Hedge Funds

Plainfield expands direct lending business, hires CFO


Greenwich-based Plainfield Asset Management is expanding its direct-lending activities, recruiting a five-strong investment team for a new hedge fund that is expected to raise an initial $500 million in assets. The firm also recently hired Karen Dykstra, former chief financial officer of Automatic Data Processing, to be both CFO and chief operating officer for this new venture.

The new vehicle is expected to be called Plainfield Direct. The fund will focus on loans to middle-market companies with annual revenues of between $50 million and $500 million. It will begin taking in capital July 1.

The five-person investment team, all of