Distressed & special situations

For the first time, there are signs that distressed debt levels may be disconnected from default activity – but what does this mean for investors?

The firm hired Needham Point Capital co-founders Jeremy Burton and Tristine Lim to lead Blue Light Credit.

Fund targets off-the-run, mid-sized direct lending, stressed and distressed investments in third vintage.

Stressed investments that don’t require restructuring can prove a rich source of performance, says Adam Phillips from RBC BlueBay Asset Management.

Second vintage has already deployed 40% of capital, and early investments are putting up net IRRs of 25%, manager says.

David Miller, Morgan Stanley’s global head of private credit and equity, knows a thing or two about managing a big portfolio, particularly during times of stress.

The European mid-market is proving fertile ground for more complex capital solutions.

The Shared National Credit Program has clocked a 38% increase in ‘non-pass’ loans to $572bn; Marblegate sees opportunity.