Investec re-enters US fund finance market

The bank will focus on capital call lines and GP financing for mid-market funds

Investec is officially re-entering the US fund finance market with the hire of Olivia Deroy for origination and relationship management in its fund solutions team.

Deroy comes from First Republic, which was rescued by JPMorgan amid the US regional banking crisis earlier this year. First Republic’s fund finance team has since disbanded, with many showing up at Citizens Bank. Her hire marks her return to Investec, where she worked for four years in the fund solutions team, based in London.

Details on Deroy’s exact title, and whether Investec already has hired, or is planning to hire, more on the team couldn’t be determined by press time.

Investec said the team focuses primarily on private equity but also provides solutions in infrastructure and real estate. The US team’s product focus includes capital call facilities and GP financing to mid-market, closed end private capital funds. It will also bring its distribution franchise to the US, according to an announcement.

Investec more or less closed its US fund finance operations in 2020 or early 2021, when Tom Glover departed the bank, later showing up to kickstart a platform at BC Credit Partners.

Its return to the US marks the most recent in a spate of banks to open their doors to subscription credit line borrowers after the turmoil that brought Silicon Valley Bank, Signature Bank and First Republic Bank to collapse or in need of rescue.