PRINT THIS PAGE Former CSFB execs to launch new private equity firm22/09/2004. Source: AltAssets. 
 A group of investment professionals that defected from DLJ Merchant Banking Partners, the private equity arm of Credit Suisse First Boston, have launched a new firm called Diamond Castle Holdings. The new firm is planning to raise a fund targeting between $1bn and $1.5bn.
Diamond Castle Holdings is to be led by Lawrence Schloss who was previously head of DLJ Merchant Banking Partners.
The executives told the Wall Street Journal that they left DLJ because of what they described as a 'disturbing lack of independence.' In particular, they cited conflicts of interest that arose between the private equity and investment banking divisions.
'We were held hostage to the financial sponsors group,' said one of the executives, Michael Ranger. 'It was all about supporting the mother ship. We wanted to prove ourselves in a non-investment bank model.'
Other recent CSFB departures include James Quella and Michael Dugan who both left to become senior managing directors at Blackstone.
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