Andrew Hedlund
A US regulation aimed at providing investors greater clarity has resulted in a less engaged BDC shareholder base. Moves to spark change are afoot.
New areas of expansion could include real estate debt or infrastructure debt.
A benign economy won't last forever, with high leverage and rising interest rates meaning that the cracks are already appearing. PDI caught up with Avenue Capital's Marc Lasry in this three-minute video.
The New York-based firm targets an array of properties for the strategy and has raised almost $1bn.
The firm is seeking $800m for the investment vehicle, which will deploy $40m-$75m per transaction.
PDI dishes out key takeaways from day two of its London conference, from differing regional approaches to club deals to appetite for growth debt.
Investors from the two regions have different approaches to private credit investing, including how they look at co-investments.
A dedicated fund will invest in companies that have outgrown the market served by venture lenders and companies that may hope to avoid dilution by other equity investors.
The firm had been planning to raise up to $100m from the offering, which would have seen the BDC listed on the New York Stock Exchange, to pay off debt and fund investment activities.
The firm’s performing credit strategies have returned 9.4% for the last 12 months, significantly outperforming its distressed strategies, which have returned 4% over the same period.