EDITOR'S PICKS
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NEWS & ANALYSIS
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DATA SNAPSHOT
DISTRESSED DEBT & SPECIAL SITUATIONS
Distressed debt & special situations
Limited partners have shown an appetite for distressed debt and special situations in recent years. But a lot of capital has been raised in...
OPINION
Goodbye Libor, hello uncertainty
Libor has underpinned financial products for decades. But it could be phased out in less than three years, with huge implications for private debt lenders.
The need to nurture permanent capital in Europe
Reasons for longer-term vehicles in private debt are growing, with one being the requirement to support businesses traditionally backed by banks.
Distressed: Is it worth the wait?
Timing, fees and manager differentiation are among the key issues for limited partners prepared to take a punt on GPs that thrive on turmoil.
SPOTLIGHT: LIMITED PARTNERS
Europe ventures into the unknown
The continent looks set to follow in the footsteps of the US as venture lending gathers steam, but challenges lie in wait.
SAID AND DONE
“The credit underwriting fits within the private equity timetable, and what you’ve seen is an acceleration of the underwriting. You can’t compromise the diligence you do, but you can put more resources behind the diligence over the shorter period.”
Anonymous mid-market lender on shorter timeframes for due diligence
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.
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