BlackRock Capital Investment named Michael Zugary, current head of investments for the U.S. Private Capital Group, CEO. James Keenan, global head of fundamental credit, was named chairman of the board.

The appointments of Zugay and Keenan follow the decision of Steven Sterling to leave his executive role, while remaining a director for BCIC.

Keenan is global head of Fundamental Credit at BlackRock, where he leads the strategy for Global Fundamental Credit and is responsible for providing oversight of the investment process and performance, the partnerships with BlackRock’s distribution channels and the team’s infrastructure. Keenan has oversight of the Investment Grade Credit and Sub-Investment Grade Credit businesses and is chief investment officer of the Leveraged Finance team, overseeing global high yield, leveraged loans, alternative, and distressed products. Prior to joining BlackRock in 2004, Keenan held roles within credit research and trading at UBS Global Asset Management and at Columbia Management Group.

Zugay has been head of Investments for BlackRock’s U.S. Private Capital Group based out of the New York office, where he leads the team’s underwriting and monitoring of its private investments, including investments on behalf of BCIC. Before joining BlackRock, Mr. Zugay was a managing director for Ares Management’s Direct Lending Group where he was responsible for sourcing, evaluating, structuring and executing private debt and equity investments.

Prior to Ares, Zugay worked at Zolfo Cooper, a debt restructuring firm, where he was involved in several large corporate restructurings. He began his career at Donaldson, Lufkin and Jenrette as an analyst in its corporate finance investment banking program and later joined UBS as a generalist in its investment banking division in Los Angeles.