Early Life and Education
Stephen Andrew Feinberg was born in The Bronx, New York, on March 29, 1960. When he was eight years old, his family moved to Spring Valley, a suburb of New York City. His father was a steel salesman. Feinberg was a nationally ranked chess player and played bridge and tennis in high school. He continued to play tennis at Princeton University, graduating in 1982 with a Bachelor of Arts in Politics. During his time at Princeton, he was a member of the Army Reserve Officers' Training Corps (ROTC).
Rise to Success
Feinberg's career in finance began in 1982 when he worked as a trader at Drexel Burnham. He later worked at Gruntal & Co. before co-founding Cerberus Capital Management with William L. Richter in 1992. The firm initially focused on distressed corporate debt. Under Feinberg's leadership, Cerberus expanded its assets under management, growing from $10 million to $60 billion by 2022. The firm invested in a variety of companies, including those in the automotive, financial services, and government services sectors.
Key Business Strategies
Feinberg's business strategy at Cerberus focused on acquiring and restructuring underperforming companies. The firm became known for its investments in distressed assets and leveraged buyouts. He emphasized the need to maximize returns rather than solely focusing on assets under management. Feinberg also invested in companies related to national security.
Philanthropy
Cerberus Capital Management supports the Make-A-Wish Foundation through a dedicated sponsorship.
