Inside ex-Goldman Sachs banker Gregg Lemkau’s big bet on himself

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TGIF! It’s Dan DeFrancesco checking in from NYC.  Well, there you’ll have it of us, Elon Musk is officially Twitter’s new owner, bringing a close to months of high-priced litigation. However, the drama shouldn’t be over merely however, as sources say Musk has already fired a minimal of 4 prime execs, including CEO Parag Agrawal.

Speaking of Elon, we’ve got concepts from one fintech authorities on why he’s our best bet for building a US super app, an inside check out the man tasked with leading Credit Suisse’s spin-off investment bank, and why young, aspiring PE employees aren’t necessarily all about the money

But first, when betting on your self pays off big. 

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Gregg Lemkau from Goldman Sachs, Michael Dell, and Bryon Trott in front of tan checkered background with blue squares and piles of money 4x3
Gregg Lemkau (center) led MSD Partners, the investment firm financed by Michael Dell (right) to a merger with merchant bank BDT & Company, founded by Byron Trott (left).

1. Gregg’s billionaire bet

A high-profile place at one of many prestigious banks on Wall Street. A Rolodex of the among the many wealthiest people on the planet. And a great head of hair.

What additional could a banker ask for?

Gregg Lemkau seemingly had all of it, which is why many had been shocked at his dedication to complete his 28-year tenure at Goldman Sachs to run MSD Partners, Michael Dell’s funding company, in late 2020. 

Nearly two years later, Lemkau has silenced any doubters by orchestrating a merger between MSD and repair supplier monetary establishment BDT & Company. Lemkau will operate co-CEO with BDT founder and CEO Byron Trott of the model new company, which might purpose rich households and founders.

While the deal was a Goldman reunion of sorts — together with Lemkau and Trott, Ardea Parters, which advised the businesses, is chock full of former Goldman bigwigs — it’s also an attention-grabbing case look at throughout the tempo at which the “new money” has appeared to diversify.

Insider’s Hayley Cuccinello, who profiled Lemkau, instructed me that what stood out to her was how briskly Michael Dell’s family office has superior in comparison with others throughout the wealth space.

Dell established MSD Capital, his family office, in 1998. Somewhat over 10 years later, MSD Partners was established in 2009. And now, upon completion of the deal in early 2023, MSD’s funding decisions may be blended with BDT’s advisory suppliers to sort a model new hybrid company.

Compare that to the Rockefellers — who established a family office in 1882, started taking open air money in 1979, and rebranded as a wealth-management company in 2018 — and in addition you start to grasp how quickly the Dell family has moved.

Whether that interprets into success for Lemkau and Trott stays to be seen. There isn’t any denying the cachet Lemkau holds amongst among the many most wealthy people in finance as proof of their willingness to sing his praises in our story. 

Personally, I’m hoping Lemkau will rely on a former key Dell spokesperson to attract new purchasers.

Click here to read more about Gregg Lemkau’s ascension at Goldman Sachs and his decision to leave.

In totally different info:

2-8a Rutland Gate.
2-8a Rutland Gate.

2. Credit Suisse lastly launched its restructuring plans, and a well-recognized face is collaborating in a key place. Former longtime Citi authorities Michael Klein will operate CEO of CS First Boston, the investment-banking arm of the embattled Swiss monetary establishment that is being spun off. Here’s everything you need to know about Klein

3. If you’re upset regarding the Elon Musk-Twitter deal, you’re gonna hate this prediction. A fintech authorities believes the billionaire has the best chance at standing up a wonderful app throughout the US. Here’s his thinking.

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6. It’s not regarding the money. A survey of current school college students and updated graduates of Columbia Business School’s PE program said they don’t care about compensation as quite a bit as “a work environment that’s conducive to intellectual and personal development,” Institutional Investor reports

7. A TenderBank-backed startup raised money merely throughout the nick of time. California glass maker View Inc., which was on tempo to run out of money after November, launched it raised $200 million in convertible senior notes. For additional on the struggling startup, read our deep dive on View.  

8. Starwood Property Trust, run by billionaire Barry Sternlicht, is backing out of a deal to build up a mortgage agency. The agency cancelled plans to build up mortgage originator Luxury Mortgage Corp, the latest signal of the impact of rising interest rates

9. The build-out throughout the ‘burbs continues. Citadel and Blue Owl Capital are among the many many rising number of finance corporations together with to their office space in Connecticut, Bloomberg experiences. It’s all part of an effort to appease workers who want to cut down on their commutes.

10. The costliest property in London is once more on the market, in case you are interested. The asking worth for 2-8 Rutland Gate is $220 million, and, by the best way through which, it desires loads of work. Take a peak inside

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Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London. 


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