Distressed & special situations

Ahead of their participation in this year’s PDI Network New York Forum, Art Vinokur and Rich Nuzum of Franklin Templeton share their views of the private debt market.

Seen by some as a useful liquidity tool and by others as a disguiser of stress, payment-in-kind has become one of today’s big talking points.

The outgoing investment chair of mutual insurer Foresters Friendly Society, who also runs his own investment office, outlines concerns about the private debt market and why he likes certain strategies and avoids others.

Manager argues that a weak dollar and attacks on the Federal Reserve enhance emerging-market opportunities.

While regulators are worried about systemic risk from private credit, KBRA research suggests risk is contained.

IMM Credit & Solutions already has around $2.2bn of AUM across 12 investments, chief executive Chan-Woo Park and vice-president Jong Weon Lee tell PDI.

LPs from the region are looking more closely at workout capabilities, deal sourcing and back-office staffing when assessing new and existing managers.

Pension Protection Fund, a UK organisation that offers refuge for pension schemes transferred from insolvent parent companies, has got used to navigating its way through volatility. Sanjay Mistry, the firm’s head of alternative credit, outlines its adaptable approach.

After EMEA and, reportedly, APAC, the Americas gets an insurance honcho.

Direct lending may be the most popular strategy for private debt investors, but heightened competition for deals means lenders are branching out.