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Uncorrelated returns: The holy grail

Frank Barbarino, senior investment officer at the Office of New York City Comptroller, offers insight on his organisation’s private debt strategy in conversation with PDI.

GFC: “The fear was palpable”

In his own words, he was at the epicenter of the financial crisis. Waymond Harris, director of investments at Blue Cross Blue Shield of Michigan, reflects on what happened then – and why the next crisis will not be like the last one.

Can you rely on a termsheet?

Lenders may be left compromised when a deal termsheet does not make clear how much control sponsors have over the transfer of payments. Experienced lawyer Stephen Mostyn-Williams of Debt Explained highlights one alarming example.

Alaska PFC: Ahead of the curve

Alaska Permanent Fund Corporation - a state-run investment vehicle that distributes dividends to all eligible residents - started investing in private credit before the financial crisis, and sees no reason to pull back now.

Mondoux: Complacency ‘not dissimilar’ to 2006/07

Josée Mondoux of Canada’s CMPA is worried by aspects of manager behavior today but takes comfort from debt managers’ more conservative approach.

StepStone: How to avoid bad habits

Private debt funds of funds are struggling to gain traction; do alternative models offer the kind of access investors are looking for? John Bohill talks about StepStone’s SMA network.

PDI 50: North America dominant but declining

With Lone Star, Apollo and Oaktree among the leading lights, North America accounts for much of the PDI 50 - but funds from elsewhere are growing in influence.

Q3 fundraising: Fewer closes, slower pace

The latest data show a declining number of fund closes and protracted fundraising timetables.

Crestline clears $1.25bn target for Fund III

The capital will go toward both performing and distressed credit. 

Glendon hits hard-cap on second fund

The new $2.5bn vehicle has the same delayed drawdown provision as Fund I.