November 2017 Issue

    Month: November
    Year: 2017

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    Ares Management’s transatlantic visions

    Having launched its US and European direct lending platforms in 2004 and 2007, respectively, Ares Management has seen private debt evolve on both sides of the pond. Michael Arougheti, the firm’s president and co-founder, and Kipp deVeer, partner and head of the firm’s credit group, offer their insight.

    Bigger and better: The PDI 50 top five

    With private debt fundraising set for a record-breaking year, the time couldn't be better to expand the PDI 30 to 50.

    Bigger and better: The PDI 50: 6-10

    The biggest firms: Numbers six to 10 in the PDI 50 ranking.

    Trabocco: Don’t assume it’s the last inning

    With lots of end of-cycle talk, the Cambridge Associates senior executive cautions against predicting the next recession.

    Elephants stumble in European mezzanine market

    The turning of the cycle will put Europe’s mezzanine lenders to the test, which means GPs are choosing their target companies carefully, writes David Turner.

    Junior capital is taking US market share from mezz

    As more and more capital pours into global junior capital funds, unitranche and senior lenders are snatching up what might have been mezz loans.

    Navigating the debt fund forecourt

    Manual or automatic? Practical people carrier or flash sports car? Petrol, diesel or hybrid? Are you inclined to go with a manufacturer you know and trust, or are you open minded about the alternatives out there? Where do you stand post-purchase? Can you rely on the car dealer for ongoing service and support? These are […]

    SME lending: Helping small companies walk tall

    “Private debt is growing into its own asset class. Investors are able to assess returns better and there is a bigger range of investor groups with different rationales and approaches now coming to the table. Previously, when defined as either fixed income or as private equity allocators, they had more constraint,” says Dalit Nuttall, a […]

    Erik Falk’s sweet home Chicago

    Former KKR executive Erik Falk’s move to Evanston, Illinois-based Magnetar could mean a new chapter for the hedge fund.

    PDI New York forum: Private credit grows up

    The asset class continues to make inroads with limited partners even as deal documentation deteriorates.

    Termsheet: Are Europeans risking a debt overdose?

    There was no shortage of takers for the debt financing backing the buyout of German drugs firm Stada, despite an aggressive element to the structure.

    Investor spotlight: How to avoid bad habits

    Private debt funds of funds are struggling to gain traction; do alternative models offer the kind of access investors are looking for? John Bohill talks about StepStone’s SMA network.

    The place to park those millions

    High-net-worth investors continue to carve out space for private credit.

    Make no mistake, trouble is in store

    “Remarkable. It was like a bad dream that never happened,” reflected Paul Watters, senior director and head of corporate research at S&P Global Ratings, at a leveraged finance seminar delivered by S&P and Linklaters in London this week. Watters was referring to the troubled sleep that may well have afflicted European leveraged finance professionals at […]