Buyouts’ Off-duty provides a snapshot of top investors, including a few details about what they do when not chasing deals.
As a sports-minded boy growing up in Montreal, Michael Fisch, CEO of American Securities, aspired to go pro. “Like many kids under the age of 10, I dreamed of becoming a professional athlete,” he told Buyouts.
Today, Fisch retains a strong yen for athletics, especially for IronMan Triathlon races, in which he competes as a way of relieving stress. “They are very compatible to being a professional sitter,” he quipped.
Fisch was introduced to private equity in early jobs at Goldman Sachs and Bain & Company. In 1994, he partnered with Charles Klein in transforming American Securities from a longtime family office into an institutionally backed fund manager. The family, the Rosenwalds of Sears Roebuck fame, anchored a $71 million debut vehicle.
Fisch has since led American Securities, a $26 billion investor in North American mid-market companies.
Outside of work, he is active on the boards of several non-profit organizations, including 1162 Foundation, the Atlantic Council, Northwell Health and Princeton Theological Seminary. “It’s important to give back of our treasure and of our time,” he said.
Where is your hometown?
Montreal.
If you weren’t in PE, what job would you like to have?
Outside of American Securities, I am involved with several non-profits engaged in work on causes that are important to me. So, if I weren’t working in private equity, I think that I would be working in the non-profit sector in one of the areas about which I care deeply: food insecurity in our communities, healthcare or human rights.
How do you relax when you’re not working?
I love spending time with my four grown children. I also enjoy endurance athletics – Ironman Triathlons in particular – although I’m not sure others would consider this relaxing.
What book are you reading right now?
Outlive: The Science and Art of Longevity, by Dr. Peter Attia and Bill Gifford.
What is your favorite song, album, performer or music genre?
Classical music (particularly symphonies and piano concertos) or motivational rock (the likes of Queen, Bruce Springsteen and Duran Duran).
What is your favorite meal, recipe, cocktail or bottle of wine?
Gin martini, steak and red wine.
What is your favorite place for a vacation, sanctuary or space to explore?
My favorite places to get away are either ocean-side or in the mountains.
Who in your career do you regard as a mentor?
Chuck Klein, my late partner in founding American Securities. We connected instantly when we met for the first time at a breakfast in the early 1990s and became dear friends. We debated investments intensely, but never once had a cross word for one another.
Professionally, what was your toughest moment?
Delivering Chuck’s eulogy after his passing in 2019. While it was a deeply personal moment, I view it as professional too, because we built American Securities together. I wanted to deliver the best eulogy to honor his importance to me and so many others (it took me 37 drafts), but I also had to work hard to keep my composure in the delivery; I loved him so much.
What was your most rewarding moment?
Looking back at nearly 30 years of American Securities – the culture that we have built within our firm and the friendships with our portfolio company executives and our investors.
What PE buzz words or jargon do you hate most?
Capital overhang. It is not the gross dollars that most write about, but dry powder as a percentage of the ecosystem that matters.
What advice would you give a young person interested in a PE career?
Make sure you enjoy the work, not the hype or the economic remuneration. Love learning about businesses and the people who manage them.
What word or phrase best describes you?
Focused and fact-based but caring too.
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