Justin Slaughter
The sun is shining on private equity, and private debt is largely to thank. With debt financing from funds and banks readily available, Alistair Hay of Cavendish asks whether PE has ever had it so good and how can these funding solutions co-exist?
Some of private debt’s largest players have found a way to offer retail investors limited liquidity through a traditionally illiquid credit platform.
The asset portfolio is roughly six-and-a-half times smaller than its 2% target.
.jpg?id=19327369803 "KKR’s public REIT closes $224m in loans")
The REIT has completed six loans totalling $690m since its IPO in May.
.jpg?id=19327353638 "PineBridge adds direct lending team")
The platform brings in first and second lien loans and unitranche to existing $28.5bn credit portfolio.
The credit strategy will support financings from private equity funds Gryphon 3.5 and Gryphon IV.
The loan comes two months after the firm’s largest unitranche deal to-date, a $675m loan to PetVet Care Centers.
Jack Le Roy joined the firm as it markets its first $750m credit fund.
The CLO activity this year comes as John DiRocco joins the debt manager as COO.
Under the previous arrangement, Apollo split the fees CION earned.