A wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) commits $500 million to AGL’s strategies and becomes a shareholder in the management company. A large US state pension commits a further $150 million.
NEW YORK, March 18, 2019 /PRNewswire/ — Peter Gleysteen, a veteran bank loan investor and founder of one of the largest US CLO managers, today announced the launch of AGL Credit Management LP (“AGL”). Peter Gleysteen will serve as Chief Executive Officer and Chief Investment Officer of AGL, and Thomas H. Lee, the Private Equity pioneer, will serve as non-executive chairman.
AGL is a private credit investment firm specializing in innovative actively managed credit solutions based on bank loans. It aims to build a leading CLO franchise while also offering the simple lower-levered stable return strategy that aims to deliver reliable high single digit returns in a safe, efficient and scalable structure, with a significant element of current return.
“Few fixed income products truly target the return objective of institutional investors,” said Peter Gleysteen. “AGL was expressly formed to fill this void in the fixed income solution set.”
Thomas H. Lee, added, “Peter and his team believe the stable return strategy will resonate with CIOs and fixed income investors as a way to invest in size, and provide the kind of reliable, repeatable income streams that many global institutions seek. I’m excited to partner with Peter and his team and help shape the long-term business strategy as a member of the board.”
AGL’s institutional investment partners include a subsidiary of The Abu Dhabi Investment Authority (ADIA) and a large US state pension fund, which together committed equity investments totaling $650 million. In addition, the family office of Thomas H. Lee made an investment in AGL.
About AGL’s Founders
Peter Gleysteen, Chief Executive Officer and Chief Investment Officer
Gleysteen brings more than 40 years of bank loan experience. Before AGL, he had two prior employers, JPMorgan Chase and CIFC, a loan asset manager he founded. At the bank, he served as lead banker on many of the largest LBO, M&A and re-structuring financings in the 1980’s and ’90’s, running global loan syndications, responsible for its global corporate loan portfolio, and serving as corporate chief credit officer. More recently, he built CIFC Asset Management into a leading private debt manager with $13 billion in AUM, serving as founder and CEO from 2005-2014.
Thomas H. Lee, Non-Executive Chairman
Thomas H. Lee is Chairman at Lee Equity Partners. Prior to forming Lee Equity, Mr. Lee served as Chairman and CEO of Thomas H. Lee Partners, L.P. (“THLP”) and its predecessors, which he founded in 1974. Over the past 36 years, Mr. Lee has been responsible for investing in excess of $10 billion of capital in more than 100 transactions. Prior to founding THLP, Mr. Lee was with the First National Bank of Boston, where he was a Vice President and led the high technology lending group. Previously, Mr. Lee was a securities analyst in the institutional research department of L.F. Rothschild & Company in New York.
Mr. Lee serves or has served as a director of numerous public and private companies, as well other civic and charitable organizations.
Established in 1976, ADIA is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation.
ADIA is a leading global fixed income investor with a mandate to manage ADIA’s liquidity leads and generate superior returns through investing in a broad range of fixed income securities as well as short-term money-markets. ADIA has invested in private equity since 1989 and has built a significant internal team of specialists with experience across asset products, geographies and sectors. Through its extensive relationships across the industry, the Private Equities Department invests in private equity and credit products globally, often alongside external partners, and through externally managed primary and secondary funds. Its philosophy is to build long-term, collaborative relationships with its partners and company management teams to maximize value and support the implementation of agreed strategies.
About AGL Credit Management LP
AGL Credit Management (“AGL”) is a private credit investment firm and registered investment adviser specializing in actively managed solutions designed to deliver relatively secure, stable and scalable returns based on bank loans. AGL was co-founded by Peter Gleysteen, a widely known innovator in the bank loan market, and Thomas. H. Lee, one of the early pioneers in private equity investing. For more information, visit www.aglcredit.com.