Key Takeaways
- • True, a global executive talent platform, launched a Private Credit Practice led by Rick Bank, Managing Director and Head of the Private Credit and Private Equity Practices, according to a Business Wire release dated October 15, 2026.
- • The launch is framed around private credit's current cycle, with 67% of portfolio managers citing greater competition and 64% citing defaults and credit losses as performance factors in 2026, per PwC's 2026 Global Private Credit Survey.
- • The practice serves lenders that have become owners, covering CEO, CFO, COO, CHRO and board appointments as well as investment and operational roles on the fund side.
- • True combines its TrueBridge interim and fractional platform with True Search permanent recruiting, with an interim CEO placed in 15 days and a permanent offer issued by day 35 in a restructuring case.
Summary
True has launched a Private Credit Practice aimed at credit-based asset managers facing leadership transitions in restructured or distressed portfolios, according to a Business Wire release from Philadelphia. The practice is led by Rick Bank, Managing Director and Head of the Private Credit and Private Equity Practices. The firm positions the launch against a significant private credit cycle, citing PwC's 2026 Global Private Credit Survey, in which 67% of portfolio managers pointed to greater competition and 64% pointed to defaults and credit losses as factors affecting 2026 performance.
The firm says credit-based asset manager portfolios often include more than 100 companies, with differing ownership structures and stages of performance, including restructuring needs. When a lender takes ownership of an asset, legal requirements may require leadership transition within 60 days or less, which the release describes as placing significant pressure on investors to stabilize the business while selecting long-term executives. True says the practice formalizes work Bank and his team had already been doing with credit-based managers.
The practice covers CEO, CFO, COO, CHRO and board appointments, along with investment and operational roles on the fund side. It pairs True Search's permanent recruiting with TrueBridge, the firm's interim and fractional platform, to bridge immediate gaps while permanent leaders are identified. Combined services include market mapping, executive assessment and backchannel diligence.
As an example, True cited a confidential restructuring assignment with a compressed timeline. TrueBridge identified an interim CEO candidate in 15 days, after which True Search began a non-confidential permanent search. By day 35, the interim CEO received a permanent offer from the board. True Search then shifted the permanent CEO search into an independent director board search and subsequently placed a new CTO. The release does not name the asset or investor involved.
Michael Bevacqua of Bain Capital Special Situations and Head of Restructuring praised the firm's speed and vetting, saying every candidate was fully assessed, vetted and back-channeled. Sam McGrath, Global GM of True Search, said private credit mandates require a different level of market intelligence and assessment. The release is a company announcement and the performance figures are attributed to PwC's survey rather than independently verified.
The firm says credit-based asset manager portfolios often include more than 100 companies, with differing ownership structures and stages of performance, including restructuring needs. When a lender takes ownership of an asset, legal requirements may require leadership transition within 60 days or less, which the release describes as placing significant pressure on investors to stabilize the business while selecting long-term executives. True says the practice formalizes work Bank and his team had already been doing with credit-based managers.
The practice covers CEO, CFO, COO, CHRO and board appointments, along with investment and operational roles on the fund side. It pairs True Search's permanent recruiting with TrueBridge, the firm's interim and fractional platform, to bridge immediate gaps while permanent leaders are identified. Combined services include market mapping, executive assessment and backchannel diligence.
As an example, True cited a confidential restructuring assignment with a compressed timeline. TrueBridge identified an interim CEO candidate in 15 days, after which True Search began a non-confidential permanent search. By day 35, the interim CEO received a permanent offer from the board. True Search then shifted the permanent CEO search into an independent director board search and subsequently placed a new CTO. The release does not name the asset or investor involved.
Michael Bevacqua of Bain Capital Special Situations and Head of Restructuring praised the firm's speed and vetting, saying every candidate was fully assessed, vetted and back-channeled. Sam McGrath, Global GM of True Search, said private credit mandates require a different level of market intelligence and assessment. The release is a company announcement and the performance figures are attributed to PwC's survey rather than independently verified.
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