John Bakie
The deal will see Bridgepoint significantly increase its capabilities in private credit.
The hires will aim to grow ICG’s presence as a mid-market real estate lender across Europe.
The vehicle, which invests in NPLs already subject to insolvency, is Balbec’s first fund to break the $1bn mark.
The firm’s credit unit is led by former GSO technology specialist Scott Eisenberg.
The venture debt vehicle will lend up to £10m to loss-making companies that are fast-growing.
Debt managers that target both performing and non-performing corporate debt will be the focus of the fund.
The pandemic has put loan terms and documents in the limelight as markets keep an eye on how lenders manage their portfolios during the crisis.
The vehicle hopes to acquire undervalued performing loans as a result of the coronavirus pandemic.
As the impact of coronavirus starts to be felt by businesses and lenders, there could be a wealth of opportunities for those looking to buy NPLs.
Two Luxembourg-based professionals will help drive the group’s expansion of fund servicing for private debt managers.