Antares Capital is expanding into the general lending market, saying it plans to create a seven-member investment team to begin with.
The company has hired Seth Katzenstein to lead the business, naming him head of public lending and managing director. Katzenstein will be based in New York and report to Vivek Mathew, head of asset management.
“The plan is to establish a special team of seven specialized professionals, supported to share large resources within the company and expand the business over time,” said Katzenstein, the also joins Antares BSL’s recruitment committee.
Katzenstein joined Antares from Intermediate Capital Group plc (ICG). At ICG, Katzenstein built a U.S. financing platform and was the head of U.S. loans with high interest rates. He managed more than $6 billion in 20 funds. Prior to ICG, he worked at Black Diamond Capital Management LLC, GSC Group and Salomon Smith Barney.
“This is a good time for Antares to expand into the BSL market. We do not own any BSL assets and have the opportunity to create clean portfolios for our investors,” Katzenstein said in an email today.
The move is a logical extension of the company’s core direct lending business, he said.
“The strength of our existing middle market and middle market CLO foundations provides valuable experience and relationships, which support the continued expansion in public sector loans,” said Katzenstein. and established investment and increased assets under management.”
When asked about the timing of the move, Katzenstein said: “We are not in the market. Our expertise is investing in good and valuable companies that can repay their loans even in times of stress.”
Recently, some syndicated loan providers have expanded their base to include personal loans.
The company’s business plan is focused on issuing public debt CLOs, with Antares holding the majority of the capital for the original CLOs. Over time, Antares Capital plans to diversify the BSL platform into mixed funds with different platforms.
Antares is hiring for internal and external teams, which “will allow us to grow the business while helping to ensure that the new position is in line with the company’s vibrant culture,” the company said. Katzenstein.
The announcement comes on the heels of other changes at the company. Earlier this month, Antares was appointed Mike Hynes and Doug Cannaliato will serve as co-founders, effective January 1, 2023. Both will report to Tim Lyne, CEO of Antares Capital.
Antares Capital has more than $55 billion of capital under management and administration as of June 30, 2022.
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