Key Takeaways
- • True, a Philadelphia-based executive search firm, has launched a dedicated private credit practice to help lenders and investment managers replace corporate leadership during restructurings and ownership transitions.
- • The practice will be led by Rick Bank, managing director and head of True's Private Credit and Private Equity Practices, formalizing existing work with credit-focused asset managers.
- • According to PwC's 2026 Global Private Credit Survey, 67% of portfolio managers cited increased competition and 64% cited defaults and credit losses as factors affecting performance.
- • True combines permanent recruitment through True Search with interim and fractional placements through TrueBridge, letting investors install temporary management while evaluating longer-term appointments.
- • The practice will recruit CEOs, CFOs, COOs, CHROs and board directors, and support investment and operational hiring within private credit funds.
Summary
Philadelphia-based executive search firm True has established a dedicated private credit practice to help lenders and investment managers replace corporate leadership during restructurings and ownership transitions. The company said the practice will be led by Rick Bank, managing director and head of its Private Credit and Private Equity Practices, formalizing work it already performs with credit-focused asset managers facing urgent executive hiring decisions. The move comes as rising default risk and competition pressure the lending sector, which is valued at more than $1 trillion. According to PwC's 2026 Global Private Credit Survey, 67% of portfolio managers identified increased competition as a factor affecting performance, while 64% cited defaults and credit losses.
Leadership challenges can be acute when lenders assume control of financially distressed businesses. Credit-focused asset managers may oversee portfolios exceeding 100 companies, each with different ownership structures, financial conditions and operational requirements. In some ownership transitions, investors may face legal requirements to change company leadership within 60 days. True's practice pairs permanent executive recruitment through True Search with interim and fractional leadership placements through TrueBridge, allowing investors to install temporary management while assessing longer-term appointments. The practice will recruit chief executives, chief financial officers, chief operating officers, chief human resources officers and board directors.
True cited a recent restructuring assignment in which its interim executive platform identified a chief executive candidate within 15 days. By day 35, the portfolio company's board had offered the interim executive the permanent CEO role. True then redirected its permanent search toward an independent board director appointment and later placed a chief technology officer. The firm did not identify the portfolio company involved.
Michael Bevacqua, head of restructuring at Bain Capital Special Situations, cited the firm's ability to assess candidates under compressed timelines as a central consideration in its work with True. "Every candidate that came to us was fully assessed, vetted, and back-channeled," Bevacqua said. The practice will use market mapping, executive assessments and reference diligence to evaluate candidates against the conditions of individual portfolio companies. Sam McGrath, global general manager of True Search, said combining interim appointments with permanent recruitment gives investors more flexibility when immediate management changes are necessary.
Leadership challenges can be acute when lenders assume control of financially distressed businesses. Credit-focused asset managers may oversee portfolios exceeding 100 companies, each with different ownership structures, financial conditions and operational requirements. In some ownership transitions, investors may face legal requirements to change company leadership within 60 days. True's practice pairs permanent executive recruitment through True Search with interim and fractional leadership placements through TrueBridge, allowing investors to install temporary management while assessing longer-term appointments. The practice will recruit chief executives, chief financial officers, chief operating officers, chief human resources officers and board directors.
True cited a recent restructuring assignment in which its interim executive platform identified a chief executive candidate within 15 days. By day 35, the portfolio company's board had offered the interim executive the permanent CEO role. True then redirected its permanent search toward an independent board director appointment and later placed a chief technology officer. The firm did not identify the portfolio company involved.
Michael Bevacqua, head of restructuring at Bain Capital Special Situations, cited the firm's ability to assess candidates under compressed timelines as a central consideration in its work with True. "Every candidate that came to us was fully assessed, vetted, and back-channeled," Bevacqua said. The practice will use market mapping, executive assessments and reference diligence to evaluate candidates against the conditions of individual portfolio companies. Sam McGrath, global general manager of True Search, said combining interim appointments with permanent recruitment gives investors more flexibility when immediate management changes are necessary.
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