The chief executive of UK specialist lender Omni Partners has resigned from his position.
Peter Coates’s departure after two and a half years was confirmed by representatives of the firm in an email statement.
A spokesman for the firm said the departure follows the firm’s pivot to concentrate on existing lending plans “following the ongoing success of the secured lending and event strategies”.
In April, PDI reported that the firm had begun fundraising for its third secured lending vehicle targeting $400 million in capital commitments. The firm held a first close after obtaining a $60 million investment from an unnamed institutional investor. A previous incarnation of the platform had raised $240 million in total commitments.
The strategy of the vehicles is to provide short-term loans against UK real estate, both commercial and residential. The loans will be made with a limited duration of 24 months and LTVs are capped at 75 percent.
Before joining Omni, he was head of the European investment team at Lighthouse Partners, a fund of hedge funds manager. He spent seven years at the firm, according to his LinkedIn profile, and has also worked at asset managers Certitude Global Investments and HFA Asset Management in Australia.
“He has overseen the investment management business during a challenging period in the industry and has worked effectively with the management and investment teams to grow and improve the business since joining the firm in 2014,” the spokesman said.
It is understood no replacement has been selected to replace Coates. According to a market source, the firm’s existing partners will take over his responsibilities with no change in day-to-day operations.