Andy Thomson
Although a large volume of private debt fundraising was recorded in the first half of the year, managers are taking longer to extract LP commitments.
The exposure held by the UK pension fund beat its target of 5.8% for 2016/17, as the organisation delivered a 19.6% return for its investment portfolio as a whole.
.jpg "Four key trends in US covenants")
As in Europe, the US is seeing loan terms trend in favour of sponsors at the expense of lenders.
After suffering declining market share, German debt funds have recorded a notable pick-up in fortunes in the first half of this year.
Covenants in European private debt deals have loosened markedly over the last five years, prompting concerns over a lack of lender control.
Underwriting standards cannot be allowed to slip in the face of growing competition and more cov-lite deals, insists James Del Gaudio of PSERS.
The UK-based private debt investor has backed a precision engineering firm as it starts building a portfolio for a planned £150m fund.
.jpg "AIMA CEO: ‘We won’t rush’ into FCA working group")
Jack Inglis says none of the organisation’s members have asked it to be part of the proposed group to discuss a reporting template.
The region’s market share will continue to grow, but currency concerns are among the red flags that investors should consider, says a new report.
Competition is fierce and the market may have peaked, so are looser covenants a recipe for trouble?