Head of Liquid Credit
29 years in the industry3 years with Antares and its predecessors
Expanding Across the Credit Spectrum
Building on Antares’ leading position in Private Credit, our Liquid Credit platform provides investors with access to relative value across the credit spectrum.
“Our Liquid Credit platform is driven by active decision-making and a shared credit perspective. Collaboration between our private and liquid credit teams enhances our ability to assess risk and act with conviction as market conditions evolve.”
The Opportunity
Attractive Income with a Defensive Profile
Syndicated loans commonly offer attractive risk-adjusted returns relative to many traditional fixed income sectors, supported by floating-rate structures and low duration. Their low correlation and well-established institutional investor base have contributed to lower volatility across cycles.
At Antares, our portfolio management approach is defined by the following principles:
01
Tilt toward higher quality
We maintain an overweight allocation to higher rated non-investment grade loans and an underweight position in “B-” and “CCC” rated issuers, reflecting our emphasis on credit quality and downside protection.
02
Liquidity and quality focused
Our loan exposure is concentrated in larger tranches, which offer greater trading liquidity. These tranches also tend to be higher quality and often experience better recovery rates supporting portfolio flexibility in changing market conditions.
03
Defensive sector positioning
We make greater allocations to stable sectors with visible, recurring revenue streams, while limiting exposure to more cyclical industries that may be more vulnerable to economic stress.
Investment Philosophy
A Quality and Liquidity Aware Approach
Our Liquid Credit strategy emphasizes disciplined credit selection and active management to support capital preservation through varying market environments.
Capital Preservation
Disciplined credit selection with a focus on higher-quality, senior secured syndicated loans supported by strong documentation, collateral protections, and historically stronger recovery characteristics.
Defensive Positioning
Prioritize larger loans with greater trading liquidity while avoiding sectors susceptible to market cyclicality and economic shocks.
Active Management
Actively monitor portfolios and refine positioning through trading, seeking to capture relative value while maintaining disciplined buy and sell decisions.
Investments
Building Resilient Portfolios
Our Liquid Credit platform offers investors exposure to syndicated loans, high yield bonds, and CLO equity, each providing a distinct and complementary role in enhancing income, diversification, and return potential within a fixed income portfolio.
- Syndicated LoansFloating-rate, senior secured loans offer diversified exposure, attractive income, and shorter duration.
- High Yield BondsHigh yield bonds provide higher income and broader issuer diversification, with strong return potential in stable or improving economic environments.
- CLO EquityCLO equity adds a differentiated, higher-return component, driven by cash flows from diversified loan portfolios and active management.
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Our Team
Cross-Strategy Collaboration
Liquid Credit leverages Antares’ scaled credit platform through knowledge sharing with Private Credit, sourcing advantages, Capital Advisory Group access, and cross-functional Investment Committee insight.
Liquid Credit Investment Committee
Guided by seasoned committee members averaging more than 25 years of industry experience, including several who also serve on Antares’ Private Credit Investment Committee, Liquid Credit benefits from shared credit culture, consistent underwriting standards, and enterprise-wide structuring expertise and market knowledge.
Seth Katzenstein
Andrew Stern
Managing Director
26 years in the industry3 years with Antares and its predecessors
Jase Morris
Managing Director
20 years in the industry14 years with Antares and its predecessors
Tyler Lindblad
Chief Investment Officer
40 years in the industry30 years with Antares and its predecessors
Vivek Mathew
President of Antares Capital Advisers
27 years in the industry10 years with Antares and its predecessors
Kirk Sonnefeld
Managing Director
24 years in the industry22 years with Antares and its predecessorsExplore Liquid Credit
Learn how Antares approaches liquid credit investing across syndicated loans, high yield bonds, and CLO opportunities.
Footnotes
Past performance is not a reliable indicator of future performance and future results may vary materially.
Note: As of December 31, 2025, unless otherwise noted. The commentary within this section represents Antares’ beliefs. Diversification does not assure a profit or protect against loss in a declining market.