The retail-focused private equity firm has hired Mark Phillip who will be responsible for business development and investor relations, according to a statement. He joins from MatlinPatterson Asset Management, a $9 billion distressed credit platform, where he was a principal. Prior to that he was a vice-president in the alternative investment group of Morgan Stanley.
“We are thrilled to welcome Mark to the FlowStone team,” said Conners in the statement. “Mark shares our values and commitment to bringing institutional-quality private equity investment opportunities to more people.”
FlowStone’s investor relations function was led by former Landmark vice-president Jason Neal, Secondaries Investor reported last September. He left for Pomona Capital in July, according to his LinkedIn profile
The Connecticut-headquartered firm manages FlowStone Opportunity Fund, a closed-end, non-exchange-listed vehicle targeted at high-net-worth investors. It mainly makes secondaries investments, as well as primary fund commitments and co-investments.
It launched in September with $30 million in capital and is aiming to have $2.5 billion in assets within 10 years, Connors told Secondaries Investor last year.
The vehicle had $45.4 million in assets under management as of 31 March, according to its annual results. Among the largest stakes it bought last year was AIC Credit Opportunities Partners Fund II, venture-capital fund Draper Fisher Jurvetson Growth 2006 and Parthenon Investors III.
FlowStone’s other managing directors are Landmark alumnus Mike Carrano and former Partners Group investment manager Andreas Münderlein, according to its website.