Global investment firm Carlyle (NASDAQ: CG) announced today that funds managed by its Global Credit platform and Australia-based credit investment firm amicaa have formed a joint venture to invest and manage a diversified portfolio of opportunistic private debt investments in Australia and New Zealand.
The partnership will capitalize on growing private credit opportunities in the countries, underscoring the growth potential Carlyle sees in the local Australian and New Zealand markets. This has come as Australian banks shift their focus away from corporate lending, with companies now increasingly seeking out private capital to fund acquisitions and other growth initiatives. In addition, private equity sponsors are increasingly seeking the flexibility and tailored debt facilities offered by private credit providers.
The joint venture combines the deep local knowledge and relationships of the amicaa team with the strong investment management expertise and investor relationships of Carlyle’s global credit platform. amicaa’s local team will source opportunities on the ground and Carlyle will provide access to the investment tools, processes and specialist resources of its US$143 billion global credit platform and representation on the investment committee.
The platform will manage two primary strategies. The amicaa Core Plus strategy, designed in collaboration with local superannuation and private wealth investors, will focus on delivering stable, income-oriented returns from Australian and New Zealand corporate loan investments. The amicaa Credit Opportunities strategy, which will focus on providing financing solutions to companies going through transition – acquisitions, growth or refinancing – where a tailored capital package is required outside of the normal course of business.
amicaa, formed in 2019, is led and managed by its local founders, including David Wood, Chief Executive Officer and Cathy Hales, Executive Director, with David Hoskins joining the firm as co-founder and Head of Private Credit. David Hoskins’ most recent role was with CIP Asset Management, where he was Head of Acquisition and Leveraged Finance Investments, managing credit investments for the Challenger Group for 14 years.
Carlyle’s activity in the partnership will be led by Taj Sidhu, Managing Director with Carlyle Global Credit, and Jay Ditmarsch, a member of the Carlyle Credit Opportunities team within Carlyle’s Global Credit platform.
Taj Sidhu said, “We are excited to be partnering with amicaa to form a joint venture that combines the deep local knowledge and extensive relationships of the amicaa team with the strong investment management expertise and investor relationships of Carlyle’s global credit platform. We see a multi-billion dollar opportunity to deploy capital in Australia and New Zealand, a structurally growing market, and look forward to working with the amicaa team to build out the long-term growth of the business.”
David Wood said, “We are delighted to be partnering with a high calibre partner such as Carlyle, where we have shared values and an alignment on prioritising the interests of investors. Our mission at amicaa is to help investors access attractive returns from the private debt market and we are pleased to be able to do this with the support and depth of Carlyle’s global credit platform. We see the Australia and New Zealand private debt opportunity as both substantial and fast growing, and as such, we look forward to a long-standing and successful partnership with Carlyle.”
Carlyle will invest capital from its Credit Opportunities strategy, which has deployed over US$8 billion globally since its inception in 2017. It forms part of Carlyle Global Credit, which has been Carlyle’s fastest growing business and manages US$143 billion of assets as of June 30, 2022.
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $376 billion of assets under management as of June 30, 2022, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 1,900 people in 26 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.
Carlyle Global Credit is Carlyle’s credit investment arm with $143 billion of assets under management as of June 30, 2022. The group’s investment strategies span the private credit spectrum: liquid credit, illiquid credit and real assets credit. Since 1999, Carlyle has provided creative solutions for borrowers and delivered attractive performance for investors by drawing on the deep credit expertise and disciplined underwriting capabilities of our over 200 investment professionals and by leveraging the resources and industry expertise of Carlyle’s global network.
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