JPMorgan Asset Management has appointed a head of private credit secondaries, a month after affiliate title Secondaries Investor revealed it was renewing its push into the market.
New York-based Andrew Carter will be “responsible for leading all aspects” of the asset manager’s credit secondaries business, it said in a statement. Carter will report to head of private credit strategies, Brian Coleman.
“We have seen significant demand for secondaries strategies from clients across the globe, reflecting the need for greater liquidity to take advantage of opportunities as private debt markets mature,” said Jamie Kramer, head of the alternative solutions group at JPMorgan Global Alternatives, in the statement.
Carter comes to the role from Tikehau Capital, where he spent just under two years as a director in the private credit secondaries team, according to his LinkedIn profile. Prior to that, he held credit-related positions at Mizuho and investment bank Barclays.
JPMorgan has historically deployed $500 million to $1 billion a year into the private credit market; this capacity can now be used to do secondaries transactions, the firm told Secondaries Investor. It plans to target all types of private credit funds on a global basis.
The asset manager expects to eventually raise third-party capital, according to a source familiar with the firm’s plans.
Last month, Secondaries Investor reported that JPMorgan had hired Tim Henn to work on private equity and venture capital secondaries investments. Henn joined from Portfolio Advisors, where he spent more than eight years.
JPMorgan previously raised three funds dedicated to secondaries before withdrawing from the market. Its most recent was the $1.16 billion, 2016-vintage PEG Secondary Private Equity Investors III, according to Secondaries Investor data.
The $170 billion asset manager is one of several big players to enter the private credit secondaries space in recent years, including Apollo Global Management and Ares Management Corporation, through the acquisition of Landmark Partners, Secondaries Investor has reported.