Private Debt Whitepaper - Next Steps in Private Debt

Signs of excess in private markets have been there for all to see for years. Fundraisings have been getting bigger; concentration among the biggest players has grown; covenants have been getting lighter and lighter.

Yet nothing seismically bad has happened yet. This, to some extent, reflects the expertise of practitioners in private markets. It also explains why regulators fret but have not engineered profound change to markets which have experienced transformational growth since the GFC.

But nothing ever lasts forever. Public debt issues are having something of a renaissance as borrowers hunt cheaper deals. The mountain of committed capital gives new investors into private debt pause for thought.

What are the next steps in Private Debt?