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Staff at the $207.8bn system have said that distressed debt opportunities following the covid crisis could be unprecedented.
The 'custom mandate' has already invested more than 25 percent of its capital and is investing across various distressed strategies.
The fund is one of the largest ever for riskier subordinated debt.
The private markets giant says this is the largest such fund ever, and it will seek to deploy capital opportunistically.
The inaugural Senior Loan Fund doubled its initial target of $1.5bn, and will focus on sponsor-backed companies in the US and Canada.
Whether for better or worse, the asset class is adapting to new realities in the pandemic era.
Recent months have seen high volumes of marketing dedicated to US distressed debt. Joe McGrath looks at whether there is too much money competing for the opportunities.
We sought the views of asset class professionals about the ways in which the crisis is shaping private debt.
Credit Opportunities Fund II has held its final close, surpassing its $500m target.
The fund manager is seeking to hold large loans and then wait for the syndication market to recover before selling them.

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