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private credit funds

3 statements across 3 episodes · 1 bullish · 2 bearish · 3 people on the record · first statement Dec 11, 2017 by Chris Acito · across every show →

Everything said about private credit funds, oldest first

Dec 11, 2017 negative
Assertion Supported
Acito: Early private credit funds are missing their 4-5 year wrap targets
“How long are these funds going to be around? I think people at the beginning were very optimistic. They'd be wrapped up within four to five years. They're not wrapped up within four to five years.”
Chris Acito Dec 11, 2017 ▶ 48:37 Chris Acito – Credit Where Credit is Due (Capital Allocators, EP.33)
Feb 17, 2020 bearish
Opinion
Private credit funds offer 8x leverage covenant-lite loans to hide defaults
“And they basically start buying market share by offering the riskiest loans. So they're offering unit tranche, eight times debt to EBITDA loans with no covenants, and basically because they don't want to show their LPs that any of their loans have defaulted, T…”
Dan Rasmussen Feb 17, 2020 ▶ 19:25 Dan Rasmussen – Private Equity Risk and Public Equity Opportunity at Verdad Advisers (First Meeting, EP.15)
May 29, 2023 bullish
Opinion
Bergstrom: Private credit secondaries offer significant discounts with no J-curve
“Right now, we really like the opportunity to invest on a secondary basis in private credit funds. The private credit market grew a ton the last five, six years, and now you're seeing small funds, some investor not re-upping, the consultant has changed, the sta…”
Craig Bergstrom May 29, 2023 ▶ 1:08:42 Hedge Fund Master Class – Craig Bergstrom, Adam Blitz, and Dan Fagan (Capital Allocators, EP.318)
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