Bank of America is committing $25 billion of its own capital to private credit deals. This initiative expands the bank's existing direct-lending efforts through its capital-markets division.
The move positions the bank to compete more effectively against the traditional syndicated loan market. Anand Melvani will lead the initiative as head of private credit within the global capital-markets division. Scott Wiate will serve as the head of private credit structuring and underwriting for the new venture.