Distressed & special situations

10 key trends: ‘All-weather’ approaches

GPs are increasingly pitching opportunistic credit strategies as an evergreen investment option for every part of the cycle.

Data: Distressed fundraising driven by economic cycles

Fundraising for distressed debt strategies continues to follow broader trends, after a poor 2023 for fundraising across the private credit space.

10 key trends: Bank capital releases

As banks seek to shed liabilities, there’s an opportunity for GPs to step in and pick up some bargains.

10 key trends: Higher-for-longer interest rates

Persistently high rates have transformed the landscape for opportunistic credit strategies, as borrowers seek cheaper refinancing solutions.

WeWork: A former unicorn in a real-world bankruptcy

SoftBank’s March 2023 uptiering has met resistance in the wake of WeWork’s November chapter 11 filing.

Why the struggling, high-quality firm is not a contradiction

Some US mid-market borrowers are finding things tough, but there can be a lot of value in helping them through their problems.

Need for workout specialists rises as maturity wall looms

The long cycle has caused a dearth of workout specialists as lenders and borrowers seek to modify loans.

10 key trends: The rise of credit secondaries

More and more LPs are embracing opportunities in credit secondaries, but the sector remains undercapitalised.

10 key trends: The shape of European stress

Weak European growth and rising defaults are tipping companies into the sweet spot for opportunistic credit.

10 key trends: Difficult questions for distressed

A lack of genuine distressed debt opportunities is leading some GPs to consider whether this strategy is still a valid play.