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The taxonomy of private credit – what does it all mean? With private credit becoming a mature asset class, what are the next steps for encouraging industry standards? Uderstanding the risks in private credit
With returns compressing, deal structures being compromised, but leverage increasing and more competition for deals, what criteria are investors using to allocate into the space? What is the LP reaction to lenders who are issuing cov light & no cov loans Balancing the risk vs return perspective
How does private credit fit in today’s competitive market? With strong economic health across the U.S. where is the industry searching for yield without sacrificing deal quality? What about rising interest rates? How is the industry looking at current and future allocations given private credit is untested in a stressed market?
A deal analysis of the last 12 months. How much capital is flowing into the private credit space/ How much capital has been raised and who is active in the small, middle & large market? What is the health of underlying companies?
What strategies are managers and investors using to build their portfolio? Crafting covenants and structures; how do you benchmark performances? What is the ‘right’ number of managers? What other strategies are we seeing in the lower, upper and middle markets? Impact of invested capital vs committed
What do LPs look for in choosing a manager and who are terms really getting worse for? What unique strategies do emerging managers bring to the market? Examining strategic partnerships and buy outs, sourcing, origination, investment and syndication processes to deliver a unique form of alpha
With the market over heating, where are managers finding deals to put capital to work? Can the opportunity set stand the number of new entrants given a lot haven’t seen a downturn in the credit markets? With market pressure and competition on senior debt continuing to squeeze coupons down how much increased risk are managers are taking on while simply trying to maintain returns?
Understanding reporting requirements, data, processes, analysis and the risk matrix given the source of funds are changing
How is it getting done, what is the risk/return profile or are we seeing mezz trending down the balance sheet?
How are funds leveraging and managing their exposure and risk? How are subscription lines being used? What do you sacrifice and gain? Looking at leverage structures, liabilities, return composition, cost and balance sheet; Disclosing returns on both a levered and unlevered basis – does transparency solve perceived problems?
Where is the opportunity set and deal flow? What are the characteristics of direct lending vs that in the U.S? Understanding regulatory regimes, insolvency processes, rights of borrowers and lending cultures in offer to assess of the viability of a jurisdiction
How do you approach a global allocation? Balancing returns and currencies in emerging markets Asia, South America, Africa