London headquartered BC Partners has become the latest heavyweight private equity firm to move into private credit, PDI sister publication Private Equity International has reported.
The firm has launched BC Partners Credit, which will be led Ted Goldthorpe, the former head of Apollo’s US opportunistic platform, the firm said in a statement on Thursday.
A source with knowledge of the firm said the unit would likely start fundraising for its debut fund later in 2017.
Goldthorpe has been appointed managing partner and will oversee the launch of the credit business from BC Partners’ New York office.
The unit will pursue “a debt strategy capable of identifying attractive opportunities in any market environment and across sectors,” said the firm.
BC Partners will launch the business within its existing structure, meaning the firm will offer “attractive new opportunities” for its existing LPs, the statement read. “The new platform will utilise the firm’s infrastructure to leverage expertise across the firm.”
“We believe that there are significant opportunities in credit and it’s important that we have the right team in place to execute on that vision,” said managing partner Raymond Svider. “Ted is a highly respected, world-class credit investor with a proven track record and we look forward to working with him and his team to build out this new platform.”
Goldthorpe held a number of credit-related positions at Goldman Sachs – latterly running the bank’s loan and distressed investing desk. He then joined Apollo in 2012.
Reporting into Goldthorpe will be Matthias Ederer, a former partner at Wingspan Investment Management, and Henry Wang, a former partner at Stonerise Capital Partners, who both join the firm as partners. Both worked previously with Goldthorpe at Goldman Sachs.
With its expansion into private credit, BC Partners is following in the footsteps of a number of large private equity firms, including Blackstone, KKR, CVC Capital Partners and EQT.