Corporate Capital Trust and Corporate Capital Trust II, two non-traded business development companies sponsored and advised by CNL Financial Group and KKR, announced that Steve Shackelford –who currently serves as president and chief financial officer, will be leaving at the end of the year.
During his 20-year stint with CNL, Shackelford has served as president or CFO of five of its investment funds. He is stepping down to become CEO of Redeemer City to City, a global ministry focusing on training church planters and starting churches in the world’s largest cities.
“I am very grateful for the hard work and dedication Steve Shackelford has shown over the years to launch and grow these funds,” said Thomas Sittema, CEO of Corporate Capital Trust and Corporate Capital Trust II.
The boards of directors of Corporate Capital Trust and Corporate Capital Trust II have both appointed Chirag Bhavsar as their chief operating and chief financial officer, effective January 1st.
Bhavsar, who has more than two decades of banking and financial experience, has held senior leadership positions with various financial companies and has spent nearly 15 years at CNL-affiliated entities. He has served as executive vice president and chief financial officer of three different banks, including CNLBancshares Inc., the holding company for CNLBank. Bhavsar holds a master’s degree in accounting from the University of Florida.
Corporate Capital Trust invests primarily in the debt of privately owned companies, with a focus on originated transactions sourced through the networks of its advisors. CNL Financial Group is a private investment management firm providing global real estate and alternative investments. KKR is a global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds.
Corporate Capital Trust, which launched in April 2011 and is sold through the RIA network, has raised $3.4 billion through various offerings and oversees a portfolio of assets totaling $4.3 billion. Corporate Capital Trust II was launched in October 2015 and has raised $36.1 million in investor equity. The company’s portfolio is comprised of investments in 43 companies totaling $33.8 million.