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The majority of the giant Japanese life insurance group’s investment is as an LP; it also takes a 19.9% stake in the credit-orientated manager.
Credit strategy’s slice of the alternatives pie grew to $32.4bn in 2023 from $27.1bn the previous year.
CalPERS is adding 3% and CalSTRS 2% to private credit; the public equity allocation at both pensions will decline.
In some areas they co-operate but, in others, competition is increasing. Traditional and alternative lenders walk a fine line between friendship and enmity.
Given the shock of the new rate environment, some borrowers will experience problems, according to Howard Marks. He thinks talk of systemic risk is exaggerated though.
Gray tells PEI Group’s NEXUS conference that corporate and real estate debt are the fastest growing assets of the firm.
As the Middle East grows in significance as a source of capital, and travel continues its post-covid revival, Asia-based GPs are hoping they can find backing for the region’s big investment themes.
Private debt’s future is bright due to favourable market dynamics and innovations such as perpetual vehicles, says Stephen Nesbitt, CEO of Cliffwater, Americas Investor of the Year in this year’s PDI awards.
There are many different definitions of the credit opportunities strategy, but all offer flexibility and a distinct position in the investing spectrum.
AIFMD II lays down some practical challenges for private debt fund managers. There may be a lot more of this type of intervention in future.