In a True Maple Alliance, AIMCo to Fund Loan Transactions Sourced by PSP Investments
Posted on 01/10/2023
In a true maple alliance, Alberta Investment Management Corporation (AIMCo) and the Public Sector Pension Investment Board (PSP Investments) announced a new commitment to invest in loan transactions sourced by PSP Investments. Under this loan sourcing agreement, PSP Investments will source loan investment opportunities for funds earmarked by both organizations. This collaboration will allow both organizations to grow their respective credit investment portfolios.
PSP Investments’ Credit Investments group has over 40 people working in it. AIMCo started investing in the private credit asset class in 2010 and currently manages C$6.1 billion and has committed $12.5 billion of capital since inception. AIMCo’s private credit teams are located in Edmonton, Toronto, and London. PSP Investments launched its credit investment practice (formerly known as private debt investments) in November 2015, and manages C$21.9 billion in net assets under management. From offices in New York, London and Montréal, PSP Investments’ Credit Investments focuses on non-investment grade credit investments in North America and Europe across private and public markets, as well as rescue financing opportunities. PSP Investments’ global team invests across the debt capital structure in the form of loans, bonds and preferred equity, and balances credit quality, structure, fixed-floating deployment opportunity, risk-return profile, asset mix and portfolio diversification, among other considerations.
At the same time, AIMCo hired David Scudellari as Senior Executive Managing Director, Head of International Investment. Scudellari joins AIMCo after seven years at PSP Investments where, as a member of the executive committee, he is credited with: opening the New York office; building a global credit business with a net AUM of US$ 21.9 billion as at March 31, 2022, and holding the role of interim CFO before being named the Global Head of Credit Investments and Private Equity.
