Pillarstone, a unit established by KKR Credit to assist banks in managing their non-performing loans portfolios, has appointed two partners and a director, it said in a statement this morning.
Pablo Crespo joins from AnaCap Credit Opportunities Fund, where he worked for four years as a director. Jonathan Conway previously worked as Barclays’ head of credit restructuring in Europe, the Middle East and America. Both will work as partners on the platform. Michele Sabatini, formerly of mid-market private equity firm Bregal Capital, has been appointed a director. All three work will work in the London office under Pillarstone chief executive John Davison.
“The hires we are announcing today will help us to support the banks in recovering value from their underperforming exposures and the companies themselves to stabilise, recover and grow,” Davison said.
Last month, KKR expanded the Pillarstone platform to Greece to manage a €1.2 billion NPL portfolio held by two of Greece’s largest banks, Alpha Bank and Eurobank. On a case-by-case basis, KKR implements a long-term restructuring plan for the companies involved.
KKR launched the platform last year in Italy, working with banks UniCredit and Intesa Sanpaolo to manage their exposure to non-core and underperforming assets in the region. Both Italian and Greek operations focus on companies in the real estate, shipping and corporate sectors.