GTCR, a Chicago-based private equity firm, has hired Silver Point Capital’s Jason Prager to support the creation of a new capital solutions business, according to a report by Bloomberg, citing people with knowledge of the matter.
Prager is set to join GTCR later this year and has worked at Silver Point for over a decade, most recently as a Managing Director. His appointment has not been made public.
GTCR’s proposed strategy will provide companies with complex financing such as convertible debt and structured equity. The firm will use a combination of investments from existing vehicles and the capital being raised by an ongoing fund.
The move follows other firms’ efforts to expand into credit in the face of dwindling private equity returns in recent years. In August 2023, New-York based global private equity firm Warburg Pincus recruited Gaurav Seth, a former Partner at Goldman Sachs, to its group, raising more than $2bn for its capital solutions fund for that year. In November 2023, Apollo Global Management’s fee-related earnings hit a record, driven in part by its growing credit business.
