Hayfin has appointed Antonio Gomez-Tembleque as a Managing Director in its Private Credit team focused on real estate investments. He will be based in Hayfin’s Madrid office.
Antonio joins Hayfin from Apollo Global Management where he led investment and asset management initiatives across Europe, with responsibilities at Lapithus Management involving both performing and non-performing loans as well as direct real estate investments. He also served as Finance Director for Europe and Asia at Apollo Management International LLP and co-founded LSA Sports Inc. In addition to this, Antonio spent a decade at PwC in New York and Madrid, where he was a Director in the Capital Markets Group, advising on IPOs and finance raising for both public and private companies.
Carlos Colomer, Managing Director in the Private Credit team, said: “We are pleased to welcome Anto in the Private Credit team. He brings extensive experience in real estate and credit investing, having led complex transactions across a diverse range of assets. He joins Hayfin at an exciting time as we look to capitalise on a highly attractive opportunity set for flexible capital across the European real estate space. We look forward to meeting that by scaling the reach and ambition of our Private Credit strategy as we continue to expand our footprint.”
Hayfin has appointed Raj Paranandi as Chief Operating Officer (COO), based at the firm’s London headquarters.
Raj joins Hayfin from MarketAxess, an international financial technology company that operates the leading electronic trading platform for institutional credit markets, where he served as COO of EMEA and APAC. Prior to this, Raj spent 10 years in leadership positions at UBS and he comes with over 25 years of experience in Financial Services.
As COO, Raj will succeed Mark Tognolini, who will assume the role of co-Chief Executive Officer alongside Tim Flynn. This evolution in leadership reflects the collaborative management style that Mark and Tim have maintained since co-founding Hayfin and is designed to further strengthen the firm’s ability to serve its investors, borrowers, and partners.
Raj Paranandi, COO of Hayfin, said: “I am excited to be joining Hayfin as the firm continues to experience strong growth. With a deep origination network and unparalleled connections across the European market, the firm has established an enviable track record. I look forward to building on this as the business continues to scale, attracts talent and deepens its market footprint.”
Tim Flynn, co-CEO of Hayfin, said: “Mark and I are delighted to welcome Raj as COO of Hayfin. His deep experience and record will put the firm in great stead as we accelerate our expansion and capitalise on the growing credit opportunities for our investors.
This is an exciting period for the business. Our partnership with Arctos and established reputation for excellence enables us to navigate market volatility and geopolitical uncertainty while positioning the firm for continued success.”
Hayfin is pleased to announce that its $355 million bilateral acquisition facility for V.Group’s buyout by STAR Capital and Ackermans & van Haaren has been named as the ‘Private Credit Deal of the Year’ 2024 by Marine Money. Leveraging its expertise in corporate lending and maritime finance, Hayfin developed a sophisticated private credit solution based on its deep understanding of industry dynamics, the growing call upon third-party managers due to increased regulation and technical demands, and the inherent resilience in a business of V.Group’s scale.
The loan blends Hayfin’s maritime expertise with structured credit and is backed by operational sustainability and predictable revenue streams. It’s testament to the team’s unique in-house capabilities and industry experience that they have been able to translate a strategic partnership into a creative credit solution.
As global shipping evolves and faces new challenges, the sector will require flexible financing. Hayfin is uniquely placed to meet that demand and will continue to work with borrowers, investors and clients as they navigate the maritime market.
In times of rapid market change, the temptation is often to react quickly by making sense of new information through the lens of daily price moves and hourly headlines. But when structural shifts are underway, a more productive approach can be to zoom out and evaluate what’s happening in the context of long-term trends and historical precedents. That’s especially true now that global trade policy takes centre stage once again.
Hayfin is pleased to announce that Sumitomo Mitsui Trust Bank, Limited (“SuMi TRUST Bank”), a leading Tokyo-headquartered bank, has invested in Hayfin’s Maritime Yield strategy, bringing total strategy commitments to over $620 million across the commingled fund and related separately managed accounts.
The investment is the latest addition to the c.$400m in capital commitments raised for the fund in 2023 and has taken Hayfin’s total deployment capacity significantly past $1bn when coupled with conservative debt financing.
This latest fundraising round is a further extension of Hayfin’s track record in the maritime sector, having invested in excess of $4 billion across various sectors – dry bulk, tankers, containers, LPG, and LNG. The firm has deployed capital into the sector through its private credit strategies, as well as the Maritime Yield strategy, which focuses on building a diversified asset-owning platform, generating long-term, stable income.
SuMi TRUST Bank’s commitment will directly support the development of sustainable maritime transportation through the Hayfin Maritime Yield strategy. The investment underlines the gaining momentum for decarbonisation of the shipping industry, both within local markets and globally. It will strengthen networks between the maritime industry and financial markets while developing a collaborative relationship with Hayfin’s Japan team.
Andreas Povlsen, Head of Maritime, commented: “We’re delighted to have secured this important commitment from SuMi TRUST Bank, underlining our lasting commitment to the Japanese market through our Maritime Yield strategy – not just investors, but also shipbuilders, operators, leasing companies and trading houses. Our maritime platform offers exposure to high-quality assets that help underpin global trade flows and is working to drive forward the decarbonisation of the global shipping sector, which is a proposition that increasingly resonates with institutions in Japan and elsewhere around the globe.”
Hayfin’s latest report, Opportunities in Volatility, outlines our approach to navigating significant geopolitical and economic headwinds, including the impact of tariffs, trade tensions, and supply chain disruptions on global financing.
The report includes an in-depth analysis of the current private credit landscape and examples of how these dynamics have shaped our strategies for capital deployment.
Hayfin today announces the acquisition of a portfolio of performing European commercial real estate development and investment loans from funds managed by Oaktree Capital Management, L.P. (“Oaktree”). The portfolio was originated and managed by Fairfield Real Estate Finance Services Limited (“Fairfield”), a commercial real estate lending platform backed by Oaktree.
The loan portfolio is secured against a pool of hotel, residential and office assets located in gateway cities across Ireland, Spain and Portugal. These loans were extended to financial sponsors, developers and owner-operators, and have helped to finance the construction, conversion or refurbishment of these schemes.
Following the acquisition, Fairfield has been retained to continue to manage the loan portfolio on Hayfin’s behalf, providing important continuity for the borrowers in the portfolio.
Carlos Colomer, Managing Director at Hayfin, said: “We’re delighted to acquire this portfolio of performing CRE development loans, which aligns with our strategy of investing in high-quality credit assets across Europe. Secured against a diversified pool of real estate, this transaction highlights how our flexible capital and sector expertise enable us to secure attractive opportunities for our investors. We look forward to working with the Fairfield team on this transaction and continuing our partnership by originating new CRE development financing opportunities.”
Hayfin was advised on the transaction by Macfarlanes. Oaktree was advised on the transaction by PwC and White & Case.
Disclosure
Past performance is not a guarantee of future performance. No investment, strategy or tested process can guarantee results. Please note, fees reduce returns to investors.
Hayfin is pleased to announce that it has acted as Lead Arranger and Agent to global skincare company Crown Laboratories to support its acquisition of Revance Therapeutics (“Revance”; NSDQ; RVNC) with an $850 million first and second lien credit facility.
Hayfin has been a financing partner to Crown Laboratories since 2015, supporting the business both before and during Hildred Capital’s current ownership period. Since then, Hayfin has completed multiple acquisition financings and refinancings in support of Crown Laboratories as the business has scaled.
The acquisition of Revance enables Crown Laboratories to further bolster its best-in-class portfolio and aesthetic skincare products with DAXXIFY and the RHA collection of dermal fillers. As a biotechnology company, Revance will help complement Crown’s existing product portfolio through its innovative aesthetic and therapeutic offerings, enhancing patient outcomes and physician experiences.
Barrett Polan, Managing Director at Hayfin, said: “We are excited to continue our support of long-standing clients, Hildred Capital and Crown Laboratories, as they enter a new and exciting chapter in the Crown Laboratories story with this acquisition. The firm has been on an exceptional growth journey over the past years and has cemented its reputation as one of the foremost providers of aesthetic solutions. The combined portfolio of Crown Laboratories and Revance will enable them to capitalise on future commercial opportunities to grow and we look forward to supporting them on this journey in the future.”
Hayfin invests in the healthcare sector across its private credit strategies and through its specialist healthcare team, which focuses on making strategic investments throughout the capital structure from Hayfin’s various private credit strategies.
Transaction delivers on Hayfin’s objectives for greater team ownership, alignment, and incentivisation
Hayfin today announced the completion of a management buyout of the business supported by Arctos Partners (“Arctos”), a private investment firm, acquiring British Columbia Investment Management Corporation’s (“BCI”) majority stake.
The partnership supports Hayfin’s long-term objectives of greater team ownership, alignment, and incentivisation, as well as generating superior and consistent risk-adjusted returns for clients.
Arctos, via its Keystone strategy, which provides strategic partnership to leading financial sponsors, through bespoke growth capital and liquidity solutions, has underwritten 100 percent of the funding and will facilitate the Hayfin team becoming the majority owners of the common equity.
Tim Flynn, Co-Founder and Chief Executive Officer at Hayfin, said: “We are excited to partner with Arctos as we continue to enhance our offerings for investors, borrowers and sponsors. With a shared commitment to investment approach and values, our firms are well positioned to collaborate and seize the vast opportunity set we see for the benefit of our investors. This marks the beginning of an exciting new chapter for Hayfin, as we continue to expand and evolve in a rapidly changing market.”
Ian Charles, Co-Founder and Managing Partner at Arctos, said: “We are partnering with Hayfin, Europe’s premier private credit platform, at a pivotal moment in their growth trajectory. This transaction exemplifies Arctos Keystone’s mission to help great firms thrive and build the bridge from where they are to where they want to be. Together, our partnership positions Hayfin to accelerate its strategic growth ambitions, drive innovation across its platform, and bring more ownership and alignment to Hayfin’s leadership team. We couldn’t be more excited about the partnership.”
Founded in 2009, Hayfin specialises in providing critical debt, equity and hybrid capital solutions to meet a range of financing needs. The firm’s product offering spans direct lending, special opportunities, tactical solutions, high-yield/syndicated loans, healthcare opportunities, maritime yield and private equity solutions.
This year looks like it might be a seminal year for private credit. The asset class continues to demonstrate secular growth – with no signs (that we can see) of reversing. At the same time, it has to navigate significant economic and political uncertainty driven by a tricky mix of rates, inflation, geopolitical uncertainty and unsustainable levels of government borrowing, particularly in the United States and the UK.
In Europe, private credit has matured significantly. Since 2008 our asset class has become a critical component of non-investment grade financing to business across Europe – and is beginning to play a more important role in investment grade financing. It has also become an important component of portfolio construction for LPs around the world searching for downside protected, lower volatility returns.
The question is: how will private credit perform if substantial economic headwinds materialize as the world adjusts to what appears to a changing world order? Is it the ‘golden age’ of private credit because any headwinds on the horizon will enable the better managers to prove they have in fact underwritten attractive risk adjusted returns? Or are the sceptics right who argue that in an industry that has grown very quickly, those who arrived late may be left nursing losses?
Meanwhile, the inauguration of Donald Trump – two months on from an election which had been a key point of discussion with our LPs, sandwiched as it was between our two AGMs in London and New York – heralds potentially significant political change in the USA. The prospect of a second Trump term prompted a rally in equity markets and other asset classes but drove volatility elsewhere. While tariffs were a conspicuous omission from the new administration’s early barrage of executive orders, they remain firmly on the agenda and a reshaping of global trade patterns looks likely to remain a major theme in 2025. What might lay ahead no one can say with certainty. One thing does seem clear: Trump’s second term in office is likely to reshape the American political landscape and disrupt convention across the globe.
However, looking at the geopolitical landscape, we’re of the opinion that turbulence should be expected, and the resulting change in market technicals will shift capital allocation decisions, impacting a range of asset classes including private credit.
What does this mean for private credit 2025?
Despite the convulsions facing the global economy, we remain confident that both private credit as an asset class, and Hayfin as a manager in particular, are well-equipped to effectively weather these elevated levels of risk and uncertainty.
We’ve been here before during previous financial crises – most recently in COVID-19. Alternative investment managers like Hayfin are resolutely focused on mitigating risk. We’re students of the market. We bake uncertainty at its most fundamental level into our investment analysis, judiciously assessing the assets, sectors and markets in which we invest and the types of opportunities that will protect capital and yield results in the long-term.
A prerequisite to this is having the ability to originate deals and manage investments in an uncertain environment. The market has evolved significantly in the past 18 months, impacted by the resurgence of leveraged loan markets and a build-up of dry powder.
Private debt investors like Hayfin have had to respond to intensified competition and a changing opportunity set. The ability to originate a diverse range of deals gave us an important edge. The breadth of investment opportunities we can source and execute allowed us to continue deploying significant volumes of capital through our flagship Direct Lending strategy in 2024.
That is a function of how we have built our business. The same investment in our team, and in our capacity to manage a large volume of credit assets, was what enabled us to scale up our lending activity during the pandemic in 2020-21, while others were focused on managing their existing books. Sourcing deals from market niches that other lenders might overlook is also typical of our approach: when others zig, we zag. There are parallels with how we maintained discipline in terms of deployment at the outset of the supposed ‘golden age’ of 2022, when capital was readily flowing into the asset class.
And we believe our firm will go from strength to strength in 2025. Hayfin’s position as one of Europe’s leading alternative asset managers puts us in good stead to continue capitalising on opportunities for our investors.
That said, we cannot afford to rest on our laurels. It is important we continue to attract and retain our top talent to cement the strong market position that we have built over the last decade.
That is why we are so excited about our agreement with Arctos. It offers greater ownership and autonomy for our team, strategic and cultural alignment with our shareholders and ongoing capital support to fuel our continued growth. In short – more Hayfin.
Our next chapter for growth
Amidst the geopolitical uncertainties that will characterize 2025, we are committed to our disciplined risk management approach and will remain defined by our resilience and innovation. This will enable us to continue our focus on strategic execution, as well as delivering strong and consistent returns for investors regardless of the macroeconomic environment.
This new, next chapter of our growth holds great promise for Hayfin. While the core services and expertise that have shaped and defined the business will remain at Hayfin’s heart, we have put ourselves in an exciting position to look at new opportunities to expand and evolve our existing offering. The Hayfin playbook has never been better placed to help navigate the business through future market conditions and ensure we achieve consistent and superior risk-adjusted returns for our LPs.