Doug Ostrover will leave Blackstone Group’s GSO Capital Partners unit but remain a senior advisor at US-based Blackstone, it said in a statement last week. Ostrover was one of the founders of GSO.

"The success of GSO as the leading alternative credit platform in the market today is in no small measure the result of Doug's creative thinking and energy," Bennett Goodman and Tripp Smith, the unit's two other founders, said in the statement.

Blackstone bought GSO in 2008. The unit has expanded to oversee $75 billion, making it one of the largest credit alternative investment firms globally.

Before co-founding GSO in 2005, Ostrover was chairman of the leveraged finance group of CSFB.