Market updates and sector developments

AGL Credit Management and Barclays have launched a new private credit investment platform called AGL Private Credit (AGL PC). AGL PC combines AGL’s established credit competency with proprietary access to Barclays’ leading leveraged finance and investment banking origination capabilities through an exclusive long-term cooperation agreement.

“Across our client base, there is a strong desire to work with a single partner who can deliver the full range of financing solutions to meet their strategic objectives and AGL’s strong investment capabilities and track record make them an ideal collaborator for us in this venture,” comments Taylor Wright, co-head of investment banking at Barclays.

The platform will focus on directly originated senior secured loans to large corporate borrowers and will seek to capitalise on an attractive and growing opportunity at the convergence of the private credit, broadly syndicated loan and high yield bond markets. AGL PC will operate as an independent manager - with complete control over origination, asset selection, portfolio construction and portfolio management - while having exclusive access to Barclays deal flow, as well as the ability to originate transactions directly. The platform has received an anchor commitment from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA).  

“ADIA has been an investor in AGL since it launched in 2019 and this anchor commitment to AGL PC will support the next phase of the company’s growth. We see strong investing synergies from the combination of AGL and Barclays’ expertise, creating a differentiated private credit platform that aims to address a clear market opportunity,” says Hamad Shahwan Al Dhaheri, executive director of the private equities department at ADIA.

AGL PC will incorporate key elements of AGL’s investment model with decisions made by AGL’s investment committee, supported by the full depth and breadth of the firm’s investing resources and operational infrastructure. AGL founder, ceo and cio Peter Gleysteen will lead AGL PC and its growing team of 11 dedicated investment professionals, including Taylor Boswell, AGL’s head of private credit. AGL also recently hired Phil Capparis as chief risk officer to oversee risk management across AGL’s investments, including AGL PC.

Corinne Smith