June 2018 Issue

    The multi-speed approach to beating the cycle

    Rather than piling into distressed strategies based on a hunch about the cycle turning, LPs may be better off diversifying by type of manager.

    Jumping into the pool

    UK local government pension funds are starting to pool their assets as part of an ambitious consolidation project, but a selection of London managers have clubbed together to advance their more sophisticated plans for private debt. John Bakie reports

    Building deeper foundations

    In the years after the financial crisis, real estate debt funds stepped in to plug gaps left by the banks. But as banks have continued to retreat, private funds have extended their reach. John Bakie reports

    Late stage, but few red flags

    The benign credit cycle appears to have almost run its course, but there are few signs of structural concerns. Martin Wheeler and David Mortimer of ICG Longbow examine some of the market’s key characteristics.

    Looking for top gear

    The banks are fighting back in Italy, but favourable regulation and opportunities to lend to companies with intangible assets means debt funds are seeing more business than ever. Claire Coe Smith reports

    Staying positive when it comes to the crunch

    Marketplace, or P2P, platforms claim to do well when conditions toughen. But there are concerns over expansion into new markets and a lack of skin in the game, finds David Turner

    Birth of a new movement

    Lending platforms are now attracting institutional backing as investors that have had their fill of the mid-market increasingly move into the SME space. Sachin Patel of Funding Circle explains the trend.

    Spreads ‘almost the tightest they’ve ever been’

    Brian Olvany is head of private debt at Zurich Insurance Group. The investment management function within the insurer manages approximately $200bn in assets of which over $8bn is targeted at private debt assets. We catch up with him to get his take on private debt markets today.