Ex-Banker Builds Private Debt Bet for $7 Billion Firm’s Spinoff

Harinder Hundle spent about a decade advising the world’s rich at global banks including JPMorgan Chase & Co., but now he’s striking out on his own as a money manager.

(Bloomberg) — Harinder Hundle spent about a decade advising the world’s rich at global banks including JPMorgan Chase & Co., but now he’s striking out on his own as a money manager.

Hundle recently launched his namesake wealth-management business in London after spinning off from Boston-based multifamily office TwinFocus Capital through a management buyout.

The 47-year-old, who goes by “Hari,” has roughly doubled the size of his team to 14 since completing the buyout for an undisclosed amount in late 2022. Now, despite some fears of the market overheating, he’s targeting big gains from bets in private credit, an area where he previously allocated capital leading TwinFocus’s European office.

“We’re trying to create almost equity-like returns in that space,” Hundle, who advised on about £1 billion ($1.3 billion) of assets for TwinFocus and has retained his clients, said in a recent interview at his firm’s office. “That’s an asset class for us to go after.”

A representative for TwinFocus, which advises on assets totaling about $7 billion for wealthy families and individuals based mostly in the US, didn’t respond to a request for comment.

Hundle’s company joins a wave of money managers focusing more on private markets as investors seek alternative sources of returns in an uncertain economic environment. BlackRock Inc. recently said investors including pension funds, family offices and insurers are set to increase allocations to private equity and private credit this year, despite recession fears and rising interest rates.

Also Read: Everyone Rushes to Private Credit Just as Risks Start to Grow

The private credit market has roughly tripled in size since 2015 to about $1.5 trillion, larger than those for high-yield corporate bonds or leveraged loans. Apollo Global Management Inc., the biggest alternative-credit manager, said the sector may replace as much as $40 trillion in debt markets. 

Hundle, managing partner of his namesake firm, has overseen allocations in the space since he joined TwinFocus in 2018 to lead the wealth manager’s London office.

The former banker largely invests in private credit through fund managers targeting deals in Europe, but he’s also built an in-house real estate lending platform along with expanding offerings for direct private equity investments, tax planning and philanthropy. He declined to disclose the total assets his firm currently oversees. 

Hundle started his career at JPMorgan in 2000 and later joined the firm’s private bank before moving to Credit Suisse AG, where he spent about six years advising the world’s rich in London. Prior to working at the firm that now bears his name, he ran a single-family office in the English capital for the owners of UK insurer Markerstudy Group.

Hundle’s firm, which continues to partner with TwinFocus on US investments, currently advises about a dozen clients with the goal of eventually expanding to as many as 30. Jan Meyer, a former Goldman Sachs Group Inc. executive, is Hundle’s head of portfolio management.

“I think we can accelerate,” Hundle said about adding new clients. “We’re focusing on making sure our existing clients are happy, and winning some big new ones.”

–With assistance from Loukia Gyftopoulou, Laura Benitez and Paula Seligson.

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