July / August 2017 Issue

    Month: July
    Year: 2017

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    Non-performing loans: Green shoots defy the gloom

    The benign credit cycle should be coming to an end and distressed fundraising on the up. But abnormal circumstances mean there is little evidence of either.

    Finding the right strategy for non-performing loans

    Firms in the non-performing loan space don’t always have to take ownership of the assets they’re exposing themselves to.

    Why debt fund managers are seeing fees slip away

    Changing economics means fees and carry are coming under pressure.

    Expert comment: TH Real Estate on the new 'superfood'

    With challenges facing many asset classes, stability and income generation are among the factors why commercial real estate debt is generating interest. Jack Gay of TH Real Estate explores the sector in depth.

    What Cain Hoy looks for in a real estate sponsor

    The firm recently provided financing for two significant property developments in London. Here, director Matteo Milan explains what makes a good financing deal.

    Oaktree fills in last piece of the puzzle

    Oaktree Capital Management may be taking a risk launching its debut senior debt fund into a competitive marketplace, but its private sponsor clients have been clamouring for the firm to invest at the top of the capital structure.

    PABF selling down low-returning private equity

    The Policemen’s Annuity and Benefit Fund of Chicago is being pushed towards private debt, says Aoifinn Devitt, its chief investment officer.

    What's impacting real estate debt investment?

    Four sectors are put under the microscope to assess the market in volatile times

    Securities backed against NPLs are yet to convince investors

    Despite regulators' efforts, there is a long way to go before structured credit shakes off its stigma.

    TorreyCove on what subscription credit lines look like in practice

    The private equity advisory firm models out the use of subscription credit lines, which can boost IRRs and dampen money multiples.

    Hedging against big currency swings to gain an advantage

    Amid growing competition, the ability of debt funds to manage foreign exchange risks has assumed greater importance.

    Subscription lines of credit are 'widespread'

    Jeff Johnston and Mike Mascia of the Fund Finance Association explain why subscription-line facilities are on the rise.

    Park Square's Howard Sharp on unitranche's growth in Europe

    Unitranche deals have grown rapidly in Europe and some are now hitting the €1bn mark, says the London-based firm's partner and head of mid-market direct lending.