BlueBay Asset Management’s head of direct lending in Germany has resigned from his position at the firm.
Klaus Petersen, who led the firm’s German direct lending team, has departed for personal reasons, according to BlueBay’s head of private debt, Anthony Fobel. He confirmed that a replacement has been found and will not begin their role until 30 August. Fobel declined to name Petersen’s successor.
Before joining BlueBay in 2013, Petersen was a partner at Park Square Capital for almost eight years. Prior to that he served as investment manager at Allianz Capital Partners between 2000 and 2005, according to his LinkedIn profile.
In November, the firm hit the hard cap on its second direct lending fund after raising €2 billion, soaring past its initial target of €1 billion. Investors in the fund include Municipal Employees’ Retirement System of Louisiana, New Hampshire Retirement System, School Employees’ Retirement System of Ohio and Orange County Employees’ Retirement System, according to PDI data.
Established in 2001, BlueBay invests in a number of strategies, including convertible bonds and multi-asset credit. The firm created its direct lending team in 2011 and targets companies with turnovers of between €75 million and €1 billion with an EBITDA of between €10 million and €100 million. The firm also manages an Irish corporate credit fund, which provides debt financing of more than €5 million for companies generating revenue above €10 million.