Credit-focused hedge fund firm Beach Point Capital Management has named Joshua Baumgarten as president and Chief Investment Officer, strengthening its senior leadership team as it expands across private credit and opportunistic strategies, according to a report by Bloomberg.
Baumgarten, who will also join Beach Point’s executive committee, brings more than two decades of credit investing experience. He previously served as co-managing partner and head of credit at TPG Angelo Gordon, where he spent nearly a decade, and was co-chief executive of Angelo Gordon prior to its acquisition by TPG. Earlier in his career, he spent nine years at Blackstone, managing its credit platform and launching the firm’s global co-investment business.
Beach Point has also added Eric Storch as Global Head of Client Partnerships and business development, overseeing investor relations and capital formation. Storch joins from Oak Hill Advisors, where he spent more than 10 years, and also held roles at Blackstone.
Both executives have joined the firm’s New York office this week. Founders Scott Klein and Carl Goldsmith will continue to serve as co-chairmen and co-CEOs.
Founded in 2009, Beach Point manages approximately $20bn in assets, investing across private credit, CLOs, leveraged finance and real estate. The firm has been active in providing bespoke financing solutions, including a recent loan to hospitality group Cipriani to support its global expansion. In May, Beach Point announced it had raised more than $1.25bn for its latest opportunistic credit fund.
