Private credit managers are on a hiring spree.
Recruiters said demand from money managers for senior executives, portfolio managers, analysts and marketers with private credit know-how is running high.
"We're definitely seeing an uptick in recruitment," said Paul Heller, the New York-based managing partner and head of the financial services practice of executive recruiter Caldwell Partners International.
Mr. Heller said there's high interest within private credit shops for people with experience in direct lending, loan origination, structured credit and leverage finance.
Talent-seekers include money managers looking to build or expand private credit businesses, particularly private equity and other alternative asset managers; insurance companies that are deepening their bench of internal private credit managers; and a small number of institutional investors, especially Canadian public pension plans, that are building or expanding internal private credit investment teams, head hunters reported.
The C$286.5 billion ($228 billion) Caisse de Depot et Placement du Quebec, Montreal, for example, is building an internal team of executives and analysts to source partnerships with private credit firms to manage foreign investments within its C$43.5 billion credit portfolio. Canadian private credit investments are managed internally.
Caisse hired Robert Hetu in June as its New York-based vice president and head of U.S. private debt. Mr. Hetu was a managing director and leader of Credit Suisse AG's corporate lending group. An analyst will be added in New York to assist Mr. Hetu and a private credit investment officer may be added in the fund's London office.
One big reason for the uptick in hiring is interest in and inflows from institutional investors like Caisse that are seeking diversified return streams from the many variations of private credit strategies, including special situations and distressed, direct lending, real estate debt and structured products.