LPs going on the defensive
Senior debt continues to be popular even as many investors have fleshed out their private credit exposure via their handful of favourite direct lenders.
The proportion of senior debt capital raised in the first six months of 2018 hit a four-year high, according to PDI data, signifying a greater willingness from limited partners to position themselves for downturn.
Through the first half of the year, senior debt comprised 30 percent of the total capital raised, up from 23 percent at the same time last year, 28 percent in 2016 and 26 percent in 2015.