US private equity firm Vestar Capital Partners has promoted two staff to vice president in the wake of a disappointing fundraise which saw it close on less than a quarter of its original $3.5bn target.
Michael Gross, a member of Vestar’s financial services and diversified industries groups, joined the firm in 2008.
He was previously a member of the financial institutions group at Credit Suisse Securities, where he advised financial institutions in the banking, insurance, asset management and financial technology sectors.
Winston Song works in the consumer and healthcare groups at Vestar having rejoined the firm in 2011.
He was previously hired in 2006 from Lehman Brothers’ global leveraged finance group, where he worked on M&A and private equity-related high yield and leveraged loan financings.
Vestar closed its sixth fund on $804m last summer, well short of even its reduced $2bn target.
Vestar Capital Partners VI followed the firm’s fifth vehicle, which raised $3.65bn in 2005 and was 95 per cent invested in July last year.
VCP V was generating an IRR of 1.79 per cent at the end of June 2013, according to data from investor the Washington State Investment Board.
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