December / January 2016 Issue

    Stirred, but not shaken: The Year Ahead Mezzanine

    The junior debt market is getting crowded and anxious about regulation, but reports of its death may be greatly exaggerated.

    The €2bn snowball effect

    LCM Partners has a long history in which it has shifted from balance sheet investing to raising third-party capital. With its new oversubscribed fund wrapped up, Paul Burdell explains to PDI how the firm has expanded through word of mouth.

    Safety-first investors anticipating distress

    A recent PEI survey provided some interesting insights into current LP thinking. Andy Thomson explores some of the key findings.

    Emerging trends in real estate: Year of living nervously

    With Brexit and the US election outcome front of mind, political instability is making financiers more cautious. Doug Morrison reports on the key findings of a new report into European industry sentiment for the coming year.

    Capital Structure Forum: Hoping for a go-slow

    No one wants another crisis, but speakers at our Capital Structure Forum in London were not keen on rapid growth either. David Brooke and Andy Thomson took notes.

    Europe roundtable: Making sense of it all

    In a world changed by the UK’s EU referendum and US election, PDI gathered seven leading asset class professionals in London to consider the way forward.  

    Guggenheim Partners: All in the preparation

    Guggenheim Partners’ private debt team deployed just over $1bn in direct lending in the third quarter, a huge amount aided by the firm’s size and multiple business strands. The roots of that success go all the way back to college.

    ACG Eurogrowth: Keep calm and carry on

    Unprecedented political changes have left investors in the mid-market worried about the future, but, for some at ACG Eurogrowth in Barcelona, it is time get pragmatic.

    The Last Word: Credit in motion

    Andrew McCullagh, head of origination at Hayfin, explains why he is relaxed about the popularity of private debt and is preparing for the next stage of the credit cycle.

    Mid-market special report: Defining the mid-market

    How to sift through the private debt market’s many layers

    Mid-market special report: Evolving regulations

    As complex structures evolve, the future of debt will be determined by regulatory changes.

    Mid-market special report: A guide to sponsorless deals

    Doing deals without the support of an experienced private equity player can be daunting. Here is a five-point guide to sponsorless deals.  

    Mid-market special report: The future of Europe's banks

    The decline in traditional lending is driving the growth of mid-market private debt in Europe, but it is far from a zero-sum game.  

    Mid-market special report: The impact of political shocks

    Investors are looking to distressed strategies as we enter the later stage of the cycle. But the political shocks of Trump and Brexit may see banks hold on to underperforming assets.

    Mid-market special report: Navigating risk in Asia

    With developed economies looking less like a safe bet, some mid-market investors may be inclined to give Asia’s fledgling credit markets a second look. Is it worth the risk?

    Mid-market special report: Challenges facing first-time funds

    Appetite among investors remains high for private debt strategies, but that doesn’t make it easier to start a first-time fund.

    Mid-market special report: A closer look at niche debt funds

    In the search for higher returns, more managers are launching specialised funds that despite their limited appeal could have great potential.

    Mid-market special report: Solving Africa's funding gap

    Mezzanine finance is solving a funding gap in the African mid-market, where growth is high and bank loans are scarce.

    Expert commentary: Alcentra caters for larger appetites

    With the ability to do deals across a broad size range, Alcentra is increasingly seen as an alternative to the syndicated and club deal market. Graeme Delaney-Smith, managing director and head of European direct lending, explains why.

    Expert commentary: Arrowpoint on calling in the experts

    Arrowpoint managing directors Michael Novoseller and Vipul Shah explain why, with the right experience and research-driven process, the mid-market can be a source of considerable opportunity.

    Expert commentary: NewStar evolves with the times

    Now in its teenage years, NewStar Financial has grown up with the private debt market, becoming a consistent fixture as the asset class has gone mainstream. Tim Conway, the firm’s CEO and founder, discusses a range of topics from the firm’s history to its investment philosophy.

    Expert commentary: Capzanine roots out hidden deals

    France is a relationship market, where a combination of ‘what you know’ and ‘who you know’ goes a long way. Laurent Benard of Capzanine explains the key to succeeding in Europe’s second-largest private debt market.

    Expert commentary: Oquendo brings something different

    Alfonso Erhardt of Oquendo Capital explains why, for investors seeking niche strategies and diversification, Spain is worth a closer look.

    Expert commentary: Stellus on unlocking the lower end

    A wealth of opportunities are opening up in the lower mid-market private debt space. Stellus Capital Management’s Josh Davis and Dean D’Angelo share insight on how they are targeting this trend.