(Bloomberg) -- Ralf Ackermann is set to leave Searchlight Capital Partners and is preparing to launch his own investment firm. 

Ackermann, who joined the New York-based firm as a partner in 2018, plans to set up an investment business to seize on opportunities from companies facing higher interest rates, according to a note announcing his departure and people familiar with the move. He is currently a member of its opportunistic credit platform’s investment team.

“After six productive and enjoyable years helping Searchlight establish and grow its opportunities fund franchise in Europe, I am leaving to set up my own business,” Ackermann wrote in the note seen by Bloomberg News. “Whether or not the current paradigm of high interest rate persists, it seems to me there is more pain ahead and that not everybody has taken their medicine.”

London-based Ackermann declined to comment when contacted by Bloomberg News, and a spokesperson for Searchlight also declined to comment.

Before joining Searchlight, he led Apollo Global Management Inc.’s illiquid opportunistic credit business in Europe, according to his LinkedIn profile. Ackermann is also a board member on firms including French aeronautic company Latecoere, which completed a restructuring earlier this year and reduced its debt. 

Searchlight was started by former KKR & Co. and Apollo executives in 2010, and has more than $11.6 billion in assets with offices in New York, London and Toronto, according to its website.

“The best risk/reward I see today is well-structured, solution oriented senior secured debt particularly where it is asset backed,” Ackermann said in the note. “More to come on this.”

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