The American semiconductor industry ceded the lead to Asian rivals long ago, and now it is scrambling to catch up.

Toms, formerly the firm’s fixed income CIO, will oversee $330 billion in assets under management.

Venture capital and private equity boosted their valuations mightily in the past 20 years.

Private debt fundraising has stagnated in the first half of 2022 amid an economic backdrop of rising rates, and a slowdown of global growth.