Home Opinion

opinion

If the cap fits, wear it: The addback fightback

The EBITDA addback has become one of the most controversial aspects of deal documentation. Research shows lenders are resisting the most extreme examples.

Why avoiding risk is a risky business

Investors seeking refuge from the wild swings of the stock market may find that diversification brings unexpected challenges.
pile of rolled dollar note bundles

Blackstone’s investment in BC Partners is about more than hard capital

The London-based private equity firm picked the New York giant as a minority shareholder also for the soft benefits that brings.

Debt funds are picking a bigger fight – and this time, they’re winning

Credit managers are now making offers for almost multibillion-dollar loans. But as private credit heads into uncharted waters, the asset class's next big challenge could come from the very force that catalysed its growth.

The universe keeps expanding

Private debt funds’ share of buyout market financing has continued to climb, although they are likely to hit the ceiling eventually.

GP powerhouses hold all the cards on fees

Fees have broadly stayed constant. But when it comes to fund economics, there is still a danger of LPs being dealt a weaker hand at the negotiating table.

Europe ventures into the unknown

The continent looks set to follow in the footsteps of the US as venture lending gathers steam, but challenges lie in wait.

Goodbye LIBOR, hello uncertainty

LIBOR has underpinned financial products for decades. But it could be phased out in less than three years, with huge implications for private debt lenders.
Arrows

Distressed: Is it worth the wait?

Timing, fees and manager differentiation are among the key issues for limited partners prepared to take a punt on GPs that thrive on turmoil.

Five reasons why diversity can create value in private debt

Putting diversity at the heart of recruitment when building an asset management business can have many benefits, asserts banking and investment professional Gabriella Kindert.
pdi
pdi

Copyright PEI Media

Not for publication, email or dissemination