Private Equity Firm Aperture Investors Appoints Castlelake's Turgeon to Oversee New ABF Approach
Aperture Investors, in partnership with Generali Group, has announced the launch of an Asset-Based Finance (ABF) strategy. Nick Turgeon, a seasoned professional in the field, has been appointed to lead this new venture as the Global Head of Asset-Based Finance and Portfolio Manager of the fund.
Turgeon joins Aperture from Castlelake, where he served as a Managing Director on the Specialty Finance team for eight years. His extensive experience in asset-based finance investing, coupled with a background in leveraged finance at U.S. Bank and fixed income sales and trading at Piper Sandler, makes him an ideal choice for this role.
The strategy, initially focused on opportunities in North America, aims to invest $1 billion in underpenetrated segments of the ABF market. With the support of significant seed capital from Generali Investments, Aperture plans to expand this strategy into European credit markets over time.
This move is part of Aperture's broader strategy to expand into new areas of alternative credit. Over the past 12 months, the firm has been active in structured credit and litigation finance. As a result, Aperture now manages over $2.3 billion in committed capital across its alternative credit platform.
Peter Kraus, CEO and Chairman of Aperture, expressed his excitement about Turgeon leading the new ABF strategy. "Nick's extensive experience and expertise make him the perfect fit to lead our Asset-Based Finance strategy," said Kraus. "We are thrilled to have him on board as we continue to grow our private credit offerings."
Turgeon believes that Aperture offers the right foundation to build a focused ABF strategy. He plans to add three ABF professionals to his team in the next two months, recruiting from Antares, Blue Owl/Atalaya, and Fortress.
The launch of this strategy comes at a time when traditional lenders are reportedly retrenching, and financing needs are becoming more nuanced. Turgeon's expertise and Aperture's commitment to expanding in segments of the private credit market are expected to fill this gap, providing much-needed financing solutions to businesses.
[1] - Source: Aperture Investors Press Release [2] - Source: Castlelake Press Release [3] - Source: Generali Investments Press Release [4] - Source: Aperture Investors Website [5] - Source: Private Equity International
- As the Global Head of Asset-Based Finance and Portfolio Manager for the new strategy, Turgeon will leverage his experience in investing, particularly in asset-based finance, to make strategic decisions for the business.
- Aperture's expansion into the Asset-Based Finance strategy, with Turgeon at the helm, is anticipated to bridge the gap in financing needs for businesses, which traditional lenders are reportedly retreating from.
