July/August 2018 issue

    Safety first

    As investor allocations increasingly come from fixed income pools, YIELCO thinks providing yield will become a bigger focus for funds.

    Directing the way

    As more limited partners get into the business of deploying capital directly, it’s important to make sure it’s a win-win for both GPs and LPs, Andrew Hedlund writes

    Sweden relaxes the rules

    Private debt stands to benefit from changes allowing Sweden’s AP funds greater investment flexibility. Kalliope Gourntis of sister title Infrastructure Investor reports

    European reforms could spur lending

    An incoming raft of banking regulations could reduce risk and make the sector more resilient, according to Alcentra managing director Graeme Delaney-Smith

    Green light for ESG-focused debt funds

    Private debt has been slower than private equity to prioritise sustainability issues, but investors are now making the case that taking them seriously will add value to GP offerings.

    ESG: When principles are not enough

    When bfinance was hired by the UK’s EAPF to identify ESG-focused debt managers, shortlisted firms needed to evidence a commitment that went beyond merely signing up to PRI.

    Reaching the promised land

    Why has private debt so far failed to mine the rich seam of non-sponsored deal opportunities?

    Non-sponsored deals: A blurred picture

    Mid-market non-sponsored deals continue to entice debt managers to dip their toes, but there is a lack of data and concerns about risk.

    Why GPIF wants to look at your firm’s governance

    The CIO of the world’s largest pension fund, Hiro Mizuno, shares his view on ESG as a way to mitigate external risks.

    The real cost of reform

    Ares, Apollo, FS and other BDCs have spent millions since 2011 getting the BDC bill passed.

    The distressed funds drowning in froth

    In a market where they’ve never had it so good, borrowers are able to dictate who loans can and cannot be assigned to – and some investors are finding themselves out in the cold.

    Why the world is a more dangerous place

    What are the big changes in the geopolitical scene that managers and investors should be keeping an eye on? Christopher Smart of Barings analyses the key trends

    AFA’s ‘systematic build-up’

    Mikael Huldt is head of alternative investments at AFA Insurance, the Stockholm-based insurance firm. He tells PDI about the origins of the organisation’s commitment to private debt and how it has evolved since.