NEW YORK — Citi Private Bank announced today that Steve Prostor has been named Head of Sponsor Finance, North America, in addition to his current role as Head of Syndications, Citi Private Bank. In this newly created role, Mr. Prostor will manage the origination, structuring, underwriting, syndication and portfolio management activities of Citi Private Bank’s global subscription lending business in North America.
“The addition of Steve’s leadership and experience to our dedicated team of private bankers and lending professionals that cover private equity sponsors will strengthen our firm’s ability to deliver a unique combination of expert guidance and advice, institutional execution and private bank service to this important and growing client segment,” said Tracey Warson, Head of Citi Private Bank, North America.
In 2014, Sponsor Finance extended nearly $8 billion in new subscription finance commitments to private equity managers globally (more than $6 billion in North America). The team specializes in meeting the financing and wealth management needs of private equity firms and their partners globally by providing liquidity to their funds (subscription line financing), their management companies and the individual partners of the sponsor group.
Mr. Prostor previously worked in the Sponsor Finance group from 2006-2010. Prior to joining Citi Private Bank, he spent 18 years as a corporate banker with PNC, HSBC and Citi, including a total of 10 years covering mid-market private equity sponsors to source portfolio company financing opportunities.
Mr. Prostor received his Bachelor of Science in Finance and Economics from Miami University of Ohio. He serves on the board of directors of the Association for Corporate Growth (ACG), which is the premier business association for mid-market private equity and M&A professionals in North America.
“I look forward to supporting the borrowing and other banking service needs of our private equity clients and prospects. Our dedicated coverage team and close partnership with Citi’s capital markets division and investment bank will enable us to continue building upon Citi Private Bank’s market leading position in subscription finance in North America,” said Mr. Prostor.