June 2014 Issue

Private Debt Investor brought together some of the Australian market’s leading private debt fund managers, advisors and investors to discuss the development of non-bank lending in the country. Oliver Smiddy reports.

In the wake of the crisis, Pembrook Capital Management has carved out a lucrative niche for itself as a lender to transitional commercial real estate properties in the US. Sam Sutton speaks with Stuart Boesky about how regulation has been a catalyst for opportunity.

Where oh where are the big beasts of private debt fund investing when it comes to Asia? Will they never set up shop? Is there something intrinsic to Asia that dissuades them from entry, or is it just a matter of time, asks our Asia columnist.

Welcome to PDI’s second Real Estate Debt Supplement. A year on from our first, the private real estate debt industry appears to be in rude health.

Comments at ACG Intergrowth 2014 and PDI’s first anniversary party highlight how borrowers, banks and lenders have negotiated the arrival of unitranche, writes Sam Sutton.

A wave of distressed US property loans could be hitting the market once again, which could present a new investment opportunity for private equity real estate firms, writes Evelyn Lee.

In an event to celebrate Private Debt Investor’s first anniversary hosted by RBS in London last month, panellists agreed the relationship between banks and private debt fund managers had warmed significantly over the last year. Anna Devine reports.

The private debt industry’s relative youth makes benchmarking difficult given the scarcity of historical data. This hasn’t stopped investors committing to the asset class in search of yield, however. Anna Devine explores how they go about selecting managers.

When Numericable and its parent Altice together issued $21.9bn of high yield bonds and loans in April, it set a new benchmark for high yield issuance. Oliver Smiddy looks at the notable features of the debt package, and at the implications of investor’s appetite for non-investment grade debt.

Reed Smith partner Nick Stainthorpe argues receivables financing might be unglamorous, but it’s an under-penetrated market that yields attractive returns.

AllianceBernstein recently brought the Barclays Private Credit Partners team over to lead its mid-market lending platform. Sam Sutton sat down with managing director Brent Humphries at ACG Intergrowth to discuss the transition.