AB-Private Credit Investors (AB-PCI) continues to experience strong growth with the recent additions of three vice presidents, nine associates, and a chief of staff, expanding the team to 34 professionals.
AB-PCI is the middle market lending platform of asset manager AB (formerly known as AllianceBernstein). All new team members will be based in Austin, focusing on supporting the credit and portfolio functions.
In conjunction with these new hires, Daniel Weiss, who joined AB-PCI earlier this year in a dual execution and origination role, working in Austin and Chicago, will shift his focus to establishing and growing the firm’s Midwest origination efforts. Based in Chicago, Mr. Weiss will cover both financial sponsors and intermediaries in the region, further expanding AB-PCI’s presence in these local markets. He will join Bob Bielinski in Chicago, who leads the firm’s restaurants and franchising originations efforts.
AB-PCI invests in stretch senior, unitranche and second lien loans and also pursues opportunities in mezzanine debt, structure equity and minority private equity co-investments. The firm can commit up to $200 million and hold up to $100 million, with a customary hold size ranging from $25 million to $75 million. Typical investment targets are companies that have from $5 million to $50 million of EBITDA (www.abglobal.com).
Mr. Weiss joined AB-PCI from Cerberus Capital Management, where he was responsible for origination, underwriting and portfolio management for private finance transactions. He previously worked for MFC Capital Funding, a Chicago based lower-middle market private debt fund.
© 2016 Private Equity Professional • 7-21-16
