April 2018 issue

Francoise Devenoges is a portfolio manager at Man GLG, the discretionary investment management business of Man Group, where she is responsible for co-managing and developing the European CLO platform. She discusses her views on the state of Europe’s CLO market

With fund managers citing loose deal structures – while pointing the finger elsewhere – what steps can LPs take to confidently assess the winners and losers? Raelan Lambert of Pavilion Alternatives Group provides some key tips

A recent survey finds LPs bullish about private debt’s ability to fend off banking competition and the effects of interest-rate rises. Paul Lawrence of Intertrust reports

If the global narrative is bank retrenchment advancing the cause of private debt, nobody told Canada, reports Andrew Hedlund

The sponsorless market is growing, but demands a level of engagement with borrowers that has traditionally been the preserve of private equity sponsors. Jon Herbert of Beechbrook Capital explores the opportunities and challenges

As investor appetite for securitisation grows, commercial real estate CLOs – rarely seen since the Crisis – are back in fashion. Irwin Speizer explores the implications

Infrastructure debt has become a popular choice among less risky alternative assets as more incentives are offered for qualified offshore financing. Adalla Kim reports

Most parts of the UK private debt market have not yet been badly hit by Brexit, but caution about its prospects may encourage the creation of more rounded portfolios. By Andy Thomson

The infrastructure debt fund market has grown significantly since the Crisis, but where are players finding opportunity? Vicky Meek investigates

At a late stage in the credit cycle, LPs have a choice of playing it safe or taking on board extra risk in the hope of higher returns. David Turner explores the different approaches

Distressed debt investing is flavour of the month, but requires deep sourcing and operational expertise. Does everyone have that, Andy Thomson asks

In many parts of the UK private debt market Brexit negotiations are causing little alarm, but there is scant focus on where the biggest problem lies.

Certior Capital, the Helsinki-based investor, is a leading backer of first-time funds.

Panellists at our fifth anniversary celebration advised not to expect a loosening of regulation to unleash fierce competition from the banks. Andy Thomson reports

Since commodity markets tanked in 2014, some oil and gas exploration and production companies are faring better, but some still have debt-burdened balance sheets.

If a dozen private equity firms are vying for a given widget maker in an auction process, chances are there are a dozen different opinions about what an optimal capital structure and financing package might look like. Given that backdrop, direct lenders have a better shot at winning deals with a suite of debt products, says Twin Brook Capital Partners partner Rich Christensen

Investor allocations are shifting towards senior debt as a strategic risk management tool. But LPs could be getting more risk than they bargained for, finds John Bakie