$42.9bn-managing private debt credit manager Antares Capital Advisers has announced a succession plan for founding partner and COO Timothy Lyne to take up the role of CEO after David Brackett retires from the role on 31 December.
Brackett will remain with the firm in an advisory capacity.
Brackett said, “It has been a privilege working alongside Tim since we started the firm more than 25 years ago, and I look forward to seeing him make his mark as CEO. Tim is steeped in both his knowledge of Antares and the industry at large, and his well-rounded experience growing so many important areas of our business uniquely positions him and the team for boundless success.”
Lyne took up the COO role in April last year as part of the transition plan. He oversaw the firm’s sponsor coverage, capital market activities, operations and technology functions as well as marketing and enterprise risk. He is also a member of the Antares’ investment committee. The firm said he had played an integral part in the growth of the firm’s asset management and unitranche financing businesses.
He had previously spent 15 years leading West Coast sponsor coverage for Antares.
Lyne said, “I am honored to have been selected to lead Antares in its next stage of growth. he private credit market is robust, and we are experiencing strong financial results, solid portfolio performance and high levels of interest in the Antares platform from investors across the globe. I look forward to continuing the great stewardship our firm has enjoyed since its founding.”
Antares Capital Advisers scored $3bn of purchasing power through debut senior loan fund final close last year.
Antares is at least the third investment firm to announce a succession plan this week.
It emerged yesterday that Henry Kravis and George Roberts were stepping back from their roles as KKR co-CEOs. The pair will remain executive co-chairmen of KKR’s board of directors, but have handed across responsibility for day-to-day operations to Joe Bae and Scott Nuttall.
Earlier in the week credit and distressed investment specialist Värde Partners promoted Brad Bauer and Giuseppe Naglieri to co-CIOs alongside Ilfryn Carstairs, as the firm continued to reshape its senior leadership with an eye on the future.
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