Permira Credit has appointed David Hirschmann and Ariadna Stefanescu as its new co-heads, as the business eyes geographic expansion and product growth in 2024.
The firm, which is one of Europe’s largest alternative credit investors, has provided approximately €20bn (£17.1bn) of debt capital to more than 300 European businesses to date.
Hirschmann joined Permira Credit in 2015, leading the growth of its direct lending business from €1bn of assets under management to around €12bn today.
He has over 25 years of experience in European private credit, having previously held the role of managing director at Babson Capital Europe.
In his new position, he has primary responsibility for private credit, including both direct lending and strategic opportunities.
Stefanescu joined Permira Credit at its inception in 2007 and has over 20 years of European credit experience. She was previously head of liquid credit, focused primarily on growing the platform’s business across CLO management. She also oversees the firm’s multi-strategy credit offering and serves on the CLO management and structured credit investment Committees.
Prior to joining Permira Credit, she worked at JP Morgan in both the leveraged finance and the high yield capital markets teams.
As part of the leadership transition process, Claire Harwood and Jens Bauer, managing directors in direct lending, have been appointed co-heads of the direct lending investment team.
“We are delighted and fortunate to take on our new roles at a time when Permira Credit is going from strength to strength,” said Hirschmann and Stefanescu.
“The continued evolution of the platform, including the new roles for Claire and Jens, underscores the strength of the of the team and is testament to our commitment to people development. We have an ambitious growth agenda for 2024 and beyond which includes both product growth and geographic expansion, and we’re looking forward to leading the business during what is an exciting time for both public and private credit markets.”
Kurt Björklund, managing partner at Permira, added: “David and Ariadna have both proven themselves as exceptional leaders over many years and I am pleased that they will be leading Permira Credit together going forward. Permira Credit is a significant and critical component of the broader Permira platform and we are both proud of where the business stands today and excited for what’s to come under their leadership.”