Lending secured by assets on a company’s balance sheet is a growing form of finance.
Legal assets offer attractive uncorrelated returns.
Royalty strategies exploit borrower demand.
Sector focus is changing as lenders reassess the mid-market.
Lenders are keen to diversify away from cashflow-based lending into more esoteric areas.
LPs are attracted by the strong performance of established players.
Impact funds are winning favour in Europe among LPs looking for differentiated strategies.
NAV loans are an increasingly popular tool for accessing liquidity.
Demand for private credit is growing in Asia and offers attractive risk-adjusted returns.
Investors in search of liquidity are driving the secondaries market.