Sam Sutton
The senior loan fund will reach $2.2bn in size, including leverage.
Ares Management shares priced at $19 on Friday, well off the $21-$23 range the firm had projected.
The hybrid loan product possesses many characteristics that make it a clear favourite among borrowers. As for lenders, the downside has yet to be explored.
SEC examiner Nina Freedman also spoke about the need for documentation in regards to portfolio valuation.
The $27bn retirement system defines alternatives as including mezzanine, distressed debt and secondary strategies.
As an advanced economy with close ties to the US, Canada’s private debt market appears poised for growth. But just because the fundamentals are there doesn’t mean borrowers will shed their conservative tendencies, Sam Sutton writes.
Ares Management is the latest asset manager to opt for an IPO. Sam Sutton argues that it’s better placed than previous, LBO-focused, firms to thrive as a public entity.
CalPERS faces a difficult challenge maintaining its private equity/private debt allocation in an exit-friendly environment, writes Sam Sutton.
Unitranche products have become a preferred form of loan financing, according to Cowen and Company’s Len Sheer.
Hamilton Lane’s Andrea Kramer says that GPs ‘have money burning a hole’ in their pockets.