Limited Partners

Public BDC performance may prompt pivot to interval funds

Alternative managers have an expanded arsenal compared with the last time public markets soured on BDCs.

Alaska Perm: Retail capital could ‘change dynamics’ in large end of the market

The $85bn fund needs to think about whether it will be investing alongside retail capital when it evaluates GPs, according to deputy CIO Allen Waldrop.

ABL: The acronym that describes different approaches to a trillion-dollar industry

Asset-based lending and asset-backed lending can be easily confused but represent contrasting lending activities. Richard Gumbrecht of Secured Finance Network explains the differences.

Alaska Permanent could slow private credit pacing amid larger pullback

Staff suggests there is potential for stress in private credit, amid higher default rates and potential for higher PIK.

First Eagle agrees to buy Diamond Hill

The manager will expand its fixed income exposure through the all-cash transaction valued at $473m.

Phoenix Financial invests $5bn in Blackstone alliance

Israeli firm leverages Blackstone’s origination capability, including corporate, real estate and asset-based credit strategies.

Positive signals are seeing lenders look ahead to next-gen retail

Spreads on newly originated retail loans were largely stable in the third quarter, according to Trepp research.

Structured credit push: Phoenix, other insurers build exposure as First Eagle mulls fund launches

The $3.3trn structured credit market’s appeal is rising for insurers, says Phoenix’s head of private markets and a forthcoming report from US manager First Eagle Investments.

Default interest rates under scrutiny

The enforceability of default interest clauses has long been a critical issue for lenders and investors in the private debt market. Donna Newman and Peter Sequeira of Stephenson Harwood examine the lessons from Houssein v London Credit.