HSBC AM makes key hire in growing venture debt business
HSBC Asset Management has appointed Pete Scott as head of innovation credit as the firm expands its venture debt business.
Scott (pictured) has more than three decades experience in the industry. He will be based in San Francisco, where he will lead HSBC AM’s venture debt team and bring a product to market designed to scale up fast-growing businesses that are venture capital backed.
HSBC AM’s venture debt strategy will invest in a portfolio of senior secured loans to growth and late-stage VC-backed technology and life science companies. It is being developed in partnership with HSBC Innovation Banking.
Read more: HSBC Asset Management launches NAV Financing Partnership Fund
“We are delighted to welcome Pete to the team as we extend our alternatives credit product suite with the launch of our new venture debt strategy,” said Scott McClurg, head of private credit at HSBC AM.
“His experience working with start-ups across the US, and globally, will prove invaluable as we provide our clients access to the expanding venture debt market and another stream of proprietorial HSBC originated credit transactions.”
The venture debt strategy will help HSBC AM to grow its alternatives capabilities, which include private markets, private credit, hedge funds, real assets, venture capital and flexible capital solutions. It has a team of 340, with combined assets under management and advice of $76.1bn (£60.53bn) as of 30 September 2024.
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“The response from the market to HSBC Innovation Banking across our global hubs has been really positive,” added Simon Bumfrey, chief executive of HSBC Innovation Banking UK.
“Establishing this venture debt capability with HSBC Asset Management expands the breadth of flexible solutions we now have to meet the financing needs of the innovation ecosystem, positioning HSBC as long-term partner for innovation clients globally.”
Read more: HSBC expands direct lending business into Europe
