L Catterton, the consumer-focused investment boutique, hired Peter Chang as managing partner and co-head of Private Credit. With Shahab Rashid, who joined L Catterton last year to launch the Private Credit platform, Chang will co-lead the firm’s direct lending strategy, which provides flexible debt solutions to private equity-backed, middle-market companies.

Chang and Rashid worked together for nearly 12 years at Oaktree Capital Management (Oaktree).

L Catterton has made numerous investments in the active lifestyle space, including 2XU, Birkenstock, Kodiak, Pinarello, Seafolly, Taxa Outdoors, and West Marine.

Chang joined L Catterton after 18 years at Oaktree, most recently as co-Portfolio manager, managing director and SBIC principal in the U.S. Private Debt strategy. In this role, he managed strategy, including the origination and approval of investment opportunities in the debt and equity of private equity-backed, middle-market companies. Chang was also involved in various business development initiatives, including establishing Oaktree’s SBIC fund. He began his career in the Syndicated and Leveraged Finance Group at JPMorgan Securities, Inc.

“We are pleased to have Peter join and help co-lead the incredibly talented private credit team at L Catterton,” said Scott Dahnke, global co-CEO of L Catterton. “We look forward to benefitting from Peter’s deep credit investing knowledge and strategic insights, and I am confident the platform we have built is well-positioned to capitalize on the growing opportunities in the private credit market.”

L Catterton launched its Private Credit strategy in 2022, and the firm has now expanded its Private Credit team to nine investment professionals experienced in the global alternative credit space. In March 2023, L Catterton announced a strategic partnership with Hunter Point Capital (HPC) to accelerate the platform’s growth with Bennett Goodman, HPC’s co-founder and executive chairman, serving as a strategic credit advisor.