| Description |
1 online resource |
|
data file |
| Note |
Includes index. |
| Summary |
"The essential resource for navigating the growing direct loan market Private Debt: Opportunities in Corporate Direct Lending provides investors with a single, comprehensive resource for understanding this asset class amidst an environment of tremendous growth. Traditionally a niche asset class pre-crisis, corporate direct lending has become an increasingly important allocation for institutional investors' assets managed by Business Development Company structures, which represent 25% of the asset class, have experienced over 600% growth since 2008 to become a $91 billion market. Middle market direct lending has traditionally been relegated to commercial banks, but onerous Dodd-Frank regulation has opened the opportunity for private asset managers to replace banks as corporate lenders; as direct loans have thus far escaped the low rates that decimate yield, this asset class has become an increasingly attractive option for institutional and retail investors. This book dissects direct loans as a class, providing the critical background information needed in order to work effectively with these assets. Understand direct lending as an asset class, and the different types of loans available Examine the opportunities, potential risks, and historical yield Delve into various loan investment vehicles, including the Business Development Company structure Learn how to structure a direct loan portfolio, and where it fits within your total portfolio The rapid rise of direct lending left a knowledge gap surrounding these nontraditional assets, leaving many investors ill-equipped to take full advantage of ever-increasing growth. This book provides a uniquely comprehensive guide to corporate direct lending, acting as both crash course and desk reference to facilitate smart investment decision making"-- Provided by publisher |
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"--CLIFFWATER: Cliffwater is one of the largest alternative investment advisory firms, currently advising on approximately $57 billion of alternative assets. In the direct lending space, Cliffwater is a recognized thought leader, and its executives are frequent speakers at industry conferences. Cliffwater developed the first, and to date only, index which directly tracks the performance of approximately 6,000 individual direct lending investments (www.CliffwaterDirectLendingIndex.com). Similarly, Cliffwater created and maintains an index which tracks the performance of publicly-traded BDCs (www.BDCs.com), which represent an important segment of the direct lending industry. As a result, they are well-known in this space.-POTENTIAL AUDIENCE: The private debt community is large and growing. Jonathan Bock maintains an active distribution list of several thousand BDC focused investment professionals. As this book will be written for the broader institutional investor looking for a resource on the asset class, the audience will include the general investment community of endowments, foundations, family offices, consultants, and retirement funds, all of which can be tapped into as well. This is also complimentary, in certain ways, to the CAIA suite of materials.-EVENTS: Jonathan Bock/Wells Fargo hold an event with ̃1,000 in attendance every November. Cliffwater has its own event every Spring for ̃200 attendees and reaches 20-30 new clients per month. Market description Institutional investors, retail investors, and financial advisors"-- Provided by publisher |
| Bibliography |
Includes bibliographical references and index. |
| Contents |
Overview of US Middle Market Corporate Direct Lending -- The Historical Performance of US Middle Market Direct Loans -- Performance Comparisons to Other Asset Classes -- Current Yield or Yield to Maturity? -- Comparative Credit Loss Rates -- How Liquid Are Direct Loans? -- Credit as a Separate Asset Class -- Loans and the Theory of Credit -- Risk Premiums in US Middle Market Lending -- Covenants and the Loan Agreement -- Should Direct Loan Portfolios Be Leveraged? -- Business Development Companies -- Selecting Direct Lending Managers -- Loan Valuation -- Investment Fees -- Direct Lending and J curve Mitigation -- Portfolio Construction -- Expected Returns and Risks from Direct Lending -- Asset Allocation -- European Middle Market Direct Lending -- The Borrower's Perspective -- Other Private Debt Opportunities -- Free Access Conclusion. |
| Subject |
Investments.
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Small business -- Finance.
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Bank loans.
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Investments |
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Investissements. |
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Petites et moyennes entreprises -- Finances. |
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Prêts bancaires. |
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Bank loans |
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Investments |
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Small business -- Finance |
| Other Form: |
Print version: Nesbitt, Stephen L., 1953- Private debt. First Edition. Hoboken : Wiley, 2019 9781119501152 (DLC) 2018049404 |
| ISBN |
9781119501275 (Adobe PDF) |
|
111950127X |
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9781119501169 (ePub) |
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1119501164 |
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9781119501138 (electronic bk. ; oBook) |
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111950113X (electronic bk. ; oBook) |
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(hardback) |
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