Cerberus Capital Management’s chairman of US lending and a senior managing director, Kevin Genda, is leaving the New York-based asset management firm this month after more than two decades, sources have told PDI.
Genda, who helped oversee Cerberus’s mid-market lending platform, Cerberus Business Finance, will be starting his own firm, itself a mid-market lender. Dan Wolf and other senior members of the Cerberus team will now run CBF on Genda’s departure, a source familiar with the situation said.
A Cerberus spokesman declined to comment. Genda did not respond to request for comment.
Genda joined Cerberus in 1995, three years after its founding. Since 1992, Cerberus has become a powerhouse, managing over $30 billion in assets and garnering large commitments for its funds.
Pennsylvania’s Public School Employees’ Retirement System is among those LPs allocating significant resources to Cerberus, which has included at least $1.6 billion as of June 2015, the month the Keystone State pension fund dedicated $250 million to a CBF-managed leveraged loan fund.
CBF’s recent deals include a June $22 million debtor-in-possession financing to Gawker, the controversial media outlet, in its Chapter 11 case, a proceeding initiated after the company lost a lawsuit against wrestler Hulk Hogan.
The Cerberus arm also closed $70 million in debt financing with healthcare company Accuray and provided $90 million of financing in a $105 million deal with wireline telecommunications company Otelco. Both the Accuray and Otelco deals were announced in January.