Alceon, a prominent private credit firm managing $5.5 billion, has announced a strategic move to enhance its focus on special situations credit. The Sydney-based investment firm has appointed Justin Lal as managing director, a role that positions him to lead the firm’s new initiative under the Alceon Special Opportunities Fund.
Lal brings significant experience to his new role, having previously served as executive director in the special situations group at Goldman Sachs. He spent five years at Keyview, where he was responsible for managing the real estate and corporate lending divisions, overseeing loans within the $20 million to $100 million range. His expertise is expected to formalize and expand Alceon’s capabilities in navigating complex situations and distressed assets.
While Alceon has previously engaged in special situations investing off its balance sheet, Lal’s appointment signals a more structured approach. The firm aims to leverage its existing capital to identify and capitalize on unique opportunities in the market. Although details about the specific strategy remain under wraps, industry expectations suggest a focus on mid-market corporate and real estate debt.
This development follows the recent addition of David Gribble to Alceon’s leadership team. Gribble, a former balance sheet investor at Goldman Sachs, joined as part of the firm’s succession planning, aiming to optimize and scale its operations. His collaboration with Lal at Goldman Sachs may provide a strong foundation for the new special situations strategy.
In recent months, Alceon has maintained a low profile regarding its future plans. However, the firm, known for its swift capital-raising capabilities and a strong track record, continues to attract institutional, family office, and sophisticated investors. Approximately $2.8 billion of its assets are dedicated to real estate credit, with additional commitments of $500 million in high conviction equities and special opportunities, along with over $500 million in private equity.
Lal’s transition from Keyview means the firm will need to find a replacement for its sole managing director. Keyview has been active in financing ventures such as the artificial surf park business, Urbnsurf, and was involved in a $65 million debt funding round for a Queensland gas project.
At Alceon, Lal will report to Daniel Chersky, the portfolio manager for the high conviction absolute return fund, and will work closely with co-portfolio manager Adam Ritter, along with director Brad Ablett and structured credit specialist Adrian Kidd. Chersky leads the cross-asset investing team, which includes the newly established special situations strategy.
Currently, Lal is on gardening leave from Keyview and is expected to officially join Alceon in the upcoming new year. As the firm positions itself for growth in special situations credit, it aims to further solidify its reputation as a high-caliber mid-market player in the investment landscape.
