AGL Credit Management announces the launch of AGL Private Credit Platform and exclusive Cooperation Agreement with Barclays
03 April 2024 - 12:00AM
Business Wire
- Peter Gleysteen, Founder, CEO and CIO of AGL, will lead the
platform and its investment strategy
- Barclays provides the platform exclusive access to
differentiated deal flow from its leading leveraged finance and
investment banking franchise
- The platform has received an anchor commitment from a wholly
owned subsidiary of the Abu Dhabi Investment Authority
AGL Credit Management LP (“AGL” or the “Company”), a premier
investment manager specializing solely on corporate credit
strategies, and Barclays Plc (“Barclays”), a global Investment
Bank, today announced an exclusive Cooperation Agreement and the
launch of a new private credit investment platform, AGL Private
Credit ("AGL PC").
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Text reading, "Announcing the launch of
AGL Private Credit Platform," in front of city buildings. (Graphic:
Business Wire)
AGL PC combines AGL’s established credit competency with
proprietary access to Barclays’ leading leveraged finance and
investment banking origination capabilities through a long-term
Cooperation Agreement. The platform will focus on directly
originated senior secured loans to large corporate borrowers and
will seek to capitalize on an attractive and growing opportunity at
the convergence of the private credit, broadly syndicated loan and
high yield bond markets. AGL PC will operate as an independent
manager, with complete control over origination, asset selection,
portfolio construction and portfolio management; while having
exclusive access to Barclays deal flow, as well as the ability to
originate transactions directly. The platform has received an
anchor commitment from a wholly owned subsidiary of the Abu Dhabi
Investment Authority ("ADIA").
AGL Founder, CEO and CIO Peter Gleysteen said, “We have the
remarkable opportunity to combine our firm’s deep capabilities in
corporate credit investing with access to Barclays’ strong
origination, sector and advisory expertise to form a leading
private credit platform. As the traditional leveraged finance and
private credit markets continue to evolve, this is a synergistic
extension of our market-leading specialized investment business. We
are pleased to collaborate with Barclays to offer its clients the
private credit benefits of certainty, speed and long-term
investment alignment and separately for AGL to provide a private
credit opportunity to our investor universe.”
AGL PC will incorporate key elements of AGL’s investment model
with decisions made by AGL’s Investment Committee and will be
supported by the full depth and breadth of the firm’s investing
resources and operational infrastructure. Gleysteen, a pioneer in
leveraged finance, will lead AGL PC and its growing team of 11
dedicated investment professionals, including Taylor Boswell, AGL’s
Head of Private Credit. AGL also recently hired Phil Capparis as
Chief Risk Officer to oversee risk management across AGL’s
investments, including AGL PC.
“This is the next step in building out Barclays’ private credit
capabilities to complement the top-tier capability of our existing
Leveraged Finance platform, which continues to evolve and respond
to market dynamics,” said Taylor Wright, Co-Head of Investment
Banking at Barclays. “Across our client base, there is a strong
desire to work with a single partner who can deliver the full range
of financing solutions to meet their strategic objectives and AGL’s
strong investment capabilities and track record make them an ideal
collaborator for us in this venture.”
Hamad Shahwan Al Dhaheri, Executive Director of the Private
Equities Department at ADIA, said: “ADIA has been an investor in
AGL since it launched in 2019, and this anchor commitment to AGL PC
will support the next phase of the Company’s growth. We see strong
investing synergies from the combination of AGL and Barclays’
expertise, creating a differentiated private credit platform that
aims to address a clear market opportunity.”
About AGL Credit Management LP
AGL Credit Management is a premier, independent corporate credit
asset manager focused on investment offerings designed to deliver
secure, stable and scalable cash yield driven returns to investors
globally. The firm launched in March 2019 and has $14B+ in assets
under management, delivering consistent top performance across its
multi-format CLO vehicles, of which it has priced 30 since
founding. For more information, please visit www.aglcredit.com.
About Barclays Investment Bank
Barclays Investment Bank is comprised of the Investment Banking,
International Corporate Banking, Global Markets and Research
businesses. It provides money managers, financial institutions,
governments, supranational organizations and corporate clients with
services and advice for their funding, financing, strategic and
risk management needs. For further information about Barclays
Corporate and Investment Bank, please visit our website
www.ib.barclays.
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version on businesswire.com: https://www.businesswire.com/news/home/20240402291135/en/
Prosek Partners Josh Clarkson Jclarkson@prosek.com /
pro-agl@prosek.com
Barclays Andrew Smith andrew.x.smith@barclays.com
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