Episode 6: Jack Ablin
Private Capital Call
by Private Capital Call
1M ago
This month, we have Jack Ablin, Chief Investment Officer and founding partner at Cresset Capital, a top fractional family office serving high net worth individuals and families. Jack discusses his extensive investment background dating back to the 1980s, highlighting how his strategy has evolved towards asset allocation. Jack shares insights into the current macroeconomic landscape, particularly the shift in the bond market's competitiveness with equities and its implications for investors. He explores the attractiveness of private credit as an asset class, noting its potential as a hedge in a ..read more
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Episode 5: Ron Kahn
Private Capital Call
by Private Capital Call
1M ago
This month our guest is Ron Kahn, Managing Director at Lincoln International and head of their valuations practice. Ron sheds light on the current market dynamics, highlighting the robust performance of private companies despite lackluster M&A activity. The podcast explores the current economic climate, noting positive indicators like EBITDA growth and expectations of Fed rate cuts. Throughout the conversation, Ron and Randy emphasize the resilience of private capital and predicting continued strength despite geopolitical uncertainties and upcoming elections. We also cover topics such as L ..read more
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Episode 4: Edward Goldstein
Private Capital Call
by Private Capital Call
1M ago
This month our guest is Ed Goldstein, Partner, CIO of Coller Credit Secondaries, a leading investor in the secondary market for private assets.    In the wake of the global financial crisis, the private credit landscape experienced a seismic shift. As the secondary market gained traction, it began to offer liquidity solutions for investors in the private credit space. Investors, motivated by reasons such as underperformance, regulatory concerns, liquidity needs, stress, and opportunistic selling, started to explore this emerging avenue for portfolio managemen ..read more
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Episode 3: Mickey D. Levy
Private Capital Call
by Private Capital Call
6M ago
In this week's episode, we are honored to welcome the renowned economist, Dr. Mickey Levy. As a visiting scholar at the Hoover Institution at Stanford University and a respected member of the Shadow Open Market Committee, Dr. Levy brings a wealth of knowledge and insight. Join us as we delve into a range of critical economic topics with Dr. Levy. Our discussion encompasses the resilience and recent slowdown of the U.S. economy, the ongoing concerns surrounding inflation, and the Federal Reserve's interest rate policy. We also examine the current state of interest rates, including both short-te ..read more
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Episode 2: Van Hesser
Private Capital Call
by Private Capital Call
8M ago
This week our guest is Van Hesser, chief strategist at KBRA, a credit rating analysis agency. Van is also the host of his own insightful podcast, "Three Things in Credit," which I highly recommend. In this episode, we dive into the current economic landscape, explore the concepts of economic soft landings, no landings, and where we currently stand. We also discuss the aftermath of the banking crisis earlier this year, the question of systemic risk and private capital, and how to think about the default cycle – all essential considerations for private capital investors in the coming months ..read more
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Fundraising for European Private Debt
Private Capital Call
by Private Capital Call
1y ago
This week’s Chart of the Week highlights how US and European private debt fundraising came into Covid with a head of steam, slowed, and has now picked up.   Our content partner,   , recently published excellent commentary related to investors’ views of the “European opportunity.” One CIO said it started looking more attractive when US yields dropped precipitously last year. Since then, the difference in yields as shrunk.    According to PDI, there’s $116 billion of funds in the North American market, $85 billion in Europe and $12 billion in the Asia-Pacific region ..read more
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European Direct Lending - A New Series
Private Capital Call
by Private Capital Call
1y ago
Say what you will about last year’s Covid-induced downturn in the US beginning in March. But it paled in comparison to the UK’s economic cratering. Not since the Great Frost of 1709 had that proud nation suffered such a dramatic slump.    But then, like the US, the UK and Europe began to recover in similar fashion. In the credit markets as well: from revolver draw-downs, to the commercial upswing and deal snap back in the fall, and the rush closings at year-end.   Five years ago we published a white paper that highlighted how European leveraged lending has historically been domi ..read more
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Inflation: A Transitory Thing
Private Capital Call
by Private Capital Call
1y ago
We continue our special inflation series with Nuveen’s chief investment strategist, Brian Nick. Are inflation worries overblown?   “Prices of certain goods and services are rising for a variety of reasons,” he told us, “all we believe will be transitory. April’s CPI report showed inflation will peak at a higher level this year than expected. But this “bump” should be over before the end of the summer.    “Even accounting for energy prices last month’s 0.9% rise in core consumer prices is a very high number. What contributed to that was a combination of stimulus, reopening pressu ..read more
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Capital Markets Outlook: Cov-lite Spotlight
Private Capital Call
by Private Capital Call
1y ago
Historically, #covenant-lite was not a topic for much conversation in the middle market, as these loans were seen mostly in the broadly syndicated market. However, as the market has evolved, competition has intensified and lines have blurred between public and private credit.  Cov-lite has increasingly gained share among smaller, unrated loans. What prompted this change?  We observed the following dynamics ..read more
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CLOs: Risks and Opportunities
Private Capital Call
by Private Capital Call
1y ago
News reached us from Mars of the first powered Earth aircraft to fly on another planet. Ingenuity, a helicopter with four foot wide blades (and carrying a small swatch from the original Wright Brothers bi-plane), hovered at ten feet for 30 seconds then came back down.    “What the Ingenuity team has done,” a NASA official said, “is give us the third dimension.”   Here on Earth #CLOs​ are also three-dimensional. Their capital structures start with the least risky, lowest-spread debt at the top of the cash flow waterfall, to more risky, higher-spread liabilities and equity at the ..read more
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