Irving Place Capital (fka BSMB)

Founded in 1997 as Bear Stearns Merchant Banking (BSMB), the firm was established by John D. Howard to serve as the private equity and merchant banking arm of Bear Stearns. The group operated within the investment bank for over a decade, raising its third flagship fund of $2.7 billion in 2006. Following the acquisition of Bear Stearns by JPMorgan Chase during the 2008 financial crisis, the team completed a spin-out to become an independent entity rebranded as Irving Place Capital.

Post-independence, the firm has focused on middle-market companies within its core verticals of industrials, packaging, consumer products, and retail. In 2015, the firm addressed liquidity needs for its third fund by closing a $1.5 billion special purpose vehicle (SPV). In recent years, the firm has seen the departure of Co-Managing Partner Phil Carpenter to form Radial Equity Partners and has actively managed exits of long-term holdings like Alpha Packaging and Chromalox.