North America

The guarantees empowering investors in real estate finance

‘Bad boy’ guarantees offer lenders protection from unscrupulous sponsor behaviour, but definition and enforcement may present challenges, writes Stephenson Harwood’s Daniel Andrews.

Residential transition loans face a challenge of categorisation

Sitting apart from both the home mortgage lending and commercial real estate worlds, RTLs are caught between two camps – but they could change the face of the US housing market.

US investors seek out new fundraising shores

Legislative uncertainty prompts LPs to look beyond US-focused direct lending funds, even as the market retains its dominance in private credit fundraising tables.

How are the Trump administration’s policy changes impacting private credit?

The ‘America First’ approach brings new priorities for lenders, with uncertainty a constant presence.

Three key trends in US private debt: A market in flux

US lenders and investors attempt to keep pace with a rapidly evolving inflationary and political environment.

Evergreens: Welcome to the Hotel California

Will retail investors find that they can check out any time they like, but they can (almost) never leave?

Alpha Fund Finance on why new capital sources demand lender flexibility

Lenders are responding to an increase in non-institutional investors and semi-liquid vehicles, while GP borrowers are opening up to new sources of fund finance, say Edward Beecham and Megan Livingstone of Alpha Fund Finance.

Download PDI’s 2025 US Report

Inside: What ‘America First’ means for private credit; How LPs are looking beyond US-focused direct lending funds; Expert comment from Churchill Asset Management, Gordon Brothers and Balance Point Capital; Plus, much more…

Why appetite for diversification may not be satisfied

With a wide range of strategic options, it may seem counterintuitive that last year saw LPs doubling down on well-established direct lending exposures. For many of them, committing capital to new areas is not as straightforward as it may seem.

Balance Point Capital: The next stage of private credit

Investors are carving out more sophisticated, granular and nuanced private credit allocation strategies capable of delivering real alpha, says Balance Point Capital partner Adam Sauerteig.