Hermes pushing into private debt with new hire

The investment manager has nabbed a former management committee member from Tikehau to drive the private debt and CLO strategy.

Hermes Investment Management has appointed Patrick Marshall to a newly created position, head of private debt and CLOs. Marshall joins from the private credit group of French firm Tikehau Investment Management. 

Hermes is in the early stages of establishing a closed ended fund for the new private debt strategy, PDI understands. The firm is expanding its debt investment and recently closed a number of deals from its debut £400 million ($625 million; €564 million) Hermes Real Estate Senior Debt Fund, as reported.

Hermes declined to comment on any fundraising plans. 

At Tikehau, Marshall was a member of the management committee and was responsible for developing the firm’s direct lending activities in the UK, as well as setting up the firm’s CLO program. Tikehau priced its first €354.7 million CLO two weeks ago. 

In his new role, Marshall will be responsible for building up Hermes’ business in the leveraged loan, private debt and CLO markets in the UK, as well as across Europe and globally, according to a statement by the firm. Marshall will be based in London and will report to Zoe Shaw, head of fixed income for Hermes. 

“Patrick’s extensive experience of the debt markets will play an integral role in building on the strong fixed-income and credit capabilities already in place. Furthermore, his knowledge and expertise will provide support and insight into the ongoing development of a range of specialist credit capabilities, providing clients the opportunity to invest in hard to access areas of the fixed-income spectrum,” Shaw said in a statement. 

Before joining Tikehau, Marshall was responsible for managing the loan portfolios through the bankruptcy of Lehman Brothers and has worked on establishing a debt management business in the UK while employed by WCAS Fraser Sullivan Investment Management. 

As of 31 March, Hermes managed £30.1 billion of assets across equities, fixed income, alternatives and real estate.