The private debt deal market is picking up as confidence grows, but there still may be a long journey back to normal.
European private debt activity rebounded during the fourth quarter of 2020 and bank retrenchment helped drive increased market share.
The firm raised $27.5bn in fresh capital last year, with global credit and investment solutions posting record fundraising years.
Prior to the pandemic, it was commonly believed that a crisis would allow a reset of deal documentation in which the balance of power would shift from borrower to lender. So far, there’s little sign of it.
The firm has already raised most of the capital and just attracted a $30m commitment from Rhode Island.
The New York-based firm’s second multi-strategy credit fund is more than 45% invested, Private Debt Investor has learned.
Private debt managers appear to have weathered the storm well so far, but are focused on safer assets and wary about a volatile environment in 2021. By Jacco Brouwer of Duff & Phelps.
In accordance with the idea that size matters, a partnership between FS Investments and KKR, that manages two business development companies, has agreed to merge them.
Performance issues are emerging within private debt portfolios, but plenty of lenders are getting fair warning and not panicking yet.
The 'custom mandate' has already invested more than 25 percent of its capital and is investing across various distressed strategies.
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