Media

Three Myths of Private Market Valuations

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 […]

APAC's Private Credit Market

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 […]

Asia's Private Markets: Challenges and Opportunities in Private Credit

In our second visit to Asia this month, we again found both variety and vitality of interest among managers and investors in private markets. Two stellar industry conferences in Singapore, the PDI’s APAC Forum and Asian Private Banker’s Alternatives in Focus… ▶︎ Read Apr 3 2023 newsletter: here ▶︎ Chart of the Week: here (by […]

Glasses Half Full (Last of a Series)

In conversations with dozens of institutional investors over the past several months, consistent themes recur. First, there’s the sense of continually being bombarded by unexpected bad news rocking markets… ▶︎ Read Mar 27 2023 newsletter: here ▶︎ Chart of the Week: here (by Lincoln Proprietary Database (Interest Coverage Ratio = Ebitda – Capex/Actual LTM Interest)) […]

Banks and Private Credit

As we continue our series examining the effects of interest rates and a potential recession on private credit, we now need to add bank failures. Economic and market indicators – Treasury spreads, the forward curve, asset prices, to name a few… ▶︎ Read Mar 20 2023 newsletter: here ▶︎ Chart of the Week: here (by […]

Banking in the Spotlight

The collapse of Silicon Valley Bank and Signature Bank gave flashbacks to those of us who lived through the financial crisis. It also raised concerns about the underlying health of bank balance sheets overall… ▶︎ Read Mar 13 2023 newsletter: here ▶︎ Chart of the Week: here (by The Daily Shot) (Any “forward-looking” information may […]

Market Glasses Half Full

Our friends at Lincoln International produce a superb report on private market insights from their valuations and opinions group. Derived from their database of hundreds of borrowers from portfolio valuations, it provides helpful guidance… ▶︎ Read Mar 6 2023 newsletter: here ▶︎ Chart of the Week: here (by Lincoln Proprietary Database) (Any “forward-looking” information may […]

Private Credit in Japan

This past week we visited our clients and friends in Tokyo. The last time we did, three months before Covid, Japan’s GDP had ended modestly down 0.2%. During 2020 it plunged 4.3%; about twice as sluggish as the US… ▶︎ Read Feb 27 2023 newsletter: here ▶︎ Chart of the Week: here (by The Daily […]

Broadly Syndicated Loans: Warming Up

Our family winter break in Turks and Caicos last week was highlighted by two discoveries. First, neither of our daughters are particularly interested in water activities. And second, their all-inclusive meal mainstays, despite a world of delicacies, were chicken nuggets and cotton candy… ▶︎ Read Feb 20 2023 newsletter: here ▶︎ Chart of the Week: […]

Welcome to the Numerator Effect

Over the past twelve months, as Fed rate hikes have taken hold, much attention has been paid to the denominator effect. This is the impact on investors’ portfolios as liquid asset prices have fallen, creating larger-than-anticipated allocations in alternatives…. ▶︎ Read Feb 13 2023 newsletter: here ▶︎ Chart of the Week: here (by Nuveen, Bloomberg, […]