J.P. Morgan appoints head of private credit in alts expansion

Meg McClellan was appointed head of private credit at J.P. Morgan Asset Management’s Global Alternatives Group, effective January 1. She currently serves as the firm’s chief financial officer but has been tasked with leading a major expansion in private credit, officials said. She will oversee the firm’s global special situations, infrastructure debt and commercial mortgage loan businesses in addition to leading the firm’s development of new private credit solutions. Prior to being named CFO in 2016, McClellan spent most of her career in fixed-income trading, portfolio management and investment strategy roles with buy-side and sell-side experience in New York, Chicago and London. The $146 billion alternative investment business has plans to build a broad strategy set including debt, hedge funds, real estate, real assets and infrastructure. J.P. Morgan recently announced the close of its Lynstone Global Special Situations fund, which raised more than $1 billion and surpassed its target by 40%. The firm currently handles $10 billion in private debt and is seeking to become a leader in the nearly $1 trillion private credit market. “We see private credit as an essential source of income and return in investors’ portfolios and we are firmly committed to building out our capabilities to enable our clients to take full advantage of the investment opportunities that exist in private markets,” said Anton Pil, head of global alternatives at J.P Morgan Asset Management. He added that the focus will be on the collateralized end of the private credit spectrum, citing demand in real estate mezzanine debt, infrastructure debt, commercial mortgages, funds of funds, direct lending and special situation strategies.

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