Understanding Private Debt in Europe
A guide to the evolution of the market and investing in the asset class
Edited and sponsored by EPIC Private Equity and European Capital, Private Debt Investor’s Understanding Private Debt in Europe explores the private debt market in Europe, and has expert contributions from a number of market participants, including chapters written by three private debt lenders.
LP insights are also featured in order to better understand the reasons behind their decisions to invest in private debt, along with the thoughts of two law firms who examine the most pertinent legal aspects concerning the private debt market.
There is also the results of an LP survey compiled by Private Debt Investor which shares revealing data and insights into where the industry may be heading in the months and years ahead.
The book will help fund managers:
- Understand how LPs are navigating this new asset class and constructing an allocation within their portfolios
- Determine how best to structure the key financial terms of a private debt fund in Europe
- Learn more about the benefits of different private debt strategies such as unitranche and senior direct lending
This highly practical guide is ideal for:
- Efficient structuring of a private debt fund
- Understanding opportunities profiled and segmented by geography and emerging asset classes
- Strategy development for both the first time and experienced investor
The Global Guide to Private Debt
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.
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
===============================
Understanding Private Debt in Europe
===============================
- Ross Ahlgren, Kreos Capital
- Andreas Asche, Talanx Asset Management
- Ben Edwards, Syntaxis Capital
- Edward Godfrey, DC Advisory
- Daniel Greenaway, Pinsent Masons LLP
- Simon Hirtzel, Kreos Capital
- Benjamin Letzler, P+P Pöllath + Partners
- Sanjay Mistry, Mercer Private Markets
- Tobias Ripka, Mercer Private Markets
- Daniel Roddick, EPIC Private Equity
- Eric Schaefer, Eurazeo Capital
- Dr. Daniel Schmidt, CEPRES
- Patricia Volhard, P+P Pöllath + Partners
===============================
The Global Guide to Private Debt
===============================
- 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
===============================
Understanding Private Debt in Europe
===============================
Introduction
By Daniel Roddick, EPIC Private Equity
1. Private debt: Smoothing returns and reducing volatility for private equity investors
By Dr. Daniel Schmidt, CEPRES
2. How to approach direct lending: An LP perspective
By Andreas Asche, Talanx Asset Management
3. Private debt in an institutional portfolio
By Sanjay Mistry and Tobias Ripka, Mercer Private Markets
4. Establishing a private debt fund: Key legal issues
By Daniel Greenaway, Pinsent Masons LLP
5. Liberalisation of the German debt fund market
By Patricia Volhard and Benjamin Letzler, P+P Pöllath + Partners
6. Trends in the European private debt middle market
By Edward Godfrey, DC Advisory
7. Unitranche Debt in Europe
By European Capital
8. Private debt: A private equity sponsor’s experience
By Eric Schaefer, Eurazeo Capital
9. High-growth companies in the lower mid-market
By Ross Ahlgren and Simon Hirtzel, Kreos Capital
10. Private debt in Central Europe
By Ben Edwards, Syntaxis Capital
11. LP Survey
===============================
The Global Guide to Private Debt
===============================
SECTION I: LP PERSPECTIVES
1. Private credit strategies: More choice and new risks for investors
By Tod Trabocco, Cambridge Associates
2. The whats and whys: Illiquid credit in a broader fixedincome portfolio
By Edward Goldstein, David Zhong and Jake Van Koevering, Morgan Stanley Investment Management
3. Developing a global private debt programme
By Sanjay Mistry and Tobias Ripka, Mercer Private Markets
4. Private debt investing in Europe and the United States
By Peter Schwanitz, Portfolio Advisors
5. Private debt funds: The investors’ perspective
By Matthias Unser, YIELCO Investments AG
6. Private debt as part of a family office asset allocation
By Stefan Armonat and Silvan Roth, Woodman Asset Management AG
SECTION II: GP PERSPECTIVES
7. Sponsor-focused mid-market lending in a robust credit market
By Arthur H. Penn, PennantPark Investment Advisers, LLC
8. US lower mid-market credit: The allure of aninefficient market
By Brett Hickey, Star Mountain Capital
9. Private debt in Asia: Early stage growth
By Dr. Chris Heine and Nicholas Brooks, ICG
10. Investing in commercial real estate debt: Sustainable opportunities for alternative lenders
By Paul House, Venn Partners
11. Growth lending: A global view
By Craig W. Netterfield and Joyce Liu, Columbia Lake Partners
12. Prelude to a yard sale: The New Default Cycle
By Thomas M. Benninger, Global Leveraged Capital
SECTION III: LEGAL PERSPECTIVES
13. Private debt fund terms: A transatlantic perspective
By Sally Gibson, Geoffrey Kittredge, and Michael Sabin, Debevoise & Plimpton LLP
14. Europe for US alternative lenders:A regulatory minefield?
By Alex Amos, Macfarlanes LLP
SECTION IV: THE BANK PERSPECTIVE
15. Private debt: A banking perspective
