Citigroup is expanding its footprint in the burgeoning private credit space, appointing Aashish Dhakad – formerly of Ares Management – as Head of Private Credit Origination for North America, according to a report by Bloomberg.
The new role signals the bank’s intent to source debt deals beyond its existing $25bn acquisition financing collaboration with Apollo Global Management.
Dhakad will focus on identifying private credit opportunities from Citigroup’s corporate and commercial banking clients, particularly targeting small and mid-sized companies underserved by syndicated loan and traditional bank markets.
While some of these deals may still flow to Apollo, the bank is keen to diversify its private credit referral pipeline to include a broader range of investors.
This move marks a strategic expansion beyond Citigroup’s traditional public debt underwriting, allowing it to capture fee income across a wider spectrum of private credit products.
It also represents a notable shift in talent movement – Dhakad’s transition from a private credit firm to a bank bucks recent trends, where private capital has typically attracted ex-bankers.
As private credit managers increasingly target areas beyond buyout financing – including investment-grade corporate loans, asset-backed finance, and niche sectors such as sports investing – Citi’s dedicated origination role reflects growing institutional interest in deploying capital into diverse private credit strategies.
