Preston Capital LLC, an Aliso Viejo, Calif.-based asset manager, has added David Posnick and Anne Buchanan as the firm launches a new investment vehicle.

Posnick joins the firm as executive chairman and brings over 35 years of experience in financial services and asset management, most recently serving as the senior managing director and co-head of distressed investing at Blackstone. Posnick had been with Blackstone Credit (previously known as GSO Capital Partners) since 2007.

Buchanan has joined Preston as managing director where she will lead all capital formation and investor relations efforts. Buchanan brings over 15 years of capital raising experience, most recently serving as partner and head of investor relations at Stronghold Investment Management, where she led all investor relations and fundraising efforts. Preceding Stronghold, Buchanan was senior managing director and head of investor relations at Obra Capital.