December 2018/January 2019 Issue

    Month: December
    Year: 2018

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    DOWNLOAD: Goldman leaps to the top of the PDI 50

    The US giant has knocked Lone Star off its perch in a year in which the cumulative capital accounted for by private debt's biggest fundraisers was almost double the 2014 total. Check out our interactive guide to the PDI 50.

    How the PDI 50 is calculated

    What counts - and doesn't count - towards the five-year fundraising total.

    How economies of scale play into Europe’s debt market

    As the PDI 50 reveals, competition at the top has never been tougher. Graeme Delaney-Smith of Alcentra,offers insight into the current state of Europe’s deal market.

    PDI 50: BDCs levelling up

    While the same big players continue to dominate the list of the largest BDCs, new legislation could shake up future rankings.

    PDI 50: the top 10

    This year's crème de la crème of the private debt fundraising world.

    PDI 50: Where the capital comes from

    As more capital floods into private debt than ever before, Christian Allgeier of First Avenue looks at the reasons behind the increase in LP appetite for the asset class and the new areas of investment.

    PDI 50: the cost of consolidation

    The drift of capital towards a small cohort of mega-funds remains a theme for private debt, but at what price?

    PDI 50: the takeaways

    Every year we run the PDI 50 we get a clearer picture of not only who the leading firms are and the key trends in the industry.

    What happens when private equity deals dry up?

    Larger private debt managers have never had it so good, but possible over-reliance on the PE market may leave some regretting their neglect of the non-sponsored opportunity.

    Fees are a focus, even in good times

    Few private market managers provide fee discounts for early and repeat investors, while credit managers often only provide breaks to those making commitments over a certain amount, Andrew Hedlund finds

    Why managers are becoming targets

    Raising money for their funds is always on the mind of private markets managers, but they should not ignore the need to finance their own business growth. John Bakie speaks to a specialist in the field

    Europe’s missing ingredient

    Firms and investors at our annual London event expressed agreement that the non-sponsored deal market has failed to live up to expectations. By Andrew Hedlund

    Why SME lending could be an attractive investment proposition

    With low defaults, tough lending criteria and a diversified portfolio, lending to smaller businesses can prove itself resilient to changes in the cycle, maintains Stéphane Blanchoz of BNP Paribas Asset Management

    How to negotiate good terms in the lower mid-market

    It’s still possible to negotiate decent terms in the lower mid-market, but does that compensate for country and political risks? David Turner seeks to find out

    Why it’s important to get heavy in the German market

    Fund managers attempting to penetrate the Mittelstand need to target asset-heavy businesses to compensate for weaker credit metrics. Daniel Heine of Patrimonium explores the landscape.

    Credit managers factored into Asia’s growth

    As smaller companies in the region face liquidity constraints, non-bank lenders are coming to the fore with financing solutions, writes Adalla Kim

    What trade war?

    Two major policy changes in Washington – the tax reform bill and tariffs on Chinese imports – have been talking points for US private equity this year but are not yet affecting portfolios. By Isobel Markham

    The shifting sands of the BDC market

    The march into CLOs and action against the AFFE rule are developments that Andrew Hedlund believes will change the shape of the BDC market in 2019.

    Why systems need a reboot

    As firms begin to adopt more technology in their investment processes, a lack of integration could hinder LPs rather than help. Rebecca Szkutak reports

    The family office intent on avoiding the ‘greedy’ managers

    While happy with short-duration debt, and now considering longer-duration strategies, Blu Family Office’s Tom Tardif is not impressed with some funds’ low deployment rates.

    Why private debt’s pockets are far from bulging

    A new study shows the asset class’s fund managers have levels of dry powder below the long-term average. Andy Thomson reports