Key Takeaways
- • KKR named Dan Pietrzak Global Head of Private Credit, succeeding Matthieu Boulanger, who is leaving the firm to pursue other opportunities, according to a Business Wire announcement dated May 19, 2023.
- • KKR's private credit business has grown from $8 billion at the start of 2017 to $76 billion, and its broader credit business manages over $200 billion with roughly 190 investment professionals, 110 of them dedicated to private credit.
- • Pietrzak, who has more than 20 years of investment experience, also serves as Co-President and Chief Investment Officer of FS KKR Capital Corp. (NYSE: FSK) and sits on its board.
- • KKR elevated Michael Small, a London-based Partner, to oversee direct lending in Europe alongside his role running the global junior debt strategy.
Summary
KKR, the global investment firm, has named Dan Pietrzak as Global Head of Private Credit, according to a Business Wire release. Pietrzak most recently served as Co-Head of Private Credit alongside Matthieu Boulanger, who is departing to pursue other opportunities. The announcement was made in New York.
Chris Sheldon, Co-Head of Global Credit and Markets at KKR, framed the move in the context of tightening bank lending. "As traditional lenders pull back, scaled private credit investors have a real opportunity to provide capital to high quality issuers," Sheldon said, adding that the firm's platform allows it to support issuers with bespoke solutions. He credited Pietrzak with being instrumental in building the private credit business and thanked Boulanger for his contributions.
KKR's private credit business spans direct lending, junior debt and asset-based finance strategies. The unit has grown from $8 billion at the start of 2017 to $76 billion currently. The firm's broader credit franchise manages more than $200 billion across a global team of approximately 190 investment professionals, including 110 dedicated to private credit.
Pietrzak has more than 20 years of investment experience. Beyond his private credit responsibilities, he is Co-President and Chief Investment Officer of FS KKR Capital Corp. (NYSE: FSK) and sits on the boards of FSK and several KKR credit portfolio companies.
In a related change, KKR said Michael Small, a London-based Partner who portfolio-manages the firm's global junior debt strategy, will also take on responsibility for managing KKR's direct lending efforts in Europe. Small has more than 20 years of credit investing experience and joined KKR in 2021 from Park Square Capital, where he was a Partner, sat on the investment and executive committees, and helped establish junior debt and direct lending businesses.
Chris Sheldon, Co-Head of Global Credit and Markets at KKR, framed the move in the context of tightening bank lending. "As traditional lenders pull back, scaled private credit investors have a real opportunity to provide capital to high quality issuers," Sheldon said, adding that the firm's platform allows it to support issuers with bespoke solutions. He credited Pietrzak with being instrumental in building the private credit business and thanked Boulanger for his contributions.
KKR's private credit business spans direct lending, junior debt and asset-based finance strategies. The unit has grown from $8 billion at the start of 2017 to $76 billion currently. The firm's broader credit franchise manages more than $200 billion across a global team of approximately 190 investment professionals, including 110 dedicated to private credit.
Pietrzak has more than 20 years of investment experience. Beyond his private credit responsibilities, he is Co-President and Chief Investment Officer of FS KKR Capital Corp. (NYSE: FSK) and sits on the boards of FSK and several KKR credit portfolio companies.
In a related change, KKR said Michael Small, a London-based Partner who portfolio-manages the firm's global junior debt strategy, will also take on responsibility for managing KKR's direct lending efforts in Europe. Small has more than 20 years of credit investing experience and joined KKR in 2021 from Park Square Capital, where he was a Partner, sat on the investment and executive committees, and helped establish junior debt and direct lending businesses.
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