November 2013 Issue

    The joys of separation

    A host of recent separate or managed account mandates in the last two months underlines the growing popularity of such arrangements for both GP and LP

    Pushing back

    Trade body the SBIA is engaging with US regulators and Congress in an effort to change the regulatory regime governing Business Development Companies.

    Big and volatile

    The US and European high yield markets have oscillated between record highs and deep lows over the last year. The US Federal Reserve’s tapering plans have played a role in encouraging that volatility.

    Building out

    Monroe capital has launched two new offices and two new verticals in the last year. President and chief executive officer Theodore Koenig explains the forces driving the firm's expansion. 

    Words of advice

    Third Eye Capital co-founder David Alexander is a veteran of non-bank lending, but also served as a trustee at a large pension fund. Here he offers some words of advice to investors interested in the asset class.

    Another (life)line

    In 2010, Harden Healthcare was struggling under an unwieldy capital structure. By 2013, the company’s position had improved to such an extent Gentiva acquired it for $400m. PDI explores how KKR’s special situations team contributed to Harden’s growth.

    Point, counter point

    A year on from Private Debt Investor’s inaugural European roundtable (‘Brave New World’), we pulled together five of the private debt industry’s leading figures to debate the merits of the asset class, the challenges it faces, and its progress over the last 12 months.

    Sane lender, open for business

    In 1998, Simon Pilcher’s fixed income group at M&G became the first non-bank investor in the European loan market. 15 years later Europe’s direct lending business is still nascent but M&G is bullish about its future.

    Australia and the joys of distressed debt

    This month, PDI’s Asian columnist looks further afield to Australia, where he argues the recent fight for control of Billabong demonstrates the country has woken up to the attractions of distressed debt.