Europe’s pros and cons Private Debt Investor’s Europe Summit 2023 in London last week reflected on the state of play in the region. Here are five key observations. 1. Increasing moves by private credit firms into net asset value-based financing are in keeping with the growing recognition that private credit is the natural supporter of…

Subordinated debt bucks fundraising trend The strategy appears to be claiming market share as fundraising shows signs of coming under pressure. Largely as a result of the denominator effect, but also due to investors taking stock of a challenging economic and geopolitical situation, it was always feared that 2023 might turn out to be a…

Lenders must rise to the ESG challenge From being seen as non-participants, debt providers are these days seen as having a crucial role to play in driving responsible borrower behaviour. Long gone are the days when lenders were considered backseat drivers, with little to add to the debate on how borrowers should be engaging with…

Appetite grows Our LP Perspectives study found record numbers of LPs are committing capital to secondaries funds in private debt. Private credit secondaries are coming of age in 2023, with more limited partners planning to commit capital to secondaries funds in private debt than ever before, and more planning to buy and sell stakes in…

The return of distressed debt Special situations are emerging as a key fund focus in the 2023 mid-market, as managers respond to growing signs of distress driven by macroeconomic conditions. Interviewed for our PDI Mid-Market Lending Report 2023, Ed Testerman, a partner at New York-based fund manager King Street Capital Management, told us there are…

Direct lending on the rise in Asia-Pacific The strategy is outshining distressed debt in the region, but fundraising for all types of private debt may be more challenging over the next year. Last week saw the Fairmont Singapore play host to our 2023 APAC Forum, with a record number of delegates keen to discuss the…

US pensions dig deep We present some of the key findings from our Investor Report for 2022. US-based public pensions were among the largest allocators to private debt during 2022, though their publicly available data made it much easier to find commitment data for these institutions, making up 13 of the top 15 LPs in…

Reflections on distress Looking back on capital accumulation in recent years, investor anticipation of distressed debt opportunities grew – sometimes without reason. With distress a major talking point again, here are a few observations from a glance at our fundraising data: Waiting for the wave: Much of the recent history of distressed debt fundraising has…

An ESG journey still in its infancy Private debt and ESG don’t have a long history together, but there are signs of much-needed progress being made. Long gone are the days when lenders were commonly described as the back-seat drivers in private equity-sponsored transactions. While equity financiers market themselves on their ability to bring operational…

Few signs of waning appetite While economic pressures grab the headlines, private debt is forging ahead with investor support apparently remaining solid. There may be over-allocation issues for some investors but there are few signs that current macroeconomic pressures are translating into waning appetite for private debt…. Subscribe to Read MoreAlready a member? Log in