Key Takeaways
- • Sound Point Capital Management, which oversees more than $45 billion in assets, has expanded its European private credit business through a partnership with Ninety One that brings a three-person secured lending team into the firm.
- • Chris Rust and Lei Lei are named Portfolio Managers and Co-Heads of European Secured Lending, with Lachlan Viney joining as Director and Senior Analyst; all three will be based in London and report to Russell Holliday, Head of Europe.
- • Sound Point will serve as sub-adviser to the Ninety One European Credit Opportunities Fund 1 during the transition, helping manage the fund through the remaining stages of its strategy.
- • The new strategy targets directly originated, asset-backed loans to European borrowers outside the traditional private equity sponsor financing market, a segment the firm views as substantially underserved as banks reduce certain lending exposures.
Summary
Sound Point Capital Management, a global alternative credit manager overseeing more than $45 billion in assets, has announced a partnership with Ninety One to expand its European private credit business and build out its asset-backed lending capabilities. Under the arrangement, a three-person investment team from Ninety One will join Sound Point to develop its European Secured Lending strategy.
Chris Rust and Lei Lei have been appointed Portfolio Managers and Co-Heads of European Secured Lending, while Lachlan Viney joins as Director and Senior Analyst. All three will be based in London and report to Russell Holliday, Sound Point's Head of Europe. According to the announcement, Rust brings 26 years of experience across opportunistic and distressed credit, private equity, and M&A advisory, including founding Sterndale Capital Partners, serving as a Managing Director at Oak Hill Advisors overseeing European opportunistic and distressed credit, and contributing to the development of Värde Partners' European distressed credit business. Lei brings 23 years of experience in European performing credit, opportunistic investments, distressed debt, and M&A advisory, and previously served as a Portfolio Manager and Managing Director at Oak Hill Advisors, where he helped establish the firm's European credit business.
The partnership also supports the completion of the Ninety One European Credit Opportunities Fund 1. During the transition, Sound Point will act as sub-adviser to the fund, working with Ninety One to manage its investments through the remaining stages of the strategy.
The incoming team will focus on directly originated asset-backed loans to European borrowers, particularly businesses operating outside the traditional private equity sponsor financing market. The strategy targets situations where borrowers require flexible, structured financing secured by assets and supported by specialized underwriting. Sound Point sees opportunity as banks reduce their exposure to certain lending activities, creating demand for nonbank providers. The new strategy will complement the firm's existing European private credit activities and draw on its U.S. capabilities in capital solutions, direct lending, and specialty finance.
The appointments follow Sound Point's recruitment of Victoria Davies as Managing Director and Head of Europe for Global Client Solutions, which is intended to strengthen institutional investor relationships and regional business development. Founded by Stephen Ketchum, Sound Point manages credit strategies for pension funds, foundations, insurers, wealth management firms, and family offices. Its platform spans leveraged loans, structured credit, direct lending, distressed debt, special situations, and commercial real estate credit. Magellan Advisory Partners advised on the incoming investment team.
Stephen Ketchum, Founder and Managing Partner of Sound Point, said Rust and Lei bring "disciplined, downside-focused underwriting" and that the segment is "substantially underserved." Russell Holliday described European asset-backed lending outside the sponsor channel as "one of the most attractive and difficult to access parts of the market today."
Chris Rust and Lei Lei have been appointed Portfolio Managers and Co-Heads of European Secured Lending, while Lachlan Viney joins as Director and Senior Analyst. All three will be based in London and report to Russell Holliday, Sound Point's Head of Europe. According to the announcement, Rust brings 26 years of experience across opportunistic and distressed credit, private equity, and M&A advisory, including founding Sterndale Capital Partners, serving as a Managing Director at Oak Hill Advisors overseeing European opportunistic and distressed credit, and contributing to the development of Värde Partners' European distressed credit business. Lei brings 23 years of experience in European performing credit, opportunistic investments, distressed debt, and M&A advisory, and previously served as a Portfolio Manager and Managing Director at Oak Hill Advisors, where he helped establish the firm's European credit business.
The partnership also supports the completion of the Ninety One European Credit Opportunities Fund 1. During the transition, Sound Point will act as sub-adviser to the fund, working with Ninety One to manage its investments through the remaining stages of the strategy.
The incoming team will focus on directly originated asset-backed loans to European borrowers, particularly businesses operating outside the traditional private equity sponsor financing market. The strategy targets situations where borrowers require flexible, structured financing secured by assets and supported by specialized underwriting. Sound Point sees opportunity as banks reduce their exposure to certain lending activities, creating demand for nonbank providers. The new strategy will complement the firm's existing European private credit activities and draw on its U.S. capabilities in capital solutions, direct lending, and specialty finance.
The appointments follow Sound Point's recruitment of Victoria Davies as Managing Director and Head of Europe for Global Client Solutions, which is intended to strengthen institutional investor relationships and regional business development. Founded by Stephen Ketchum, Sound Point manages credit strategies for pension funds, foundations, insurers, wealth management firms, and family offices. Its platform spans leveraged loans, structured credit, direct lending, distressed debt, special situations, and commercial real estate credit. Magellan Advisory Partners advised on the incoming investment team.
Stephen Ketchum, Founder and Managing Partner of Sound Point, said Rust and Lei bring "disciplined, downside-focused underwriting" and that the segment is "substantially underserved." Russell Holliday described European asset-backed lending outside the sponsor channel as "one of the most attractive and difficult to access parts of the market today."
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