Ripplewood MDs form new buyout firm in NY
MDs Tony Lee and Scott Spielvogel have left Ripplewood Holdings, the New York-headquartered buyout firm noted for its pioneering Asian investments, to start a New York fund management business called One Rock.
At Ripplewood, Lee and Spielvogel focused on chemicals, industrials, business services and telecommunications. One Rock apparently will pursue similar tactics as Ripplewood to take control positions in troubled companies and is said to be working on a few deals with its own capital, ahead of a fundraising targeted to complete next year. Post the GFC, Ripplewood has apparently been struggling with shrinking asset values from its portfolio companies, and has invested most of its $1.2 billion that it raised for its second fund. Several other senior members of the firm have also reportedly left.
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