March 2013 Issue

    Capital Talk: GSO

    GSO co-founder Tripp Smith charts the firm’s journey from fledgling spin-out to a heavy-hitting part of global behemoth Blackstone, and why it has its sights set on Europe.      

    Book Excerpt: New sources of liquidity in the European market

    In an excerpt from PEI Media’s forthcoming guide ‘Investing in Private Debt’, ICG’s Max Mitchell maps out the opportunities and challenges facing private debt fund managers.

    Fundraising: The long road to closing

    We examine the challenges facing both new and existing managers seeking to raise capital in a taxing market.

    The shape of things to come

    Weil Gotshal’s James Gee maps out the different structures and terms in use by private debt providers.

    Leveraged Finance: A tale of two markets

    While Europe stutters through a lack of demand, the dollar market for leveraged finance is booming. Can private debt plug the liquidity gap?

    The Last Word: René Bider

    Attractive yields and downside protection make private debt the most interesting area for Partners Group, explains René Bider. 

    Comment: Is private debt a panacea for yield-starved investors?

    Gregg Disdale of Towers Watson reveals what investors are looking for when debt funds pitch, and offers advice on what to avoid. 

    Comment: Illiquid debt – par for the course, or not?

    Valuation protocols for equity are well established, explain Ross Hostetter and Ryan McNelley of Duff & Phelps, but debt products are a different story. 

    Comment: The growing pains of an innovative new market

    The tendency to stretch debt fundamentals is one of the growing pains of an assertive, dynamic and innovative new industry, argues Ashurst banking partner Mark Vickers.

    News Analysis: Navigating a new asset class

    Growth in the private debt market is driving demand from investors for funds of funds. But can the metric work?

    News Analysis: CLOs – the transatlantic divide

    The appearance of several new CLOs suggests there’s hope for the ailing European market yet as its US counterpart goes from strength to strength. 

    News Analysis: Does the Dell deal smack of déjà vu?

    What does the debt package underpinning Silver Lake’s $24bn bid say about the availability of credit today?

    Termsheet

    The collapse of HMV, and its potential rescue from administration by distressed debt investor Hilco.

    Editorial Comment

    The new debt paradigm