The TCW Group – a leading global investment firm with over $200 billion of assets under management – announced the launch of a dedicated Asset-Backed Finance (ABF) business anchored with over $1 billion in capital commitments from TCW, partners, and affiliates.
TCW was an early entrant to private credit, and the continued expansion of its alternative capabilities will build upon the firm’s multi-decade track record in direct lending and its recently announced strategic partnership with Lakemore Partners Ltd. to support the growth of TCW’s CLO platform.
Dylan Ross joined The TCW Group earlier this month as a Managing Director and Portfolio Manager, leading the asset-backed finance investment efforts. Ross brings almost 20 years of experience in alternative credit investing to TCW, primarily focusing on structured credit and asset-backed finance. More recently, he was a Partner and Portfolio Manager at Brigade Capital Management LP, a $25 billion alternative credit asset manager based in New York. Mr. Ross helped launch the firm’s dedicated Structured Credit fund in 2014 and served as the Co-Head of the business from inception.
TCW’s expanded alternative capabilities will focus on asset-backed finance, including lending against consumer assets, commercial and residential mortgages, hard assets, and financial assets, and will utilize the firm’s existing $90 billion liquid securitized business.
The TCW Asset-Backed Finance business will be based in New York, and the firm is in the process of building a dedicated investment team for the strategy. The team will work closely with TCW’s fixed-income business, as well as the firm’s other alternative strategies, including the private credit and CLO platforms.
KEY QUOTES:
“TCW is committed to expanding our alternative investment offerings leveraging our strong heritage in both private and public markets investing, and we have already seen robust client demand for the asset-backed finance strategy. Dylan’s deep industry relationships, strong investment capabilities and proven track record building new businesses make him the ideal partner to launch this new investment strategy that will lend to the multi-trillion dollar asset-backed finance market.”
– Kathryn Koch, TCW President and CEO
“After having great respect for TCW’s leading investment capabilities throughout the course of my career, I’m honored to join this preeminent asset management institution. The demand for non-bank lenders in asset-backed finance has never been more robust and I am confident that with the strong support of TCW’s leadership, its shareholders and my new colleagues, we will become a leading partner in this fast-growing asset class.”
– Dylan Ross
“We are excited to welcome Dylan to the TCW platform and look forward to close collaboration between our leading fixed income investment professionals and the new asset-backed finance initiative. It is incumbent upon us as an active fixed income manager to continue to expand the investment opportunity set for our clients. Our new asset-backed finance team will complement our existing securitized business and drive synergies across the platform.”
– Bryan Whalen, Chief Investment Officer and Generalist Portfolio Manager in TCW’s Fixed Income Group
