OppenheimerFunds and The Carlyle Group have unveiled plans to form a joint venture for the wealth market in 2018 that will offer global private credit opportunities for HNW investors and advisers in the US.
The JV will build an alternative credit platform to offer long-term income solutions to HNW investors. Initially, the venture will focus on investments in opportunistic credit, direct lending, distressed transactions and structured credit assets in the US, Europe and Asia.
The new business will be jointly headed by OppenheimerFunds head of investment solutions Kamal Bhatia and The Carlyle Group head of global credit Mark Jenkins.
“There are tremendous synergies between Carlyle’s global credit expertise and OppenheimerFunds’ client engagement and distribution platform. HNW investors want income solutions that require the hard work of complex portfolio construction and hands-on risk management in a low return world given their wealth profile. We will approach the market as one team,” Bhatia noted.
“We look forward to leveraging our firms’ strengths to deliver important diversification in the less-liquid credit space to the large high net worth segment,” Jenkins added.