Adams Street Partners’ credit side has announced four new hires shortly after the firm hit the fundraising trail for its first mid-market lending fund.
The Chicago-based investment shop, which manages $27 billion, on Thursday said it hired Frederick Chung as a principal and Thomas Petty as a senior associate. The firm also brought on Michael Allen and Emily Shiau as associates. The new additions are the first round of hires since Bill Sacher (pictured) and Shahab Rashid left Oaktree Capital Management to build out Adams Street’s new credit business in January.
Chung’s responsibilities cover all parts of the investment process, including sourcing, structuring, reviewing transactions and participating in deal negotiations, according to the statement. The other three hires will participate in business due diligence, document negotiation and portfolio management.
The new hires will work in the firm’s New York office and report to Sacher and Rashid.
Chung joined Adams Street from a vice president role at Goldman Sachs, where he managed the investment bank’s private debt capital, including its first business development company. Before his tenure at Goldman, Chung worked at Fifth Street Asset Management, also as a vice president, along with roles at Greenhill & Company and Golden Arc Capital.
Petty was an associate in Morgan Stanley’s investment banking financial sponsors teams and began his career at IBM. Previously, Allen held analyst positions within JPMorgan’s leveraged finance and corporate client banking group, while Shiau had served positions at Alvarez & Marsal and Citigroup.
PDI in July exclusively reported Adams Streets’ plans to raise $500 million to $700 million for its debut mid-market lending fund. The firm plans to invest across the capital structure