Distressed & special situations

Mid-market loan recoveries, large corporates, converge

Average mid-market loan and revolver recoveries are down to 66% on a trailing five-year basis.

Brighter Super open to new GP relationships following mergers

The A$35bn Australian superfund’s head of credit, Jason Huang, says private credit is ‘definitely not defensive’ but has an important role in its portfolio.

Franklin Templeton: ‘Dislocations may offer value’

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.

PIK, the quick fix that stirs controversy

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.

Q&A: Foresters’ Erik Vynckier wary of evergreens and copycat GPs

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.

Gramercy optimistic about an EM ‘barbell’ portfolio

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

Determining private credit’s systemic risk

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

Korea’s IMM leans on domestic LPs to close debut credit fund

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.

Japanese, Korean LPs ramp up GP scrutiny amid macro concerns

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

PPF’s Mistry on how to avoid knee-jerk reactions

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.