DLJ Merchant Banking Partners.html |
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| Type | Subsidiary of Credit Suisse |
|---|---|
| Founded | 1985 |
| Founder(s) | Donaldson, Lufkin & Jenrette |
| Headquarters |  New York City |
| Key people | Steven Rattner, Managing Director and Head of DLJMB Nicole Arnaboldi, Managing Director |
| Industry | Private equity |
| Products | Financial services |
| Website | DLJ Merchant Banking Partners |
DLJ Merchant Banking Partners (DLJMB) is a private equity investment firm focused on leveraged buyout transactions. The firm is currently an affiliate of Credit Suisse and traces its roots to Donaldson, Lufkin & Jenrette, the investment bank acquired by Credit Suisse First Boston in 2000.
DLJMB has offices in New York, London, and Los Angeles.
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History
DLJMB was founded in 1985 to invest capital in leveraged buyouts alongside private equity firms that were DLJ clients, off of the bank's balance sheet as well as capital contributed by employees. In 1992, the firm raised its first institutional private equity fund (DLJ Merchant Banking Partners, LP) with $1 billion in investor commitments. In the firm raised its second fund with $3 billion in investor commitments in 1997 and three years later in 2000 raised its largest fund to date at $5.3 billion.
After the acquisition of DLJ, the group, which was led by Thompson Dean and Larry Schloss faced significant turnover. In 2004, DLJMB co-head Larry Schloss, completed a spinout from DLJMB to form a new private equity firm, Diamond Castle.1 The following year, in 2005, a team of professionals, led by Thompson Dean and Steven Webster, completed a spinout of DLJMB to form a new private equity firm, Avista Capital, which raised its own $2 billion fund in 2007.2
Six years after its previous fund, in 2006, the firm was able to raise $2.1 billion in investor commitments for DLJ Merchant Banking Partners IV, LP. The firm is reportedly seeking to raise a its fifth fund in 2008, which targets $3.5 billion in investor commitments.
DLJMB, is one of the only remaining affiliates, subsidiaries or businesses of Credit Suisse that still retains the DLJ name.
See also
External links
- DLJ Merchant Banking Partners (company website)
- Diamond Castle (company website) - 2004 spin-out led by Larry Schloss
- Avista Capital Partners (company website) - 2005 spin-out led by Thompson Dean
References
- ^ Moore, Heidi N. DLJ: Wall Street’s Incubator Wall Street Journal, March 10, 2008
- ^ Avista fund challenges Credit Suisse Buyouts, June 14, 2007. Cached version
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