GLOBAL INVESTMENT INSIGHTS

David is the portfolio manager and Head of NB Capital Solutions at Neuberger Berman, with over 27 years of experience. David dedicates the majority of his time to portfolio construction, investment due diligence and team management, as well as managing relationships with investors and private equity sponsors.

“Rates are approaching all-time highs, which make financings increasingly more expensive for private equity (PE) firms. As a result, PE firms are looking for sources of alternative capital. Valuation multiples remain elevated in private markets and even more so in public markets, coupled with volatility. This creates a continued expensive environment for buyout firms. Buyout fund distributions are approaching historical lows and sponsors are looking for more creative ways to return capital to investors, in order to reach fundraising targets. The current market environment provides an excellent opportunity set for capital solutions – bespoke financing solutions for strategic M&A and minority recapitalisations.”

David will be presenting at Global Investment Institute’s upcoming Private Credit Investment Forum, taking place this Thursday, 2 May 2024 at the Grand Hyatt Melbourne, Victoria.

Register your interest in attending here or for more information email zlatan@globalii.com.au.

Read More

As the Head of Origination – Private Credit at PineBridge Investments, Doug oversees the firm’s middle market private credit business and lead their origination efforts. With over 30 years of experience in financial advisory and services, including middle market direct lending, investment banking, and public accounting, Doug specialises in the origination and execution of both private equity-supported and non-sponsored financing transactions.

“We believe a period of marked divergence lies ahead across private credit direct lending in 2024, fuelled by a sustained high interest rate environment and the impact of varying portfolio approaches. Specifically, while the overall private credit direct lending (lower middle market) asset class has continued to show durable, stable returns across various macro environments, the specific asset mix, sector focus, and approach to credit risk are all factors that drive performance outcomes – and create the many “varieties” of private credit.

We continue to believe the opportunity set for investors in the private credit direct lending segment remains robust and deep enough to enable a selective approach.”

Doug will be presenting at Global Investment Institute’s upcoming Private Credit Investment Forum, taking place this Thursday, 2 May 2024 at the Grand Hyatt Melbourne, Victoria.

Register your interest in attending here or for more information email zlatan@globalii.com.au.

Read More

Mike is responsible for overseeing PGIM Private Capital’s Sydney office. He and his team are responsible for sourcing, underwriting, and managing private credit investments across Australia and New Zealand. Their private credit offering spans the corporate, infrastructure and energy sectors.

“There has been a proliferation of new private credit funds over the past couple of years, as ‘private credit’ has become more mainstream and an increased willingness and awareness for borrowers to take on non-bank funding, particularly in historically bank dominated markets such as Australia and New Zealand. The gradual disintermediation of the banking sector, changes in bank appetite, and challenges in the equity markets to IPO has made private credit more attractive for borrowers despite the higher pricing. The combination of interest rates remaining higher for longer than forecasted, coupled with a gradual slowdown in the economy, is likely to put pressure on mid-market businesses as operating costs continue to increase. As a result, firms need to ensure that they have adequate flexibility to manage their businesses through this uncertain environment.”

Mike will be presenting at Global Investment Institute’s upcoming Private Credit Investment Forum, taking place this Thursday, 2 May 2024 at the Grand Hyatt Melbourne, Victoria.

Register your interest in attending here or for more information email zlatan@globalii.com.au.

Read More

Peter is the Managing Partner at Tanarra Credit Partners (TCP) with primary responsibility for managing TCP’s Asia Pacific business and investment activities. He also Chairs the Investment Committee and sits on the Audit, Risk and Compliance Committee. He is also actively involved in evaluating new credit strategies that TCP can expand into.

“Diversification into ‘developed’ Asia is one of the biggest opportunities in the near to medium term.  The market is underserved, with most private credit activity to date in special situations or distressed related investments, emerging markets (i.e. India, China, Indonesia) and property development financings. 

Asia represents over one-third of the global economy and has been the key engine driving growth in the global economy in recent times. Interestingly, the Asian markets are seeing a reduction in bank lending presently, similar to what was witnessed in Australia post GFC.”

Peter will be presenting at Global Investment Institute’s upcoming Private Credit Investment Forum, taking place on Thursday, 2 May 2024 at the Grand Hyatt Melbourne, Victoria.

Register your interest in attending here or for more information email zlatan@globalii.com.au.

Read More

Jon is the Managing Director, Portfolio Strategy & Analytics at Northleaf Capital Partners responsible for the overall portfolio and macro analysis for their private credit and private equity mandates. He also serves on Northleaf’s Private Credit Investment Committee and firm-wide Responsible Investment Committee.

“On a relative basis, private credit returns remain very attractive, although market factors are contributing to a moderate tightening of credit spreads in some parts of the market, while risk premia are holding up elsewhere. We therefore expect to see greater variability in returns as we look across geographies, compare lower to upper middle market and consider asset-based lending opportunities against those in the corporate sector. Allocation decisions made across these dimensions will impact private credit returns over the next several years.”

Jon will be presenting at Global Investment Institute’s upcoming Private Credit Investment Forum, taking place on Thursday, 2 May 2024 at the Grand Hyatt Melbourne, Victoria.

Register your interest in attending here or for more information email zlatan@globalii.com.au.

Read More

Danielle is the Head of Sustainability Investment Specialists and APAC Sustainability at abrdn. Her responsibilities encompass managing the Sustainability Investment Specialists team, that is spread across APAC, the UK and the US. She also leads the Sustainability Institute, APAC and is responsible for abrdn’s overall APAC sustainability strategy.

According to Danielle, “the world is not currently on track to cap global warming to well below 2℃. A lack of clear climate policy direction, exacerbated by conflict and energy security concerns, compounded by a backlash against sustainability in some regions, create an uncertain world for companies and investors.

Private sector financial flows cannot fully align with science-based climate objectives unless public policies and regulations are credibly aligned with the said objectives.

The warmer our trajectory the greater the physical impacts from climate change - and we are already seeing this manifest across the globe. Our focus increasingly needs to shift to financing adaptation to that warmer world.”

Danielle presented at Global Investment Institute’s recently held Net Zero Investment Forum, which will be held again next year on Thursday, 13 March 2025 in Melbourne CBD, VIC. To register your interest in attending, click here or for more information email zlatan@globalii.com.au.

Read More

April 2024

This month’s featured job vacancies and opportunities include roles at AustralianSuper, J.P. Morgan, HESTA, Bank of America, Australian Retirement Trust, Hostplus, and more.

If you would like us to promote a job vacancy at your organisation for executive and senior investment roles, please contact us.

Read More

Marc is a Portfolio Manager at Fidelity International, responsible for the direct lending platform's investment and portfolio management aspects. He and his 11-strong investment and credit management team are spread across the UK and Continental Europe, focusing on a broad pipeline of investment opportunities. At present, their key area of focus is the core middle market, focusing on companies with EBITDA of €30 million or below.

“We believe that this realm of direct lending, the core middle market, is one of the few areas where manager differentiation exists thus allowing us to contribute some level of alpha to our underwriting process tangibly.

The direct lending asset class is increasingly becoming monolithic and commoditised. Sophisticated investors should not just focus on the cash pay rates and portfolio construction but also hone in on the quality of underwriting, consistency, and depth of reporting by the manager. Furthermore, investors must take into consideration the asset manager’s area of focus and whether their strategy adds value to investors’ existing investments in direct lending or other asset classes.”

Marc will be presenting at Global Investment Institute’s upcoming Private Credit Investment Forum, taking place on Thursday, 2 May 2024 as well as the Family Office Private Credit Roundtable, taking place on Friday, 3 May 2024. Both events will be held at the Grand Hyatt Melbourne, Victoria.

Register your interest in attending here or for more information email zlatan@globalii.com.au.

Read More