When we began our career in the middle market four decades ago, we could not have anticipated its transformation to private debt, the hottest asset class in capital markets. Back then being a lowly vice-president dedicated to smaller… ▶︎ Read June 12 2023 newsletter: here ▶︎ Chart of the Week: here (by Bloomberg L.P., 31 […]
We conclude our current private debt world tour with stops last week in Geneva and Zurich.As was the case with our previous visits in various overseas capitals, investors shared similar concerns about the world of volatile… ▶︎ Read June 5 2023 newsletter: here ▶︎ Chart of the Week: here (by Trading Economics) (Any “forward-looking” information […]
“Private credit is the only bright spot in asset allocation right now.” The themes around private credit of consistent returns, valuation stability and low-risk portfolios were repeatedly underlined in the twenty or so meetings we had with investors in our weeklong trip around Seoul, South Korea… ▶︎ Read May 29 2023 newsletter: here ▶︎ Chart […]
Our APAC tour continued last week with a stop in Seoul, South Korea. There our investors, partners, associates, and friends were eager to hear our message on markets and how private credit fits into the current climate… ▶︎ Read May 22 2023 newsletter: here ▶︎ Chart of the Week: here (by Bloomberg, The Daily Shot) […]
In our various overseas meetings over the past six months with institutional investors in the Middle East, Japan, UK, Germany, Belgium, Switzerland, Singapore and, most recently, Australia, consistent themes arise… ▶︎ Read May 15 2023 newsletter: here ▶︎ Chart of the Week: here (by Investment Magazine) (Any “forward-looking” information may include, among other things, projections, […]
In our continuing series on global private credit, we next cover the history and outlook for the asset class in Australia. In a visit to Melbourne and Sydney last week, we met with a number of clients and firms with exposure, appetite, or interest in private debt… ▶︎ Read May 8 2023 newsletter: here ▶︎ […]
We conclude our special series on private market valuation myths with: Myth 3: Leveraged capital structures lead to conflicts of interest amongst private equity sponsors and lenders that can create negative outcomes and lower valuations… ▶︎ Read May 1 2023 newsletter: here ▶︎ Chart of the Week: here (by Lincoln Proprietary Database) (Any “forward-looking” information […]
We began our special series by dispelling the notion that privates should mimic publics. This week we tackle: Myth 2: Private equity valuation processes lack objectivity and transparency, which inflates values compared to public counterparts… ▶︎ Read Apr 24 2023 newsletter: here ▶︎ Chart of the Week: here (by Lincoln International) (Any “forward-looking” information may […]
In our special series last month on why private debt valuations should not be viewed through the same lens as those of public debt (“Glasses Half-Full”), we dug into the various characteristics of illiquid loans that make them particularly attractive in the current market… ▶︎ Read Apr 17 2023 newsletter: here ▶︎ Chart of the […]
Besides private credit, there’s growing volume in Singapore around private equity, real estate, and even venture capital. And investors there are researching specialty finance areas such as royalty financings, asset-backed, aviation, and legal settlement… ▶︎ Read Apr 10 2023 newsletter: here ▶︎ Chart of the Week: here (by IMF World Economic Outlook and IMF staff […]