Adamas hires two senior execs as fundraising advances

The firm has officially launched a Pan-Asia credit fund as the investment life of China’s Ping An-backed co-investment vehicle comes to an end this month.

Fund manager Adamas Asset Management has hired two senior executives as it officially launches its fourth closed-ended fund, Adamas Pan-Asia Credit Opportunity Fund.

The new hires are Brock Silvers, a Hong Kong-based managing director for global marketing and investor relations, and Richard Clarke, a chief operating officer also based in Hong Kong.

Silvers joins from Kaiyuan Capital, a Shanghai-based multi-asset investment and fundraising advisory group.

His responsibilities at Adamas include global marketing, fundraising, investor relations and investment project oversight. “It is really [about] expanding the business regionally and in some cases globally,” he said.

Clarke joins from Monex Europe, a financial group specialising in foreign exchange services where he oversaw foreign exchange and treasury sales across Asia-Pacific, according to his LinkedIn profile.

Marc de Kloe, the previous COO of Adamas, joined an Amsterdam-based hedge fund, Theta Capital Management, as a partner in March 2019.

Adamas is primarily a senior secured lender to small and mid-sized enterprises with equity portions included to exploit the upside potential of investee firms.

Private Debt Investor reported in July that the Hong Kong-based asset manager was planning to launch Adamas Pan-Asia Credit Opportunity Fund after its third fund’s investment life came to an end in October 2019.

The Pan-Asian credit vehicle will target mid-market lending opportunities in US dollar-denominated transactions. Notably, the fund will exclude both China and India, according to Silvers.

Adamas co-manages Adamas Ping An Opportunities Fund, in partnership with Yun Sheng Capital Company, a subsidiary of China Ping An Life Insurance, as PDI reported. The vehicle is structured as a joint-venture and has a four-year life with a target return of 8-12 percent on an unlevered cash-on-cash basis.

“We continue to co-operate with Ping An in various ways and they are certainly very valuable in terms of the dealflow and name recognition among the entrepreneurs regionally… [However] they will not be part of the GP, but could still participate pending further discussions,” Silvers added.

Data compiled by PDI show there are three funds in market launched by Adamas as of July 2019: Adamas Ping An Opportunities Fund, Adamas Asset Management Fund II and Adamas Asset Management Fund I.