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) may have unique entry to Barclays’ deal circulation in addition to originating offers instantly. It should give attention to senior secured loans to giant company debtors and can search to capitalise on what it calls “a sexy 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 impartial supervisor, with full management over origination, asset choice, portfolio development and portfolio administration.
The platform has obtained an anchor dedication from an entirely owned subsidiary of the Abu Dhabi Funding Authority, a sovereign wealth fund.
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“We’ve the exceptional 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, it is a synergistic extension of our market-leading specialised funding enterprise. We’re happy to collaborate with Barclays to supply its purchasers the non-public credit score advantages of certainty, pace and long-term funding alignment and individually for AGL to offer a non-public credit score alternative to our investor universe.”
The brand new platform will incorporate key parts of AGL’s funding mannequin with choices made by AGL’s funding committee and might be supported by the agency’s investing sources and operational infrastructure.
Gleysteen will lead AGL PC and its crew 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 increase its non-public credit score enterprise
“That is the subsequent step in constructing out Barclays’ non-public credit score capabilities to enrich 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 shopper base, there’s a sturdy want to work with a single associate who can ship the total vary of financing options to fulfill their strategic aims and AGL’s sturdy funding capabilities and observe file 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 section of the corporate’s progress. We see sturdy investing synergies from the mixture 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 belongings below administration.
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The $1.7tn non-public debt market is booming, with funding managers, banks and sovereign wealth funds all desperate to faucet into the sector’s engaging 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 latest months.
