Rachel McGovern
The platform’s co-founder has made way for the current chief operating officer.
Working in private debt before anyone knew what private debt was, Oregon-based Aequitas Capital has grown to invest across the capital structure and into a number of specialist sectors, including healthcare and education finance. Now the firm has its sights set on expansion into Europe and the first step is to offer European investors exposure to restructured US consumer debt.
A series of mergers show that the private debt market is moving onto the next step in its development, writes Rachel McGovern.
The US-based alternative lender will make loans to European SMEs via Germany-based Zencap. The firm already has a lending agreement with the UK’s Funding Circle.
The facility was provided in tandem with an equity injection by French private equity firm Omnes Capital and a management buy-out and reorganisation.
For the first time since the PDI 30 was first compiled three years ago, three firms have each reached running totals of more than $30 billion in the industry’s definitive ranking of the largest private debt managers. In aggregate, the top 30 managers have raised $380 billion over the last five years.
Carnage in the global stock markets has some knock-on benefits for more sheltered private debt markets. Or, as the saying goes, one man’s loss is another man’s gain.
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The UK-listed non-performing loan investor and debt claims servicer reported strong results following the incorporation of three acquisitions.
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Alternative lenders Babson Capital, CVC Credit Partners, EQT Credit and Park Square Capital all joined the refinancing and dividend recap facility.
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The real estate lender has structured a renewable £100m mortgage-backed securitisation of its loans.