March 2014 Issue

    Annual review: The crest of a wave

    Our first annual review takes a look back on a big year for private debt: the top stories, the key trends, what's in store for 2014 and the results of our inaugural awards.

    The Manager: The lure of Latin Europe

    Europe’s ‘Latin’ nations offer a wealth of opportunity for canny real estate debt investors, write Francesca Galante and Cyril de Romance, co-founders of First Growth Real Estate Finance.

    The Last Word: Going Dutch

    PDI talks with Venn Partners about the Firm's new RMBS issuance platform.

    The evolution of TPG

    TPG’s last two buyout funds have disappointed. Fortunately, the firm’s credit and debt strategies have offered top-quartile returns.

    Sweeping up

    Private debt funds have a major part to play in cleaning up the balance sheets of European banks.

    Bond platform targets small business funding needs

    A new initiative looks to marry investors to companies seeking to raise small amounts of debt financing.

    Termsheet: Construction complexity

    When KKR Asset Management provided a €320m financing package to help ailing Spanish construction company refinance its debt, it underlined the firm’s willingness to buck conventional wisdom, writes Oliver Smiddy.

    Open Range

    Long known as a private equity firm, Kohlberg Kravis Roberts has spent the last half-decade building out its mezzanine, special situations and direct lending capabilities. Sam Sutton spoke with some of KKR’s top professionals to explore how they have navigated that transition.

    Bank lending in limbo

    Banks are becoming more active and more aggressive debt providers, but with impending regulations threatening to curb risky financing, the future of the lending landscape  remains unclear.

    Unclogging India

    As debt and interest costs rise in India, investors are stepping in to help banks and corporates alike clean up their balance sheets.

    Reforming India

    Significant reforms of the way Indian banks address non-performing assets could pave the way for a properly functioning distressed debt market in India, our correspondent writes.