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Alternatives
U.S. direct lending: The portfolio effect
In a recent Q&A interview with Private Debt Investor, Churchill Asset Management’s Jason Strife and Mat Linett discuss why platform deal volumes may still be down while portfolio-based activity is keeping lenders busy.
Questions asked:
- To what extent has loan volume picked up compared to a lackluster 2023?
- How has the resurgence of the BSL market affected senior lending in the private credit industry?
- What dynamics are at play when it comes to the junior capital market?
- How are private credit portfolios holding up in this higher-for-longer interest rate environment and what are your expectations for loan defaults in 2024?
- Which managers are best positioned to succeed in this environment?
- What sectors are Churchill finding the most attractive today?
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We invest across the alternative credit spectrum to add diversification, resilience to market swings, and cashflow driven return profiles to portfolios.
2023 was characterized by several key themes in the capital markets: the U.S. Federal Reserve’s battle against inflation; the resulting impact on issuers of higher-for-longer interest rates; a much slower pace of merger and acquisition activity as buyers and sellers dealt with mounting borrowing costs, valuation discrepancies and choppier portfolio performance and the steady disintermediation of buyout financings from public to private credit.
Randy Schwimmer, Co-Head of Senior Lending at Churchill, and Mattis Poetter, Partner and Co-CIO at Arcmont, analyze why private credit has continued to take market share from banks, and the key trends driving the opportunity in the U.S. and European markets.
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