Madison Capital vet to lead firm as part of succession plan

The mid-market lender joins the ranks of Apollo, Ares, Carlyle and others who have announced their future leadership plans over the last year.

Madison Capital Funding has announced its succession plan, which involve the head of its business development unit taking the reins from the current chief executive.

The Chicago-based firm said it will promote Christopher Taylor, a managing director that joined Madison Capital in 2005, to CEO, while current CEO and firm co-founder Hugh Wade will become the firm’s chairman, both changes that are effective 30 June.

“Today’s news is the result of our long-term succession planning process,” Wade said in a statement. “I am extremely confident in the leadership and vision that Chris will bring to guide Madison Capital Funding into a new phase of growth.”

Taylor, who currently is on the senior leadership team and investment committee, will immediately begin overseeing the firm’s capital markets and finance operations. Previously, he held positions that involved underwriting and portfolio management.

Last year was a watershed year for succession planning among alternative asset managers, with Apollo Global Management, Ares Management, The Carlyle Group, GSO Capital Partners and KKR all announcing promotions and leadership changes that offer a hint of where the firm might be headed once the old guard heads for the exits.

Succession planning among credit practices offers some distinct considerations that private equity firms may not need to take into consideration. Credit managers often have a more diverse product mix than private equity firms. Among typical debt products are private funds for different types of debt, asset-based lending groups, business development companies, collateralised loan obligation management and loan syndication desks to name a few.

Madison Capital offers private funds, has a strategic partnership with TCG BDC and manages CLOs. The firm, which manages $8.7 billion in assets, lends senior debt, unitranche loans, mezzanine debt and also makes equity co-investments.