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Fundraising
Management fees and total inflows in Q3 were buoyed by growth in the credit unit.
Credit accounted for more than 80% of the manager’s deployment in the latest quarter.
Talent management, bank funding and the rise of artificial intelligence are just some of the issues that private debt players need to contemplate.
Gillam joins the firm from Goldman Sachs and will be responsible for growing its capabilities in senior direct lending.
The funds build off the two firms’ partnership, which was announced in May.
Manager more than doubles target for the fund, a hybrid between a draw-down and an evergreen fund.
The fund is said to seek $4.5bn; LP commitments include the Rhode Island State Treasury and Vermont Pension Investment Commission.
Credit’s $21.4bn in inflows accounted for over half of its total fundraising during the third quarter.
The fund will offer access to an initial group of seven private debt funds through an evergreen structure with quarterly liquidity.
Fundraising bounced back in Q3 with average fund size continuing to increase, according to the latest PDI Fundraising Report.