EDITOR'S PICKS
MOST RECENT
NEWS & ANALYSIS
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DATA SNAPSHOT
SPECIAL REPORTS
OPINION
The time is right for direct lending’s newcomers
With incumbent firms distracted by portfolio issues, technology platforms and start-ups may force their way into the market.
European leveraged finance: Five key developments
Why determining appropriate leverage levels is challenging, the current crisis is not quite like the GFC, and direct lenders are preparing for a busy period.
The questions borrowers may struggle to answer
A new reporting guide will divide the companies that are keen to impress with their transparency from those uncomfortable under the spotlight.
Fundraising pioneers step into the finance gap
The pressures of covid-19 have turned lending into a stressed opportunity for fund managers keen to dictate realistic terms with borrowers.
Why LPs will need to think outside the box
Volatile times encourage opportunism and today’s most interesting strategies may demand investor flexibility.
The top five LP priorities
The coronavirus pandemic is having grave and sweeping effects, but investors must start somewhere as they plot their next steps.
SPOTLIGHT: REAL ESTATE
How Kayne Anderson raised a $1.3bn real estate debt fund in...
Last month’s real estate debt fire sales at the outset of the covid-19 outbreak in the US were just the tip of the iceberg for private real estate
SAID AND DONE
“Over the past few years, the board has been selling down a number of illiquid exposures due to high pricing and to increase portfolio flexibility. Our dynamic approach has been extremely valuable in helping us prepare for and navigate a historic dislocation brought about by covid-19″
Peter Costello, chairman, Future Fund board of guardians
PERSON IN THE NEWS
INVESTOR SPOTLIGHT
TERMSHEET
LARGEST FUND CLOSES IN Q1 2020
| Ardian Private Debt IV | $3.28bn |
| Mercer Private Investment Partners V | $2.70bn |
| Churchill Middle Market Senior Loan Fund II | $2.00bn |
| Healthcare Royalty Partners IV | $1.83bn |
| AG Credit Solutions Fund | $1.80bn |
THE BIG NUMBER
2.5%
The global speculative grade corporate default rate rose to 2.5% in 2019 from 2.1% at the end of 2018 while the number of corporate defaults globally rose to 118, the first triple-digit total since 2016 (source: S&P Global Ratings).
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