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Ex-AlpInvest MD taps former shop for GP stakes hire

Joseph Lombardo, who left AlpInvest's partnerships team in December, has joined former MD Sean Gallary at mid-market fund of firms outfit Stonyrock Partners.

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The last person to leave AlpInvest Partners‘ GP interests team has joined the firm founded by its former head.

Joseph Lombardo, who was a New York-based vice-president in the Carlyle unit’s partnership team, has joined Stonyrock Partners as a principal, according to his LinkedIn profile. He left AlpInvest in December after the firm shelved plans to raise a vehicle dedicated to acquiring stakes in other managers, sister publication Private Equity International reported.

Sean Gallary, the former managing director of AlpInvest’s partnership team, and Craig Schortzmann, a former MD at Blackstone Alternative Asset management, founded New York-headquartered Stonyrock in April.

The firm has teamed up with Leucadia Asset Management, part of investment bank Jefferies, to raise a permanent capital vehicle dedicated to acquiring minority stakes in mid-market alternative asset managers across private equity, private credit, infrastructure and real estate, among other asset classes.

Gallary left AlpInvest’s partnership unit in October after 18 months at the firm, as Secondaries Investor reported.

The fund of firms market has been growing in recent years. Blackstone raised $3.38 billion for its first fund and is reportedly seeking more than $3 billion for a successor vehicle. Dyal Capital Partners has raised more than $7 billion and Petershill has raised $2.5 billion for their most recent respective funds.

Stonyrock did not return a request for comment by press time.