On a blustery November morning in 2019, three former colleagues from a Manhattan investment bank sat in a dingy diner on the outskirts of Bridgeport, Connecticut. They weren’t there for the coffee. They were there for the ruins.
Leo Castellano did something unheard of. He called a meeting of all 214 limited partners—from the sovereign fund down to a retired firefighter in Tampa who had put in $50,000. He put a single page on the screen: gbp ventures llc
The partnership agreement had no “gate” provision. No way to halt redemptions. GBP faced a classic run—not on a bank, but on a private equity fund. On a blustery November morning in 2019, three