Private Debt

Opportunities in Corporate Direct Lending
Standards Information Network (Verlag)
  • 1. Auflage
  • |
  • erschienen am 28. Dezember 2018
  • |
  • 256 Seiten
E-Book | PDF mit Adobe-DRM | Systemvoraussetzungen
978-1-119-50127-5 (ISBN)
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.
weitere Ausgaben werden ermittelt
STEPHEN L. NESBITT is Chief Executive Officer and Chief Investment Officer of Cliffwater LLC, an investment advisory firm specializing in alternative investments including hedge funds, private equity, real estate, and infrastructure. Prior to forming Cliffwater in 2004, Steve was head of investment consulting at Wilshire Associates.
  • Cover
  • Title Page
  • Copyright
  • Contents
  • Introduction
  • Acknowledgments
  • Chapter 1 Overview of US Middle Market Corporate Direct Lending
  • The Rise of Nonbank Lending
  • Direct Lending Investors
  • Direct Lending Illustration
  • Chapter 2 The Historical Performance of US Middle Market Direct Loans
  • The Cliffwater Direct Lending Index (CDLI)
  • US Middle Market Direct Loan Performance
  • Yield on Direct Loans
  • Net Gains (Losses)
  • Net Realized Gains (Losses)
  • Net Unrealized Gains (Losses)
  • Total Return
  • Chapter 3 Performance Comparisons to Other Asset Classes
  • Return
  • Risk and Maximum Drawdown
  • Chapter 4 Current Yield or Yield to Maturity?
  • Current Yield
  • Yield-to-Three-Year Takeout
  • Chapter 5 Comparative Credit Loss Rates
  • Chapter 6 How Liquid Are Direct Loans?
  • Chapter 7 Credit as a Separate Asset Class
  • What is an Asset Class?
  • Credit and Asset Allocation
  • Private Credit Opportunities
  • Chapter 8 Loans and the Theory of Credit
  • The Merton Model
  • Volatility
  • Risk-Free Rate
  • Time to Maturity
  • Estimating Loan Risk
  • Estimating Loan Portfolio Risk
  • Testing the Merton Model
  • Merton Model with Covenants
  • Chapter 9 Risk Premiums in US Middle Market Lending
  • Methodology
  • Chapter 10 Covenants and the Loan Agreement
  • Chapter 11 Should Direct Loan Portfolios Be Leveraged?
  • Simulated Direct Loan Portfolios with Leverage
  • Determinants of Financing Costs
  • Chapter 12 Business Development Companies
  • What is a BDC?
  • BDC Industry Statistics
  • Private BDCs
  • Publicly Traded BDCs
  • BDC Market Indices
  • BDCs - A Tale of Two Markets
  • BDC Dividend Yield
  • BDC Total Return
  • Chapter 13 Selecting Direct Lending Managers
  • Selection Matters
  • Manager Direct Loan Yield
  • Credit Losses Across Direct Lenders
  • Total Return
  • Direct Lending Managers
  • Organization
  • Investment Strategy
  • Origination
  • Underwriting
  • Loan Construction and Monitoring
  • Workout
  • Portfolio Construction
  • Leverage Financing
  • Fees and Expenses
  • Track Record
  • Chapter 14 Loan Valuation
  • Chapter 15 Investment Fees
  • Direct Lending Fee Structures
  • Combined Fees for Direct Lenders
  • Manager Style and Fees
  • Comparisons to Private Equity
  • Comparisons to BDCs
  • Fees and Alpha
  • Chapter 16 Direct Lending and J-curve Mitigation
  • Chapter 17 Portfolio Construction
  • Direct Lending Benchmarks
  • The Importance of a Benchmark
  • The CDLI as a Private Debt Benchmark
  • Diversification
  • Chapter 18 Expected Returns and Risks from Direct Lending
  • Expected Return
  • Expected Risks
  • Chapter 19 Asset Allocation
  • Chapter 20 European Middle Market Direct Lending
  • Key Characteristics of the European Direct Lending Market
  • Evolution of the European Direct Lending Market
  • Capital Structure of European Direct Loans
  • Risk Factors
  • Chapter 21 The Borrower's Perspective
  • US Borrowers
  • European Borrowers
  • Chapter 22 Other Private Debt Opportunities
  • Real Estate Debt
  • Market Size and Structure
  • Expected Return and Risk
  • Investment Strategies
  • Mezzanine Debt
  • Market Size and Structure
  • Expected Return and Risk
  • Investment Strategies
  • Collaterized Loan Obligations (CLOs)
  • Leveraged Loans
  • CLO Structure
  • CLO Economics
  • CLO Mechanics
  • CLO Collateral Manager
  • Asset-Based Lending
  • Market Size and Structure
  • Expected Return and Risk
  • Investment Strategies
  • Infrastructure Debt
  • Market Size and Structure
  • Expected Return and Risk
  • Investment Strategies
  • Consumer/Marketplace Lending
  • Market Size and Structure
  • Expected Return and Risk
  • Investment Strategies
  • Royalties
  • Market Size and Structure
  • Expected Return and Risk
  • Investment Strategies
  • Venture Debt
  • Market Size and Structure
  • Expected Risk and Return
  • Investment Strategies
  • Rescue Financing
  • Market Size and Structure
  • Expected Return and Risk
  • Investment Strategies
  • Reinsurance
  • Market Size and Structure
  • Expected Return and Risk
  • Investment Strategies
  • Litigation Finance
  • Market Size and Structure
  • Expected Return and Risk
  • Investment Strategies
  • Conclusion
  • Glossary
  • List of Exhibits
  • Index
  • EULA

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