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Although private debt capital raising continued to decline last year, investors are far from abandoning the asset class.
Unable to force deal sponsors to the table in times of stress, lenders find themselves effectively handcuffed. No wonder the covenant-lite loan remains one of the asset class’s big talking points.
PDI’s private debt prognosticators take a crack at predicting several of the big themes that will be front of mind next year.
Private debt
The credit fund secondaries market could be huge. The question is ‘when?’
Market sources tell us of some aggressive practices being undertaken by lenders at the smaller end of the market.
Talk of how to respond to a downturn was on the agenda at our recent London event, amid scepticism that fund managers were sufficiently well prepared.
Relative to its peers in private equity and other asset classes, private debt is behind the curve on ESG. It is catching up, but with various approaches and motivations.
The relentless march of alternative lenders is being challenged by an old foe that appears newly invigorated.
When Japanese and Korean investors tell GPs to invest resources in their respective countries, those managers should listen.
A growing number of women are entering the industry, but the co-founder of GLAS Mia Drennan warns there is still a long way to go.

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