Distressed & special situations

The Dutch pension manager is also looking for more special situations funds and weighing its approach to US investments, says its head of alternative credit.

All three subgroups of private credit posted positive returns in 2024, with mezzanine loans leading the pack.

Major private markets allocator with $211bn in assets introduces framework for portfolio with direct lending, opportunistic and distressed strategies

There are growing indications of a new cycle in the credit market as pressure on borrowers grows and default rates rise.

The third vintage of its special opps fund beat its predecessor and target with a high re-up rate.

Antares Capital is said to have exited its equity position earlier this year.

For credit funds looking to move beyond corporate debt, asset-based lending offers a huge opportunity set – but the barriers to entry are high.

Non-bank asset-based finance may be viewed as opportunistic by some investors, but in reality it is a vast and established asset class offering compelling diversification, say AB CarVal’s James Sackett and PJ Collins.

Following a bumper year for co-op arrangements between different creditors, the distressed debt investment world is watching the space with interest.

The lower number of defaults expected in 2025 could concern distressed investors, but many are taking a more nuanced view.