Citigroup Expands Private Credit With New Origination Head

Key Takeaways

Geography: United States.

Analysis

New York – August 6, 2025 – Citigroup has appointed Aashish Dhakad, a former executive at Ares Management, as its new Head of Private Credit Origination for North America. The hire marks a major step in the bank’s push to expand its role in the fast-growing private credit market.

Dhakad’s mandate is to source private debt opportunities across Citi’s vast network of corporate and commercial banking clients, particularly among small and mid-sized enterprises underserved by syndicated loan markets and traditional bank financing structures.

This new origination effort complements Citi’s existing $25 billion private credit partnership with Apollo Global Management, but also signals the bank’s ambition to diversify its referral pipeline beyond a single institutional partner.

“The addition of Aashish Dhakad reflects our strategic commitment to building a differentiated, multi-channel private credit platform,” said a Citi spokesperson. “We aim to deliver broader access to capital for clients while capturing new fee streams through bespoke lending opportunities.”

Dhakad’s move from Ares to Citi runs counter to recent industry trends, where the majority of talent migration has been from banks into private credit firms. His appointment suggests that large banks are now mounting serious efforts to reclaim market share in the booming alternative credit space.

Private Credit Expansion Accelerates in 2025

Citigroup is one of several global banks retooling their lending strategies to tap into the $1.7 trillion global private credit market. The hiring of Dhakad comes as investors seek access to non-syndicated debt opportunities across sectors ranging from investment-grade private loans to structured finance and sports lending.

Goldman Sachs recently expanded its Alternatives platform with a $10B fund focused on infrastructure and real estate credit.
JPMorgan built a dedicated unit for private credit deal execution tied to its commercial banking clients.
Bank of America launched a private direct lending desk to handle middle-market opportunities outside its traditional DCM team.

As traditional underwriting becomes increasingly commoditized, Citi’s pivot toward direct origination and placement of private credit reflects an industry-wide shift toward relationship-driven, yield-generating lending structures.

Dhakad, who will operate out of Citi’s New York office, brings deep experience from his tenure at Ares, where he led strategic capital solutions for middle-market borrowers. His hiring signals Citi’s interest in originating deals not only for Apollo, but for a broader network of institutional capital partners eager to deploy capital across a spectrum of risk and return profiles.

With Dhakad at the helm, Citigroup is positioning itself to become a key facilitator in the next wave of private credit deal flow, helping to bridge the growing demand between borrowers seeking flexibility and investors chasing yield in a higher-rate environment.