Lazard Ltd (LAZ.N) has hired a former JPMorgan banker, Timothy Donahue, as vice chairman of U.S. investment banking in New York, Lazard said on Tuesday.
Donahue, who previously served as vice chairman of capital markets at JPMorgan Chase & Co, will help lead the boutique investment bank’s private credit business. He holds a bachelor’s degree and Juris Doctor from Fordham University.
“Private credit markets have seen tremendous growth over the past few years, and we see a significant opportunity to build out our coverage,” said Peter Orszag, Chief Executive Officer of financial advisory at Lazard.
“With the addition of Tim, who has deep experience advising C-suite executives and investors in private credit markets, we are augmenting our strong bench of talent.”
Private credit – which encompasses loans or financing made by non-bank institutions – has grown rapidly in the past decade as traditional banks faced increased regulatory restrictions on their lending, particularly to non-investment grade borrowers.
Private credit assets have more than doubled to over $1 trillion since 2015, according to data provider Preqin.