StoneCastle Taps Amer Tiwana to Steer Research in a Booming Private Credit Market

NEW YORK, NY – June 23, 2026 – In a strategic move reflecting the seismic shifts in global finance, StoneCastle Securities has appointed Amer Tiwana, a 25-year veteran of credit markets, as its new Managing Director and Head of Credit Research. The appointment comes as the private credit market, once a niche alternative, swells into a $1.5 trillion force projected to more than double by 2028.

Tiwana’s arrival coincides with a planned leadership transition that sees Larry Taylor, a founding partner who helmed the research division for 16 years, move into a Senior Advisor role. This carefully orchestrated succession signals a dual focus for the firm: preserving the deep institutional knowledge that built its reputation while simultaneously equipping its platform for a new, more complex era of private debt.

“Amer's broad experience across the credit spectrum and his reputation as a thoughtful and rigorous analyst make him an exceptional addition to our team,” said Rich Lopez, Managing Director and Head of Credit Trading at StoneCastle Securities. “His expertise spans investment grade credit, distressed debt, leveraged finance, and special situations—areas that are increasingly important as institutional investors navigate a more complex private credit landscape.”

Navigating a New Financial Frontier

The context for Tiwana’s appointment is the explosive growth and evolution of the private credit market. In the years following the 2008 financial crisis, regulatory frameworks like Dodd-Frank and Basel III prompted traditional banks to retreat from segments of corporate lending. This created a vacuum that non-bank lenders, or private credit funds, eagerly filled, offering bespoke financing solutions to middle-market companies.

Today, that market has ballooned to an estimated $1.5 trillion and is forecast to reach $3.5 trillion within four years. However, this rapid expansion brings new challenges. Increased competition for deals is compressing spreads, while higher interest rates raise the specter of rising defaults. Regulators are also taking a closer look, concerned about transparency and the potential for systemic risk in a sector that has largely operated outside the public eye. For firms like StoneCastle, which specialize in the less-liquid corners of this market, superior research and analysis are no longer just a competitive advantage—they are a necessity for survival and growth.

The market is also diversifying. While direct lending remains the core activity, areas like asset-based finance (ABF) and structured credit are emerging as major growth engines. The ABF market alone is estimated at $5 trillion and is attracting significant capital as investors seek diversification from corporate credit risk. It is precisely this intricate, multi-faceted environment that Tiwana has been hired to navigate.

An Architect for Complex Markets

Amer Tiwana’s career is a map of the modern credit landscape's most complex terrains. Before joining StoneCastle, he was Head of Research at Imperial Capital, where he led analysis across a wide spectrum from investment grade debt to special situations. He joined Imperial in 2020 specifically to build out its desk analysis for distressed and special situations—a testament to his reputation for finding value in complexity.

His nearly 15-year tenure as a Managing Director at Cowen/CRT further burnished this reputation, as he focused on stressed and distressed opportunities, event-driven situations like mergers and acquisitions, and post-reorganization equities. This background makes him uniquely suited for StoneCastle's strategic focus. The firm has carved out a commanding niche, reportedly handling 60% of secondary private credit trading and pricing over 1,000 deals monthly. Tiwana’s expertise in evaluating distressed assets and complex structures will be critical in enhancing the firm’s valuation services and identifying opportunities in an increasingly crowded field.

“StoneCastle has built a strong presence within private credit and less-liquid fixed income markets,” Tiwana stated. “I look forward to working with our clients and colleagues to further develop the firm's research capabilities and continue delivering credit insights, valuation expertise, and liquidity solutions across increasingly complex markets.”

A Transition Blending Continuity and Innovation

While Tiwana brings a fresh perspective, StoneCastle has ensured the transition is buttressed by experience. Larry Taylor, who Tiwana succeeds, is not departing but transitioning to a Senior Advisor role. As a founding partner, Taylor was instrumental in building the firm's research platform from the ground up over 16 years, establishing its reputation for disciplined, rigorous analysis.

His continued involvement provides a crucial bridge, ensuring that decades of market knowledge and client relationships are retained. This model of leadership evolution—injecting new talent while retaining foundational wisdom—is a hallmark of institutions built for the long term. Lopez acknowledged Taylor’s “extraordinary” contributions and expressed gratitude for his long-standing leadership.

By placing a seasoned analyst like Tiwana at the helm of research, supported by the foundational wisdom of Taylor, StoneCastle is making a clear statement. The firm is doubling down on its commitment to providing sophisticated, data-driven insights in a market where the margin for error is shrinking. As institutional capital continues to pour into private markets, the ability to accurately price risk and identify value will define the leading players, and StoneCastle has positioned its new research architect to lead that charge.