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Fundraising may have slowed, but US private debt still looks resilient.
The German market is branching out from unitranche to other types of financing, as well as seeing innovations in documentation, write Thomas Weitkamp, Rainer Adlhart and Anna-Maria Kuckerz of Latham & Watkins
Seen by some as a sign of trouble but by others as a practical way of helping firms through a rate-rise environment, payment in kind has returned to centre stage.
After a year-and-a-half of deliberations, the SEC has approved new regulations for private funds, but the end result is seen as less harsh than the original proposal.
Generally behind the curve on ESG, attempts to harmonise disclosure in private debt are beginning to gain momentum.
Investors remain underallocated to private credit despite growing average allocations to the asset class.
In the face of growing cost pressures, there are few signs that private debt borrowers are experiencing widespread distress.
An expanding pool of Japanese investors have conviction in high-risk distress – a significant development for the country’s LP base.

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