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The new office is accompanied by four senior hires aimed at getting North American investors to invest in European credit.

The system has been launched by Martini.ai.

The US private debt manager continues the global buildout of its insurance team with a view to managing more assets for clients in that segment.

The move by the asset management giant, which has around $37bn of private debt investments and $603bn in insurance AUM, reflects a global trend among GPs.

The joint venture will invest up to $1.7bn in US mid-market borrowers, and leverage their distinct strengths.

Flannery, who took over leadership of Vista’s credit platform in 2018, will be succeeded by two co-heads: Greg Galligan and Pete Fisher.

The firm is aiming to raise as much as €700m in the next two years for its first dedicated credit strategy.

Sehayek succeeds Applebaum, who is no longer with the asset manager; Questa remains the other co-head.

The German asset manager, with around €18.5bn in private credit assets, will lose Desmond Ng in the summer.

The US start-up Firebrand Investors has senior management in place and is working to build out its investment team, Private Debt Investor has learned.