Capital Allocators – Inside the Institutional Investment Industry Kipp deVeer – The World of Private Credit at Ares (EP.329)
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Jul 24, 2023 Kipp deVeer is a seasoned Director and Partner at Ares Management, where he leads the Ares Credit Group and serves as CEO of Ares Capital Corporation. He shares insights into the evolution of private credit, reflecting on his two-decade journey in the sector. Kipp discusses the strategies behind Ares' significant growth, the importance of talent collaboration, and navigating the complexities of deal sourcing and underwriting. He also explores current and future opportunities in private credit amidst rising interest rates and market challenges.
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Disrupted Job Search
- Kipp deVeer's mom passed away during his senior year at Yale, disrupting his job search.
- Through networking and hustle, he landed a role in JP Morgan's analyst program.
Silicon Valley Skepticism
- Kipp deVeer noticed a disconnect between Silicon Valley's hype and the reality of many startups.
- He felt many ventures lacked sustainability despite the initial funding and quick exits.
Early Days of Private Credit
- Kipp deVeer joined Indus US Capital, a boutique firm inside a French bank, focusing on middle-market companies.
- They were early adopters of direct lending and private credit strategies, which were underdeveloped at the time.