Interview

Steven Tenenbayev, chief investment officer at InterVest capital partners, explains what is required to capitalise on asset-based finance’s continued growth.

PEI Group data shows that real estate, receivables, royalties and more have piqued the $6.8bn system’s interest.

The CLO market has challenges, but prospects for the rest of the year look bright as it demonstrates continuing resilience, says Matt Maggio, director and senior portfolio manager in the securitised credit and CLO management team at RBC BlueBay Asset Management.

It’s a challenging environment, especially for new issuance, but Josy Mazzucchiello, head of European CLOs and CLO investing, and Marisa Chen, head of structured issuance, at Partners Group, believe appetite for CLOs will be maintained.

The top end of European private credit may be drifting into syndicated territory and taking pricing and lender protections with it, but original terms have held down-market, says Charles-Henri Clappier, partner, head of KSO France and business development at Kartesia.

Private equity chief financial officers are getting to grips with the power of NAV financing and GP solutions, says Peter Hutton, head of NAV financing at Arcmont Asset Management.

Scaled lenders backed by institutional capital are positioned to succeed in the next cycle as sponsors prioritise certainty of execution, say Churchill Asset Management’s Derek Fricke and Jill White.

Edward Beecham and Megan Livingstone, co-heads of fund finance at Corpay Private Markets, examine various key sources of demand.

The use cases are rising as all players in the private credit ecosystem become more comfortable with NAV financing, maintain Dane Graham, Fokke Lucas and Emad Shahin, partners at 17Capital.

Portfolio finance offers a wide range of solutions and its impact in the market shows no sign of slowing, says Matt Hansford, head of Europe, portfolio finance, at Barings