The practitioner’s handbook to navigating the asset class
The book includes insights from institutional investors in order to better understand LPs’ assessments of private debt, along with analysis from two leading law firms on the most pertinent legal aspects concerning the private debt market.
The Global Guide to Private Debt also features results from Private Debt Investor’s annual LP survey which reveals data and insights into where the industry may be heading in the months and years ahead.
- LP Perspectives:
Seven institutions describe how they are allocating their capital and what they see as the leading strategies within the private debt market.
- GP Perspectives:
Six GPs discuss their debt strategies in the US, Asia, Europe. It additionally includes chapters on the real estate debt market and venture debt.
- Legal Perspectives:
Two law firms specialising in advising debt managers in the US and Europe give their view on the pertinent issues for a GP about to embark on a fundraising.
- Bank Perspective:
A look at how banks and private debt funds are co-existing in today’s market.
Other sections include currency hedging and an empirical study of private debt performance. Finally, PDI’s Second LP Survey provides insights into where the industry may be heading in the months and years ahead.
The book will help fund managers:
- Understand how LPs are constructing private debt allocations within their portfolios
- Determine how best to structure the legal, taxation and financial terms of a private debt fund
- Anticipate which strategies are likely to attract the most interest from LPs
This guide illustrates and explains:
- How to mitigate currency risk in a private debt fund
- Opportunities profiled and segmented by geography and strategy
- Strategy development for both the first time and experienced investor
- Tod Trabocco, Cambridge Associates
- Edward Goldstein, David Zhong and Jake Van Koevering, Morgan Stanley Investment Management
- Sanjay Mistry and Tobias Ripka, Mercer Private Markets
- Peter Schwanitz, Portfolio Advisors
- Matthias Unser, YIELCO Investments AG
- Stefan Armonat and Silvan Roth, Woodman Asset Management AG
- Arthur H. Penn, PennantPark Investment Advisers, LLC
- Brett Hickey, Star Mountain Capital
- Dr. Chris Heine and Nicholas Brooks, ICG
- Paul House, Venn Partners
- Craig W. Netterfield and Joyce Liu, Columbia Lake Partners
- Thomas M. Benninger, Global Leveraged Capital
- Sally Gibson, Geoffrey Kittredge, and Michael Sabin, Debevoise & Plimpton LLP
- Alex Amos, Macfarlanes LLP
- Stephen Quinn, Robina Barker Bennett and Ian Brown, Lloyds Bank
- James Stretton, JCRA
- Dr. Daniel Schmidt and Christopher Godfrey, CEPRES
- PDI’s David Brooke, and Daniel Roddick, EPIC Private Equity
SECTION I: LP PERSPECTIVES
1. Private credit strategies: More choice and new risks for investors
2. The whats and whys: Illiquid credit in a broader fixed income portfolio
3. Developing a global private debt programme
4. Private debt investing in Europe and the United States
5. Private debt funds: The investors’ perspective
6. Private debt as part of a family office asset allocation
SECTION II: GP PERSPECTIVES
7. Sponsor-focused mid-market lending in a robust credit market
8. US lower mid-market credit: The allure of aninefficient market
9. Private debt in Asia: Early stage growth
10. Investing in commercial real estate debt: Sustainable opportunities for alternative lenders
11. Growth lending: A global view
12. Prelude to a yard sale: The New Default Cycle
SECTION III: LEGAL PERSPECTIVES
13. Private debt fund terms: A transatlantic perspective
14. Europe for US alternative lenders:A regulatory minefield?
SECTION IV: THE BANK PERSPECTIVE
15. Private debt: A banking perspective
SECTION V: CURRENCY HEDGING
16. FX hedging for private debt funds