Private Debt Investor Podcast

The diversification dilemma: Why ABF offers a solution to LPs

This episode is sponsored by Rithm Capital Asset-based finance is rapidly evolving within the world of private credit, offering investors a differentiated source of risk-adjusted returns. With the market valued at over $20 trillion, it underscores the vast scale and growing importance of this segment as investors seek alternative opportunities amid shifting economic conditions. In this episode, we speak to Michael Nierenberg, CEO of Rithm Capital, to discuss why asset-based finance is becoming more popular with investors. We analyse the opportunities ABF brings, while also exploring how managers are differentiating themselves in a competitive market.

Private debt’s show of strength

This episode is sponsored by Nuveen The private debt industry continues to go from strength to strength, with several key segments of the market gaining further traction with institutional investors as they seek out strong returns in an uncertain macroeconomic environment. Both geography and strategy will be crucial to attract LPs in the coming months and years - Europe and the US each have significant market factors at play that will determine the trajectory and rate of private credit growth across both markets, while the infrastructure-focused investment-grade space is seeing strong dealflow despite volatility. In this episode, we speak to Randy Schwimmer, vice chairman and chief investment strategist at Churchill Asset Management; Laura Parrott, a senior managing director and head of the private fixed income group at Nuveen; and Michael Massarano, a partner and deputy CIO of Arcmont Asset Management, to find out more about the dynamics driving private debt activity across these three key segments.

Arrow Global on seeing beyond the cycle

This episode is sponsored by Arrow Global To be a successful player in the distressed lending market, one needs to understand the importance of timing. The current macroeconomic environment offers plenty of opportunities for distressed lenders looking to assist businesses struggling with market dislocation, bank retrenchment and policy uncertainty. However, lenders that look to take a more opportunistic approach to the strategy may not be able to deliver the kinds of returns sought by increasingly sophisticated investors. In this episode, we speak with Zach Lewy, founder, CEO, and chief investment officer of Arrow Global, to discuss the importance of taking a long-term view on potential targets and the opportunities and risks associated with the strategy. We also explore why default rates are no longer truly indicative of distress in the market and why lenders who have pan-European footprints are particularly well-placed to benefit from market dislocation.

Oaktree on its $16bn opportunistic debt fund

Oaktree Capital Management’s announcement in early February that its Opportunities Fund XII had raised $16 billion – inclusive of co-investments and affiliated investment vehicles – represented the largest fundraise for an opportunistic/distressed debt fund to date. Brook Hinchman and Jared Parker – both managing directors and co-heads of North America for Oaktree’s Global Opportunities strategy, joined The Private Debt Investor Podcast to discuss the strategy and how a mixture of factors including tariffs, liability management exercises and the path forward for interest rates are influencing decision making as the fund’s investment phase is in full swing.

What's driving the growth of private credit secondaries

This episode first appeared on Secondaries Investor's Second Thoughts podcast, which you can subscribe to by clicking here [https://www.secondariesinvestor.com/podcast/], or searching wherever you listen to podcasts. Private credit secondaries has the potential to surpass private equity in deal volume over the longer term as more secondaries investors pursue yield and diversification amid market volatility. Over the past year, several billion-dollar-plus deals have emerged in the credit secondaries space, including Coller Capital [https://www.secondariesinvestor.com/database/institution-profile/id/institution98d5y/coller-capital/lp-fund-commitments]'s recent acquisition [https://www.secondariesinvestor.com/coller-snaps-up-1-6bn-lp-led-credit-portfolio-from-american-national/] of a $1.6 billion portfolio from American National and TPG Angelo Gordon's $1.5 billion continuation fund [https://www.secondariesinvestor.com/tpg-angelo-gordon-runs-1-5bn-plus-gp-led-credit-secondaries-process/]. Firms like Coller, Pantheon [https://www.secondariesinvestor.com/database/institution-profile/id/institution:98a5f/Pantheon/?back-to-search], Apollo Global Management [https://www.secondariesinvestor.com/database/institution-profile/id/institution:98e9f/Apollo%20Global%20Management/?back-to-search] and Ares Management  [https://www.secondariesinvestor.com/database/institution-profile/id/institution:98dg3/Ares%20Management/?back-to-search]have also launched dedicated credit secondaries strategies. In this episode, Michael Schad, head of secondaries at Coller Capital, and Gerald Cooper, global co-head of secondaries advisory at Campbell Lutyens [https://www.secondariesinvestor.com/database/institution-profile/id/institution98bpq/campbell-lutyens/pa-funds-placed], speak with Secondaries Investor Americas correspondent Hannah Zhang about the evolution of the private credit secondaries market and where the next opportunities may emerge. "Most of the asset managers are sitting on tens of billions of NAV. So it lends itself to a secondary opportunity that is inevitably going to continue to grow and be of scale," Cooper said in the podcast. "I think as we look five to 10 years down the road, we are hopeful that we are going to see more specialised pockets of capital come into the space."