and structured credit and asset-backed finance.
In his new role, Storch will lead the firm’s investor relations, capital formation, and product development efforts.
Read more: Beach Point Capital raises over $1.25bn for opportunistic private credit funds
Baumgarten most recently served as co-managing partner and head of credit at TPG Angelo Gordon and, prior to TPG’s acquisition of Angelo Gordon, he was co-chief executive and co-chief investment officer of the firm, leading its global credit business.
Baumgarten previously worked at Blackstone, where he managed the credit business at Blackstone Alternative Asset Management and was involved in the launch of its global co-investment platform.
Storch joins Beach Point from Oak Hill Advisors, where he was managing director and helped lead the firm’s business development, client coverage, and marketing activities.
He was also previously at Blackstone, where he served as managing director and co-head of institutional marketing at Blackstone/GSO’s Customized Credit Strategies Group.
Read more: Blackstone profits jump 25pc as AUM hits $1.2tn
“Josh and Eric have exceptional records of creating long-term value for clients and contributing to the growth and success of leading credit-focused firms,” said Beach Point co-founder and co-chief executive Scott Klein.
“We are incredibly excited to welcome them to Beach Point, where their valuable senior-level experience and perspectives will add to our already robust platform.”
Beach Point confirmed that co-founders and co-chief executives Klein and Carl Goldsmith will continue in their roles and remain overseeing the senior leadership team and focusing on the firm’s strategic direction and client partnerships.
“The firm’s partnership-oriented approach, broad mix of market-leading investment vehicles, and collaborative culture were key reasons I was drawn to this world-class group of professionals,” said Baumgarten.
Read more: RLAM names private assets head as new CIO
