EQT hires former Permira executive

EQT Partners has made two new hires in the last month for its credit platform, as it prepares to seal its first deal for its debut direct lending fund.

Nakul Sarin has joined EQT Partners as a director and will focus on advising the firm's first direct lending fund, a source familiar with the matter said. He joined on 1 July.

Sarin joins from Permira, where he was an investment director in the firm's credit team and spent more than four years.

Previously, Sarin had a role in the restructuring team at Blackstone, and prior to that, worked in the leveraged finance teams of Merrill Lynch and The Canadian Imperial Bank of Commerce (CIBC).

He will be based in London and advise the EQT Mid-Market Credit Fund, which held a first close of €350 million in May, after launching in the first quarter of 2015.

Florian Hofer also joined the EQT Credit team in London as an associate in early June. Previously, Hofer worked at Jefferies' leveraged finance team and will work across a range of funds on the EQT Credit platform. His German background will support the EQT's investment strategy in Germany, where the firm sees a strong deal pipeline, PDI understands. The EQT Mid-Market Credit Fund has also committed to its first investment.

EQT Partners declined to comment.

EQT Credit is headed up by partner Andrew Konopelski. Other partners on the team are Paul de Rome, chief investment officer, and Cyril Tergiman. The firm's first direct lending fund will target first lien unitranche financings to high-quality, mid-market companies in Europe.