MidOcean Builds Credit Unit
June 26, 2009
MidOcean Partners will build out a credit investment platform directed at middle market businesses.
Steve Shenfeld has joined the firm to serve as president of MidOcean Credit Partners. Previously, he managed a fund for MD Sass, a $6 billion investment manager and was a general partner with Avenue Capital Group.
For willing lenders, there has been no shortage of action in 2009. In the beginning of the year, Arcapita, the Bahrain-based alternative asset investment firm, launched the road show for its new $500 million debt investment fund in the Middle East. In March, The Carlyle Group closed its second subordinated debt fund at $553 million and earlier this month Thomas H. Lee Partners launched THL Credit, which will be regulated as a closed-end management investment company and plans to make debt, equity and mezzanine plays with about $300 million.
Mike Apfel will also join Shenfeld as a managing director with MidOcean’s new team and Jim Wiant will be a principal. Both previously worked together at Deerfield Capital, where they developed and managed its middle market debt business. Apfel’s previous experience includes work at Bank of America and Chemical Bank.
Scott O’Callaghan is also joining Shenfeld’s team as a managing director. O’Callaghan also worked alongside Shenfeld, and MidOcean chief executive Ted Virtue; most recently he worked as global head of leveraged sales for Bank of America.
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