Fund managers

3 takeaways for GPs from the PDI New York Forum

LPs and bankers had some advice for GPs on competitive differentiators, workout processes and predictions of private debt performance.

A 5.5x EBITDA loan? Sure, you can call it senior secured

Unitranche has found favour post-GFC as a result of its simplicity. But investors should make sure not to ignore it goes much deeper in the capital structure than traditional first lien senior secured debt.

Howard Marks: Lack of confidence ‘one of the best things market has going for it’

Market participants are not thinking bullish but they’re still feeling pressure to act bullish, the Oaktree Capital co-chairman told the PDI New York Forum.

Allianz seeks €300m for private markets impact strategy

The fund will look to support projects with a positive social and environmental impact in Europe with both private debt and equity.

Blackstone’s Schwarzman on why he’s going big in European direct lending

The firm’s founder took a position early on in its development that modest goals and bold ones required similar effort to achieve. So why not aim high?

Opportunity and risk: a decade of change in European private debt

The last 10 years have seen enormous growth in private credit. Success over the next decade will depend on avoiding the crowds and having a strong operational resource, argues Hayfin’s Andrew McCullagh.

Chenavari targets £350m for new beds-focused debt fund

The vehicle will primarily lend against PRS and student accommodation assets in Spain and the UK.

AnaCap closes Credit Ops IV at €1bn hard cap

The fourth fund was oversubscribed and will target a wide range of performing and non-performing credit.

Permira closes Sigma V CLO fund

The CLO fund will target investments in European CLOs across both the primary and secondaries market.

Amundi and BlackRock selected for £500m Nest private credit mandate

Nest is targeting 5% of its £8bn in assets for private debt investments as it takes it first steps into private markets.