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.