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Sponsors can complement good underwriting but not replace it, say Apogem Capital’s Bill Kindorf and Adam Willis.

The CLO market has challenges, but prospects for the rest of the year look bright as it demonstrates continuing resilience, says Matt Maggio, director and senior portfolio manager in the securitised credit and CLO management team at RBC BlueBay Asset Management.

It’s a challenging environment, especially for new issuance, but Josy Mazzucchiello, head of European CLOs and CLO investing, and Marisa Chen, head of structured issuance, at Partners Group, believe appetite for CLOs will be maintained.

A proactive approach to risk across portfolios and assets is key to staying on the front foot, say Gordon Brothers’ global head of credit Mark Bohntinsky and chief transaction officer Kyle Shonak.

The top end of European private credit may be drifting into syndicated territory and taking pricing and lender protections with it, but original terms have held down-market, says Charles-Henri Clappier, partner, head of KSO France and business development at Kartesia.

Private equity chief financial officers are getting to grips with the power of NAV financing and GP solutions, says Peter Hutton, head of NAV financing at Arcmont Asset Management.

Grier Eliasek of Prospect Capital says a bifurcation in direct lending approaches has led to a proliferation in mid-market opportunities in the US, benefiting firms with the right resources.

Scaled lenders backed by institutional capital are positioned to succeed in the next cycle as sponsors prioritise certainty of execution, say Churchill Asset Management’s Derek Fricke and Jill White.

Fund finance’s liquidity toolkit is broader than ever – and the market is only getting more creative, say Adam Summers, co-head of fund finance, and Jons Lehmann, head of European finance, at Fried Frank.

Hark Capital founder and managing partner Doug Cruikshank explains why understanding valuation resilience, sponsor incentives and the risks beneath headline numbers are critical to protecting credit value