Capital Allocators – Inside the Institutional Investment Industry Tim Lyne – Three Decades of Private Credit at Antares (EP.346)
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Oct 26, 2023 Tim Lyne, CEO of Antares Capital, shares insights from his three decades in private credit, a field he helped transform. He reflects on the evolution from traditional lending to modern asset management, emphasizing the critical role of relationships with private equity sponsors. The discussion highlights strategies for building resilient investment portfolios and navigating market complexities. Tim also explores growth opportunities in direct lending and stresses the importance of teamwork and a positive mindset in overcoming industry challenges.
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Unconventional Path to Credit
- Tim Lyne's path to credit started unexpectedly as the son of educators, deviating from their preference for liberal arts.
- He pursued economics, then transitioned to credit work at American National Bank after advice from a family friend.
Antares Capital's Origin
- Antares Capital's origin story began with Barry Shearer's idea to focus solely on sponsor cashflow lending.
- MassMutual quickly backed the venture with a billion dollars after a meeting facilitated by Shell Lubar.
Early Private Equity Landscape
- The private equity market in the 1990s was nascent, with lower multiples and a less developed private credit landscape.
- Competition was primarily from regional banks and French banks, and the syndication market was essential for larger deals.