Sector developments and company hires

Strategic credit commitment inked
The Investment Management Corporation of Ontario (IMCO) has closed a US$500m commitment with a new strategic partner, Ares Management Corporation. IMCO has allocated US$400m of the commitment to a fund of one structure and US$100m to Ares Pathfinder Fund, a flagship global alternative credit fund. Pathfinder pursues a differentiated strategy of providing tailored financial solutions for owners of large, diversified portfolios of assets that generate predictable and contractual cashflows throughout market cycles.

Created as a separate asset class in 2020, IMCO’s global credit portfolio invests across a range of public and private credit market segments, including corporate, real estate, infrastructure, emerging markets, structured and IP royalties to generate higher risk-adjusted returns than traditional fixed income and additional diversification benefits to a total portfolio for Ontario public sector fund clients. The global credit portfolio had C$4.6bn AUM, as of 31 December 2020, and is expected to grow to C$8bn or more by 2025.

EMEA
Conister Finance & Leasing has hired Marcus Gregory as its new executive director. In this new role, Gregory will lead Conister’s broker division, with his core responsibilities including the planning and delivery of the firm’s strategy in the UK market. He brings over 20 years’ experience working within the asset finance and commercial loans sector, having co-founded a privately owned leasing brokerage in 2007, Bluestar Leasing.

Volta Finance has appointed Dagmar Kent Kershaw as an independent non-executive director, with effect from 30 June. Kershaw is an experienced non-executive director, with over 25 years’ experience in financial markets, leading and developing fund management and alternative debt businesses. She headed Prudential M&G's debt private placement activities and launched its structured credit business in 1998, which she led for 10 years.

In 2008, she joined Intermediate Capital Group to head its European and Australian credit business, including CLOs. Since 2017, she has held non-executive positions and is currently a director of Brooks Macdonald and Aberdeen Smaller Companies Income Trust, as well as a member of the advisory council of SVP Global (Strategic Value Partners).

Paul Varotsis, currently senior independent director at Volta Finance, is set to retire from the position at the company’s forthcoming AGM.