Private Debt: Opportunities in Corporate Direct Lending

Private Debt: Opportunities in Corporate Direct Lending

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Product Details

ISBN-13: 9781119501152
Publisher: Wiley
Publication date: 01/14/2019
Series: Wiley Finance Series
Pages: 256
Sales rank: 785,103
Product dimensions: 5.90(w) x 9.10(h) x 1.00(d)

About the Author

STEPHEN L. NESBITT is Chief Executive Officer and Chief Investment Officer of Cliffwater LLC, an investment advisory firm specializing in alternative investments including hedge funds, private equity, real estate, and infrastructure. Prior to forming Cliffwater in 2004, Steve was head of investment consulting at Wilshire Associates.

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Table of Contents

Introduction ix

Acknowledgments xii

CHAPTER 1 Overview of US Middle Market Corporate Direct Lending 1

CHAPTER 2 The Historical Performance of US Middle Market Direct Loans 9

CHAPTER 3 Performance Comparisons to Other Asset Classes 21

CHAPTER 4 Current Yield or Yield to Maturity? 29

CHAPTER 5 Comparative Credit Loss Rates 35

CHAPTER 6 How Liquid Are Direct Loans? 37

CHAPTER 7 Credit as a Separate Asset Class 41

CHAPTER 8 Loans and the Theory of Credit 53

CHAPTER 9 Risk Premiums in US Middle Market Lending 71

CHAPTER 10 Covenants and the Loan Agreement 79

CHAPTER 11 Should Direct Loan Portfolios Be Leveraged? 83

CHAPTER 12 Business Development Companies 91

CHAPTER 13 Selecting Direct Lending Managers 105

CHAPTER 14 Loan Valuation 125

CHAPTER 15 Investment Fees 131

CHAPTER 16 Direct Lending and J-curve Mitigation 139

CHAPTER 17 Portfolio Construction 143

CHAPTER 18 Expected Returns and Risks from Direct Lending 153

CHAPTER 19 Asset Allocation 163

CHAPTER 20 European Middle Market Direct Lending 167

CHAPTER 21 The Borrower’s Perspective 175

CHAPTER 22 Other Private Debt Opportunities 181

Conclusion 219

Glossary 221

List of Exhibits 231

Index 235

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