The debt-focused alternatives investor has a new name to reflect its latest incarnation.

As private equity firms grow and evolve, so may their monikers. One firm was originally created in 1994 as Greenwich Street Capital, the private equity division of investment bank Smith Barney. Five years later, the firm morphed into GSC Partners. Most recently, the firm now known as GSC Group announced in October its rebranding, spurred by the firm's changing institutional structure and expanded business lines.

This latest, third version of the Florham Park, New Jersey-based firm has been characterized by a recapitalization and incorporation this year, which perhaps is most notable for opening up the firm's ownership structure to include all of GSC's employees. GSC has also installed a management committee of six to oversee the firm's operations, in addition to internally promoting 22 executives to the title of managing director or senior managing director earlier this year.

In April, Eckert told PEM that before GSC enters an era of what he hopes is continued growth, he wants to see the upside of the franchise's expansion be enjoyed across the firm, by all of GSC's employees.

?As a corporation, we have created a single institution within global reach and the rational management structures that one would associate with a sophisticated financial institution,? said GSC chairman and chief executive Alfred Eckert III in last month's company statement announcing the firm's new name. He added: ?In addition, we have an inclusive ownership structure capable of attracting and retaining talented investment professionals of the highest caliber and developing the next generation of leadership.?

GSC says that it has doubled in size – measured by assets under management and number of employees – in the past two years. Now managing over $16 billion (€12.7 billion) in assets, the firm has also streamlined its business lines into three divisions: corporate credit, distressed investing and real estate. GSC has also consolidated its businesses in the US and Europe. The firm has 170 employees across its New Jersey headquarters and New York, London and Los Angeles offices.

Summing up the firm's decision to rebrand and restructure, Eckert was quoted in the company statement: ?Our new name more accurately describes the major financial institution we are building? We have redesigned the structure of the firm to take maximum advantage of changes in alternative asset investing.?