Contents

Capital Relief Trades

SRT Monthly - March 2024

First significant wave of transactions of the year

Issuance overview
During March, the SRT market experienced its first significant wave of transactions of the year (see SCI’s Capital Relief Trades Database). The sector saw longstanding programmes issue - such as CRAFT (Deutsche Bank) and Chakra (Standard Chartered) - as well as seasoned issuers, including Santander (with the Ducati trade) and BNP Paribas, come to the fore and execute deals. Additionally, in the US, Bayview printed a transaction referencing a US$2.8bn pool of car loans.

Regarding the latest Chakra trade (the ninth from the programme), Standard Chartered offered two tranches to investors: a first loss (0%-6.5%) and mezzanine (6.5%-9%). Commenting on the pricing, investors report a tightening from last year’s transaction, with the first loss tranche landing at SOFR plus 10.75%, while the mezzanine tranche priced at SOFR plus 4.5%. Comparatively, Chakra 8 saw the first loss price at 11% and the mezzanine at 4.75%. 

In the case of the Ducati transaction – which references a portfolio of global investment grade corporate revolver loans – Santander priced a first loss tranche (0%-5%) at SOFR plus 9.25%. Previously, investors had reported the deal as being very similar to Santander’s Bultaco transaction.

Finally, it is understood that Credit Agricole has completed its latest CEDAR transaction (the seventh from the programme). Again, investors describe a similar deal profile from last year’s transaction and a tighter execution. The French issuer placed a first loss tranche (0%-6%), which priced at 9.75%.

Reflecting on the main takeaways from March, one investor notes: “There is tightening across the board; however, there is a differentiation in trades, depending on their risk profiles. So far, we have seen a lot of IG trades that got done at very attractive levels because, obviously, the risk was lower.”

Market trend
As previously reported, counterparty risk has been identified as a current trend within the SRT market and funded transactions, notably following the mini-banking crisis of last year. During IMN’s recent SRT Symposium, issuer Barclays touched upon this aspect in the context of its longstanding Colonnade programme. Barclays suggested that it provides investors with the option to invest with or without counterparty risk exposure.

Commenting on the matter, one SRT investor notes: “I feel that generally, most investors will logically think along the lines that if we are already sharing the credit risk on the underlying portfolio, we might as well take on risk on the bank’s counterparty risk. And naturally in terms of pricing, it tends to be more advantageous.”

He continues: “However, certain investors will never take on counterparty risk. They often justify it noting that they can only offer their LPs pure portfolios (SMEs, for example) and not mixed risk.”

Reflecting on the latter point, however, the investor highlights some incoherence. He says: “If this is their justification to segregate the collateral elsewhere and for not providing funding to the bank, then why aren’t insurers allowed to invest in STS transactions on an unfunded basis? Concretely, when investors are involved in funded transactions with the cash collateral posted to the bank, they take on counterparty risk.”

He adds: “As an example, if they receive an 8% coupon and the bank’s CDS is 1.5%, their internal risk department should argue that the true compensation for the portfolio risk is at 6.5%. This is why when insurers invest on an unfunded basis, one of the reasons why the coupon can be reduced is that there is no counterparty risk.”

While the failures of Credit Suisse, Silicon Valley Bank and First Republic have made investors more wary of bank risk, investors have suggested that such issues could be addressed by being stricter on collateral segregation and potentially setting up backup bank account arrangements for the collateral account on day one. Regarding last year’s mini-banking crisis, the investor notes: “When banks go into default, it is not a linear downgrade transition from single-A to triple-B, etc, into default. In the case of SVB, it took only a week for the bank to collapse. Therefore, such agreements have to be clearly structured from the outset.”

Finally, in terms of whether a backup bank account is becoming a prominent market feature, the investor says: “Naturally, for unfunded SRTs, it is not an issue. However, on the funded side, I wouldn’t say it is a common arrangement yet.”

Regulatory update
On 22 March, the Commission Delegated Regulation (EU) 2024/920 was published in the Official Journal, supplementing the Securitisation Regulation with regard to regulatory technical standards (RTS), specifying the performance-related triggers and the criteria for the calibration of those triggers. It defines the requirements for events triggering a switch from a pro rata to a sequential amortisation in synthetic securitisations.

These requirements need to be complied with by synthetic securitisations that intend to qualify as STS. The RTS apply as of 11 April 2024, subject to a grandfathering for existing transactions.

Vincent Nadeau

Capital Relief Trades

Directional correlations

SRTx mirroring SRT market developments

SCI launched the SRTx (Significant Risk Transfer Index) 12 months ago with the aim of providing market participants more insight into the arcane world of SRT. The SRTx is a suite of indexes covering the EU and US regions, comprising a spread index that estimates generic new-deal pricing levels based on a ‘benchmark deal’ and a set of market sentiment indexes for volatility, liquidity and credit risk (SCI 3 March 2023). One year on, it is clear that the benchmark’s directional correlations have generally mirrored overall SRT market developments.

The monthly SRTx fixings have tracked key idiosyncratic movements since inception in March 2023. For example, a spike in the SRTx Volatility Indexes (a higher number indicates increased risk) was recorded across the board in November 2023 – following the outbreak of conflict in the Middle East (SCI 2 November 2023) – before dropping back down the month after.

Year-on-year, the SRTx CORP EU and SRTx CORP US spread indexes (covering large corporate SRT) have tightened, while the SRTx SME EU and SRTx SME US indexes (covering SMEs) have widened. Notably, the SRTx CORP US index tightened by 468bp over the 12-month period, reflecting improving sentiment in the broader US credit market.

Meanwhile, the sentiment indexes have overwhelmingly improved, with nearly all indexes declining to 50 or below (below 50 indicates a better outlook), again reflecting improving sentiment in the broader credit market. The SRTx Liquidity Indexes all now stand well below 50, with the SRTx CORP LIQ US index seeing the greatest improvement within that segment, moving lower by 20 points.

The SRTx CORP RISK US and SRTx SME RISK US indexes saw the greatest improvement overall, reporting a 31-point and 25-point reduction in their levels respectively. The outlier for the sentiment indexes is SRTx CORP VOL EU, which posted a six-point increase in its level, indicating a slight worsening in outlook for the segment.

Structured Finance

Serious business

ESG's evolving role in structured finance unpacked

ESG is still a top priority within structured finance, despite competing concerns stemming from rising interest rates. Panellists at SCI’s ‘Unpacking ESG’ webinar last week affirmed the enduring importance of sustainability initiatives in the securitisation market to participants, even amid a recent lull in activity. However, while demand for ESG-linked securitisation may stand strong, precisely what ESG means for participants is no longer what it was.

“ESG is still, of course, a very hot topic for the whole debt capital markets, but unsurprisingly what ESG means for this market is also changing,” explained Begum Gursoy, director at Sustainalytics. “What was considered to be impactful a couple of years ago is not considered to be impactful today. So, while demand is strong, expectations are also getting more and more stringent, which also impacts the volumes.”

Sustainability-linked issuance has been dropping off not only in the securitisation market of late, but across the entire DCM universe. Of overall debt issuance, sustainable debt has accounted for around 13% of total issuance in recent years – a number projected to increase as the macroeconomic environment becomes more stable.

Securitisation is on a par with the broader debt capital market environment on the whole, although the situation does differ regionally. For instance, issuance of sustainable labelled bonds in APAC grew by 7% last year, numbers in EMEA dropped slightly and US corporates fell 47%.

Nevertheless, demand for sustainable-labelled bond issuance remains high across the board – with the latest sustainable issuances in the securitisation market still many-times oversubscribed, according to the panel. However, given the recent paucity in issuance, it was noted that it may be hard to distinguish investor interest in ESG principles from their interest in yield.

“It’s hard to disentangle how much interest there was in the ESG labelling of our bonds from the demand for anything that had yield when we were still at the zero boundary of interest rates,” stated Robert McDonough, director of ESG and regulatory initiatives at Angel Oak Capital Advisors.

Greenwashing dominated much of the ESG-related discussions last year, as conversations shifted away from minimum-criteria to hold an ESG label and towards how ESG investments fit into the broader climate change picture, as the likes of the 2030 Paris Agreement targets draw closer.

The shifting understanding of what ESG means within the market is expected to be a positive for future issuance, according to another panellist. In fact, the introduction of more stringent covenants is not anticipated to serve as a deterrent for future issuance, but rather an important step in making ESG offerings more robust and meaningful.

For the year ahead, political headwinds are now dominating sustainability discourse, with several major elections on the docket – including in both the UK and the US. However, panellists pointed out that despite differing attitudes towards ESG policy between Democrats and Republicans in the US, major ESG policies were rolled out under the last Republican administration.

McDonough observed: “If the current administration’s mandate is extended, that would obviously be favourable, but it’s not necessarily going to lead to an eruption in issuances of labelled products. It’s not a panacea for all the concerns out there, but it certainly would be a supportive environment for issuance.”

On the subject of ESG policy, the panel agreed that there seems to be a growing consensus across the market around the need to see greater standardisation of ESG disclosures instead of a greater reliance on labelling. “I think there’s a movement of ‘look, we can have a positive social or environmental impact, and here’s the way we can go about doing this without having to go to the extra step of labelling’,” McDonough noted. “Because at that point, you’re really sticking your head up above the crowd – and it feels like somebody is going to throw a rock at it in this environment.”

He continued: “You can still achieve the same things by having robust and, to some degree, independently validated data disclosures that let investors make their own minds up about this.”

The rising anti-labelling sentiment is not only driven by the fear of potential ESG backlash leading to reputational damages or litigation, but also by investor demand as they actively pursue real, positive impact on social and environmental issues.

The challenges posed by SFDR requirements in the absence of associated labels have been well documented. However, the categorisation of ‘how green’ a deal is has been rejected in the UK, where the government has instead opted for ‘investment-theme’ categories in its new SDR regime. Such robust parameters are considered to be an important improvement in the ESG-labelling universe – particularly the UK’s incorporation of a category dedicated to funding the transition.

“The opportunity around trying to fund the transition in some of these hard-to-abate sectors is not really covered by a lot of the frameworks that exist today. Some sectors are going to really find it hard and expensive, frankly, to transition to cleaner energy, so they are desperately going to be in need of this transitioning funding,” explained Becky Palmer, director of sustainable finance data at ICE Data Services.

She added: “So, finding a way to fund that without it looking like greenwashing is really important. There needs to be a realisation that having a portfolio full of green stuff isn’t actually helping the root problem.”

In fact, including a category encouraging the funding of the energy transition is not only important long term, but also particularly useful for promoting ESG-linked transactions in the present political landscape. Palmer continued: “Funding the transition is an excellent way to bypass the headline risk, but it’s associated with ESG certainly between now and the election. It can be a very useful way to think about how we’re trying to deploy capital in the marketplace, because a lot of the pushback and political headlines really come from the misconception that ESG investment is about denying money to oil and gas firms.”

Despite the challenges that remain, plenty of optimism was heard from the panel about the future of ESG in the structured finance market. Not only is there room for future growth when supplies increase, but there is also untapped collateral particularly in the social and transition securitisation sides of things.

“The main term and key concept here is integration. ESG is not a separate silo of the discussion; it is absolutely part of the business model or investment strategy. And the more that we treat it like that, the more it helps avoid box-checking and avoid greenwashing. The more we move towards that the better, and I think we are moving in that direction,” stated one panellist.

They concluded: “I think we’re on the right track, and I think it’s going to become a more lean-and-mean and efficient exercise as we get more integrated.”

Claudia Lewis

For more on all of these topics and others, attend SCI’s London ESG Leaders’ Securitisation Summit on 16 April.

Structured Finance

EARN unveils 'strategic transformation'

Market updates and sector developments

The board of trustees of Ellington Residential Mortgage REIT (EARN) has unanimously approved a strategic transformation of its investment strategy to focus on corporate CLOs. The company intends to build upon its current US$44m CLO portfolio, with an emphasis on secondary CLO mezzanine debt and equity tranches.

In connection with its strategic transformation, EARN has decided to revoke its REIT election for tax year 2024. Later this year, the company intends to convert to a registered closed end fund to be treated as a regulated investment company (RIC), which it believes will enhance its access to the capital markets.

In the meantime, the company will operate as a taxable C-Corp. It plans to take advantage of its significant existing net operating loss carryforwards to offset the majority of its US federal taxable income.

EARN intends to complete all necessary steps for the closed end fund/RIC conversion later this year, subject to receiving shareholder approval of certain matters.

In other news…

Atlas agreement concludes
UBS and Apollo have entered into an agreement pursuant to which ATLAS SP has concluded its transition services agreement with UBS and UBS will close out its investment management agreement with Atlas. As part of this agreement, Apollo will purchase US$8bn of senior secured financing facilities from UBS. The move aligns with UBS’s strategy of winding down and simplifying its non-core and legacy (NCL) portfolio and with Apollo’s continued momentum in growing Atlas as a standalone origination platform.

UBS Group expects to recognise a net gain in 1Q24 of around US$300m from the conclusion of these agreements and the assignment of the senior secured financing facilities, while Credit Suisse is expected to recognise a net loss of around US$900m. The differences reflect adjustments UBS Group made under IFRS as part of the purchase price allocation at the closing of the acquisition of Credit Suisse Group, as well as provisions made by UBS Group in the second and third quarters of 2023 that are not recognised under Credit Suisse’s US GAAP accounting policies.

For Atlas and Apollo, the agreement marks Atlas’ evolution into a fully independent platform focused on investment grade asset-backed origination. Atlas has generated US$24bn originations since inception and has secured capital to support over US$40bn of client assets.

Corinne Smith

Structured Finance

Blue Owl to form insurance solutions unit

Market updates and sector developments

Blue Owl Capital has entered into a definitive purchase agreement to acquire Kuvare Insurance Services (doing business as Kuvare Asset Management) (KAM) for US$750m. Separately, Blue Owl has made a long-term investment in Kuvare, purchasing US$250m of preferred equity. This investment is intended to create alignment between Blue Owl and Kuvare and provides growth capital to Kuvare’s insurance companies, each of which will become new asset management clients of Blue Owl.

In addition to the preferred equity investment, Blue Owl and Kuvare entered into investment management agreements (IMAs) that will allow Blue Owl to deploy up to US$3bn of assets across its existing credit, GP strategic capital and real estate investment platforms, which can grow over time. Upon the closing of the KAM acquisition, Blue Owl will be allocated up to US$20bn of AUM, in aggregate.

Kuvare will continue to manage the overall asset allocations for its insurance businesses and strategic investments. Blue Owl’s IMAs with Kuvare insurance companies will be additive to Blue Owl’s permanent capital base while enhancing Kuvare’s investment capabilities.  

“The creation of Blue Owl Insurance Solutions represents a significant moment in Blue Owl’s journey. Our acquisition of KAM allows us to provide broader solutions to the multi-trillion-dollar insurance market at scale. KAM’s capabilities in investment grade credit and real estate strategies supplement Blue Owl’s existing strength in these asset classes and further accelerate our ability to bring differentiated products and strategies to the market for Kuvare and third-party insurance clients,” comments Doug Ostrover, co-ceo of Blue Owl.

The firm will fund the KAM acquisition through a combination of US$325m in cash and US$425m in Blue Owl Class A common stock. The acquisition is expected to close in the second or third quarter of 2024 and remains subject to customary regulatory approvals and other closing conditions.

Upon closing of the acquisition, most KAM employees are expected to join Blue Owl. In addition, there is potential for up to a US$250m earnout, subject to certain adjustments and achievements of future revenue targets.

Corinne Smith

Structured Finance

Job swaps weekly: Mount Street hires two amid international expansion

People moves and key promotions in securitisation

This week’s round-up of securitisation job swaps sees Mount Street Group fill two newly created senior roles, as it seeks to strengthen and expand its international offering. Elsewhere, GCM Grosvenor has added a pair of CLO market veterans to its credit team, while Barclays has recruited a global head of securitised products bond trading in a bid to become one of the top-five US securitised products trading desks.

Barclays has appointed David Garner as md and global head of securitised products bond trading. He will join the bank in June and will be based in New York, reporting to Scott Eichel, global head of securitised products (SP).

Having been identified as a future revenue driver for Barclays’ Global Markets business, the appointment reflects the bank’s ambitions for the SP business and further advances its goal of becoming a top-five securitised products trading desk within the US - adding further momentum to a client franchise that has consistently gained market share since 2019.

Garner joins Barclays from Atlas SP Partners, where he was an md. He moved to Atlas SP Partners following Apollo Global Management’s acquisition of Credit Suisse’s SP franchise in 2023. During his 14-year tenure at Credit Suisse, Garner held a number of key leadership positions across its SP business, including most recently serving as co-head of securitised products trading. 

Meanwhile, Dechert has recruited Blake Gilson as counsel in New York. Gilson focuses his practice on structured finance insurance solutions, advising clients regarding rated note feeders, CLOs and other structured transactions for facilitating insurance capital investments into private fund strategies. He was previously an associate at Milbank, which he joined in August 2014 from Kirkland & Ellis. 

GCM Grosvenor (GCMG) has added Brandon Cahill and Scott Ingles to its established credit team, underscoring the firm's commitment to providing world-class credit investment solutions. Cahill joins as an md, having spent nearly 20 years at BlueMountain Capital Management as co-head of its global CLO business. During his time with BlueMountain, he also acted as head of structured and technical credit, overseeing investments in CLOs, synthetic CDOs and RMBS.

Ingles joins GCMG as a principal, bringing nearly 10 years of experience in credit management and risk assessment. He previously held senior positions at The Carlyle Group and PointState Capital, where he managed credit portfolios across various sectors.

Valerie Shapiro has joined Houlihan Lokey’s financial sponsors group as an md to support and expand the team’s credit coverage efforts, focusing on alternative asset managers, hedge funds, credit funds and CLOs. Based in New York, Shapiro was previously a senior md in Ankura Consulting’s turnaround and restructuring group and head of the firm’s revenue team. Prior to Ankura, she was a vp at Goldman Sachs Asset Management, managing leveraged loan and high-yield bond investments for issuers across several sectors. She has also held roles at Onex Credit Partners and Deutsche Bank. 

Intesa Sanpaolo has promoted Elisabetta Bernadini to head of balance sheet optimisation. Based in Milan, Bernadini was previously head of credit portfolio management at the firm, having joined its credit portfolio management group in January 2007. Before that, she worked in equity and credit structured products at Sanpaolo IMI, which she joined in July 2000.

Lauren Kaufman has joined JLL Capital Markets’ New York advisory team co-led by senior mds Michael Gigliotti, Christopher Peck and Andrew Scandalios. Serving as md, Kaufman will leverage her nearly two decades of experience in commercial real estate finance to work with institutional and private clients to structure and execute financing for their short- and long-term business goals across a variety of asset classes, including multifamily, retail, office, industrial and self-storage.

Kaufman previously worked at Cushman & Wakefield, where she was a member of an equity, debt and structured finance team responsible for some of the most significant capital transactions in New York City in recent years. Before that, she was a vp with Deutsche Bank, working in both syndication and loan originations to provide strategic financings for CMBS and balance sheet execution. She began her real estate career practicing law at Alston & Bird, where she represented a variety of lenders on all types of loan transactions.

Linklaters has elected 27 new partners and promoted 49 lawyers to counsel across its global platform, with effect from 1 May 2024. Among those promoted to partner within its London-based capital markets group is Leanne Banfield. She was previously derivatives and structured products counsel at the firm, which she joined in September 2007.

Among those promoted to counsel are Thomas Capon within Linklaters’ structured finance and securitisation team, as well as Edmund Leung and Sarah Willis within the firm’s derivatives and structured products team. The trio are all based in London.

The LSTA has named Sean Griffin as executive director of the organisation. Griffin joins the LSTA from JPMorgan, where he was md responsible for the global primary CLO business, focusing on the origination, structuring and distribution of CLO transactions for issuer-clients. He succeeds Lee Shaiman, who will be retiring after he serves for a period as a senior advisor to the LSTA.

Mount Street Group has promoted Serenity Morley to the newly created role of global coo. Additionally, the firm has appointed Dean Wheeler to the newly created role of md, head of US operations.

In her new role, Morley will be instrumental in ensuring continuity and cohesion across the firm on a global level, strengthening Mount Street’s international offering using its proprietary technology, CreditHub.

CreditHub provides clients with real-time data, analysis and unique insights essential to effectively manage their portfolios. Morley will be responsible for coordinating the business’ overall growth strategy across Mount Street’s 11 offices and developing new business opportunities across all areas of loan servicing and asset management.

Morley has over 20 years of experience in the financial services sector – the last seven of which have been at Mount Street – including leading a 10-year strategic agreement with Aviva Investors for asset servicing arrangements for its real assets business, totalling £50bn AUM. As head of loan servicing at Mount Street, she has been responsible for the company’s EMEA credit servicing group in Europe and Asia for the past three years.

Meanwhile, Wheeler brings 30 years of executive management experience building and leading commercial real estate loan servicing, asset management and special servicing platforms in the US and Canada. Based in Kansas City, he will be responsible for implementing Mount Street’s growth strategy in the US loan servicing market, where Mount Street together with its JV partner Mission Peak Capital has ambitions to double its current US$36.3bn of assets under management over the next two years. Reporting directly to ceo Paul Lloyd, Wheeler will oversee all loan servicing, asset management and special servicing activity, alongside growing the team and devising and implementing new technology-led strategies that leverage the CreditHub solution.

Before joining Mount Street, he was president and founder of software and consulting advisory business True North Performance Solutions, prior to which he was head of servicing and asset management operations at SitusAMC.

MUFG has appointed Terry McKay and Alex Pierre as co-heads of its new global structured solutions (GSS) function. Combining the strengths of MUFG’s global corporate and investment banking (GCIB) with the capabilities of its global markets (GM) business group, the new virtually-operated GSS team will work to enhance services to clients worldwide.

McKay is MUFG’s current head of global financial solutions for GCIB, president of MUFG’s merchant bank and ceo of MUFG Capital, Leasing and Finance Corp. Pierre serves as international head of structured solutions and regional head of sales and trading for EMEA at the bank.

North Wind Capital has recruited former Deutsche Bank CRE head to lead its Luxembourg lending and securitisation vehicle, in a bid to boost its private credit business. Clive Bull joins North Wind Capital after 16 years at Deutsche Bank and will be responsible for new securitisation issuance, as well as advising on the structuring of new loans made across the North Wind Capital platform.

Santander has promoted David Saunders to md, securitised products group - Europe, based in London. Saunders was previously executive director of the firm’s European securitised products group. He joined Santander in August 2018, having formerly been director, strategic risk management at Barclays and a manager, enterprise risk services at Deloitte.

SCOR has promoted Peter Nowell to head of structured asset solutions, based in London. Nowell was previously global head of financial solutions at the firm, which he joined in September 2015. Before that, he was head of ABS and ILS trading at BNP Paribas.

Finally, Shawbrook has upped its lending capabilities with the launch of a new structured real estate team, aiming to facilitate bigger-ticket loans exceeding £5m. In conjunction with an increase of its maximum loan size to £35m, the UK challenger bank hopes to enhance its financing solutions offerings to property investors and professional landlords.

The new team will focus on income-producing and bridging loans across both residential and commercial assets, and will be led by Totum Finance founder Piragash Sivanesan. Sivanesan will serve as director and head of structured real estate, and joins Shawbrook from United Trust Bank, where he was a director for property finance.

Corinne Smith, Claudia Lewis

CLOs

AGL, Barclays ink cooperation agreement

Market updates and sector developments

AGL Credit Management and Barclays have launched a new private credit investment platform called AGL Private Credit (AGL PC). AGL PC combines AGL’s established credit competency with proprietary access to Barclays’ leading leveraged finance and investment banking origination capabilities through an exclusive long-term cooperation agreement.

“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,” comments Taylor Wright, co-head of investment banking at Barclays.

The platform will focus on directly originated senior secured loans to large corporate borrowers and will seek to capitalise 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).  

“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,” says Hamad Shahwan Al Dhaheri, executive director of the private equities department at ADIA.

AGL PC will incorporate key elements of AGL’s investment model with decisions made by AGL’s investment committee, supported by the full depth and breadth of the firm’s investing resources and operational infrastructure. AGL founder, ceo and cio Peter Gleysteen 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.

Corinne Smith