February 2016 Issue

    Spain turns bullish on volatility

    As so often in finance, timing is the main question for private lenders seeking to exploit a ripening Spain.

    LP watch: where investors put their money to work in 2015

    Investors went full throttle for private debt in 2015. PDI surveys how and where that money was put to work.

    A new ruling asset class

    What does the closure of a large number of once high-flying hedge funds say about the benefits of liquidity matching and the longevity of private debt funds?

    Sponsors turn to direct lenders

    Financial sponsors are turning on to Europe’s direct lenders on the back of hard-nosed financial considerations and softer relationship pulls.

    Termsheet: Fintrax

    Ares Management’s fully underwritten €300m debt package backing the leveraged buyout of travel shopping company Fintrax was a milestone for direct lending in Europe.

    Asia Forum: Relative value

    Private debt may still be ‘a cottage industry’ in Asia, but PDI’s second conference in the region heard of opportunities that compare well with the West.

    Guest comment: Reed Smith

    Reed Smith partner and fund finance specialist Leon Stephenson notes the tendency of private credit funds to register in Luxembourg and traces the impact of this on debt fund credit facilities.

    The Last Word: Antares Capital

    Hot on the heels of its sale to CPPIB, Antares is reviving a pre-sale lending partnership. The firm's senior managing director shares the details on the firm’s joint venture with Lone Star.

    Expert Commentary: NXT Capital

    Market shifts require an experienced hand on the tiller when seeking the best of US mid-market debt in 2016, write NXT Capital’s John Finnerty and Neil Rudd.

    Expert opinion: Twin Brook Capital Partners

    Twin Brook Capital Partners’ managing partners, Trevor Clark and Chris Williams, talk about how they are building the business and the US mid-market leveraged lending environment in 2016.

    Direct Lending: The second generation

    Market evolution means investors must reassess what they’re getting into with the second generation of direct lenders.

    Direct Lending: Asia-Pacific makes its mark

    Direct lending has been slow to take off in Asia but funds are seeing opportunities as banks feel pressure to cut back on risky assets.

    Direct lending: Sovereign wealth funds

    Some of the biggest animals in the financial world, sovereign wealth funds are beginning to make their presence felt in direct lending. But how these mega asset managers are putting money to work?

    Direct Lending: EQT Credit on why a deal needs a home

    Andrew Konopelski, partner and head of credit strategies at EQT, and portfolio managers Paul Johnson and Ralph Betz talk about the challenges of launching a direct lending business.

    Direct Lending: Keynote interview with Alcentra

    Alcentra’s European direct lending team, a long-lived market leader, emphasises bespoke service for its investors and borrowers alike.

    Direct Lending: Expert commentary from Cortland

    The new generation of debt providers are looking to their infrastructure and finding that Cortland provides the range of services and flexibility they need.

    Direct Lending: Expert commentary from Churchill AM

    Randy Schwimmer, head of origination & capital markets for Churchill Asset Management and founder and publisher of The Lead Left, examines one of the more popular one-stop credit solutions among middle market borrowers and lenders – unitranche.