Longtime PE exec leaves Bessemer Trust

  • Marc de Saint Phalle worked on Old Westbury funds
  • Departed Bessemer Trust after 16 years
  • Co-headed 28-person alternative investment team

Marc de Saint Phalle has left Bessemer Trust after working for 16 years at the multi-family office with more than $100 billion in assets under management, the firm said.

De Saint Phalle held the title of managing director, director of private equity and co-head of alternative investments for Bessemer Trust, according to his LinkedIn profile.

He co-headed the firm’s 28-person alternative investment unit for more than five years through October, overseeing management of more than $5 billion of venture capital and private equity; also a $750 million program for global real estate and other private real assets. All told, he oversaw 19 fund-of-funds at Bessemer Trust.

Prior to Bessemer Trust, De Saint Phalle worked as a vice president of Merrill Lynch investment banking from 1994 to 1999.

De Saint Phalle did not return a phone call. A spokeswoman for Bessemer Trust confirmed that he left but didn’t comment further.

De Saint Phalle is listed as an executive on its series of Old Westbury Private Equity funds. The most recent was Old Westbury Private Equity Fund XIII, which disclosed $328 million in commitments from 461 investors and a target of $350 million, according to a Form D filing on December 30, 2014.

Old Westbury private equity funds had a fair value of $3.8 billion as of Dec. 31, 2014, down from $4.3 billion in 2013, according to Bessemer Trust’s 2014 annual report. The firm has not yet released its 2015 annual report.

The annual report lists Stuart Janney III as chairman, Marc Stern as CEO and George Wilcox as president.

Among recent developments at the firm, Bessemer Trust in December named Holly MacDonald managing director and chief investment strategist to head up macroeconomic research, according to a prepared statement. She reports to Rebecca Patterson, managing director and chief investment officer.

In April of last year, Bessemer announced the opening of its Seattle office as its 17th in the U.S.

Action Item: Bessemer Trust 2014 annual report, http://bit.ly/1LKsCmu

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