Nik Singhal Joins ORIX USA as Group Head of Direct Lending

Rhea-AI Summary

ORIX USA has appointed Nik Singhal as Managing Director and Group Head of Direct Lending within its Private Credit business. With 26 years of experience, Singhal joins from BlackRock and will start on July 8, 2024. He will report to Jeff Abrams, Group Head of Private Credit and Real Estate, and join ORIX USA’s Management Committee. This appointment coincides with the restructuring of ORIX’s private credit platform into two specializations: Direct Lending and Securitized Credit. Singhal will lead Direct Lending, encompassing NXT Capital, Growth Capital, and Municipal & Infrastructure solutions. His role will focus on expanding businesses, driving origination and performance, and leveraging the firm’s balance sheet. Meanwhile, Raviv Shtaingos will head the Securitized Credit division. This strategic move aims to scale ORIX USA’s private credit business by aligning with investor interests, particularly in the middle market.

Positive

• Nik Singhal's appointment brings 26 years of credit and lending experience to ORIX USA.
• Reorganization of private credit into specialized verticals aims to meet market demands.
• Singhal’s leadership expected to drive business expansion and performance.
• Strategic focus on middle-market opportunities aligns with investor interests.

Negative

• Potential risk of transition and integration issues with new leadership and reorganization.

Private Credit Platform Organized into Direct Lending and Securitized Credit Specializations

NEW YORK--(BUSINESS WIRE)-- ORIX Corporation USA (ORIX USA), announced today the appointment of Nik Singhal as Managing Director and Group Head of Direct Lending within its Private Credit business. Mr. Singhal is based in New York and will report to Jeff Abrams, Group Head of Private Credit and Real Estate and Member, Executive Committee. Mr. Singhal will also join ORIX USA’s Management Committee. His start date at the firm is July 8, 2024.

Nik Singhal, Managing Director and Group Head of Direct Lending, ORIX USA (Photo: Business Wire)

Mr. Singhal has over 26 years of credit and lending experience, and joins ORIX USA after almost 14 years at BlackRock, where he was most recently Managing Director and Head of Portfolio Management for BlackRock’s U.S. Private Capital group. In that role, he was a member of the Management and Operating Committee for its U.S. direct lending business, and a voting member of the Investment Committee for various direct lending funds. He also served as President of BlackRock Capital Investment Corp., a public BDC, as well as CEO of BlackRock Direct Lending Corp., a private BDC.

In conjunction with this appointment, Mr. Abrams also announced a focused alignment of its private credit platform into two verticals, both reporting directly to him:

• Direct Lending, led by Mr. Singhal and comprised of NXT Capital: lower-middle market direct lending; Growth Capital: private credit for late-stage growth companies; and Municipal & Infrastructure: solutions for the high yield municipal market.
• Securitized Credit, led by Raviv Shtaingos, who has been appointed Group Head of Securitized Credit, comprised of Structured Credit: commercial and residential mortgage-backed credit and alternative asset-backed securities; Asset-Based Finance: bespoke loans backed by hard assets, financial assets, intellectual property and non-core infrastructure; and GP Solutions: private equity fund and management company capital solutions.

As Group Head of Direct Lending, Mr. Singhal will work closely with the relevant business line leaders to expand and grow the businesses, drive origination and performance, and strategically leverage the firm’s balance sheet. He will also partner with ORIX USA’s Asset Management sales and distribution team to continue to raise third-party capital and broaden the firm’s reach in the investor community.

“I am pleased to welcome a seasoned leader like Nik to the firm to lead our direct lending businesses. He will add great value to our existing bench of strong investment leaders and, along with Raviv, will be able to deliver our differentiated hybrid strategy of deploying our balance sheet in alignment with our investor capital to the market,” said Mr. Abrams. “By organizing our broad private credit platform into areas of specialization, we reflect the way investors are assessing private credit opportunities, specifically in our long-time focus area of the middle market. With Nik and Raviv’s leadership, the collective expertise of the investment teams, and our experience through market cycles, we are poised to scale our private credit business to the next level.”

Earlier in his career, Mr. Singhal worked at HBK Capital Management, where he grew and managed a middle market lending business, and at Lehman Brothers in its principal finance group focusing on middle-market investments. Mr. Singhal holds a BS in Computer Science and Engineering from the Indian Institute of Technology in Delhi and an MBA from the Indian Institute of Management in Ahmedabad, India. He is also a CFA Charterholder.

“I am thrilled to be joining ORIX USA at this pivotal time for the firm. While ORIX USA has maintained a relatively low-profile in the investor community, their platform and potential are world class,” added Mr. Singhal. “There is currently a lot of global traction and investor interest in NXT Capital and Growth Lending, both of which are well established businesses, and I am looking forward to working with them as well as with the experienced Municipal and Infrastructure group to invest and raise third-party capital.”

Signal Peak Capital Management, a private credit business focused on liquid broadly syndicated loans and CLOs, will continue to report directly to Mr. Abrams.

About ORIX Corporation USA (ORIX USA)

Established in the U.S. in 1981, ORIX USA has grown organically and through acquisition into the investment and asset management firm we are today. With a specialization in private credit, real estate, and private equity solutions for middle-market focused borrowers and investors, we combine our robust balance sheet with funds from third-party investors, providing a strong alignment of interest. ORIX USA and its subsidiaries — ORIX Advisers, ORIX Capital Partners, Signal Peak Capital Management, Boston Financial, Lument, Real Estate Capital and NXT Capital — have approximately 1300 employees across the U.S. and have $85 billion in assets, which include $26.8 billion of assets under management, $48.6 billion in servicing and administration assets, and approximately $9.2 billion in proprietary assets, as of March 2024. Our parent company, ORIX Corporation, is a publicly owned international financial services company with operations in 30 countries and regions worldwide. ORIX Corporation is listed on the Tokyo Stock Exchange (8591) and New York Stock Exchange (IX). For more information, visit orix.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240625586730/en/

ORIX USA Media

Megan O’Brien

Megan.obrien@orix.com

Prosek Partners

Remy Marin

rmarin@prosek.com

Source: ORIX Corporation USA

FAQ

Who is the new Group Head of Direct Lending at ORIX USA?

Nik Singhal has been appointed as the Group Head of Direct Lending at ORIX USA.

When will Nik Singhal start at ORIX USA?

Nik Singhal will begin his role at ORIX USA on July 8, 2024.

What is Nik Singhal's previous experience before joining ORIX USA?

Nik Singhal has over 26 years of experience and was previously Managing Director and Head of Portfolio Management for BlackRock’s U.S. Private Capital group.

What are the new verticals within ORIX USA’s private credit platform?

ORIX USA’s private credit platform has been reorganized into two verticals: Direct Lending and Securitized Credit.

Who will lead the Securitized Credit division at ORIX USA?

Raviv Shtaingos has been appointed as the Group Head of Securitized Credit at ORIX USA.