Evergreen

We’ve seen this movie before, but that was before private credit became a household term.

Institutional investors are allocating more to alternative credit because of the excess returns and diversification, but they want deeper relationships with fewer managers, say Benefit Street Partners’ David Manlowe, Allison Davi and Daire Wheeler.

Run-off evergreens and rolling vintage umbrella funds are giving LPs more flexibility than traditional closed-end drawdown funds.

Recent events lead to queries about how much advantage investors receive from the ‘illiquidity premium’.

With a new year under way, we present the topics we think will be major talking points in the months to come.

Marc Smid, who oversees the German insurance giant’s private debt fund of funds, sets out his expectations and concerns with respect to GPs.

Fund targeting wealth platforms will work with extensive network of third-party originators to source investments.

Semi-liquid strategies can provide benefits to LPs, but they aren’t a one-size-fits-all solution, shows our LP Perspectives 2026 Study.

Meanwhile, direct lenders discover that offering a PIK option enhances their appeal.

Fund structures are evolving to meet the evolving needs of LPs and the new wave of retailisation.