Federated Hermes has hired Benefit Street Partners’ Carlos Gross as head of European credit opportunities in the private credit team, to help strengthen its private credit platform and offering.
In the newly-created role, London-based Gross will lead Federated Hermes Private Credit’s credit opportunities strategies in Europe, growing its private credit offering through “selective, downside‑focused” credit solutions across Europe.
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According to Federated Hermes, these strategies will focus on sourcing, structuring and investing in loan solutions for European companies “navigating complex capital needs or market dislocations, supported by rigorous underwriting standards and a focus on capital preservation across the cycle”.
He will report into chief investment officer and head of private credit Patrick Marshall.
Gross joins from Benefit Street Partners, where he served as executive director in the alternative fixed income asset manager’s special situations group.
He previously held roles at Stellex Capital Management, which is a private equity firm focused on distressed and special situations, at Evercore in its special situations group, and at Bank of America Merrill Lynch’s financial institutions group.
Established in 2015, Federated Hermes’ private credit platform provides private credit strategies, including direct lending and real estate debt.
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Marshall said: “His arrival comes at a time when we are strengthening our private credit platform amid a rapidly evolving asset class, where investors are placing increased emphasis on selectivity, disciplined underwriting and transparency.
“Today’s appointment supports our future growth by strengthening our ability to meet client demand for strategies with differentiated risk and return profiles that complement their existing portfolios.”
Gross added: “This is an exciting opportunity to help build out the platform’s capabilities around credit opportunities and to work alongside a team recognised for its expertise across European private credit.”
Federated Hermes oversees $907.1bn (£671.4bn) in assets under management across equity, fixed income, alternative and private markets, multi-asset and liquidity management strategies.
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