Canada's PSP Investments Opens NY Office to Focus on Private Debt

Nov 5 2015 | 10:29pm ET

Canada’s Public Sector Pension Investment Board, one of its largest public pension plans, has formed a new office in New York and brought former Barclays executive David Scudellari aboard to lead it. 

The new affiliate, named PSP Investments Holding USA, will focus initially on private debt and credit investments, a new asset class for the firm. The New York office is PSP’s first foreign location, and is expected to also accommodate a small team of other private investment professionals in the near future.

Scudellari, who has more than 30 years of experience to PSP, will be senior vice president, head of principal debt and credit investments, according to the company. Prior to PSP, he was a managing director and head of finance and risk for Canada at Barclays Capital. 

“The leveraged finance landscape is currently in transition,” noted André Bourbonnais, president and CEO of PSP Investments. “With traditional capital providers having lost significant market share in the last few years, there is an attractive opportunity for a long-term investor such as PSP Investments to enter this trillion-dollar plus asset class through its U.S. affiliate," 

PSP Investments becomes the latest large institutional money manager to aim for the growing market in direct, private debt investments such as loans and credit facilities. The plan manages approximately $85 billion in assets primarily for retired Canadian military, police officers and public service employees. 

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