Fund Management

With globalisation in retreat, the implications for private investment are complex. In areas like manufacturing, the push is toward reshoring of portfolio company operations. In risk management, many investors see diversifying their global exposure as key.

Talk has been growing louder about capital migrating away from the US and the rise of private credit secondaries. Evidence for both has emerged in our latest research.

As the $87bn California pension approves change to remove a cap on manager names in the portfolio, CIO Jonathan Grabel says the system doesn’t have unique concern about credit market.

With GP-led deals taking centre stage amid a subdued M&A market and LP thirst for liquidity, private credit secondaries have a big role to play in the asset class’s future. By Daniel Roddick of Ely Place Partners.

Staff of the $60bn Arizona State Retirement System, a long-time private credit investor, are still mostly optimistic about the asset class amid a push to diversify the programme.

Why the ‘good’ vs ‘bad’ PIK debate is also about junior capital vs senior debt.

NorthStar’s Al Tylis will become CEO of the venture, which will focus on both debt and hybrid capital investment opportunities.

It is more in credit GPs’ interests to actively pursue liquidity than remain passive with tail-end portfolios.

Australia’s largest superfund enjoys the diversity and risk-return opportunities provided by private credit – and still works with managers in the asset class despite building out direct investing teams in infrastructure and property.

The Australian Securities and Investments Commission had greater concern around funds that target retail or high-net-worth investors, with institutional-grade products considered more sound.