BlackRock grows private credit business

BlackRock has upped the number of private credit specialists in its antipodean team by recruiting a Nomura operative.

Based in Sydney, Stephen Allan has been appointed head of Australasia and will lead the origination and sourcing of private credit investments in Australia and New Zealand.

The recruit will also play an active role in the investment process - from deal structuring and execution to monitoring performance.

Allan joins from Nomura, where he spent 13 years running the origination, structuring, and syndication of illiquid credit opportunities in Australia and New Zealand.

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Before that, he worked at Lloyds International in Australia where he was involved in transaction restructuring of distressed corporate, real estate and leveraged finance accounts in their business support unit.

BlackRock head of Australasia Andrew Landman said institutional investors and superannuation funds in Australia are looking for ways to add greater diversification to their portfolios - against a macro backdrop of rising rates and inflation.

"Clients will benefit from Stephen's solid track record in generating opportunities throughout private credit markets in Australia and New Zealand, and we look forward to working closely with him."

"Private credit continues to gain a significant share of client portfolios, thanks to attractive risk-adjusted returns and diversification benefits throughout economic cycles," said BlackRock head of APAC private credit Celia Yan, based in Hong Kong.

"Stephen's extensive market knowledge complements our wealth of local expertise throughout Australia, China, India, New Zealand, and Southeast Asia - to the benefit of clients. His expertise helps advance our ability to provide customised and diversified private debt solutions that meet specific client needs."

The global private debt team comprises around 200 investment professionals in over 18 cities globally.

BlackRock's global private debt platform manages US$84 billion across the asset class.