September 2015 Issue

Normally they would be rivals, but seven leading US private debt managers discuss how they are increasingly working together and with others.

Argentarius offers unique and useful securitisation solutions for managers seeking access to the European market. Since the launch of its first securitisation transaction in 2004 the team at Argentarius has built a robust, scalable and cost effective securitisation platform that delivers a structured investment product in a very short time. The firm’s founder, Andreas Wölfl, explains how the platform works and how non-EU managers can access the continent without jumping through AIFMD hoops.  

With an ever growing number of debt funds forming, trends are emerging in fund structures. King & Wood Mallesons partner Ajay Pathak dissects en vogue structures and advises on aligning manager interests with those of the investor.

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.

As direct lending attracts more potential customers, lenders are tapping vertical industry experts to help them efficiently assess opportunities. Michael Ferrari, head of new client development at Guidepoint, explores the trend.

UK logistics firm Kinaxia is the first deal without a private equity sponsor from Permira Debt Manager’s second direct lending fund. Anna Devine delves into the detail.

A series of mergers show that the private debt market is moving onto the next step in its development, writes Rachel McGovern.

After building and selling two other lending businesses, Robert Radway, Neil Rudd and Mike Litwin were determined to do so again. Anastasia Donde discusses the past and looks to the future, asking how and when their firm’s private equity parents expect to cash out.

Solvency II will see more investment in private debt by insurance companies. But against a background of retreating banks and low yield, that’s only one piece of the puzzle, Anna Devine finds.

Few things are more important for lenders and their borrowers than hard work and experience –a reality Comvest Partners took to heart when the firm created Comvest Capital, its direct lending group. Robert O’Sullivan, a partner with the direct lender, and managing director Daniel Lee answer questions about what marks out the Comvest approach to direct lending.