Adams Street launches private credit platform in Europe

Charalambides joins as partner and head of the European Private Credit team, based in London. 

He will be responsible for leading and managing the firm's private credit-related efforts in Europe, including sourcing, structuring, reviewing and negotiating deal opportunities in this space. 

Adams Street closed its second private credit fund, PC II, with USD 2.1bn of committed capital and over USD 3bn including leverage in April. It's not clear whether the European strategy will deploy from this fund or whether Adams will seek to raise new capital. 

The firm launched its private credit platform in the US in 2016, with assets now standing at USD 7.6bn. It provides a full suite of debt solutions, primarily to private equity-backed mid-market borrowers. 

It also closed a fund-of-funds, Adams Street 2021 Global Fund, in December 2021 at USD 832m. 

Charalambides comes from seven years at Sixth Street, where he was most recently a managing director in the Specialty Lending Team, responsible for origination, execution, portfolio monitoring, and managing deal teams. 

The launch comes in an increasingly competitive space for private credit lenders in Europe, as GPs increasingly turn to the sector to underwrite buyouts.  

ICG is raising a new EUR 10bn-plus direct lending fund for large deals, which will be one of the largest of its kind in Europe, as reported. 

Ares, Morgan Stanley, Deutsche Bank, Investec and Barclays have also embarked on fundraises for new direct lending strategies, as reported. 

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• Adams Street Partners