September 2017 Issue

The plight of the Dallas Police and Fire Pension System raises questions over pension fund governance and the potential risk of association for asset managers and advisors.

Here are some reflections on our recent Germany Forum.

Regulators fear the rise of forum shopping as the UK leaves the EU, but the continent has a lot to gain if it fosters a welcoming environment.

Chinese capital controls have been making it tougher for businesses to move money offshore, but this may open the door for private debt fund manager

Funds engaging in sponsorless lending often point to more legwork as a way of justifying higher fees for a higher-risk product. However, the situation is not always straightforward. 

With pricing pressure growing, managers may be forced to chase deals that increase the risk profile of their portfolios… or not. PDI hears two sides of the debate.  

The sun is shining on private equity, and private debt is largely to thank. With debt financing from funds and banks readily available, Alistair Hay of Cavendish asks whether PE has ever had it so good and how can these funding solutions co-exist? 

Private debt could be a useful tool in helping UK universities meet their investment goals. But, in contrast to their US counterparts, they have been slow to move into the sector.

Some of private debt’s largest players have found a way to offer retail investors limited liquidity through a traditionally illiquid credit platform.

A distressed debt firm hopes its investment will mean a smooth drive into the Texas sunset.

The inclusion of covenants in loan documentation gives lenders a red flag when borrowers are encountering difficulties. But this is a borrowers’ market – and that means covenants are fast disappearing.

The UK’s Pension Protection Fund is the latest investor to bring its private and public debt strategies in-house.

What’s front of mind for US private debt professionals?

Competition is fiercer than ever as a growing number of industry veterans set up their own shops or private equity firms diversify with closed-end credit funds.

Contrary to popular belief, private debt investors are not just bystanders after the deal. Here’s how managers can maximise their impact.

As the BDC market comes of age and larger managers move in, established players stand the best chance of going public.

European private debt fund economics are under pressure as competition grows across the continent. But are the same forces are at work in the more established US market?

At first glance the CLO market has defied gloomy forecasts made in the wake of new regulations, but it is still early days.

With capital flooding into private debt and more pressure to deploy, discipline can be overlooked. Brent Humphries, president of AB Private Credit Investors, the mid-market direct lending platform of AllianceBernstein, gives his take on the market.

The US market may be crowded, but not all managers are being drawn to non-sponsored deals and niche strategies, says. Timothy Lyne, senior managing director and head of the asset management group at Antares Capital.

Just as regulation and demand for private debt has driven fund innovation in Europe, similar trends can be seen in the US. Charles le Cornu, head of private debt and capital markets at Sanne, explores the transatlantic parallels.

As the alternative lending industry grows in size and complexity, there is increasing demand from private debt funds for lenders that can offer bespoke solutions. Shaun Gembala, senior vice-president within the credit markets division at Macquarie, looks at the alternative to traditional subscription facilities.

As the US private debt market has evolved so have managers’ fund administration demands. Maximilien Dambax, group head of private debt at Alter Domus, and Michael Trinkaus, the firm’s US country executive, look at the key trends.