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  • PDI-May17-Cover-Image

    May 2017 Issue

    Features
    Hercules Capital extends the runway

    With the timelines between equity financings becoming increasingly stretched, senior executives from Hercules Capital describe how venture debt finance can help growing companies achieve milestones and preserve high valuations.

    Brexit and beyond: Where does UK private debt go from here?

    Obtaining a consensus is never easy, especially one on a subject as fluid as the UK private debt market. But, while the asset class continues to grow, there was an overwhelming sense of caution at the PDI roundtable, write David Brooke and Nick Jardine.

    Senior debt: Beware the wisdom of crowds

    As more capital heads towards a diminishing senior debt space, are funds storing up trouble? Some say niche approaches are a safeguard against growing competition, writes David Turner.

    Senior debt: Twin Brook on the mechanics of mid-market lending

    The investment professionals at Twin Brook Capital Partners, which targets transactions involving a financial sponsor, maintain there are many benefits to working with private equity firms.

    Senior debt: ICG-Longbow goes hunting outside London

    Commercial real estate senior debt isn’t all about lending against trophy assets and in times of uncertainty. ICG-Longbow believes the best opportunities may lie further afield.

    Senior debt: NXT Capital plan for the unexpected

    If obstacles are inevitable, how should managers approach non-performing or defaulting loans? Neil Rudd and Joseph Lazewski of NXT Capital offer their views.

    Senior debt: Pricing proves a bit of a stretch

    With increasing competition among debt funds, ‘stretching the senior’ is one way managers are helping maintain returns. Nick Jardine looks into how and why firms are enhancing their senior debt products

    Senior debt: TIAA on the draw of secured loans

    In an historically low-interest-rate environment, the TIAA Private Capital and Churchill Asset Management executive team has seen more investors focused on private debt strategies.

    India's mid-market turns to development and growth finance

    Indian mid-market companies are growing fast to meet burgeoning demand for goods and services.

    Funding Circle on disruptive direct lending platforms

    Direct lending platforms serving SMEs have seized the opportunity left by banks retrenching from the market.

    How regulation is making natural gas the new coal

    President Trump’s about-face on major carbon reduction efforts won’t affect fundamental energy trends.

    The Last Word: Albacore on being the new kid on the block

    AlbaCore managing partner and chief investment officer David Allen tells Andy Thompson about the firm’s plans.

    Joint tenants in the French debt market

    The French private debt market isn’t trying to evict banks, but is going after a distinct part of the market, writes David Brooke.

    Termsheet: Qlik Technologies' tech support

    One of the largest private debt deals to-date was refinanced in April by two Wall Street banks. Nick Jardine looks at the deal in more depth

    Investor spotlight: Merseyside Pension Fund

    Attracting institutional capital to the marketplace lending sector is now the key strategy for many experienced players, and one firm has found a creative solution. David Brooke reports.

    Non-sponsored finance: Picking the right spots

    As the private debt industry becomes crowded, more managers see the value of targeting non-sponsored deals

    Non-sponsored finance: Key themes for direct lenders

    As non-sponsored lending goes mainstream, James Newsome, managing partner with placement agent Arbour Partners, looks at four major themes for investors

     

    Non-sponsored finance: Right prescription for growth debt

    Pharming wanted to buy back the rights to its own drug, but didn’t have the backing to pull it off. Kreos Capital had a remedy, writes Nathan Williams

    Non-sponsored finance: Strategies' pros and cons

     A non-sponsored strategy is neither for the ill-prepared nor the faint of heart. We look at both the rewards and potential pitfalls.

    Non-sponsored finance: ArrowMark's targeted approach

    As the needs of smaller businesses evolve, ArrowMark Partners is one of a few scaled US managers offering tailored solutions to businesses not controlled by private equity funds.

    Non-sponsored finance: Alcentra's deal-sourcing strategy

    Alternate lenders doing non-sponsor deals need to actively partner with companies to develop solutions, but the added effort can yield better returns. Alcentra’s Paul Echausse, David Scopelliti and Branko Krmpotic, managing directors responsible for sourcing, deal execution and portfolio management, share their insights.

    Non-sponsored finance: Patrimonium on Germany's mid-market

    Active in the German Mittelstand – or mid-market – for over a decade, Swiss lender Patrimonium has carved a niche for itself in the non-sponsor space. Daniel Heine, the firm’s head of private debt, offers PDI some insight on the firm’s strategy.

    Regulars
    Senior debt: Australia's banks burst the bubble

    With the ‘big four’ under regulatory pressure, non-banks see an opportunity – especially in real estate. Christie Ou surveys the scene

    Cherry-picking in China's development and growth finance market

    Five GPs share their experience of the country’s growth finance market with Christie Ou

    May
    PDI-Supp-May17-Cover-Image

    Non-sponsored finance report 2017