Black Diamond hires GSC executive

The turnaround specialist has recruited former GSC Group executive Philip Raygorodetsky to oversee the firm’s third fund, reportedly targeting $1bn.

Black Diamond Capital Management has hired former GSC Group executive Philip Raygorodetsky as a managing director.

Raygorodetsky will be responsible for overseeing companies acquired from the firm’s distressed investment funds.


Raygorodetsky, who has been working in the distressed-for-control field at GSC since 1997, joins Black Diamond’s controlled distressed/private equity team that includes Chris Boyle and Chris Parker.

Black Diamond is currently raising BDCM Opportunity Fund III, which held a first close on $206 million in January. Earlier this year, the Oregon Public Employees’ Retirement System committed $100 million to the fund.

Black Diamond’s second distressed fund closed on $982 million in 2007, surpassing its original target of $750 million. Established in 1995, Black Diamond focuses on investing in senior secured securities, and has over $5 billion in assets under management.