BlackRock (BLK) committed a total of $400 million of client assets to a co-investment separate account managed by Gallatin Point Capital, an alternative investment firm founded by Matthew B. Botein, Gallatin managing partner who formerly headed BlackRock Alternative Investors, and Lewis "Lee" A. Sachs, managing partner, who previously was co-founder and chairman of Alliance Partners..
Edward Sweeney, a BlackRock spokesman, confirmed in an interview that BlackRock set up a $400 million capacity agreement for a separate account to be managed by Gallatin. Mr. Botein left BlackRock in 2017 to launch Gallatin Point. Mr. Botein was co-head and chief investment officer of BlackRock Alternative Investors at the time of his departure.
BlackRock backed the new company's launch last year and is listed as one of the firm's owners on Gallatin Point's ADV filing with the Securities and Exchange Commission. Mr. Sweeney declined to disclose the size of BlackRock's investment in Gallatin Point.
Gallatin Point manages a total of $1.2 billion.