Details

Private Debt


Private Debt

Yield, Safety and the Emergence of Alternative Lending
Wiley Finance 2. Aufl.

von: Stephen L. Nesbitt

32,99 €

Verlag: Wiley
Format: PDF
Veröffentl.: 26.01.2023
ISBN/EAN: 9781119944416
Sprache: englisch
Anzahl Seiten: 320

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Beschreibungen

<p><b>An essential resource for creating outsized returns in the private debt markets</b> <p>In <i>Private Debt II: Finding Yield in a Zero Interest World</i>, renowned investment advisor and industry leader Stephen Nesbitt delivers yet another essential resource for investors seeking to acquire private debt options in the investment market, including corporate direct lending, asset-backed lending, mezzanine lending, royalties, venture debt, structured credit (CLOs), specialty finance, and structured equity. <p>Building on the success and popularity of <i>Private Debt: Opportunities in Corporate Direct Lending</i>, this latest edition of the author’s flagship text helps readers understand this complex and rapidly growing asset class. The book also offers: <ul> <li>Explorations of the opportunities, relevant risks, and historical yield provided by private debt</li> <li>Discussions of a variety of loan investment vehicles, including the Business Development Company structure</li> <li>Strategies for structuring a direct loan portfolio and how to fit it into your overall investment strategy</li></ul><p>A can’t-miss resource for serious investors looking for opportunities to earn higher yields than those offered by traditional index funds while still retaining reasonable safety of principle and liquidity, <i>Private Debt II</i> will undoubtedly become the go-to guide for anyone looking for tried and tested debt investment strategies.
<p>Introduction</p> <p>Acknowledgments</p> <p>About the Author</p> <p>Chapter 1: Overview of U.S. Middle Market Corporate Direct Lending</p> <p>Chapter 2: The Historical Performance of U.S. Middle Market Direct Loans</p> <p>Chapter 3: Performance Comparisons to Other Asset Classes</p> <p>Chapter 4: Current Yield or Yield-to-Maturity?</p> <p>Chapter 5: Comparative Credit Loss Rates</p> <p>Chapter 6: How Liquid Are Direct Loans?</p> <p>Chapter 7: Middle Market Loans as a Hedge Against Rising Interest Rates</p> <p>Chapter 8: Credit as a Separate Asset Class</p> <p>Chapter 9: Senior and Unitranche Direct Lending</p> <p>Chapter 10: Loans and the Theory of Credit</p> <p>Chapter 11: Risk Premiums in U.S. Middle Market Lending</p> <p>Chapter 12: Covenants and the Loan Agreement</p> <p>Chapter 13: Should Direct Loan Portfolios Be Leveraged?</p> <p>Chapter 14: The Democratization of Alternatives</p> <p>Chapter 15: Business Development Companies (BDCs)</p> <p>Chapter 16: Interval and Tender Funds</p> <p>Chapter 17: Selecting Direct Lending Managers</p> <p>Chapter 18: Loan Valuation</p> <p>Chapter 19: Investment Fees</p> <p>Chapter 20: Portfolio Construction</p> <p>Chapter 21: Expected Returns and Risks from Direct Lending</p> <p>Chapter 22: Asset Allocation</p> <p>Chapter 23: All-Weather Private Debt</p> <p>Chapter 24: Enter SOFR</p> <p>Chapter 25: European Middle Market Direct Lending</p> <p>Chapter 26: The Borrower’s Perspective</p> <p>Chapter 27: Enhanced Lending</p> <p>Conclusion</p> <p>Index</p>
<P><B>STEPHEN L. NESBITT</B> is Chief Executive Officer and Chief Investment Officer of Cliffwater LLC, an investment advisory firm specializing in alternative investments, including private debt, hedge funds, private equity, real estate, and infrastructure.
<P>PRAISE FOR <b>PRIVATE DEBT, SECOND EDITION</b> <p>“Steve Nesbitt has been a consistent thought leader in the private credit space. From his front row seat, Nesbitt offers valuable insights into the world of corporate lending. <i>Private Debt</i> is a must-read for anyone looking to gain a deeper understanding of this growing and ever-evolving asset class.”<br> <b>— Michael Arougheti, Co-Founder, CEO, and President, Ares Management Corporation</b><br> <p>“Steve Nesbitt has been at the forefront of the private credit industry throughout its evolution from a tactical portfolio allocation into a strategic asset class. No one in the space has a more comprehensive perspective of the landscape or a more nuanced understanding of the drivers of performance.”<br> <b>—Michael Patterson, Managing Director, HPS Investment Partners, LLC</b> <p>“The education and leadership that we see in the material that Steve Nesbitt produces is helping accelerate the secular shift towards private credit. He excels at providing both institutional and individual investors greater transparency and insight to the asset class.”<br> <b>— Brad Marshall, Senior Managing Director and Head of North America Private Credit; CEO, Blackstone Private Credit Fund (BCRED), Blackstone Inc.</b> <p>“Steve Nesbitt has not only advanced the understanding of credit and alternative lending with <i>Private Debt</i>, but has also walked-the-walk by helping both the largest and smallest investors access this fast-growing asset class.”<br> <b>— Edward Mulé, Founding Partner, Portfolio Manager and CEO, Silver Point Capital, LP</b>

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