Media

A Loan for All Seasons (Last of a Series)

Both veterans and newcomers to the asset class are familiar with the basics of private debt benefits. Thanks to its premium yield over liquid credit and consistent returns across economic, rate, and market cycles, investors have moved briskly into non-traded credit since the GFC… ▶︎ Read July 3 2023 newsletter: here ▶︎ Chart of the […]

A Loan for All Seasons (Third of a Series)

Everywhere you look these days industry rags are filled with talk about looming loan defaults. For anyone who’s been a practitioner or observer of the debt capital markets for more than a couple years, the above headlines are familiar ones. They could have been yesterday’s news… ▶︎ Read June 26 2023 newsletter: here ▶︎ Chart […]

A Loan for All Seasons (Second of a Series)

A frequent question from investors and others is, “When is a good time to invest in private credit?” What they mean is, “Is now a good time to invest in private credit?” Readers of this column know one of our consistent themes is private credit is not a timing thing… ▶︎ Read June 19 2023 […]

A Loan for All Seasons (First of a Series)

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 […]

Letter from Switzerland

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 […]

Letter from Seoul (Second of Two Parts)

“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 […]

Letter from Seoul (First of Two Parts)

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) […]

Letter from Down Under (Second of Two Parts)

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, […]

Letter from Down Under (First of Two Parts)

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 ▶︎ […]

Private Market Valuation Myths Dispelled (Final Chapter)

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 […]