“Manager performance is the beta of private credit. The alpha is client support. Transparency and timeliness of information is critical, especially at the outset.” – Australian investor.
As the Australian market has matured, it has geared a variety of private credit products to different investor types. These embrace institutions, family offices, high-net-worth, and ultra-high-net-worth individuals. And as the asset class has become more sophisticated globally, investment structures were developed to meet the diverse needs and requirements of LPs.
In that regard, private credit users find a menu of options available for liquidity (evergreen or closed-end), fees (flat or performance-based), fund size (SMAs vs. commingled), and diversity of capital (credit vs. equity). Any manager worth their salt must be equipped with all these to offer...
“There is real pressure across the globe to sell Treasuries and corporate bonds if you are a foreign holder.” – Peter Tchir, head of US macro strategy, Academy Securities. (FT)
Featuring Charts
Chart of the Week: Middle Market Breakdown
Despite other views, the middle market has three parts, each with their own features. Source: Churchill Asset Management
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Chart of the Week: Comfort Zone
Australian credit spreads showing signs of bottoming out. Source: The Daily Shot, Topdown Charts, LSEG
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Chart of the Week: Seven Year Switch
Private wealth investors expected to triple allocation to alternatives by 2032. Source: Bain & Company, GlobalData, Preqin, iCapital
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Chart of the Week: Reverse Gear
After seven straight weeks of cash in-flows, high-yield funds showed out-flows. Source: Morningstar/PitchBook
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Chart of the Week: The Shortest Month
After peaking last fall, leveraged loan returns dropped sharply in February. Source: PitchBook
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Chart of the Week: Liquids Lag
Return performance of broadly syndicated loans consistently lags private credit. Source: Hamilton Lane, Bloomberg, The Daily Shot.
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Bloomberg: Leveraged Lending Insights – 4/14/2025
Launch Drought Extends to 14 Days, Setting Bleak New Record Click here to access Bloomberg’s US Leveraged Finance Chartbook Wednesday, April 16th was the 14th business day running without a leveraged loan launch, marking the longest such primary issuance draught since Bloomberg began tracking the data in 2013…. Subscribe to Read MoreAlready a member? Log
Middle Market & Private Credit – 4/14/2025
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PDI Picks – 4/14/2025
Distress takes the fundraising limelight Q1 2025 saw a reversal in fortunes, with direct lending making a slow start to the year. In recent years it’s almost felt as if direct lending has been the only game in town. Whenever Private Debt Investor collects global fundraising data, we always break it down by target strategy….
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