Sector developments and company hires

Briarcliffe has made two more new appointments as it continues the expansion of its private credit business. Kyle Abel joins the firm as new head of GP advisory from First Avenue, where he served as md and US head of project management. Additionally, Robert Molina has been promoted to head of origination, having previously worked as md of GP advisory, and will lead the firm in finding new and differentiated private credit offerings. Both new team members bring over 20 years of experience in the private markets to their new roles, which the firm hopes will further enable them to meet rising investor demand for the asset class.

In other news….

EMEA

Alpha Bank has announced its entry into binding agreement with Cerberus for the sale of a portfolio of Cypriot non-performing loans and real estate properties. The €2.4bn portfolio will be sold in the latest move from Alpha Bank Group in its mission to reduce its NPL stock. Dubbed Project Sky, the sale will further de-risk Alpha’s balance sheet by lowering the NPE ratio to an approximated 13%, with the transaction expected to be completed in 3Q22.