Distressed Debt

Benefit Street Partners closes special situations vehicle on $850m

Second vintage has already deployed 40% of capital, and early investments are putting up net IRRs of 25%, manager says.

UK lending fell to a 10-year low in 2023, says Bayes

Lenders, including debt funds, issued significantly less financing, the business school’s data shows.

How Morgan Stanley’s David Miller dealt with stress

David Miller, Morgan Stanley’s global head of private credit and equity, knows a thing or two about managing a big portfolio, particularly during times of stress.

Opportunistic credit sparks investor interest in Europe

The European mid-market is proving fertile ground for more complex capital solutions.

About this page

Distressed debt is always one of private debt’s most popular strategies but, in 2022, it’s attracting more attention than usual. Financial support offered by governments during the covid pandemic is being withdrawn, inflationary pressures are set to take their toll on company balance sheets, and many firms are struggling with staff shortages. In this environment, stress is likely to emerge and the low default rate seen in recent years will almost certainly rise. Given these factors, we are doubling down on our coverage of distressed debt and offer our readers the opportunity on this page to explore key stories, news analysis and features.

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