Andy Thomson
Andy Thomson is a Senior Editor at PEI with responsibility for Private Debt Investor, the leading title focused on the world's private debt markets. Andy works closely with team members in London, New York and Hong Kong. He has been with PEI for many years, having worked previously on Private Equity International and Infrastructure Investor.
The new generation of dislocation funds now have a multi-billion-dollar example, with $2.8bn raised for a vehicle and more than $1.1bn for separate accounts.
Funds seeking to take advantage of the dislocation opportunity don’t need to have flashy bells and whistles.
It was widely predicted that the market downturn would profoundly alter behaviour in leveraged finance, but then along came EBITDAC as a reminder of the past.
In common with all parts of the world, emerging markets are having to take stock of a major health and economic crisis. But the rationale for non-bank finance is continuing to grow and returns can be attractive. Andy Thomson reports
As an example of the practice surfaces, an industry body is warning other companies not to use the covid-19 outbreak as an excuse to try and raise additional finance through flexible documentation.
A new report from bfinance predicts capital raised by credit fund managers may grow this year on the back of an increase in distressed and opportunistic approaches.
With incumbent firms distracted by portfolio issues, technology platforms and start-ups may force their way into the market.
Harwood Private Capital has received £35m from British Business Investments and is aiming to post a final close by the end of the year.
The London-based manager has been given an additional €115m for an open-ended fund that typically targets up to 6% but is aiming for up to 9% in the current environment.
Frankfurt-based lending platform creditshelf has raised €62m, anchored by the European Investment Fund, as it seeks a final amount of €150m.
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