Investors

The manager purchases a $2bn portfolio of loans to over 300 businesses at a fraction of their original cost.

Diversification isn’t a new concept, but in a private credit asset class where direct lending is no longer as dominant as it once was, the need to understand the nuances of different strategies is urgent. The PEI Private Credit team discusses from the New York Forum in this podcast.

HLEND filled close to 44% redemption requests, prorated; BDEBT filled 100%, no proration.

Optimism has not been eroded in an asset class facing both scare stories and genuine challenges.

A recent note from the FCA highlighted both the rapid growth of the asset class and various areas of concern.

Continuation vehicles backed by Pantheon will acquire a total of roughly $2bn of private credit investments.

The investor is also moving into other new areas of illiquid credit, including infrastructure and real estate financing, says founder and CEO Antoine Prudent.

Despite discussions of declining investor demand for liquidity, both funds saw requests for double-digit amounts of shares to be tendered

Apollo’s $9bn minority equity deal with gas company Oneok may well divert more attention to these kinds of arrangements.

Research points more towards idiosyncratic stress in particular borrowers and market segments than broad deterioration across portfolios, says the global head of the Alternative Credit Council.