Scudellari will oversee foreign expansion, credit and private debt, and management of key external relationships, according to a statement Monday. He’ll also act as vice-chair of Aimco’s investment committee.
Aimco, which invests on behalf of 32 pension, endowment and government funds in the oil-rich Canadian province, named Siddall as its CEO in 2021 after it lost $2.1 billion on a bet against market volatility that blew up when the COVID pandemic hit. Siddall has since overhauled the executive team, hiring a new chief risk officer, a technology officer and recently tapping Marlene Puffer as chief investment officer.
Aimco will be able to take advantage of PSP’s team as “we continue to build our own capabilities and our scale will help them continue to source the deals,” Siddall said. “David knows those people, he knows their processes, he knows how to diligence things.”Private credit has grown rapidly into a US$1.4 trillion asset class, becoming a magnet for investors searching for higher yields and for companies and buyout firms that need to borrow and are unable to tap banks.
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