Adams Street Partners adds principal for private credit team

Justin Lawrence joined Adams Street Partners as a principal on the alternative investment firm's private credit team, said spokesman Shree Dhond.

Mr. Lawrence had been a vice president in the direct lending group at alternative investment firm Ares Management. Mr. Lawrence will not be directly replaced; his duties will be assumed by other members of the team, said sources with knowledge of the situation.

Bill Mendel, Ares spokesman, declined to comment.

Mr. Lawrence's position is new. Adams Street formed its private credit strategy in January 2016 when the firm hired former Oaktree Capital Management (OAK) executives Bill Sacher and Shahab Rashid.

Adams Street has $30 billion in assets under management.