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Texas-based Highland Capital Management is losing its head of private equity after 10 years. Patrick Boyce will continue to serve on the board of some of Highland’s portfolio companies.

Highland Capital Management was founded in 1993 by Jim Dondero and Mark Okada, and primarily invests in high-yield credit. The firm has steadily expanded in the credit space and also into more pure play private equity investments.

Boyce will be relocating to Hawaii with his family, according to a statement from the firm.

Jim Dondero and John Honis will lead the firm’s private equity group going forward.

Apart from pure private equity, Highland has been able to capitalize on record CLO issuance this year. Total issuance topped $83 billion, beating last year’s $82.6 billion number. Other private equity firms including Apollo have also surpassed internal records with their CLO issuance. Apollo managed their largest CLO offerings to date in both the US and Europe this year.

Highland Capital founder Mark Okada, was featured in a two part interview on Opalesque TV where he discussed the invention and history of CLO’s as well as Highland’s investment approach.

“We don’t do anything just because we are getting fees, or that’s where money is flowing, or that’s a hot idea, the only thing that we do as a firm is where we like the arbitrage and we think we can add value with our platform and our arbitrage. We may see arbitrage that we think is cheap and it’s great and it’s underpriced, but we don’t have any people that know how to do that, that’s not what we are going to do,” Okada said in the interview.

Watch Part 1 here.

Watch Part 2 here.