TCW launches asset-backed finance business
US asset manager The TCW Group has launched an asset-backed finance business with more than $1bn (£785,000) in capital commitments.
It will focus on lending against consumer assets, commercial and residential mortgages, hard assets and financial assets and will leverage the firm’s existing $90bn liquid securitised business.
The new business – which has capital commitments from TCW, partners, and affiliates – will be led by Dylan Ross, who joined TCW earlier this month as managing director and portfolio manager.
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He has almost 20 years of experience in alternative credit investing with a primary focus on structured credit and asset-backed finance.
Most recently, he was a partner and portfolio manager at Brigade Capital Management, a $25bn alternative credit asset manager based in New York.
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TCW, which has a multi-decade track record in direct lending, has been making efforts to expand further into the alternatives space.
Last year, it announced a strategic partnership with Lakemore Partners to support the growth of its collateralised loan obligation platform.
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“TCW is committed to expanding our alternative investment offerings leveraging our strong heritage in both private and public markets investing, and we have already seen robust client demand for the asset-backed finance strategy,” said Kathryn Koch, TCW president and chief executive.
“Dylan’s deep industry relationships, strong investment capabilities and proven track record building new businesses make him the ideal partner to launch this new investment strategy that will lend to the multi-trillion-dollar asset-backed finance market.”
