distressed & special situations

From how distressed should be a ‘grind-it-out’ strategy, to making sure GPs are ‘cycle-proofing’ their documents, this is what participants were talking about.

The firm’s publicly traded and private BDCs will get new co-presidents as the current one leaves but will remain president of the BDCs’ advisor.

PDI sought the opinions of the market on private debt’s finest operational, turnaround and restructuring experts. Here we present a selection of individuals viewed with respect by their peers.

A plethora of smaller managers have entered the direct lending space without the resources to focus on workouts and restructuring in times of trouble. Andy Thomson explores how much of a problem this may present

Observers say Europe’s secondaries market, eclipsed for so many years by the boom in direct lending, is starting to show early and patchy signs of an upturn, writes David Turner.

With a thirst for diversification and yield, private investors are eyeing the likes of CLOs and special situations. Claire Madden of Connection Capital says fund managers should be alive to this trend.

The firm returned a gross of almost 9% on performing credit in the previous 12 months, but posted a loss of more than 9% in distressed debt over the same timeframe.

The Massachusetts pension fund is making an unstated commitment to a diversified property-type fund and a $60m private debt commitment to a European direct lending, niche lending or distressed debt fund.

The vehicle, which is expected to be on the road slightly more than six months, offers a tiered fee structure allowing LPs that commit by year end to get the lowest charges.

GSO co-founder Bennett Goodman and head of special situations investing Jason New will be leaving at the end of the year.