Key Takeaways
- • AGL Credit Management LP and Barclays Plc announced an exclusive Cooperation Agreement and the launch of AGL Private Credit ("AGL PC"), a new private credit investment platform.
- • AGL PC will focus on directly originated senior secured loans to large corporate borrowers, drawing on exclusive access to Barclays' leveraged finance and investment banking deal flow.
- • The platform has received an anchor commitment from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), per the announcement.
- • Peter Gleysteen, AGL's Founder, CEO and CIO, will lead AGL PC and its team of 11 dedicated investment professionals.
- • AGL, which reports $14B+ in assets under management, will have AGL PC operate as an independent manager with full control over origination, asset selection, portfolio construction and management.
Summary
AGL Credit Management LP, a New York-based investment manager focused exclusively on corporate credit strategies, and Barclays Plc announced on April 2, 2024 an exclusive Cooperation Agreement and the launch of AGL Private Credit ("AGL PC"), a new private credit investment platform, according to a Business Wire release.
AGL PC is designed to combine AGL's corporate credit expertise with proprietary access to Barclays' leveraged finance and investment banking origination capabilities under a long-term Cooperation Agreement. The platform will focus on directly originated senior secured loans to large corporate borrowers and aims to capitalize on the convergence of the private credit, broadly syndicated loan and high yield bond markets. AGL PC will operate as an independent manager with complete control over origination, asset selection, portfolio construction and portfolio management, while also having the ability to originate transactions directly.
The platform has received an anchor commitment from a wholly owned subsidiary of the Abu Dhabi Investment Authority. Hamad Shahwan Al Dhaheri, Executive Director of the Private Equities Department at ADIA, said the agency has been an investor in AGL since its 2019 launch and that the commitment will support the next phase of the firm's growth.
Peter Gleysteen, AGL Founder, CEO and CIO, will lead AGL PC and its team of 11 dedicated investment professionals, including Taylor Boswell, AGL's Head of Private Credit. AGL recently hired Phil Capparis as Chief Risk Officer to oversee risk management across its investments, including AGL PC. AGL PC will incorporate key elements of AGL's investment model, with decisions made by AGL's Investment Committee.
Taylor Wright, Co-Head of Investment Banking at Barclays, said the venture extends Barclays' private credit capabilities alongside its existing Leveraged Finance platform and gives clients a single partner for the full range of financing solutions. AGL, which launched in March 2019 and has priced 30 CLOs since founding, describes its offering as designed to deliver secure, stable and scalable cash yield driven returns to investors.
AGL PC is designed to combine AGL's corporate credit expertise with proprietary access to Barclays' leveraged finance and investment banking origination capabilities under a long-term Cooperation Agreement. The platform will focus on directly originated senior secured loans to large corporate borrowers and aims to capitalize on the convergence of the private credit, broadly syndicated loan and high yield bond markets. AGL PC will operate as an independent manager with complete control over origination, asset selection, portfolio construction and portfolio management, while also having the ability to originate transactions directly.
The platform has received an anchor commitment from a wholly owned subsidiary of the Abu Dhabi Investment Authority. Hamad Shahwan Al Dhaheri, Executive Director of the Private Equities Department at ADIA, said the agency has been an investor in AGL since its 2019 launch and that the commitment will support the next phase of the firm's growth.
Peter Gleysteen, AGL Founder, CEO and CIO, will lead AGL PC and its team of 11 dedicated investment professionals, including Taylor Boswell, AGL's Head of Private Credit. AGL recently hired Phil Capparis as Chief Risk Officer to oversee risk management across its investments, including AGL PC. AGL PC will incorporate key elements of AGL's investment model, with decisions made by AGL's Investment Committee.
Taylor Wright, Co-Head of Investment Banking at Barclays, said the venture extends Barclays' private credit capabilities alongside its existing Leveraged Finance platform and gives clients a single partner for the full range of financing solutions. AGL, which launched in March 2019 and has priced 30 CLOs since founding, describes its offering as designed to deliver secure, stable and scalable cash yield driven returns to investors.
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