FORTUNE — Alternative investment management firm Ares Capital Corp. (ARCC) has hired Grant Haggard and Brian Moncrief as managing directors in its direct lending business, Fortune has learned. Both men will be based in Chicago and previously were with Madison Capital Funding, the mid-market lending subsidiary of New York Life Investment Management.
Haggard had been with Madison Capital Funding for six years, most recently as a managing director. Past stops included Antares Capital, Linsalata Capital Partners and CapitalSource. Moncrief had joined Madison Capital Funding in Otober 2010, after having served as a managing director with both Victory Park Securities and Fortress Investment Group (FIG).
The Ares direct lending business focuses on one-stop financing solutions for small and mid-market companies, plus VC-backed growth-stage startups and power generation/infrastructure project owners. As of year-end 2013, it managed approximately $27 billion in assets under management.
An Ares spokesman confirmed the hires, saying that Haggard and Moncrief will begin work at Ares later this month.
These are just the latest senior personnel changes for Madison Capital Funding, which last September fired its CEO and a senior managing director for violating unspecified firm policies.
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