First Eagle Alternative Credit1 is an experienced alternative credit investment manager with approximately $20 billion2 of assets under management and advisement  as of June 30, 2021. Headquartered in Boston, with offices in Chicago, Dallas, Los Angeles, and New York, we pride ourselves on having a national presence with a strong regional focus.

Our Direct Lending and Tradable Credit investment strategies invest across the entire capital structure through public and private vehicles, commingled funds including collateralized loan obligations (CLOs) and separately managed accounts.

Our investment strategies and credit expertise accommodate a spectrum of targeted return profiles, while our creativity and flexibility enable us to create customizable investment products to meet the needs of our investors.

Our reputation in the market as a collaborative, responsible lender is a reflection of our people. We strive to be close to our borrowers and partners, building trusted relationships over time.

Get to know us.

First Eagle Alternative Credit Platform

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A MEASURED APPROACH TO GROWTH.

THL Credit was formed in 2007 as a credit affiliate of Thomas H. Lee Partners L.P., one of the world’s oldest and most experienced private equity firms.

In April 2010, we took THL Credit, Inc. (NASDAQ: TCRD) public as a separate direct lending fund, structured as a BDC. In January 2011, we raised our first private direct lending fund, THL Credit Greenway Fund LLC (Fund I). Fund I is an investment fund that invested alongside TCRD with $150 million of capital committed by affiliates of a single institutional investor.

In June 2012, we diversified our credit platform by acquiring Chicago-based McDonnell Investment Management, LLC’s Alternative Credit Strategies group, now run as First Eagle Alternative Credit SLS, LLC (Tradable Credit). Our Tradable Credit investment strategies include THL Credit Senior Loan Fund (NYSE: TSLF), a non-diversified, closed-end management investment company.

In October 2013, we raised our second private direct lending fund, THL Credit Greenway Fund II LLC (Fund II), and a related separate account, which closed with $187 million in capital commitments in the aggregate. Fund II is an investment vehicle that also invested alongside TCRD, with capital committed primarily by institutional investors.

In January 2020, First Eagle Investment Management acquired THL Credit, complementing its private credit platform first established through the acquisition of NewStar Financial in December 2017. The combined private credit platform was named First Eagle Alternative Credit*.

LEADERSHIP

The team at First Eagle Alternative Credit has been thoughtfully constructed to fit our collegial yet disciplined culture. Our reputation in the market as a collaborative, responsible lender reflects our leadership and our entire professional staff. We strive to be close to our investors and partners, building trusted relationships over time. Get to know us.

Christopher J. Flynn

Mr. Flynn is President of First Eagle Alternative Credit. He also serves on the firm’s Global Investment Committee and the Investment Committee of its Direct Lending platform. Mr. Flynn oversees all aspects of First Eagle Alternative Credit’s business.

Mr. Flynn became part of First Eagle in 2020 upon the firm’s acquisition of THL Credit, where he was Chief Executive Officer. Mr. Flynn joined THL Credit in 2007 and served as Co-President and prior to that Managing Director of its Direct Lending platform. He was involved in origination and closing investments, portfolio management, capital raising and management of THL Credit’s direct lending private funds and accounts, and the establishment of the Chicago and New York offices of THL Credit’s Direct Lending platform.

Previously, Mr. Flynn was a Vice President at AIG in the Leveraged Capital Group. Mr. Flynn joined AIG in February 2005 after working for Black Diamond Capital Management, a hedge fund, as a Senior Financial Analyst. From 2000 to 2003, Mr. Flynn worked in a variety of roles at GE Capital, lastly as an Assistant Vice President within the Capital Markets Syndication Group. Prior to joining GE Capital, Mr. Flynn worked at BNP Paribas as a Financial Analyst and at Bank One as a Commercial Banker.

Mr. Flynn earned his M.B.A. with a concentration in Finance and Strategy from Northwestern University’s Kellogg Graduate School of Business and his B.A. in Finance from DePaul University.

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Sabrina Rusnak-Carlson

Ms. Rusnak-Carlson is the General Counsel for First Eagle Alternative Credit. Her role includes legal and compliance review of business operations, investing transactions, regulatory filings and strategic initiatives.

Ms. Rusnak-Carlson became part of First Eagle in 2020 upon the firm’s acquisition of THL Credit. Prior to joining THL Credit in 2015, Ms. Rusnak-Carlson was a Partner in the Corporate Department and a member of the Finance, Multi-Tranche Finance and Distressed Debt Groups of Proskauer Rose LLP where she was responsible for representing alternative lenders in complex financings including acquisition financings, dividend recapitalization financings, asset-based loans, cash flow loans, cross-border and multi-currency loans, multi-tiered financing facilities, second-lien, unitranche, mezzanine, subordinated debt, and distressed debt facilities in addition to intercreditor agreements and debt restructurings.

Prior to joining Proskauer Rose, Ms. Rusnak-Carlson worked at Nutter McClennen & Fish LLP as an Associate and at Triage Consulting Group as a Financial Consultant.

Ms. Rusnak-Carlson earned her J.D. from the Boston University School of Law and her B.S. in Business Administration from Georgetown University.

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James Fellows, CFA

Mr. Fellows is the Chief Investment Officer of First Eagle Alternative Credit and Head of its Tradable Credit platform. He also serves on the firm’s Global Investment Committee and the Investment Committees of both its Tradable Credit and Direct Lending platforms.

Mr. Fellows became part of First Eagle in 2020 upon the firm’s acquisition of THL Credit. Mr. Fellows has more than twenty-eight years of investment industry experience, principally in the area of leveraged finance. Prior to joining THL Credit in 2012, Mr. Fellows was Co-Head, Alternative Credit Strategies Group of McDonnell Investment Management, LLC, where he helped establish and manage three cash flow CLOs, a leveraged loan opportunity fund and unleveraged fund and a separate account.

From 1998 to April 2004, Mr. Fellows was a Senior Vice President at Columbia Advisors, where he served as Co-Portfolio Manager for two continuously offered closed-end funds and four structured product vehicles from their inception, including two CLOs.

Prior to joining Columbia Advisors in 1998, Mr. Fellows was a Senior Credit Analyst for Van Kampen Investments in its Bank Loan Investment Group. While at Van Kampen, Mr. Fellows also served as a Credit Analyst for high-yield bonds and privately placed mezzanine bonds. Other responsibilities with Van Kampen included training junior credit analysts for its bank loans and high-yield groups. Mr. Fellows brings extensive knowledge of high-yield bank loans and high-yield bonds, as well as in-depth workout, restructuring and distressed investment experience.

Mr. Fellows earned his B.S. degree in Economics and Finance from the University of Nebraska, is a member of The CFA Institute, and holds the Chartered Financial Analyst designation.

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Michelle Handy

Ms. Handy is a Managing Director and Head of Portfolio & Underwriting for First Eagle Alternative Credit’s Direct Lending platform.  As a member of the Boston investment team, her role includes overseeing the underwriting and management of portfolio investments.

Ms. Handy became part of First Eagle in 2020 upon the firm’s acquisition of THL Credit.  Prior to joining THL Credit in 2016, Ms. Handy worked at GE Capital where she held several roles in underwriting, portfolio management and workouts.  Most recently, she was the COO of GE Capital Americas’ workout function.

Ms. Handy earned her M.S. in Finance from the University of Wisconsin-Madison and her B.S. in Finance and Spanish from Boston College.

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Michael A. Herzig

Mr. Herzig is a Senior Managing Director and Head of Business Development for First Eagle Alternative Credit, where his responsibilities include marketing and client service. In this capacity, he directs the Product Development and Strategy Committee, which is charged with developing new fund products for the institutional market.  He also serves on the Investment Committee of the firm’s Tradable Credit platform.

Mr. Herzig became part of First Eagle in 2020 upon the firm’s acquisition of THL Credit. He has twenty years of investment industry experience. Prior to joining THL Credit in 2012, Mr. Herzig was Head of ACS Product Strategy of the Alternative Credit Strategies Group of McDonnell Investment Management, LLC.

Previously, Mr. Herzig was a Managing Director and the Co-Head of Deutsche Bank’s (DB) CDO business in the Americas. In this role, he had oversight responsibilities for DB’s CLO underwriting and product placement, the hedging and risk management of its leveraged loan warehouse lines and also served as DB’s representative on the board of the Loan Securities Trading Association.

Prior to joining DB in 1999, Mr. Herzig spent nine years at Merrill Lynch, where he was a senior marketer of structured credit and interest rate derivative products to institutional investors in the United States. In this position, he was instrumental in the marketing and education process for a variety of new product initiatives targeting the life insurance industry.

Mr. Herzig earned his B.A. in International Business and French from Lehigh University.

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Robert Hickey

Mr. Hickey is a Senior Managing Director and Senior Portfolio Manager for First Eagle Alternative Credit’s Tradable Credit platform. He also serves on the firm’s Global Investment Committee and the Investment Committee of its Tradable Credit platform.

Mr. Hickey became part of First Eagle in 2020 upon the firm’s acquisition of THL Credit. Mr. Hickey has more than twenty-eight years of investment industry experience. Prior to joining THL Credit in 2012, Mr. Hickey was a Senior Credit Analyst/Senior Portfolio Manager in the Alternative Credit Strategies Group of McDonnell Investment Management, LLC.

Prior to joining McDonnell, Mr. Hickey was a Vice President at INVESCO Funds Inc. in Denver, Colorado, where he served as Portfolio Manager for the INVESCO High-Yield Fund and Co-Manager of the INVESCO Select Income Fund. In addition, Mr. Hickey co-managed the fixed income components of several sub-advised funds. During this time, he maintained primary credit coverage of the energy, gaming, metals/mining, media/entertainment and paper/forest products sectors of the high-yield market.

Mr. Hickey brings extensive knowledge of corporate, high-yield, and emerging market securities, as well as derivatives and hedging instruments throughout the entire credit spectrum. He also has experience with the management and regulatory aspects of the insurance industry.

Prior to joining INVESCO in 2001, Mr. Hickey was the director of corporate bonds for Van Kampen Investments. While at Van Kampen, he was also senior portfolio manager for several high-yield and high-grade corporate bond portfolios. Other responsibilities with Van Kampen included the management of an annuity company for OakRe Life/Xerox Financial Services Life Insurance.

Mr. Hickey earned his M.B.A. from the Kellogg Graduate School of Management at Northwestern University and his B.A. from the University of Wisconsin.

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Patrick McAuliffe

Mr. McAuliffe is a managing director and Head of Origination and Structuring for First Eagle Alternative Credit’s Direct Lending platform. He has been a member of the team since 2005, when he joined NewStar Financial (acquired by First Eagle in December 2017). Prior to NewStar, Mr. McAuliffe was regional executive in Bank of America’s Metro New York region, leading its middle market lending business in the tristate area. He previously served in a variety of senior roles over a 20+ year career at FleetBoston Financial before its merger with Bank of America, including as president of Fleet’s Metro New York region (2003-2004); executive credit officer for the bank’s middle market business (2002-2003); and group executive for several national specialized lending groups including Oil & Gas, Transportation, Auto, Specialty Finance, Sports Finance, Utilities and Environmental Services (1999-2002).

Mr. McAuliffe has a BS degree in accounting from Manhattan College.

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CAREERS

First Eagle Alternative Credit (FEAC) is a leading manager of direct lending and tradeable credit investments.  FEAC is the alternative capital platform of First Eagle Investment Management. Our professionals tend to have lengthy careers at our organization because of its private and independent ownership structure and its collegial, small-team environment.

We are always seeking talented, motivated and accomplished individuals to join our team. If that sounds like you, we invite you to send us your resume at HumanResources@feim.com or visit our career opportunities page to learn more about our open roles.