Latest news with #AashishDhakad
Yahoo
4 days ago
- Business
- Yahoo
Citi names industry veteran as head of North America private credit, memo shows
(Reuters) -Citigroup has appointed Aashish Dhakad as the head of its private credit origination division in North America, according to an internal memo seen by Reuters on Monday, as banks vie for a larger share of the lucrative private credit market. Dhakad, with an industry experience spanning two decades, will join the third largest U.S. lender in October. He most recently worked at investment manager Ares Management. Private credit refers to loans provided by non-bank lenders that are not subject to the same level of regulations as banks. These loans are typically extended to riskier borrowers or companies pursuing large buyouts with debt. Once seen as a threat to banks, private credit firms have increasingly partnered with traditional lenders over the past year to gain more customers. Banks help them source customers more easily and earn a fee without putting their own capital at risk. In September 2024, Citi and investment firm Apollo Global partnered for a $25 billion private credit and direct lending program. Dhakad, who has also worked at Bank of America for a decade, will be based in New York in the new role with Citi. "The growth in corporate direct lending beyond traditional acquisition financing presents a massive opportunity and we are uniquely situated to seize it," the Citi memo said. The move marks the Wall Street bank's effort to expand its presence in the private credit market. Private credit firms have also widened their focus in recent years, moving beyond traditional buyout financing to areas such as investment-grade corporate lending, asset-backed deals and sports-related investments. Sign in to access your portfolio
Reuters
4 days ago
- Business
- Reuters
Citi names industry veteran as head of North America private credit, memo shows
Aug 4 (Reuters) - Citigroup (C.N), opens new tab has appointed Aashish Dhakad as the head of its private credit origination division in North America, according to an internal memo seen by Reuters on Monday, as banks vie for a larger share of the lucrative private credit market. Dhakad, with an industry experience spanning two decades, will join the third largest U.S. lender in October. He most recently worked at investment manager Ares Management (ARES.N), opens new tab. Private credit refers to loans provided by non-bank lenders that are not subject to the same level of regulations as banks. These loans are typically extended to riskier borrowers or companies pursuing large buyouts with debt. Once seen as a threat to banks, private credit firms have increasingly partnered with traditional lenders over the past year to gain more customers. Banks help them source customers more easily and earn a fee without putting their own capital at risk. In September 2024, Citi and investment firm Apollo Global (APO.N), opens new tab partnered for a $25 billion private credit and direct lending program. Dhakad, who has also worked at Bank of America (BAC.N), opens new tab for a decade, will be based in New York in the new role with Citi. "The growth in corporate direct lending beyond traditional acquisition financing presents a massive opportunity and we are uniquely situated to seize it," the Citi memo said. The move marks the Wall Street bank's effort to expand its presence in the private credit market. Private credit firms have also widened their focus in recent years, moving beyond traditional buyout financing to areas such as investment-grade corporate lending, asset-backed deals and sports-related investments.
Bloomberg
5 days ago
- Business
- Bloomberg
Citi Widens Private Credit Net Beyond Apollo Deal With New Role
Citigroup Inc. is casting a wider net in the multitrillion-dollar private credit market with a new hire who will source debt deals beyond the scope of its existing tie-up with Apollo Global Management Inc. The bank is hiring Aashish Dhakad from Ares Management Corp. to become head of private credit origination for North America, a new role focused on sourcing deals from corporate and commercial banking clients for private credit investors, it said Monday in a memo seen by Bloomberg News.
