Cerberus Capital Management has appointed Apollo Management’s David Abrams as a senior managing director of Cerberus UK Advisors’ London office.
Abrams will play an integral role in expanding the firm’s credit platform, focus on distressed opportunities in the emerging markets, Europe and other sectors of interest.
At Apollo, Abrams founded and was the managing partner of the Apollo European Principal Finance Funds franchise which had €4bn in assets under management with a primary focus on acquiring distressed debt, real estate and non-performing loans.
Steve Feinberg, co-founder and chief executive officer of Cerberus said: “We are very fortunate to welcome David to our Cerberus team. David has an excellent investment track record and his success in developing new businesses and in raising capital will greatly strengthen our ability to connect with our investors and present them with attractive opportunities.”
Mark Neporent, chief operating officer and general counsel of Cerberus said: “We are thrilled to have added David, whom we have known and worked with for many years. David will enhance our strong European franchise and will help us further capitalize on the deleveraging of European financial institutions.
“We are one of the largest and most active investors in European non-performing loans and other distressed credit. David’s experience will greatly benefit us as we pursue this category across the continent and into the emerging markets.”
Abrams added: “I am excited to be joining Cerberus and look forward to working with individuals that I have known both personally and professionally for nearly 20 years. Cerberus has an incredible platform and we see tremendous growth potential in our investment disciplines of distressed debt, real estate, direct lending and private equity.”
Prior to joining Apollo, Abrams was a managing director in the Leveraged Finance Group of Credit Suisse, based in London and New York. From 2004 through 2007, he founded and was the head of the specialty finance investment business which included investing in non-performing loan portfolios and distressed assets.
From 1996 through 2004, Abrams was a founding member and co-head of the global distressed sales and trading group at Credit Suisse (and its predecessor Donaldson Lufkin & Jenrette, Inc.).
He began his career in 1989 as an analyst in the Investment Banking Division of Bear, Stearns & Co. and then as an associate/vice president at the Argosy Group, a boutique corporate restructuring firm.