We mentioned last week the SuperReturn North America Virtual conference, where we heard participants on the pandemic’s impact on private credit terms, structures and portfolio performance.

But what about new business? A lot depends on managers’ strategies. Institutional investors had expected a downturn for a while.

Significant capital was raised to take advantage of fall-out from the recession when it came. Declining valuations and operating performance would cause mainline lenders to retreat from financings. Opportunistic funds would then step in….

▶︎ Read Sept 21 2020 newsletter: here

▶︎ Chart of the Week: here (by Refinitiv LPC)