Preqin-私人债务报告（英文）-2018.5-16页-6mb

Summary of the Private Debt Industry Insights

Core Content Overview

This document provides an in-depth analysis of the private debt industry, with a focus on distressed debt fundraising, sovereign wealth fund (SWF) investments, and key industry statistics. It also includes data on the presence of women in the private debt sector and the performance of the Northeast US private debt market.

Main Points: Distressed Debt Fundraising

• Market Trends: Distressed debt fundraising has seen a slowdown over the past three years, but dry powder levels remain high.
• Global Leadership: North America continues to dominate the distressed debt fundraising market in 2018, accounting for 75% of all distressed debt funds raised since 2015, with an aggregate $73bn in capital secured.
• Fundraising Peaks: Distressed debt fundraising totals have peaked every four years since 2004, coinciding with the US presidential election cycle.
• Investor Demand: Institutional investors remain interested in distressed debt, with 52% preferring it. The market is expected to grow as the US economy faces a potential correction after a decade of expansion.
• Fund Targets: As of April 2018, $36bn in capital is being targeted globally across 47 vehicles. North America accounts for $24bn, while Europe and Asia are also active, with $6.8bn and $3.2bn targeted respectively.
• Largest Funds: GSO Capital Partners and Oaktree Capital Management are leading in fundraising and dry powder, with GSO having the largest estimated dry powder of $14.3bn.

Main Points: Sovereign Wealth Funds in Private Debt

• Investment Activity: SWFs are increasingly investing in private debt, with 38% of them known to do so.
• Strategy Preferences:
  • 73% of SWFs target mezzanine vehicles.
  • 57% and 67% target direct lending and distressed debt strategies, respectively.
• Regional Focus:
  • 67% of SWFs target Europe.
  • 63% target North America.
  • 57% of SWFs operate a global mandate.
• Notable SWFs:
  • Hong Kong Monetary Authority has invested in direct lending and private debt funds.
  • Abu Dhabi Investment Authority invested $100mn in KKR India Financial Services.
  • Bpifrance plans to make 40 new commitments in private debt and private equity funds over the next year.
• Outlook: Private debt remains an attractive asset class for SWFs due to its potential for stable, risk-adjusted returns and diversification benefits, especially in low-interest-rate environments.

Main Points: Industry News

• Funds in Market: As of April 2018, 360 private debt funds are seeking $166bn in capital.
• Capital Allocation:
  • Direct lending is the most sought-after strategy, representing 48% of funds and 46% of targeted capital.
  • Distressed debt and mezzanine are also significant, with 21% and 17% of funds, respectively.
• Investor Activity:
  • Knights of Columbus plans to invest $50mn in 1–2 North America-based private debt funds.
  • New York City Pensions will target North America and Europe-focused special situations vehicles.
  • VidaCaixa plans to invest €10mn in private debt funds, focusing on Europe and the US.
  • MD SASS Investors Services and Fort Washington Capital Partners are also looking to increase their private debt allocations.

Key Facts and Statistics

• Female Employees: Only 19% of all private debt employees are female.
• Investor Relations and Marketing: 49% of these roles are held by women.
• China-Based Firms: 14% of senior employees at Chinese private debt firms are women.
• Total Private Debt Capital Raised in 2018 YTD: $26bn by 25 funds.
• US-Based Funds: 52% of private debt funds in market are focused on the US.
• Top Fund Managers in the Northeast US:
  • Goldman Sachs Merchant Banking Division has raised $37.4bn in the last 10 years.
  • GSO Capital Partners and HPS Investment Partners are among the top performers.
• Largest Funds in the Northeast US:
  • GS Mezzanine Partners VII targets $10bn in mezzanine opportunities.
  • GSO Energy Select Opportunities Fund II targets $5bn in distressed debt.
  • Apollo European Fund and HPS Specialty Loan Fund are also significant.

Conclusion

The private debt industry is showing signs of continued growth and stability, particularly in distressed debt and direct lending. SWFs are playing an increasing role in private debt investment, with a strong preference for mezzanine and distressed strategies. The Northeast US remains a key market, with a concentration of major investors and fund managers. Additionally, the industry is making progress in gender diversity, though the representation of women is still relatively low. Overall, the market is well-positioned for future opportunities as debt obligations come due and economic conditions shift.