Stephen Murray had a long career in the financial sector of New York City. He was also one of the most active philanthropists in the city. Murray died last year after retiring from his private equity group, CCMP Capital, one month earlier due to health complications. He was 52 years old.
After being born and raised in Westchester, NY, Stephen Murray started out his career by gaining the asset of a good education. He received his undergraduate degree in Economics from Boston College in 1984. He was still active at the school up until his death. He then got his Master’s in Business Administration from Columbia University before entering the workforce.
He started his career after his undergrad working for Hanover Trust in the credit department. He started as just a trainee but worked his way up and rose to the position of VP of Middle Market Lending in just 5 years. He worked for Hanover trust until 2000. That is when they were bought out by Chase Bank. During his time at Hanover, he did join a private equity firm that would later develop into what we know today at CCMP Capital.
After the merger, Murray was employed at JP Morgan & Chase as head of the buyout division. He had experience with this as he had been running a private equity fund for about 10 years that specialized in bank buyouts and growth lending. This fund would continue to grow until Chase bought out Bank One.
Read more: Ex-CCMP Capital CEO Steve Murray passes away
The merger with Bank One was the genesis for the creation of CCMP Partners. Bank One already had a private equity division. The CCMP fund was spun out of Chase Bank to prevent any conflict of interest between the fund and any of Chase’s clients from occurring.
Murray was known as a great deal-maker by his colleagues in the financial industry on ccmpcapital.com. This is a skill that he used often during his time as CEO of CCMP. The fund focused on making investments in the retail, healthcare, and energy markets. Their investments were fairly large as they average between $100 million and $500 million per transaction.
On top of his successful business career, Murray also gave back to the community. Murray’s most notable role was a member of the board for the Make a Wish Foundation in Metro New York. He also served on the Board Of Trustees at his alma mater, Boston College.
Learn more about Stephen Murray: http://www.wsj.com/articles/ccmp-capital-advisors-gets-backing-to-resume-investing-from-fund-1430946145