Who would you want to be working alongside if you had a pool of private debt capital to raise? From that question, we identified some of the industry’s key players you want on your team in our Rainmaker 20.
Some asset classes, such as private equity, have reached a level of maturity that makes raising vast pools of capital appear a straightforward task (it probably isn’t, it just looks that way). Others, such as agriculture, are just starting to attract LP dollars but have a long journey ahead before they become an established and meaningful portion of investor portfolios.
Private debt, meanwhile, is in a golden era of fundraising. It’s young enough as an asset class to have the potential for dramatic growth – as seen in last year’s record numbers when global capital raising soared above $200 billion – but not yet mature enough for investors to feel they have had their fill. There are some signs – amid concerns about competition and deal structures – of a slight reduction in appetite this year. But private debt remains a talking point, the asset class du jour.
In this promising environment, fundraising individuals have the chance to make their mark – and this inaugural PDI Rainmaker 20 acknowledges those who have done just that. So how did we arrive at the list? Our editorial team surveyed senior professionals across the globe asking them to nominate fundraising professionals. The question was simple: “If you were out there raising a fund, who would you want on your team and why?” Those who received the most nominations made the list. No one was allowed to nominate fundraisers from within their own organisation.
Respondents volunteered a spectrum of talented professionals, including firm founders, the young, the less young, those who have
shepherded multibillions into strategies and those who have focused on getting niche strategies off the ground. Some have been cited for their ability to work with certain types of investors or build relationships in particular parts of the world.
Nominations included in-house professionals and placement agents. It may come as a surprise to some that a clear majority of those nominated were inhouse. However, this reflects the way the asset class has developed as GPs have often taken their fundraising in-house, sometimes plucking placement professionals from banks or independent shops. Clearly it is possible to operate within an established private debt business and still be considered a “rainmaker” by one’s peers.
We hope you find the choices a compelling read. In future iterations of the survey we will be seeking to
grow the list further, in the process drawing more of private debt’s best fundraisers into the orbit.
Without further ado we present the PDI Rainmaker 20.
Edwin Chan, managing director, Probitas Partners
Based in Hong Kong and with 25 years of industry experience, Chan was an advisor to Alcentra on last year’s closings of its €690 million structured credit fund and €2.75 billion European Direct Lending Fund II. He has built deep relationships with both GPs
and LPs across Asia-Pacific, having previously been associate director for business development at AIG Investments.
Louis Colosimo, managing director, marketing & client relations for Southern US, ICG
Described as a “mentor” by some we spoke to and as “one of the best in US private debt” , Colosimo moved to ICG in October last year after eight years overseeing fundraising at Comvest Group, the mid-market private equity and credit firm. Hired to boost ICG’s local institutional investor coverage in the US, Colosimo also boasts a blue-chip banking past with JPMorgan and Morgan Stanley.
Enrique Cuan, managing partner and co-founder, Mercury Capital
Cuan was lauded by one market source for “his access and influence with potential LPs, particularly Asian investors which are, and will continue to get, more influential”. A member of Mercury’s executive committee, he was previously a managing director and head of international distribution for Merrill Lynch Private Equity Funds Group. Mercury collected the PDI 2017 award for Asia-Pacific placement agent of the year.