Deep Dive

Closed-ended vehicles put fundraising pressure on managers and commitment pressure on investors, which is why many are eschewing traditional approaches in favour of more flexible, longer-term strategies.

Benign market conditions in recent years have hurt distressed debt performance figures. Should investors ditch the strategy or are the right market conditions just around the corner?

The EBITDA addback is one of the most worrying aspects of loan documentation. Market professionals detail how prevalent and potentially damaging it has become.