Market updates and sector developments

Golub Capital has launched an insurance solutions team to be led by newly appointed md and head of insurance solutions Jennifer Potenta. The launch of the team forms part of the firm’s plan to expand its investor partners group, which is focused on supporting the “specialised investment needs of different investor segments”, according to a statement issued by Golub.

Golub says it has a 17-year track record of providing investment services to insurance clients, and has around 120 such clients across its debt and equity strategies.

Potenta joins Golub’s New York office after six years with MetLife Investment Management, where she was most recently senior md and global head of private fixed income and alternatives. She also previously spent nine and a half years at MetLife, but left in 2017 to join New York Life Insurance Company in the role of senior director and head of international focusing on private capital investors.

In other news…

Brookfield buys into Castlelake
Brookfield Asset Management is investing US$1.5bn to acquire a 51% stake in the fee-related earnings of private credit manager Castlelake. The figure includes capital to be invested by Brookfield Reinsurance in Castlelake’s investment strategies.

The transaction is the latest in a number of consolidation plays in recent years that have seen large asset managers buying into the private credit space. Evercore acted as financial adviser to Brookfield, while Paul Weiss Rifkind Wharton & Garrison provided legal advice. Castlelake received legal advisory services from Kirkland & Ellis, while Goldman Sachs acted as lead advisor and Colchester Partners as adviser.

Kenny Wastell