TPG hires Ares manager

Phil Fretwell, who works in the direct lending group of Ares Management, is set to join TPG in November.

Alternative investment firm TPG has hired Phil Fretwell, previously a managing director at Ares Management, a source with knowledge of the situation said.

Fretwell is due to start work with the group in November and will focus on mid-market lending for TPG. He will join TPG's credit platform, TPG Special Situations Partners, and will be based in London. Fretwell will also look at other credit opportunities. TPG and Ares declined to comment.

Fretwell has been with credit specialist Ares Management for seven years, most recently as a managing director in the direct lending group in London. The group, along with GE Capital, oversees a €1.75 billion joint venture called the European Senior Secured Loan Programme, which primarily provides unitranche loans to mid-market companies. Just last week, the firms reported that they had invested €1 billion from the vehicle. The direct lending group is headed by Eric Vimont, Mike Dennis and Blair Jacobson.

Previously, Fretwell worked at Barclays on the financial sponsors leveraged finance origination team as an associate director. Prior to that, he was an associate in the European leveraged finance team at Scotia Capital, concentrating on pan-European private equity investments.

TSSP’s 15 person team in London has been active in mid-market lending for a number of years, however Fretwell’s hire is part of a renewed effort in the space. Some of the group's most recent acquisitions include two mortgage loan servicing platforms. Last month, it bought the UK residential mortgage lender Kensington from Investec, along with The Blackstone Group, for £180 million. It also acquired a similar platform in Spain called Servihabitat along with Spanish lender Caixabank in September 2013.