I t may not equal March Madness, but the first-ever Hedge Fund vs. Private Equity All-Star game was the hottest basketball ticket on Wall Street.
The March 15 matchup at the Park Avenue Armory kicked off the 2007 Net Gain Tournament, a round-robin tournament of New York Knicks alumni, high school students and executives at financial institutions sponsoring the event to raise money for Youth I.N.C., a New York non-profit organization that helps other charities raise funds. The aim of the 10th annual Net Gain Tournament is to raise money to pay for court time at venues around New York City for 33 high school basketball teams at schools that do not have gymnasiums, said Stephen K. Orr, executive director and founder of Youth I.N.C..
Over the past 10 years, The Net Gain Tournament has raised more than $3 million.
The list of financial sponsors of this years event reads like a Whos Who of Wall Street and the alternative investment world. They included: Win J. Neuger, chairman and chief executive officer of AIG Global Investment Group; Marc Lasry, founder and managing partner of Avenue Capital; Joseph L. Russell, senior managing director of Citadel Advisory Group; Richard J. Schnall, partner in Clayton, Dubilier & Rice; Ed Yorke, managing director, Credit Suisse First Boston; Thomas G. Connolly, managing director, Goldman Sachs & Co.; Ted Conway, managing director of Lehman Brothers Inc.; and Richard P. Schifter, partner, TPG Capital.
So who reigned on the basketball court Thursday night? Private Equity, 30-17.