Investors

A larger and more diverse universe of opportunity for distressed debt and opportunistic credit is unfolding. There are a number of reasons why.

Could a ‘Total Portfolio Approach’ model come to the nation’s largest pension system?

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.

The firm is targeting €250m for its DACH-focused private debt fund.

The system has not yet finalised a contract with a secondaries adviser.

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.

Commitments total $1.35bn, including $50m from partners and employees.

Gray tells PEI Group’s NEXUS conference that corporate and real estate debt are the fastest growing assets of the firm.