EDITOR'S PICKS
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NEWS & ANALYSIS
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DATA SNAPSHOT
US REPORT 2019
US report 2019
Our special report examines the US market, where yield-hungry investors are flooding in from around the world. But although the threat of interest rate...
OPINION
Why the US may have reached a peak
What defines the Stateside private credit market in 2019? Our recently published US report identified the following themes.
The main thing is: be different
A protracted cycle and fierce competition mean investors in private debt need to try and escape the crowds.
If the cap fits, wear it: The addback fightback
The EBITDA addback has become one of the most controversial aspects of deal documentation. Research shows lenders are resisting the most extreme examples.
SPOTLIGHT: LIMITED PARTNERS
Permanent capital can increase access to private debt
In our September magazine’s Deep Dive, investment professionals stressed the benefits of permanent capital. One overlooked advantage is making the asset class more accessible.
SAID AND DONE
“When the cycle turns, debt will be affected, but likely to a lesser degree than the equity piece, hence including the strategy in a wider private markets portfolio”
Andrea Ash, investment director at RPMI Railpen, explains the pension fund’s focus on private debt
PERSON IN THE NEWS
INVESTOR SPOTLIGHT
TERMSHEET
LARGEST FUND CLOSES OF H1 2019
| Lone Star Fund XI | $8.20bn |
| BlueBay Direct Lending Fund III | $6.78bn |
| Lone Star Real Estate Fund VI | $4.70bn |
| GSO Energy Select Opportunities Fund II | $4.50bn |
| Broad Street Senior Credit Partners II | $4.40bn |
NUMBER OF THE WEEK
13%
Burgiss data found that, on average, senior debt funds generated strong double-digit returns at the 10-year mark. They garnered a pooled 10-year internal return rate of 13.32 percent, net of fees, compared with the five-year average of 6.29 percent.