Investcorp hires credit funds head

Investcorp has made its first major credit hire since acquiring 3i’s credit business last year.

Phil Yeates has joined Investcorp Credit Management (ICM) to head its European credit funds business in London.

Yeates joins ICM following a 24-year career at Rothschild & Co where he played a major role in establishing and developing its global credit management business. He has over three decades of experience in debt capital markets, beginning his career in corporate debt at Hill Samuel Merchant Bank and NatWest Markets.

He will take responsibility for the structuring and fundraising of ICM’s closed-ended credit funds and separately managed accounts in Europe, reporting directly to the head of ICM, Jeremy Ghose.

Investcorp’s private credit business was acquired from private equity specialist 3i in March 2017 as part of the firm’s ambition to grow its assets under management from $11 billion to $25 billion.

Investcorp paid £222 million ($300 million) for 3i’s debt management business including all of its personnel. 3i itself built the debt business around its 2011 acquisition of a team from Mizuho Corporate Bank.