Capital Allocators – Inside the Institutional Investment Industry [REPLAY] Kipp deVeer – The World of Private Credit at Ares (EP.329)
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Jun 2, 2025 Kipp deVeer is a Director and Partner at Ares Management, where he's driven the growth of its credit division. He shares fascinating insights into the evolution of private credit over the last two decades. Kipp discusses his journey from Wall Street to Ares, revealing the early inefficiencies in the market and the establishment of robust capital structures. He dives into the complexities of risk management in direct lending and highlights the importance of relationships in sourcing deals. Kipp also reflects on the strategic shift toward larger issuers amid changing interest rates.
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Kipp's Early Finance Journey
- Kipp deVeer started at JP Morgan during a time when banking shifted from advisory to transactional focus.
- He transitioned to a niche fund to find longer-term investment opportunities and an entrepreneurial environment.
Early Credit Market Conditions
- Early credit markets were inefficient with wildly variable terms and smaller deal sizes.
- Kipp and partners transitioned from banks to set up a more entrepreneurial direct lending platform.
Joining Ares Management
- Kipp and his team joined Ares Management in 2004 to build out private debt.
- They leveraged Ares' platform for credibility and entrepreneurial opportunity rather than starting anew.