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2022 Outlook: Portfolio Construction

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At recent private credit conferences we’ve been asked how managers think about portfolio construction. Kind of depends on your experience over the past twenty-two months. As one private equity partner told us, “we had a base case and a down-side case, but we didn’t have a no-revenue case.” Consumer-facing sectors had a rough time early […]

Leveraged Loan Insight & Analysis - 12/6/2021

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US leveraged loan and HY bond returns bounce back in December Leveraged loans posted their worst month of post-pandemic returns in November, at -0.16%, according to the S&P/LSTA Leveraged Loan Index, while US high-yield bond returns slumped 1.02%, their second consecutive month of negative returns, according to the ICE BofA US HY Index…. Subscribe to

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The Pulse of Private Equity – 12/6/2021

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Quantifying the recovery Download PitchBook’s Report here. It’s no secret that private equity is having a big year. A new PitchBook Quantitative Perspectives report, US PE: Recovery and Beyond, helps put this year into historical context. The past few quarters have been such a pronounced recovery that deal volume is now well above the 20-year, long-term…

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All Ahead Full: Private Credit Outlook 2022 (Fourth of a Series)

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Back in 2015 we introduced the concept of the “cargo-pants strategy” [link]. It was our observation that direct lenders saw the opening to compete against banks for leveraged finance deals, but needed virtual balance sheets to hold larger commitments. Over time these managers raised multiple vehicles – CLOs, separate managed accounts, commingled funds, BDCs, etc….

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