Liberty Strategic Capital

In 2021, Steven Mnuchin founded Liberty Strategic Capital, where he serves as Managing Partner and chairs the firm’s Investment Committee. He was previously a Partner and Chief Information Officer at Goldman Sachs and founded Dune Capital Management and OneWest Bank.⁠[1][1]

On June 29, 2021, the firm’s private equity fund Liberty 77 Fund L.P. filed a Form D with the U.S. Securities and Exchange Commission. The fund is an exempted limited partnership formed in the Cayman Islands in 2021 and declined to disclose the amount raised.⁠[2][2][2][2]

On January 18, 2022, the satellite Earth observation company Satellogic and CF Acquisition Corp. V, a special purpose acquisition company sponsored by Cantor Fitzgerald, announced that Liberty had committed to a $150 million private placement investment expected to close in mid-February; Mnuchin was to serve as Non-Executive Chairman of Satellogic. As of March 2025, Liberty held, through Liberty Strategic Capital (SATL) Holdings, 20 million Class A common shares of Satellogic, as well as warrants to buy 5 million shares at $10 per share and 15 million shares at $15 per share, and Mnuchin remained a director of the company.⁠[3][3][3][3][3][4][4][4][4]

On March 6, 2024, the bank holding company New York Community Bancorp (NYCB) announced an equity investment of more than $1 billion led by Liberty, with participation from Hudson Bay Capital, Reverence Capital, and others, of which Liberty was expected to invest $450 million. The investors bought common stock and convertible preferred stock at $2.00 per share, and the transaction closed on March 11 for a total of about $1.05 billion.⁠[5][5][5][6]

On the closing date, four new directors, including Mnuchin and former Comptroller of the Currency Joseph Otting, joined the NYCB board; Mnuchin became the newly created Lead Independent Director and Otting became Chief Executive Officer. Mnuchin said that the investors had been mindful of the bank’s credit risk before investing and that the more than $1 billion of capital was sufficient should reserves need to be increased in the future.⁠[6][6][5][5][5][5]

Liberty held its stake through Liberty Strategic Capital (CEN) Holdings, which after closing held about 34.94 million shares of NYCB common stock, as well as Series B and Series C preferred stock and warrants to buy Series D preferred stock.⁠[7][7][7][7][7]

On November 6, 2024, shareholders of the insurance and reinsurance group Enstar approved its acquisition by the investment firm Sixth Street, with Liberty Strategic Capital, J.C. Flowers, and other institutional investors participating in the transaction. The deal closed on July 2, 2025, at $338 per share in cash, representing a total equity value of $5.1 billion, and Enstar became a private company.⁠[8][8][9][8][8][8]

On December 16, 2024, Flagstar Financial announced that Brian Callanan, Senior Managing Director and General Counsel at Liberty, had joined its Board of Directors; the appointment aligned with the $1.05 billion equity investment of March 2024, under which lead investor Liberty was granted two board seats.⁠[10][10][10]

On October 17, 2025, Flagstar Bank merged with its bank holding company Flagstar Financial and became the surviving entity, and Liberty’s common stock, restricted stock units, and warrants were exchanged for substantially equivalent securities of the surviving bank. The members of the holding entity are Liberty 77 Fund L.P. and Liberty 77 Fund International L.P.⁠[11][11][11][11]

On January 26, 2026, the content studio Lionsgate Studios appointed Mnuchin as a director; Chair Mark Rachesky said that Mnuchin and his fund are significant Lionsgate investors.⁠[1][1][1][1]

On March 25, 2026, Liberty Senior Managing Director Eli H. Miller was appointed a director of Flagstar Bank, effective April 1, filling the vacancy left by Callanan’s resignation. Miller is a member of Liberty’s leadership team and Investment Committee and leads fundraising efforts among other duties; he was previously Chief of Staff at the U.S. Department of the Treasury and Managing Director of Government Relations at Blackstone.⁠[12][12][12][12][12][12][12]

On May 26, 2026, Liberty Strategic Capital (SATL) Holdings sold 10 million Class A common shares of Satellogic at $9.77 per share, retaining 10 million shares after the transaction.⁠[13]

Liberty Strategic Capital describes itself as focused on strategic investments in technology, financial services and fintech, and new forms of content, and says its leadership team combines decades of public service and private sector experience, giving it insight into the intersection of capital, technology, and government regulation.⁠[5][5]

Liberty 77 Capital L.P. serves as the investment manager for Liberty’s investments; its general partner is Liberty 77 Capital Partners L.P., whose general partner in turn is Liberty Capital L.L.C.; STM Partners LLC indirectly controls the investment manager, and Mnuchin is the president of STM Partners. Each investment is made through a separately formed holding company, such as Liberty Strategic Capital (CEN) Holdings, which holds the NYCB shares, and Liberty Strategic Capital (SATL) Holdings, which holds the Satellogic shares. The firm’s office is on Pennsylvania Avenue in Washington, D.C.⁠[7][7][7][7][4][4][11]