May 2017 Issue

Retreating banks usually herald lucrative prospects for private debt funds, but, in one country, managers aren’t quite so optimistic, David Brooke writes.

With the timelines between equity financings becoming increasingly stretched, senior executives from Hercules Capital describe how venture debt finance can help growing companies achieve milestones and preserve high valuations.

As more capital heads towards a diminishing senior debt space, are funds storing up trouble? Some say niche approaches are a safeguard against growing competition, writes David Turner.

Obtaining a consensus is never easy, especially one on a subject as fluid as the UK private debt market. But, while the asset class continues to grow, there was an overwhelming sense of caution at the PDI roundtable, write David Brooke and Nick Jardine.

The investment professionals at Twin Brook Capital Partners, which targets transactions involving a financial sponsor, maintain there are many benefits to working with private equity firms.

Commercial real estate senior debt isn’t all about lending against trophy assets and in times of uncertainty. ICG-Longbow believes the best opportunities may lie further afield.

With the ‘big four’ under regulatory pressure, non-banks see an opportunity – especially in real estate. Christie Ou surveys the scene

If obstacles are inevitable, how should managers approach non-performing or defaulting loans? Neil Rudd and Joseph Lazewski of NXT Capital offer their views.

With increasing competition among debt funds, ‘stretching the senior’ is one way managers are helping maintain returns. Nick Jardine looks into how and why firms are enhancing their senior debt products

In an historically low-interest-rate environment, the TIAA Private Capital and Churchill Asset Management executive team has seen more investors focused on private debt strategies.

Indian mid-market companies are growing fast to meet burgeoning demand for goods and services.

Five GPs share their experience of the country’s growth finance market with Christie Ou

Direct lending platforms serving SMEs have seized the opportunity left by banks retrenching from the market.

How regulation is shifting gears in Europe

The French private debt market isn’t trying to evict banks, but is going after a distinct part of the market, writes David Brooke.

AlbaCore managing partner and chief investment officer David Allen tells Andy Thompson about the firm’s plans.

Attracting institutional capital to the marketplace lending sector is now the key strategy for many experienced players, and one firm has found a creative solution. David Brooke reports.

As the private debt industry becomes crowded, more managers see the value of targeting non-sponsored deals

As non-sponsored lending goes mainstream, James Newsome, managing partner with placement agent Arbour Partners, looks at four major themes for investors  

 A non-sponsored strategy is neither for the ill-prepared nor the faint of heart. We look at both the rewards and potential pitfalls.

Pharming wanted to buy back the rights to its own drug, but didn’t have the backing to pull it off. Kreos Capital had a remedy, writes Nathan Williams

As the needs of smaller businesses evolve, ArrowMark Partners is one of a few scaled US managers offering tailored solutions to businesses not controlled by private equity funds.

Alternate lenders doing non-sponsor deals need to actively partner with companies to develop solutions, but the added effort can yield better returns. Alcentra’s Paul Echausse, David Scopelliti and Branko Krmpotic, managing directors responsible for sourcing, deal execution and portfolio management, share their insights.

Active in the German Mittelstand – or mid-market – for over a decade, Swiss lender Patrimonium has carved a niche for itself in the non-sponsor space. Daniel Heine, the firm’s head of private debt, offers PDI some insight on the firm’s strategy.