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It may look like a safe bet, but doing well from the strategy depends on manager and asset selection more than the seniority of the loan. Robin Doumar of Park Square Capital shares his thoughts on the market.
Investors are finding the top of the capital structure a good place to be, but they should not assume it is a part of the market where you only find plain vanilla approaches.
The fund invests in first lien loans for European small and mid-market companies.
The target for the European fund has been exceeded, as Ares’ gross fundraising surpasses $40bn and net income more than doubles.
The deal will see institutional investor capital deployed alongside HSBC’s mid-market loans.
The second close of Allianz’s European debt vehicle brings it closer to its €400m target.
The inaugural Senior Loan Fund doubled its initial target of $1.5bn, and will focus on sponsor-backed companies in the US and Canada.
The fund is seeking €2.5bn for a more conservative direct lending strategy.
International currencies
M&G Investments’ origination team has grown its portfolio from zero to nearly $500m in the region, focusing on consumers and trading companies.
The firm hopes to expand its UK footprint as other lenders remain overinvested in the country.
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