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Private debt : opportunities in corporate direct lending

Author: Stephen L Nesbitt
Publisher: Hoboken : Wiley, 2019.
Series: Wiley finance series.
Edition/Format:   eBook : Document : English : First EditionView all editions and formats
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
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Nesbitt, Stephen L., 1953- author.
Private debt
Hoboken : Wiley, 2019
(DLC) 2018049404
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Stephen L Nesbitt
ISBN: 9781119501275 111950127X 9781119501138 111950113X 9781119501169 1119501164
OCLC Number: 1057731904
Notes: Includes index.
Description: 1 online resource.
Contents: Introduction ixAcknowledgments xiiCHAPTER 1 Overview of US Middle Market Corporate Direct Lending 1CHAPTER 2 The Historical Performance of US Middle Market Direct Loans 9CHAPTER 3 Performance Comparisons to Other Asset Classes 21CHAPTER 4 Current Yield or Yield to Maturity? 29CHAPTER 5 Comparative Credit Loss Rates 35CHAPTER 6 How Liquid Are Direct Loans? 37CHAPTER 7 Credit as a Separate Asset Class 41CHAPTER 8 Loans and the Theory of Credit 53CHAPTER 9 Risk Premiums in US Middle Market Lending 71CHAPTER 10 Covenants and the Loan Agreement 79CHAPTER 11 Should Direct Loan Portfolios Be Leveraged? 83CHAPTER 12 Business Development Companies 91CHAPTER 13 Selecting Direct Lending Managers 105CHAPTER 14 Loan Valuation 125CHAPTER 15 Investment Fees 131CHAPTER 16 Direct Lending and J-curve Mitigation 139CHAPTER 17 Portfolio Construction 143CHAPTER 18 Expected Returns and Risks from Direct Lending 153CHAPTER 19 Asset Allocation 163CHAPTER 20 European Middle Market Direct Lending 167CHAPTER 21 The Borrower's Perspective 175CHAPTER 22 Other Private Debt Opportunities 181Conclusion 219Glossary 221List of Exhibits 231Index 235
Series Title: Wiley finance series.
Responsibility: Stephen L. Nesbitt.

Abstract:

"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"--

"-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"--

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