Q&A with Kerry Dolan and Kirsten Hagen, Co-Founders of Brinley Partners

Kerry Dolan and Kirsten Hagen are Co-Founders of Brinley Partners, a lending firm based in New York City. Kerry worked at Goldman Sachs from 2002 to 2007 in Global Banking and Markets (formerly known as Global Banking and Markets) in New York and Kirsten worked at Goldman Sachs from 2002 to 2022 in Global Banking and Markets and Asset and Wealth Management (formerly known as Merchant Banking) in New York and Chicago.

1. You recently founded Brinley Partners in July 2021, which manages a credit investment strategy with access to over $4bn of capital. Tell us about the paths that led you here and what inspired you to build this business. How did you two get connected?
Kerry: I spent most of my career in leveraged finance, financing all different types of businesses. Just prior to Brinley, I was with PSP Investments, one of Canada’s largest pension investment managers. I was hired, along with two fellow GS alumni, to help build a direct credit investing business. We successfully built the business from the initial idea phase to a portfolio of over $12 billion in assets under management and a team of about 30 investment professionals. It was a great experience and I was proud of what we accomplished. It was also a lot of fun. Eventually, I started looking for an opportunity to take what I had learned over decades on Wall Street to build a new business. A few of the leaders at PSP had moved to British Columbia Investment Management (BCi) and shared my vision of building a new alternative investment firm. BCi seeded our first credit fund, Brinley Private Debt Fund I, as well as a separate co-invest fund. Brinley Private Debt Fund I has $1.5 billion in equity capital commitments with the ability to lever for approximately $3 billion in available capital, and the co-invest fund has a target deployment of $1.5 billion, providing us with access to approximately $4.5 billion in aggregate capital. 

Kirsten: Kerry and I met at GS in the early 2000s when we were in Leveraged Finance, working together on financing transactions. We remained good friends when Kerry left the firm and I moved to the Principal Investment Area of GS. Kerry came to my wedding and as time progressed, we enjoyed getting our growing families together. Things came full circle when Kerry joined PSP. I was Head of Americas Senior Debt in the GS Private Credit Group and Kerry and I had the opportunity to work together again as our teams partnered on various financings. We had often discussed starting a new firm and talked about how we would build a credit business, however we both believed that scale would be paramount to success. When Kerry partnered with BCi, everything fell into place. BCi’s partnership paved a path for the necessary scale and provided a unique opportunity to build the Brinley team and infrastructure before a broader fundraise. 

2. Tell us about your careers at Goldman Sachs. What did you learn during your time at the firm that has helped you build and run Brinley Partners?
Kirsten: I was at Goldman Sachs for 20 years. Most of my time was in the Private Credit Group, but I also spent time in Investment Banking and Leveraged Finance. I always say that I grew up at GS. It was a privilege to have the opportunity to work with so many exceptional individuals over the years, and it taught me a lot. Many of the GS values and principles are core to Brinley’s foundation: people first, teamwork, integrity and excellence. The importance of a strong culture and shared values among the team are something that Kerry and I were particularly focused on, in part due to our experience at GS and the unique culture of the firm. On more than one occasion, I have also reflected on what I learned about the importance of innovation and driving a business forward, as well as the endless drive to achieve the best outcome for clients.

Kerry: I loved the years that I spent at Goldman Sachs. I was proud to be there and was proud of the firm's values and culture. I had the opportunity to work alongside some extraordinary professionals and look back fondly on everything we accomplished for the firm and for our clients. 

What I learned at Goldman goes well beyond technical skills – I learned about true dedication, excellence and integrity. Those are the things that drive a culture of achievement and best-in-class performance. I also learned the importance of creativity and being resourceful. Brinley was put together by thinking outside the box and being innovative. Relationships are incredibly important to us, and our goal was to form a partnership with a seed investor unlike any other in the industry.

3. What inspired the name 'Brinley Partners’'? How does this inspiration come to life in the values and culture you maintain at your firm? 
Kerry: The name Brinley Partners was inspired by Brinley Hall, the site of the first National Women’s Rights Convention held in October 1850. For two days, more than 1,000 delegates from 11 different states filled Brinley Hall in Worcester, MA. Speakers, most of them women, advocated for the right to vote, to own property and to receive a higher education. We feel that inspiration comes to life at Brinley in several ways: we have an inclusive culture and celebrate diversity. We strongly believe diverse teams can make better decisions, lower risks and enhance returns for investors. We also have benefited from gaining higher education, an instrumental result of the efforts at Brinley Hall over a century ago.

4. What advice do you have for others who are interested in launching a firm in this sector of the market?
Kerry: Think outside the box, be decisive and surround yourself with people you respect and trust. Always do the right thing. That formula never fails. 

Kirsten: I completely agree. Invest in the firm’s culture and build consensus on the important values and priorities. Celebrate the small victories but don’t lose sight of the bigger picture.

5. What are your aspirations for Brinley Partners’ future?
Kerry: Our seed investor made a significant commitment to our first fund and has also committed to one or more subsequent vehicles, giving us a great start, but we are also looking forward to expanding our investor base and strategic partnerships.

Kirsten: Our perspective is that the opportunity in private credit continues to be incredibly attractive because of the overall growth of the market, as well as the relative risk-weighted returns. We believe that our relationship-oriented approach and transparency with our investors is differentiating. Brinley’s current mandate is intentionally very flexible so our teams can focus on the best opportunities across the capital structure and across markets. Over time, we believe there is opportunity to offer complimentary products focusing on specific parts of the capital structure and potentially different fund structures/managed accounts.

6. How have you leveraged your GS network since leaving the firm?
Kirsten: The GS network is incredible. We have received tremendous support from our former colleagues, including people currently at GS and those who have moved on to other roles. Kerry and I have been grateful to our former colleagues, many of them good friends, for their referrals, advice and overall support.

Kerry: I agree with that. The GS network is incredible. Goldman was also an early supporter of Brinley and provided our first leverage facility. Kirsten and I have been so pleased to expand the GS / Brinley relationship since then. To this day, many of our strongest personal and professional relationships stem from our time at GS.