AGL Credit Management, an investment manager specializing solely on corporate credit strategies, and Barclays entered an exclusive cooperation agreement and launched a new private credit investment platform, AGL Private Credit.

AGL Private Credit will combines AGL Credit Management’s established credit competency with proprietary access to Barclays’ leveraged finance and investment banking origination capabilities through a long-term cooperation agreement. The platform will focus on directly originated senior secured loans to large corporate borrowers and will seek to capitalize on the opportunity at the convergence of the private credit, broadly syndicated loan and high yield bond markets. AGL Private Credit will operate as an independent manager with complete control over origination, asset selection, portfolio construction and portfolio management while having exclusive access to Barclays deal flow, as well as the ability to originate transactions directly. The platform has received an anchor commitment from a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA).

“We have the remarkable opportunity to combine our firm’s deep capabilities in corporate credit investing with access to Barclays’ strong origination, sector and advisory expertise to form a leading private credit platform,” Peter Gleysteen, founder, CEO and CIO of AGL Credit Management, said. “As the traditional leveraged finance and private credit markets continue to evolve, this is a synergistic extension of our market-leading specialized investment business. We are pleased to collaborate with Barclays to offer its clients the private credit benefits of certainty, speed and long-term investment alignment, and separately for AGL to provide a private credit opportunity to our investor universe.”

AGL Private Credit will incorporate key elements of AGL Credit Management’s investment model with decisions made by AGL Credit Management’s investment committee, and will be supported by the full depth and breadth of the firm’s investing resources and operational infrastructure. Gleysteen will lead AGL Private Credit and its growing team of 11 dedicated investment professionals, including Taylor Boswell, head of private credit for AGL Credit Management. AGL Credit Management also recently hired Phil Capparis as chief risk officer to oversee risk management across AGL’s investments, including AGL Private Credit.

“This is the next step in building out Barclays’ private credit capabilities to complement the top-tier capability of our existing leveraged finance platform, which continues to evolve and respond to market dynamics,” Taylor Wright, co-head of investment banking at Barclays, said. “Across our client base, there is a strong desire to work with a single partner who can deliver the full range of financing solutions to meet their strategic objectives, and AGL’s strong investment capabilities and track record make them an ideal collaborator for us in this venture.”

“ADIA has been an investor in AGL since it launched in 2019, and this anchor commitment to AGL PC will support the next phase of the company’s growth,” Hamad Shahwan Al Dhaheri, executive director of the private equities department at ADIA, said. “We see strong investing synergies from the combination of AGL and Barclays’ expertise, creating a differentiated private credit platform that aims to address a clear market opportunity.”