New York’s Biggest Private Equity Firm Loses President Stephen Murray

CCMP is one of the longest standing private equity firms in the field, and its name comes from decades of separations and transformation that has lead to its current standing in the finance world. Unfortunately CCMP lost its president and co-founder, Stephen Murray, who was named CEO of CCMP back in 2007. Murray helped branch CCMP out of its parent company JP Morgan Chase in 2006, and from then he dedicated his life to grow his spin out company into the global success is is today. With Murray’s excellent leadership CCMP has a total of $12 billion in assets and is ranked #17 in NYPost as the world’s largest private equity funds.

 

CCMP’s name derives from its multitude of parent companies spanning the last two decades, and when it was founded in 1984 CCMP was known as Chemical Venture Partners. In 1996 Chemical Ventures acquired Chase Manhattan Bank in 1996 and adopted the Chase name and became Chase Chemical Partners. History repeated itself during the 2000 acquisition of JP Morgan & Co which lead to the company once again adopting the inherited name into their current one. JP Morgan Partners kept its name until the platform continued to grow as it integrated organizations in private equity like Manufacturers Hanover, Chase Manhattan, and The Beacon Group.

 

In 2004 the company then known as JP Morgan Chase managed to acquire another company known as Bank One. However Bank One had their own private equity in house which was known as One Equity partners run by Dick Cashin. Eventually Cashin was named the lead private equity when JP Morgan Chase finalized plans to create the spin out company now known as Stephen Murray’s CCMP. Chemical and Chase and JP Morgan Partners morphed into CCMP in honor of its vast history.

 

Stephen Murray CCMP Capital worked for Manufactures Hanover until its acquisition in 1991. He stayed with the ever changing and expanding company, and in 2005 he was named the head of business buyouts of JP Morgan Chase. Along with Cashin he co-founded CCMP and became president of the company a year after its initial launch. Murray had a an Economics degree from Boston University and a masters in business administration from Columbia University. Along with his dedication to the company he helped build Murray served on a number of boards for other companies including Aramark, AMC Entertainment, and Pinnacle foods. Murray believed in charitable work and giving to people who needed an extra boost, and he donated his services to the Make-A-Wish Foundation in New York city as well as The Food Bank of Lower Fairfield Country, and The Columbia Business School. Murray passed away in March of 2015 at his home in Stanford at the age of 51.