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Head of Private Debt and CLOs
Patrick joined the international business of Federated Hermes in June 2015 to launch and manage the Direct Lending strategy, which invests in senior loans to UK and European mid-market businesses. In this role, Patrick is responsible for the day-to-day management of the Direct Lending Funds and has ultimate authority on which transactions to put forward for investment by the funds, subject to Investment Committee approval. He was previously Head of Direct Lending in London at Tikehau Capital, and Partner at WCAS Fraser Sullivan Investment Management, where he established the firm’s European loan business. Prior to that, Patrick managed loan portfolios in excess of $4bn and $10bn as managing director at the Lehman Brothers Estate and head of European and Asian loan portfolio management and restructuring at Lehman Brothers respectively. He has a Bachelor of Commerce in Business Administration and French from the University of Edinburgh.
Not all senior loans are created equal, and the cov-lite form – those with weaker investor protections – are dominating the large-cap segment of the European market. We completely avoid these instruments, focusing instead on covenanted mid-market deals, which offer more attractive returns with stricter risk controls than cov-lite large-cap deals.