Orlando-based CNL Financial Group has announced that Chirag Bhavsar will serve as the new chief operating officer and chief financial officer for the firm’s business development companies Corporate Capital Trust and Corporate Capital Trust II.

Bhavsar has spent nearly 15 years with CNL-affiliated entities in various senior leadership roles, and has 24 years of leadership experience in the financial industry.

According to CNL, Bhavsar has served as an executive vice president and CFO of three different banks.

Bhavsar will replace Steve Shackelford, who announced that he will leave the company at the end of the year to serve as CEO of Redeemer City to City, a global ministry dedicated to training “church planters” and working to establish churches in the world’s largest cities.

As of September 30, 2016, Corporate Capital Trust had approximately $4.3 billion in assets, and CNL Financial Group and its affiliates managed approximately $34 billion in total assets.