Jeffries banker heads to Cerberus

Andrew Woolford has been in the leveraged finance business for over two decades.

Cerberus Capital Management's direct lending arm has brought in a Jefferies alumnus to head its capital market activities starting next month, the firm said in a statement on Tuesday.

Andrew Woolford will join the New York-based Cerberus Business Finance to oversee the acquisition of performing secondary loans in the private mid-market and those that are broadly syndicated, as well as other aspects of the firm's capital markets operations. 

He joins from the Jefferies investment bank where he was head of leveraged loan sales. Woolford previously also held positions in leveraged finance at CIBC World Markets, Morgan Stanley, Bankers Trust and Chemical Bank.

A spokesman did not return request for additional comment by press time.

Woolford's hire comes shortly after the firm closed its Levered Loan Opportunities Fund III at pulled in $2.05 billion, above its $1.5 billion to $2 billion target. The San Francisco Employees' Retirement System invested in the fund, approving a $100 million commitment at its  March 2016 meeting

Alongside public pension plans, limited partners making allocations to LLOF III included corporate pensions, insurance companies, funds of funds and high-net-worth individuals.

 

LLOF II raised $1.5 billion, which surpassed Cerberus's goal of $1.1 billion, while its LLOF I raised $841 million, topping its target of $750 million.

Cerberus Business Finance manages more than $13 billion and participates mainly in deals involving a private equity sponsors. The mid-market lending platform lost veteran Kevin Genda last summer, who had been at Cerberus since 1995 and most recently served as chairman of US lending and a senior managing director. Dan Wolf, who also has been at Cerberus since the 1990s, now oversees the platform. Genda planned to start his own mid-market lending firm following his departure.