Asset manager Orix USA has bolstered its private credit business with the hire of Nik Singhal from BlackRock as group head of direct lending.

Based in New York, Singhal (pictured) will report to Jeff Abrams, group head of private credit and real estate, and will join Orix USA’s management committee. He has more than 26 years of credit and lending experience, and joins after close to 14 years at BlackRock, where he was most recently head of portfolio management for the firm’s US private capital group.

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Private credit reorganisation

Coinciding with this senior hire, Orix has decided to reorganise its private credit platform under two core business lines: direct lending and securitised credit, headed by Raviv Shtaingos.

As head of direct lending, Singhal will be tasked with growing the business, as well as strategically leveraging the firm’s balance sheet.

Read more: BlackRock sees opportunity for private credit in asset-based financing

“By organizing our broad private credit platform into areas of specialisation, we reflect the way investors are assessing private credit opportunities, specifically in our long-time focus area of the middle market,” said Abrams.

“With Nik and Raviv’s leadership, the collective expertise of the investment teams, and our experience through market cycles, we are poised to scale our private credit business to the next level.”

Read more: BlackRock boosts private credit team with senior Goldman hire