John Grayken, founder of Lone Star Funds, has a record of generating more than 20 percent returns over two decades as the world’s biggest buyer of delinquent mortgages. What he doesn’t have is a designated successor.
Lone Star Funds, the private-equity firm founded by billionaire John Grayken, submitted winning bids for $3.9 billion of soured home loans sold this month by the Department of Housing and Urban Development.
Lone Star Funds, the world’s biggest buyer of delinquent mortgages, promoted Andre Collin to the new role of president of the Dallas-based private-equity firm, reporting to Chairman John Grayken, according to an e-mail sent to investors.
Lone Star Funds, the private-equity firm led by Chairman John Grayken, bought 23 buildings from State Farm Mutual Automobile Insurance Co. and will lease them back to the largest U.S. property-casualty insurer.