Stephen Allan was appointed head of Australasia private credit at BlackRock, the investment management firm said in a statement on Dec. 18.
The role is a new addition to expand the firm's Asia-Pacific private credit team, a spokesperson said. Allan is based in Sydney and leads the sourcing, structuring and execution of private credit investments in Australia and New Zealand, the statement said.
"Private credit continues to gain a significant share of client portfolios, thanks to attractive risk-adjusted returns and diversification benefits throughout economic cycles … (Allan's) expertise helps advance our ability to provide customized and diversified private debt solutions that meet specific client needs," Celia Yan, head of APAC private credit, said in the statement.
Allan joins from Tokyo-headquartered financial services bank Nomura, where he was responsible for the origination, structuring and syndication of illiquid credit opportunities in Australia and New Zealand. Nomura did not immediately provide information about his replacement.
BlackRock, which manages $9.1 trillion in assets, has been expanding its private credit investment offerings. In June, it rolled out a BlackRock Private Credit Fund targeted at retail investors, and in October it launched a new Climate Transition-Oriented Private Debt Fund to invest in middle-market firms.
The firm's private debt team comprises more than 200 investment personnel in over 18 cities. The team manages $84 billion across the asset class.