GoldenTree Asset Management has expanded its private credit team with the appointment of Avineet Punhani as principal.

The $55bn (£42.4bn) asset manager said that Punhani (pictured) will be based in the firm’s New York office and will report to Grady Frank, partner and head of private credit origination.

He has nearly 15 years of credit expertise and strong private equity relationships, GoldenTree said.

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He joins from PNC Financial Services, where he served as a managing director with responsibilities that included leading their global origination efforts in the technology industry.

“Throughout our 25-year history, GoldenTree has been a leader in developing innovative private credit solutions, consistently delivering value to issuers and private equity sponsors,” said Frank. “This success has created compelling investments for our funds. We are excited to welcome Avi to our team, and are confident that his expertise will enhance our relationships with private credit issuers.”

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Punhani said: “GoldenTree’s diverse industry expertise, expansive capital base and ability to structure unique transactions swiftly and at scale create a truly differentiated value proposition. I am thrilled to join GoldenTree’s leading private credit platform and collaborate with Grady, Lee and this talented team to further enhance our market presence, deepen our relationships with key stakeholders and create attractive investment opportunities that can continue to drive differentiated returns for our investors.”

GoldenTree was founded in 2000 by Steve Tananbaum and specialises in credit opportunities such as high yield bonds, leveraged loans, private credit, distressed debt, structured credit, emerging markets, real estate, and private equity and credit-themed equities.

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