junior debt

As BDCs dive down into the capital structure and into sectors facing tough times, recovery rates could be significantly lower than during previous downturns. Andrew Hedlund investigates

The firm’s publicly traded and private BDCs will get new co-presidents as the current one leaves but will remain president of the BDCs’ advisor.

The Tunis and London-based firm is aiming for a first close in Q1 2020 as it targets an SME funding gap in the region.

In the US, unitranche loans have given the senior-junior debt capital structure a run for its money in recent years, but mezzanine lenders are still finding deals.

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.

The hire will assist ICG in deploying its latest multi-billion-euro fund across the DACH region.

The alternatives giant is in market with its latest direct lending vehicle focused on Europe, where executives said the firm has seen increased investor interest due to negative-yielding debt.

Public Officials Benefit Association is targeting a net IRR of more than 10 percent, with a five percent-plus dividend return, for the mandate.

Organisation finds emerging market strategies to have lower leverage levels and higher targeted returns than those aimed at established jurisdictions.

The credit manager collected $852m for its predecessor vehicle, which began investing in 2014.