February 2019 issue

    Month: February
    Year: 2019

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    Walking a fine sub-line

    The use of subscription line financing by private debt managers has been an area of controversy, but market experts say its rise is inexorable.

    A coming of age story

    Stephen McKenna, co-head, private debt and capital markets at SANNE, digests some of the biggest developments in 2018 for a maturing private debt industry and what they might mean for the fund services sector in 2019.

    How to keep ahead of the game

    As we near the end of the current cycle, the maturing private debt industry hits a crucial stage in its evolution. Cesar Estrada, State Street’s head of product management for private equity and real assets fund services, explains how fund services will play a part.

    The false economy of cybersecurity complacency

    Increased scrutiny has made cybersecurity more important than ever for fund managers, but vital steps to avoid disaster need not be costly or complex.

    DOWNLOAD: 5 trends in fund services

    From sub-line financing to cybersecurity, there are shifting landscapes that private debt managers will need to be on top of.

    Why it might be time to stem the direct lending flow

    More than one-third of investors participating in a PDI LP poll said they plan to increase their allocation to direct lending. They should tread carefully.

    Deal structuring hits confidence

    In our annual survey of LPs, investors in private debt expressed more scepticism in deal structuring than investors in other alternative asset classes.

    Fighting for talent and technology

    Sister title PEI noted some of the key talking points and takeaways from the largest gathering of private equity operations professionals.

    Private debt’s Seoul searching

    Building a good rapport with Korean investors takes time, but the effort may well pay off. Andrew Hedlund reports

    What to do amid ’signs of stress’

    Company weaknesses are beginning to be exposed in Europe, so how private debt managers position themselves to take advantage is crucial. PDI discusses key market themes with three senior partners from EQT Credit.

    Perils of a private equity bias

    Private equity has been crucial to the evolution of private debt as an asset class, but have the two industries become too friendly? John Bakie explores

    How private debt won the sponsor vote

    The number and size of private debt funds in Europe have grown exponentially over the last few years, with sponsor-led deals often at the heart of many firms’ strategies. But how do private equity firms view private debt funds nowadays? Vicky Meek finds out

    Faring well in a choppy market

    Wall Street may face a tricky 2019 but direct lenders should still find dealfow opportunities from all the uninvested money sitting in buyout funds. By Andrew Hedlund

    2018 in review: The dash for deployment

    With so much capital raised in 2017, deploying it wisely and avoiding bad terms has become a major focus for managers in the past year.

    2018 in review: Big funds split the market

    Despite lower headline numbers, 2018 was a strong fundraising year, with investors increasingly moving towards the biggest funds.

    Political and market volatility to dominate 2019

    Political and economic concerns will be on investors minds in 2019, but market conditions could begin to favour lenders.

    Refinitiv’s Fran Beyers: ‘Lenders do not have great visibility’ as 2019 approaches

    While 2018 was a solid year for private debt managers, the year is ending on a rockier note than it started, leaving question marks in 2019 for credit shops surrounding their portfolios.

    Why big funds face big challenges

    Large private debt houses with established brand names have continued to experience fundraising success, but that doesn’t mean there aren’t difficulties ahead, writes John Bakie