June 2015 Issue Month: JuneYear: 2015 Back to Print Editions Performance analysis: Adding strings to their bowsOn the back of strong results, ICG and 3i Debt Management are both committed to expanding their credit businesses with new initiatives. Rachel McGovern reports.News analysis – GE Capital – portfolio playGE is hoping to maximise returns by banning the poaching of staff and selling off its US sponsor finance unit as a going concern. Rachel McGovern argues that the tide is against that outcome.Bringing scale to unitrancheIn the US market, middle-market unitranche lending was pioneered by smaller private lenders, but Bill Eckmann from Macquarie Group says that larger firms can bring something extra to the table.US Unitranche – here to stayMonroe Capital’s president and chief executive, Ted Koenig, answers questions about the origins and future of unitranche financing in the US middle market. The Whole Loan Market – Commercial Real Estate’s UnitrancheMartin Wheeler, co-head of ICG-Longbow on why investors should consider whole loans in the commercial real estate market.Termsheet: Fashionably Flexible With unitranche deals en vogue, Rachel McGovern examines why the instrument was used to back the partial buyout of a French clothing brand. Unitranche – art not scienceAlcentra’s Graeme Delaney-Smith looks towards the growth of unitranche to become the financing instrument of choice for European non-sponsor-backed corporates. The Last Word: Stepping UpThe US firm’s credit co-heads speak to Anastasia Donde about their growth initiatives, regional investment targets and general views on the credit market environment.BDCs – beware of mediocrityNew BDCs are launching around the clock even while many of the existing vehicles are trading below book value. Anastasia Donde looks at the challenges and whether the new blood can succeed. Mezz is dead, long live mezzDid unitranche kill mezzanine or is it still out there, just sliced and diced into a new form? Anna Devine presents a brief history of unitranche.Direct Lenders: He who daresDirect lenders are proliferating. Those willing to be pluckier and take a different tack from the herd, could be the best long-term bet. Anna Devine investigates.