HSBC asset management has appointed Pete Scott to the role of head of innovation credit, where he will lead HSBC’s new venture debt offering.
The new strategy will work in partnership with HSBC Innovation Banking, with asset selection done by HSBC AM. It will invest in senior secured loans to growth and late-stage VC-backed tech and life science companies.
Scott, who will lead the strategy, brings 30 years of experience to the role and will be based out of San Francisco. He will be responsible for building the venture debt team as well as bringing the product to market.
Scott McClurg, head of private credit at HSBC AM, said: “We are delighted to welcome Pete to the team as we extend our alternatives credit product suite with the launch of our new venture debt strategy.
“His experience working with start-ups across the US, and globally, will prove invaluable as we provide our clients access to the expanding venture debt market and another stream of proprietorial HSBC originated credit transactions.”
In October, HSBC announced it would be splitting into four businesses, including UK, Hong Kong, corporate and institutional banking, and international wealth and premier banking businesses.
Simon Bumfrey, CEO of HSBC innovation banking UK, said: “The response from the market to HSBC Innovation Banking across our global hubs has been really positive. Establishing this venture debt capability with HSBC Asset Management expands the breadth of flexible solutions we now have to meet the financing needs of the innovation ecosystem, positioning HSBC as long-term partner for innovation clients globally.”
The venture debt strategy will form part of HSBC AM’s ambition to grow its alternatives capabilities, which include private markets, private credit, hedge funds, real assets, venture capital and flexible capital solutions. With a team of 340 dedicated alternatives staff including over 130 investment professionals, HSBC Alternatives has combined assets under management and advice of $76.1bn as of 30 September 2024.
