Hayfin’s founders, Tim Flynn and Mark Tognolini, saw an opportunity for new private lenders to fill the funding gap created by the aftermath of the financial crisis when banks began retreating from lending to midsized European businesses. The US had a more mature private credit market, and Hayfin’s founders identified the conditions to build a business for that purpose in Europe.
With the backing of TowerBrook Capital Partners, PSP Investments, the Ontario Municipal Employees’ Retirement System and Future Fund, Tim Flynn and Mark Tognolini left their respective roles as Co-Head of European Leveraged Finance and Acquisition Finance and Vice President at Goldman Sachs to found Haymarket Financial. Working from a small office on London’s Haymarket, their goal was to build an institution for the long-term by delivering flexible, collaborative and disciplined solutions for their clients.
Haymarket Financial became Hayfin in 2013, a combination of the first three letters of each word. A new name, but the same commitment to the culture and values on which it was founded. The firm established a distinctive investment approach and mandate, applying its people’s knowledge and skills across markets, jurisdictions, lending formats and asset types.
In 2017, British Columbia Investment Management Corporation bought the majority shareholding in Hayfin that was held by TowerBrook and its co-investors. In the simplified ownership structure, Hayfin’s management and employees remain substantial shareholders, closely aligning their interests with those of the firm’s investors.
Managing Director, Alexander Wolfman joined Tim Flynn and Mark Tognolini in 2020, to lead the Partner Solutions business, adding a depth of experience in institutional fundraising, investor relations, product and strategy development. Together the three form the firm’s Executive Committee, ensuring governance, allocating resources and setting firmwide strategy as delegated by the board.
Hayfin has expanded geographically with offices and investments throughout Europe and the US, and a growing local presence in Asia. As of 30th June 2024, Hayfin has approximately €31 billion of assets under management; since its founding in 2009 the firm has invested over €45 billion of capital through its private market strategies, in over 500 companies.
In 2024, Hayfin entered into an agreement with Arctos Partners, a private investment firm, to support a management buyout of the business, acquiring British Columbia Investment Management Corporation’s majority stake. This new partnership delivers Hayfin’s long-term objectives of greater team ownership, alignment, and incentivization, as well as generating superior and consistent risk-adjusted returns for clients.
