Funding supervisor AGL Credit score Administration and Barclays have launched a brand new personal credit score funding platform, with backing from the Abu Dhabi Funding Authority.

AGL Personal Credit score (AGL PC) can have unique entry to Barclays’ deal stream in addition to originating offers instantly. It can deal with senior secured loans to massive company debtors and can search to capitalise on what it calls “a horny and rising alternative on the convergence of the personal credit score, broadly syndicated mortgage and excessive yield bond markets.”

The brand new agency will function as an unbiased supervisor, with full management over origination, asset choice, portfolio development and portfolio administration.

The platform has obtained an anchor dedication from an entirely owned subsidiary of the Abu Dhabi Funding Authority, a sovereign wealth fund.

Learn extra: Abu Dhabi wealth fund ups Cheyne Capital dedication

“Now we have the outstanding alternative to mix our agency’s deep capabilities in company credit score investing with entry to Barclays’ robust origination, sector and advisory experience to type a number one personal credit score platform,” mentioned AGL founder and chief government Peter Gleysteen.

“As the standard leveraged finance and personal credit score markets proceed to evolve, this can be a synergistic extension of our market-leading specialised funding enterprise. We’re happy to collaborate with Barclays to supply its shoppers the personal credit score advantages of certainty, velocity and long-term funding alignment and individually for AGL to supply a personal credit score alternative to our investor universe.”

The brand new platform will incorporate key parts of AGL’s funding mannequin with choices made by AGL’s funding committee and shall be supported by the agency’s investing sources and operational infrastructure.

Gleysteen will lead AGL PC and its crew of 11 funding professionals, together with Taylor Boswell, AGL’s head of personal credit score. AGL additionally just lately employed Phil Capparis as chief threat officer to supervise threat administration throughout AGL’s investments, together with AGL PC.

Learn extra: JPMorgan in talks to broaden its personal credit score enterprise

“That is the following step in constructing out Barclays’ personal credit score capabilities to enrich the top-tier functionality of our current Leveraged Finance platform, which continues to evolve and reply to market dynamics,” mentioned Taylor Wright, co-head of funding banking at Barclays.

“Throughout our shopper base, there’s a robust want to work with a single companion who can ship the complete vary of financing options to fulfill their strategic targets and AGL’s robust funding capabilities and observe report make them a super collaborator for us on this enterprise.”

Hamad Shahwan Al Dhaheri, government director of the personal equities division at ADIA, mentioned: “ADIA has been an investor in AGL because it launched in 2019, and this anchor dedication to AGL PC will assist the following part of the corporate’s progress. We see robust investing synergies from the mixture of AGL and Barclays’ experience, making a differentiated personal credit score platform that goals to deal with a transparent market alternative.”

AGL Credit score Administration launched in March 2019 and has greater than $14bn (£11.1bn) in property below administration.

Learn extra: Blackstone to purchase $1.1bn bank card debt from Barclays

The $1.7tn personal debt market is booming, with funding managers, banks and sovereign wealth funds all wanting to faucet into the sector’s enticing threat/return profile.

One other Abu Dhabi sovereign wealth fund, Mubadala Funding Firm, has invested in personal credit score funds managed by Apollo International Administration and Ares in latest months.