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  • PDI-JUN17-Cover-Image

    June 2017 Issue

    Features
    The case for private debt in LP portfolios

    Christopher Godfrey of CEPRES examines the evidence based on market correlations and risk-adjusted returns

    Asian Innovation: Tailor-made solutions

    Asian investors are strong supporters of blind-pool funds, but as private debt exposures mature many are looking at alternative routes to the best opportunities, writes Christie Ou.

    Social housing: Is the big bang a big opportunity?

    With changes impacting the UK’s social housing sector, might non-bank lenders look to registered providers as worthy investments? Louise Leaver and Ruby Giblin of Winckworth Sherwood discuss

    GP view: Managing the cashflow

    Ever since Oaktree’s Howard Marks sounded the alarm on subscription line financing, criticism has rained down on an established product. Kalliope Gourntis spoke to managers across the private asset classes about how they use the facilities

    Earnings season: Q1 results

    Andy Thomson looks at some of the reporting highlights from the first three months of 2017, as confidence grew amid a more stable backdrop

    Germany: banks in retreat

    Retreating banks usually herald lucrative prospects for private debt funds, but, in one country, managers aren’t quite so optimistic, David Brooke writes.

    Investor Spotlight: When it rains, it pours

    As the late stage of the credit cycle approaches, many debt fund managers are expanding their restructuring teams. Andre Hesselmann, founder of Yielco, tells David Brooke it’s also time for investors to start preparing for the worst.

    Termsheet: Soho House points

    Permira’s recent financing of Soho House allowed the members’ club to redeem its outstanding public debt while gaining access to capital to expand its operations and increase its number of venues.

    Apera's network effect

    New European mid-market private debt fund manager Apera Capital is aiming to do things a little differently by providing access to a network of industrial advisors.

    Germany: the deal conundrum

    One recent deal may have observers believing Germany is full of up-and-coming businesses ripe for debt financing. In reality, private debt players have to be creative in carving out deals in a bank-dominated market.

    The Last Word: Higher returns, lower emissions

    Jonathan Levy, director of policy and strategy at Vision Ridge Partners, tells Justin Slaughter that even with looser US coal regulations it’s possible to have private equity-like returns and still benefit the environment

    Mid-market lending: Sizing up the opportunity

    Mid-market lending is an amorphous concept, but that hasn’t stopped it becoming an important source of dealflow and a big draw for investors.

    Mid-market lending: Defining the sector

    While the mid-market investment strategy is one pursued globally, the form it takes is not necessarily uniform across all regions. So how do mid-market companies compare across the globe?

     

    Mid-market lending: Niche v Generalist funds

    The growth of the private debt market has been concentrated among a few brand names, but are we starting to see new, more niche managers emerge with specialist strategies? Here we assesses the pros and cons of niche versus generalist funds.

    Mid-market lending: Opportunity in distressed debt

    Latest estimates reveal a deep pool of potential distressed debt opportunities for mid-market private debt investors, but uncovering the best deals requires a targeted approach.

    Mid-market lending: Five things every investor should know

    The mid-market is an ever-more attractive place to be, but it is also a sector evolving at pace. We look at the key trends that limited partners need to be aware of.

    Mid-market lending: Aflac banks on floating senior debt

    Aflac made headlines in March by committing $500m to a mid-market senior loan portfolio managed by NXT Capital.

    Mid-market lending: Monroe on staying ahead of the game

    With competition across the asset class heating up, the senior team at Monroe Capital reveal how a targeted lower mid-market strategy has helped them differentiate.

    Mid-market lending: ESO unlocks value in Europe

    European private debt is growing and evolving with more capital being raised for mid-market strategies in the region. Christian Fritsch, of ESO Capital, offers insight into the segment that is the backbone of all European economies: the SME market.

    Mid-market lending: EQT on the importance of advisors

    Having a network of industry advisors can be a useful addition to a fund manager’s risk analysis process, say Paul Johnson and Andrew Konopelski, partners at EQT Partners.

    Mid-market lending: BlueBay tips the scales

    Anthony Fobel, partner and head of private debt at BlueBay Asset Management, talks about the challenges that come with operating at the larger end of European mid-market lending, competition and the future of private debt in the region.

    Mid-market lending: Kartesia on setting the new standard

    Helping mid-market companies grow by providing financing – it’s what banks do best. But more private debt firms are now taking that role and for investors it offers healthy premiums. Jaime Prieto of Kartesia surveys the state of the European market.

    Regulars
    Reaching for the top

    As investors prepare for a correction, more firms are pouring money into senior debt.

    When the odds are against you

    As thousands of financiers gathered in Las Vegas for InterGrowth 2017, there was no shortage of discussion about unfavourable market conditions for lenders.

    June
    PDI-SUP-JUN17-Cover-Image

    Mid-market lending special report