Pillarstone has agreed deals with two of Greece’s largest banks to invest in underperforming loans
Georg Stratenwerth has been appointed as a non-executive director of Pillarstone’s Greek arm, according to a statement. He will be responsible for the oversight and management of the company’s activities in Greece.
Stratenwerth most recently worked as a partner at Advent International, a firm he joined in 2003. He retired from the firm in June 2016. Before Advent, Stratenwerth was a partner in the private equity group at investment bank JP Morgan.
Pillarstone also hired Elias Sakellis, a former executive director in the leverage finance and restructuring team at Goldman Sachs, as a partner in Greece. He will be responsible for growing Pillarstone’s investment activities in Greece and will also assist with investments in the shipping and natural resources sectors across Europe, according to the statement.
Before Pillarstone, Sakellis worked at Hong Kong-based investment firm Quantum Pacific where he was a managing director and responsible for the group’s shipping, offshore drilling, oil and gas, and mining investments. He left Goldman Sachs in 2012, according to Linkedin.
The hires come after Pillarstone agreed a deal with two of Greek’s largest banks to invest in some of their underperforming loans.
Funding for the Pillarstone platform comes from a combination of KKR’s second $ 3.35 billion special situations fund, various KKR credit funds and capital invested by Pillarstone’s chief executive, John Davison, Private Equity News previously reported.