European real estate debt: Are the foundations crumbling? Investor enthusiasm appears to be waning as Brexit worries cast a cloud over the sector. Capital allocated to funds with a focus on European real estate debt reached a record level of almost $12 billion in 2017, according to PDI data…. Subscribe to Read MoreAlready a member?
One more bad bit of fundraising news for first-time funds If the slowdown in fundraising continues, more LPs may make their full commitments to their funds of choice, accelerating the trend of fewer firms raising more money. With private debt fundraising tumbling, more investors may be looking to allocate their full commitment… Subscribe to Read
LPs take issue with management fees, not carry A majority of investors have trouble justifying private markets’ fees internally, but a higher carry, lower management fee is likely an easier sell than the reverse. Fees are often the elephant in the room for limited partners and private markets firms…. Subscribe to Read MoreAlready a member?
Distressed debt managers get a distressing signal Fundraising soared in 2017, but it came crashing back to earth last year, and it may not change this year. Despite all the talk of the credit cycle turning, distressed debt fundraising dollars and investors’ portfolio plans aren’t jiving with the hullabaloo…. Subscribe to Read MoreAlready a member?
Alt asset fundraising falls in 2018 thanks to PE and private debt Real estate also fell, continuing a multiyear trend, after hitting a record high four years ago. Fundraising for core alternative asset classes – private equity, private debt, real estate and infrastructure – fell off a cliff from 2017 to 2018, largely driven by…
Investors think PE is too expensive, what about private debt? Making sure investors find the asset class a good place to find value can help it maintain its rapid growth. Private equity has mushroomed post-global financial crisis, but is it too expensive? That may be the prevailing sentiment according to limited partners surveyed by Private…
A taste for adventure Beset by concerns about competition and deal structures, limited partners are tempted to look beyond familiar territory. It’s not all about direct lending any more. As our accompanying chart from Eaton Partners shows,… Subscribe to Read MoreAlready a member? Log in here...
Private debt is expanding despite its competitiveness PDI data show almost twice the number of investors this year are set to expand their GP relationships than decrease them. Many limited partners have already set their private debt investment pacing plan for the year and, pending their fiscal year, may be getting ready to decide another…
The Goldilocks of capital deployment Despite heated discussion around perceived recklessness, most LPs are satisfied with how GPs have managed their capital. Much has been made of the large number of covenant-lite loans, cases of egregious EBITDA addbacks and other such exuberant late-cycle activity…. Subscribe to Read MoreAlready a member? Log in here...
The rise of the few in Europe In 2018, three European mega-funds raised more than one out of every three dollars focused on the region. A dominant theme in recent headlines has been concentrated wealth in the hands of the very few – and I’m not talking about income status. I’m talking about private credit….