Banks hitting concentration limits and syndicating deals, insurance companies coming in as both buyers and lenders, and even rising interest rates all point to a bigger slice of market for non-banks.
NAV structures are now able to suit both borrowers’ goals and investors’ yield targets, but some are worried certain structures go too far, including one that essentially gives borrowers equity at the cost of debt.
Having started life purely as a direct lender, the UK-based fund manager has recently launched several other strategies. John Bakie met with co-founder Symon Drake-Brockman to find out more