The New York-based duo have co-founded a new firm, 5C Investment Partners, that aims to capture a slice of the burgeoning private credit market, where alternative asset managers are increasingly displacing banks by providing multi-billion financings to companies.
Many Wall Street veterans have sought to capitalize on a yearslong shift that’s seen more capital flow into the hands of private credit managers. Josh Harris’s 26North Partners and Dan Loeb’s Third Point have both made high-profile hires in recent weeks to push into direct lending. “They have a very strong record, and it’s not a surprise they’re trying to repeat the success of their collaboration,” said Bjarne Graven Larsen, founder and CEO of Qblue Balanced, a Copenhagen-based asset manager, who recalls committing more than $4 billion to that Goldman fund during his tenure as chief investment officer at Danish pension fund ATP Group.
The firm’s name is a nod to the “five Cs of credit” a lending framework Connolly and Koester learned as young credit traders at Bankers Trust in the 1990s. The five Cs — capacity, capital, collateral, conditions and character — were emblazoned on mugs the firm’s chief credit officer handed out.
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