Private Credit

The Tyranny of Dry Powder

A recent note from our good friend at Bloomberg, Kelsey Butler, pointed to a study in Astrobiology highlighting 24 planets that could sustain life. Criteria for “superhabitability” include home stars younger than the Sun, Earth-like masses, and atmospheres with warmth and moisture greater than Earth. All these planets are over 100 light years away –

Private Credit – Better than Ever (Last of a Series)

“If you liked private credit before, you’ll really like it now.” – Managing director of a private debt investment firm. As we wrap up our special series on the “new” private credit, let’s look at factors influencing both quantity and quality of deal flow next year. First, the economy. Recent employment numbers point to a

Private Credit – Better than Ever (Fifth of a Series)

Will investor worries about a recession’s impact on private credit come true? We asked this question at the end of last week’s installment in our special series on the “new” post-COVID private credit. With all the distractions related to the side-effects of the coronavirus on the economy and our daily lives, it’s a challenge to

Private Credit – Better than Ever (Fourth of a Series)

We mentioned last week our turn at the SuperReturn North America Virtual conference. There we heard participants weigh in on various aspects of the pandemic on private credit, including impact on terms, structures and portfolio performance. But what about new business? A lot depends on managers’ strategies. Over the past five years, institutional investors have

Private Credit – Better than Ever (Third of a Series)

A private credit practitioner would have found no better place to spend this week than at the SuperReturn North America Virtual conference. Your correspondent was honored to chair day one, moderate two lender panels and participate in a third. Our role also gave us a front row seat to hear GPs and LPs describe at

Private Credit – Better than Ever (Second of a Series)

“October. This is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August, and February.” Mark Twain’s famous dictum on investing came to mind as we watched recent choppiness in public markets. With the waning weeks of summer passing and an uncertain

Private Credit – Better than Ever (First of a Series)

Over the past five months, we’ve dedicated this space to examining the impact of COVID-19 on the economy and the markets. We’ve also spent time interviewing top private equity and investment banking partners on the state of deal making in the U.S. What has gotten largely lost in other media reporting on the capital markets