Erik Falk will join alternative asset manager Magnetar Capital on Sept. 5.
Mr. Falk will be based in the firm's Evanston, Ill., headquarters where he will work on strategic initiatives with the firm's executive committee, which include Alec Litowitz, founder and CEO; Ross Laser, co-founder and president; and David Snyderman, global head of fixed income, a news release said.
The company confirmed that the position is new and that Mr. Falk's title has not been determined.
Mr. Falk was a member of KKR & Co. with oversight responsibility for private credit strategies within the firm's $35 billion credit portfolio before retiring in April.
Kristi Huller, a KKR spokeswoman, said in an email that the firm's global credit business, including private credit, continues to be managed by Adam Burke and Nat Zilkha, KKR members and co-heads of the business, as it was before Mr. Falk's departure. Mr. Falk was not directly replaced.
"We are constantly evolving to meet the changing needs of investors. Erik's decades of experience and strong track record of success make him a valuable addition to the team as we continue to pursue new and innovative market opportunities across a broad range of sectors," Mr. Litowitz said in the release.
Magnetar manages $13.6 billion across a spectrum of alternative investment strategies.