NEW YORK–(BUSINESS WIRE)–Moelis Asset Management LP (Moelis Asset), the parent to alternative asset managers with leading capabilities in private equity, direct lending, credit funds, structured products, venture capital and hedge funds, today announced the appointment of Frank Benevento as Head of Business Development. He joins on Wednesday, July 21st and will be based in New York. In this new role, Mr. Benevento will work with colleagues from across the Moelis Asset platform to drive continued growth of its existing businesses and identify future areas of interest among institutional investors.
Moelis Asset aggregates approximately $7.0 billion in assets across several high-caliber investment firms including:
- Steele Creek Investment Management LLC, a manager of collateralized loan obligations and other broadly syndicated loan products;
- Freeport Financial Partners LLC, a direct lending platform;
- Archean Capital Partners, a joint venture with Veritable, L.P. focused on deploying capital to qualified private capital managers interested in starting their own firms;
- Gracie Asset Management, a multi-strategy credit manager;
- Crossbeam Venture Partners, a joint venture with CoVenture Holding Company LLC and Fenway Summer LLC focused on early stage financial technology companies;
- Third Crest, A S&P500 tactical trading fund; and
- Pop Culture Capital, A late stage VC/Growth Equity pledge fund.
“Frank brings nearly 30 years of experience in direct lending, credit, real estate and private equity, which will help us expand our already strong franchise,” said Eric Felder, CEO of Moelis Asset Management. “We are looking forward to deepening our existing institutional relationships and creating new ones under Frank’s stewardship.”
Previously Mr. Benevento was Managing Director of Business Development at CrossHarbor Capital, LLC. He has also held senior business development roles at First Eagle Credit, LLC, Pine River Capital Management, GoldenTree, and CIBC. Mr. Benevento holds a B.A. in Business Administration from Georgetown University.
About Moelis Asset Management LP
Moelis Asset Management is the parent company for alternative asset management firms with leading capabilities in private equity, direct lending, credit funds and structured products. With approximately $7.0 billion of assets under management, Moelis Asset Management backs high caliber investment firms including Freeport Financial Partners LLC, a direct lending platform; Gracie Asset Management, a multi-strategy credit manager; and Steele Creek Investment Management, a manager of collateralized loan obligations and other broadly syndicated loan products. Moelis Asset Management LP also includes joint ventures Archean Capital Partners and Crossbeam Venture Partners LLC, and was a founding investor of College Avenue Loans LLC, a private student loan originator. Moelis Asset Management is an affiliate of Moelis & Company, a leading global independent investment bank.
For more information, please visit https://moelisassetmanagement.com.
About Steele Creek Investment Management
Steele Creek Investment Management is a manager of Collateralized Loan Obligations (“CLOs”) and other broadly syndicated loan products. Steele Creek’s highly experienced leadership team places a strong emphasis on credit fundamentals (underwriting and surveillance), diversified portfolio construction and active portfolio management. The Steele Creek team brings extensive structure knowledge and strong, long-term relationships with investors and banks. Portfolios are actively monitored and managed with a goal of maximizing risk-adjusted returns and balancing the competing interests of debt and equity investors. Steele Creek is based in Charlotte, North Carolina.
About Freeport Financial Partners LLC
With principals who have worked together since 2005, Freeport Financial Partners has the industry expertise, product knowledge and flexibility to serve the financing needs of private equity investors and the management teams with whom they invest. Freeport responds quickly to meet the timing requirements of private equity clients and provides innovative solutions to all structuring opportunities. Freeport became part of Moelis Asset Management in 2012, and is committed to providing highly competitive financing solutions to middle market companies.
About Archean Capital Partners
Archean Capital Partners is a joint venture between Veritable, L.P. and Moelis Asset Management LP. Archean Capital Partners is a private market investment platform that seeks to deploy capital with highly qualified portfolio managers who are interested in starting their own firms. Archean Capital Partners is focused on opportunities in such specialties as buyout, growth, restructuring/turnaround, direct lending, and real estate. Archean is able to provide portfolio managers with the initial investment capital, advice and infrastructure necessary to launch new, independent firms.
About Gracie Asset Management
Founded in 2004, Gracie Asset Management currently manages a growing family of multi-strategy credit hedge funds. Gracie’s flagship fund, the Gracie Credit Opportunities Fund, seeks to provide above-average risk-adjusted returns and preserve capital under varying market conditions. The Funds invest globally in a broad range of instruments, including credit derivatives, bonds, bank debt, structured products, OTC products and indices. The GrayFin fund is a long/short credit fund focused on alpha generation within the $1.1 trillion Hybrid Capital/Preferred market.
About Crossbeam Venture Partners
Crossbeam Venture Partners, LLC is a joint venture among CoVenture Holding Company LLC, Fenway Summer LLC and Moelis Asset Management LP. Crossbeam is a venture capital manager seeking to deploy capital in early stage financial technology companies on behalf of its limited partners. Crossbeam will invest through its first fund, Crossbeam Venture Partners FinTech Fund I and through other vehicles.