Patrick Dunleavy this summer joined a number of Deutsche Banc veterans at the private equity group of Salomon Smith Barney as a managing director and global head of origination.
Prior to his current position, Dunleavy was a managing director and head of corporate finance at Deutche Banc Alex. Brown. He joined the bank 1998 before the merger with Deutshe Banc, when it was still called BT Alex. Brown.
With only three months under his belt at Salomon Smith Barney, Dunleavy is fully immersed in the bank’s plans to be the next big thing for private equity funds. Dunleavy, who is based in the New York office, has been splitting his time between New York and London, alongside Managing Director and Global Head of the private equity fund group Loren Boston. The team has been busy accomplishing several tasks for Salomon. Dunleavy and Boston have been developing a fund evaluation process for the group, which will allow it to prioritize the funds, which Salomon would like to market.
At the time of Buyouts‘ meeting with Dunleavy and Boston, they were high on the pride of their most recent accomplishment securing the chance to market New York and Texas-based Oak Hill Special Opportunities Fund, which consists of a family of fundsacross alternative asset classes under the flag of Robert Bass, targeting $750 million, and London-based-Charterhouse Capital Partners VII, targeting Euro3 billion. Historically, Oak Hill funds were marketed by Merrill Lynch and Charterhouse funds by Donaldson, Lufkin and Jenrette. Other funds on the Salomon Smith Barney roster include the $300 million Meritage Private Equity Fund II, the $500 million Capital Trust Mezzanine Partners II LP, which had an original target of $500 million but was over-subscribed with more than $800 million in commitments by the final close, and the $500 million Ripplewood Partners II LP.
Dunleavy was attracted to the opportunity at Salomon Smith Barney for a number of reasons, he said. First, Dunleavy was impressed with the structure of the global private equity products and services group at the bank, which allows each group to leverage the resources of the other groups – namely the shared information between the financial entrepreneurs group and the private equity fund group. This environment of working for the whole differed from his experience at Deutsche Banc, which Dunleavy describes as “working in a silo.”
Dunleavy was also eager to take the opportunity to work with Boston again. The relationship between Dunleavy and Boston dates back to a shared office at BT Alex. Brown in April of 1998, where they began on the same day in the New York office. Over the years, Deutsche Banc has become an unofficial breeding ground for future Salomon professionals. In addition to Dunleavy and Boston, other private equity players at Salomon whose roots go back to Deutsche Banc include Neil Banta, a director in the private equity group on the distribution side, Andrew Wilbur, a sales professional in Salomon’s London office also in distribution, and Tina Courpas, who has since left to join the team at CSFB.