Investors

Spread compression, the First Brands bankruptcy and geopolitical risk were among the talking points at our annual gathering in Munich.

Talk has been growing louder about capital migrating away from the US and the rise of private credit secondaries. Evidence for both has emerged in our latest research.

As the $87bn California pension approves change to remove a cap on manager names in the portfolio, CIO Jonathan Grabel says the system doesn’t have unique concern about credit market.

With GP-led deals taking centre stage amid a subdued M&A market and LP thirst for liquidity, private credit secondaries have a big role to play in the asset class’s future. By Daniel Roddick of Ely Place Partners.

Staff of the $60bn Arizona State Retirement System, a long-time private credit investor, are still mostly optimistic about the asset class amid a push to diversify the programme.

Why the ‘good’ vs ‘bad’ PIK debate is also about junior capital vs senior debt.

Amid the struggles in private markets fundraising, private debt has fared relatively well. But investors have concerns, and that means their manager due diligence is getting more demanding.

The MD and head of direct credit discusses where the consumer environment is headed, deal levels, PIK and other market currents.

Investment consultant RVK estimates allocation of an additional over $200m would get the pension to its 7% target in 2029.

It is more in credit GPs’ interests to actively pursue liquidity than remain passive with tail-end portfolios.