Pradeep Pattem, the former head of credit and mortgage markets for Europe and Asia at RBS, has joined Kildare Partners, the new distressed European opportunity fund backed by billionaire and Sunderland football club owner Ellis Short.
Pattem joined Kildare this month after leaving RBS at the end of last year, taking up the reins as senior managing director for the structured commercial property fund which is expected to complete capital raising for its maiden fund, Kildare Partners Fund 1, at the end of next month with north of $1.5bn raised.
During his eight years at RBS around 120 real estate and credit traders reported into Pattem and he is credited with having turned around the credit business of RBS from loss to profit-making between 2011 and 2013.
In recent years Pattem is understood to have formed a dialogue with some the world’s most influential investors and former politicians, including Wilbur Ross and former Soviet President Mikhail Gorbachev, to explore alternative de-leveraging strategies which he will bring to bear in his new role.
Kildare is targeting investment in distressed European commercial property loans and opportunistic hard asset acquisitions as well as CMBS trades across the UK, Ireland and Western Europe.
Pattem joins Kildaire as a partner alongside five existing partners which includes two of Short’s former colleagues from the Sunderland owner’s period running Lone Star’s Asia Pacific business, Jay McLennan and Paul Patel.
At Kildare, Pattem is also reunited with four former RBS colleagues, including Christian Mathews, Krishna Prasad and Kunal Rajvanshi, who all joined as investment managers. In addition, Aki Scholl joined last November and will focus on legal structuring.
Mathews worked for 15 years under former RBS boss Stephen Eighteen and more recently worked for Pattem in RBS’ real estate trading division. Prasad, who joined from RBS before Christmas, previously worked for Lehman Brothers and Blackrock, while Rajvanshi, who previously ran RBS’ macro trading book, joined Kildare last November.
Last October, CoStar News reported that Kildare Partners closed its maiden acquisition, Park Street in Mayfair for £52m from a Danish pension fund advised by Cording Danmerc.
More recently, Kildare is understood to have bought a discounted controlling stake in the senior securitised debt stack secured by the UK’s largest hospital transaction, General Healthcare Group, which remains in the midst of a complex restructuring.
Kildare Partners declined to comment.