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Funding supervisor AGL Credit score Administration and Barclays have launched a brand new non-public credit score funding platform, with backing from the Abu Dhabi Funding Authority.
AGL Personal Credit score (AGL PC) can have unique entry to Barclays’ deal circulation in addition to originating offers straight. It’s going to give attention to senior secured loans to massive company debtors and can search to capitalise on what it calls “a horny and rising alternative on the convergence of the non-public credit score, broadly syndicated mortgage and excessive yield bond markets.”
The brand new agency will function as an unbiased supervisor, with full management over origination, asset choice, portfolio building and portfolio administration.
The platform has acquired an anchor dedication from an entirely owned subsidiary of the Abu Dhabi Funding Authority, a sovereign wealth fund.
Learn extra: Abu Dhabi wealth fund ups Cheyne Capital dedication
“We’ve got the outstanding alternative to mix our agency’s deep capabilities in company credit score investing with entry to Barclays’ sturdy origination, sector and advisory experience to kind a number one non-public credit score platform,” mentioned AGL founder and chief govt Peter Gleysteen.
“As the normal leveraged finance and personal credit score markets proceed to evolve, this can be a synergistic extension of our market-leading specialised funding enterprise. We’re happy to collaborate with Barclays to supply its shoppers the non-public credit score advantages of certainty, pace and long-term funding alignment and individually for AGL to supply a non-public credit score alternative to our investor universe.”
The brand new platform will incorporate key components of AGL’s funding mannequin with selections made by AGL’s funding committee and will likely be supported by the agency’s investing sources and operational infrastructure.
Gleysteen will lead AGL PC and its workforce of 11 funding professionals, together with Taylor Boswell, AGL’s head of personal credit score. AGL additionally lately employed Phil Capparis as chief threat officer to supervise threat administration throughout AGL’s investments, together with AGL PC.
Learn extra: JPMorgan in talks to broaden its non-public credit score enterprise
“That is the subsequent step in constructing out Barclays’ non-public credit score capabilities to enhance the top-tier functionality of our present Leveraged Finance platform, which continues to evolve and reply to market dynamics,” mentioned Taylor Wright, co-head of funding banking at Barclays.
“Throughout our consumer base, there’s a sturdy want to work with a single accomplice who can ship the complete vary of financing options to fulfill their strategic aims and AGL’s sturdy funding capabilities and monitor document make them a great collaborator for us on this enterprise.”
Hamad Shahwan Al Dhaheri, govt director of the non-public equities division at ADIA, mentioned: “ADIA has been an investor in AGL because it launched in 2019, and this anchor dedication to AGL PC will assist the subsequent part of the corporate’s progress. We see sturdy investing synergies from the mix of AGL and Barclays’ experience, making a differentiated non-public credit score platform that goals to handle a transparent market alternative.”
AGL Credit score Administration launched in March 2019 and has greater than $14bn (£11.1bn) in property below administration.
Learn extra: Blackstone to purchase $1.1bn bank card debt from Barclays
The $1.7tn non-public debt market is booming, with funding managers, banks and sovereign wealth funds all wanting to faucet into the sector’s enticing threat/return profile.
One other Abu Dhabi sovereign wealth fund, Mubadala Funding Firm, has invested in non-public credit score funds managed by Apollo World Administration and Ares in current months.
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