Sergio Padilla
Credit accounted for more than 80% of the manager’s deployment in the latest quarter.
While enthusiasm grows as lower interest rates hint at a revival of dealmaking, the future for defaults and interest coverage ratios remains mixed.
Limited partners are playing it safe as the most secure part of the capital structure claims a greater share of fundraising.
The funds build off the two firms’ partnership, which was announced in May.
Manager more than doubles target for the fund, a hybrid between a draw-down and an evergreen fund.
Payment-in-kind income as percentage of BDC interest and dividend has risen since 2021.
Co-CEO Scott Nuttall sees ABF as a potentially $5trn-plus market for lenders.
The fund is said to seek $4.5bn; LP commitments include the Rhode Island State Treasury and Vermont Pension Investment Commission.
Survey shows a mixed bag in investor attitudes toward the asset class, though many intend to increase allocations
NHTV operates as a special situations fund, occasionally delving into asset-backed finance.