Asset-backed finance

Multi-fund transactions remain the domain of large GPs, but experts note there’s more activity in single-fund versions for managers with less than $15bn in AUM.

The executive anticipated the Canadian pension fund will deploy more capital at scale into real estate credit, select a third manager.

Watch the recording of PEI Private Credit’s webcast, in which Standard Life’s Michela Bariletti, Carlyle’s Gary Jacovino and PEI Private Credit senior editor Andy Thomson discuss what will set managers apart in an increasingly competitive market.

The $1.3trn manager said that it has recorded record fundraising YTD as of 30 September.

As banks sell US consumer loans and insurers bid up prices, private credit managers are split between leaning in, staying underweight and waiting for distress.

But revenue plunged 52% and earnings swung to a loss as higher interest rates weighed on its retirement services business.

Significant risk transfer may be one of private credit’s top strategies, but BNP Paribas Asset Management Alts’ Deborah Shire says size is what gets you in the door.

The deal is being led by Carlyle’s ABF team, which manages roughly $12.1bn in assets.

Arini Capital Management’s Nabil Aquedim and Stan Fedorenko discuss the rapidly growing investment opportunity in offering flexible, tailored capital to fundamentally sound borrowers stuck with low interest rate-era structures.

Senior debt remains popular with investors drawn to its relative safety, but asset-based lending and secondaries are positioned for growth.