DWS and Deutsche Bank on Tuesday 18 March 2025 the formation of a strategic partnership to enhance private credit origination and investment opportunities for DWS clients. The cooperation grants DWS preferred access to asset-based finance, direct lending and other private credit assets sourced by Deutsche Bank.
DWS aims to accelerate growth within its alternatives franchise by leveraging Deutsche Bank’s capabilities in fixed income market access, liquidity provision and financing. As of 31 December 2024, DWS manages an alternatives platform worth €110bn. The partnership enables DWS to expand its private credit investment opportunities by utilising Deutsche Bank’s sourcing and origination strengths.
As part of the agreement, Patrick Connors transitioned from his role as European head of the global credit financing and solutions division at Deutsche Bank to become global head of private credit at DWS. He is set to report directly to DWS CEO Stefan Hoops. Connors brings over 20 years of experience in private financing and credit markets, with a particular focus on asset-based finance.
Hoops stated that private credit was a crucial offering for clients seeking exposure to real-economy investments. He highlighted the importance of origination in alternative asset management, particularly in asset-based finance, which required distinct origination channels compared to direct lending. Hoops noted that combining Deutsche Bank’s origination expertise and industry relationships with DWS’s 50 years of experience in managing alternatives represented a strategic progression.
Ram Nayak, co-head of investment banking and global head of fixed income and currencies at Deutsche Bank, acknowledged the strong demand for private credit assets. He emphasised Deutsche Bank’s market-leading financing business and its long-standing track record in private credit origination across all asset classes for more than two decades. Nayak stated that DWS, with over €1trn in assets under management and a global distribution network, was well positioned to benefit from Deutsche Bank’s expertise in private credit investment.