Credit secondaries specialist FoxPath expands with Goldman hire

The firm, founded by ex-Morgan Stanley and ex-Apollo execs, is planning to add a few more hires by the end of the year.

FoxPath Capital Partners, a credit secondaries firm established by former executives at Morgan Stanley and Apollo Global Management, is expanding with a hire from Goldman Sachs Asset Management.

Ben Forster, a member of GSAM’s alternatives capital markets and strategy group, is joining FoxPath as vice-president, according to details shared by the firm with Secondaries Investor. He will be responsible for underwriting and managing fund investments at FoxPath.

Forster started at GSAM’s private credit group in 2018, where he focused on underwriting sponsor-backed financings on behalf of the firm’s senior and mezzanine private credit funds. He then joined its alternatives capital markets and strategy group to focus on syndicating private credit co-investments to Goldman’s global LP clients.

The firm plans to bring on a few additional hires by year-end and prioritises candidates with direct credit investing backgrounds.

FoxPath was founded by Tony Colarusso, former global head of private capital advisory at Morgan Stanley, and Brian Laureano, a founding member of Apollo’s credit secondaries team. The firm is headquartered in New York.

Colarusso, who oversees FoxPath’s investments, has over 23 years of experience in private markets, including building Morgan Stanley’s first secondaries advisory team, according to his biography. He is also skilled in sponsor-backed leverage buyouts and recapitalisation.

Laureano serves as chief investment officer at FoxPath and is responsible for originating, underwriting, executing and managing fund investments. He founded Apollo’s S3 Credit Solutions strategy and has experience in opportunistic credit and direct lending, according to his LinkedIn profile.

The expansion of FoxPath comes at a time when investors are increasingly drawn to credit secondaries in the high interest rate environment. A record 21 percent of investors plan to commit capital to secondaries funds in private debt over the next 12 months, according to affiliate title Private Debt Investor’s LP Perspectives 2024 Study. This is the highest proportion in the history of the survey and an increase from the previous year’s 17 percent.

In the GP-led market, dollar volumes of capital deployed continued to grow in credit, according to Lazard’s Secondary Market Report 2023. The percentage of capital deployed remained heavily weighted towards buyouts, which made up 86 percent of the market last year.