By David G. Barry
Shahab Rashid, who cofounded Adams Street Partners’
Private Credit Group, has been tapped by L Catterton to lead its efforts
into private credit.
The largest global consumer-focused private equity firm, L Catterton will look
to provide flexible debt solutions to private equity-backed middle market
companies.
In a prepared statement, Scott Dahnke, L Catterton’s global co-CEO, said
that “launching a private credit strategy is a natural extension of L
Catterton’s proven model and will strengthen our position as the partner of
choice for companies seeking flexible capital solutions.” Michael Chu, L
Catterton’s other co-CEO, also in a statement said that the firm will leverage
its “global sourcing power and strong relationships” to broaden its product
portfolio.
An L Catterton spokesperson declined to disclose details on the firm’s plans
for raising a private credit fund.
At Adams Street, Rashid was responsible for leading the buildout of the firm’s
private credit business, including developing the strategy, recruiting and
managing the team, heading the fundraising efforts and approving investment
opportunities. Previously, he was a managing director in the U.S. private debt
group at Oaktree Capital Management.
L Catterton has more than $33 billion of equity capital across its fund
strategies and 17 offices globally. It has made approximately 250 investments
in consumer businesses since 1989.