Unitranche debt / loans, which increasingly dominate European private debt funds and also play a key role in the US market, were only invented a decade ago. GE and Allied Capital (later Ares) teamed up to offer a single-tranche of lending where the first-out position was provided by GE and the second-out by Allied. The borrower received one set of pricing and one loan agreement: for them it was more expensive but simpler and, importantly, enabled greater leverage
Lire la suite : Unitranche Debt - Why Does the Evolution Matter?
Throughout 2016, innovative ESG-focused pension funds have sought ways to integrate sustainability factors in asset classes where these considerations are not necessarily mainstream.
Lire la suite : DNA of a Manager Search: ESG in Private Debt
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