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LPs and bankers had some advice for GPs on competitive differentiators, workout processes and predictions of private debt performance.
Unitranche has dominated the continent’s private debt markets in recent years. But, as David Turner reports, mezzanine’s advocates say that it offers better prospects.
Howard Marks
Market participants are not thinking bullish but they’re still feeling pressure to act bullish, the Oaktree Capital co-chairman told the PDI New York Forum.
A record $6.4bn was raised by overseas’ investors for private credit in the country in H1 2019, according to a report by the consultant.
The strategy brings investors reduced fees and managers can write large cheques. Industry practitioners from The Carlyle Group, Cambridge Associates and Kennedy Lewis Investment Management say these are only a few of the upshots.
A worsening economic environment means private debt providers will need to be ready to take control of their portfolio companies.
The narrative of low interest rates, which played a role in the rise of alternative assets, could be here to stay.
In a world where financial investors are hungry for GP minority stakes, why would a firm pursue a public listing?
Clock with no hands time timeless
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.

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