Madison Capital Funding has lost its head of healthcare. Faraaz Kamran, who was managing director and head of healthcare leveraged finance at the Chicago-based lender, left the firm yesterday (9 November).
Kamran was let go from his position with the firm, which has about $7.5 billion in assets under management and is owned by insurer New York Life Investment Management (NYLIM), sources told PDI.
Kamran couldn’t be reached for comment and a spokeswoman for NYLIM declined to comment.
Madison Capital’s website currently lists Adam Willis as a director in the healthcare leveraged finance group. The firm also has three vice presidents working on healthcare transactions.
Madison Capital has lately seen a series of senior departures, many of which were terminations. Devon Russell, a senior managing director, and one of the co-founders of the firm, was let go in July. Trevor Clark and Chris Williams, who were co-founders of the firm and led as chief executive and president, respectively, were let go in 2013. They resurfaced at Angelo Gordon & Co in the fall in 2014 and founded the firm’s new direct lending unit.
According to sources familiar with the firm, New York Life has been more involved in the lender’s activities in recent years and the departures have been the product of disagreements about Madison’s strategy.
Kamran joined Madison Capital in 2007. He focused on originating, structuring, underwriting, closing and managing Madison-led healthcare transactions, according to his biography which previously appeared on the lender’s website. Before Madison Capital, he worked at Merrill Lynch Capital Healthcare Finance leveraged lending group for four years. His resume includes a five-year stint as an assistant vice president at Dresdner Kleinwort Wassertein. He also held analyst roles at Bank One and American National Bank and Trust Company of Chicago.
Sources tell PDI that senior Madison staff are typically required to sign one-year non-compete clauses with the lender.