Cliffwater Private Debt

(A liquid alternative to private debt) January 30, 2015 Business Development Companies, or “BDCs,” are exchange traded vehicles investing in private non-syndicated secured and unsecured middle market corporate debt, the type of investments generally found in private mezzanine, insurance, and commercial bank portfolios. Total emerging market returns of 7. The private debt segment of this market is split between those lenders seeking returns greater than 10% and those seeking returns of between 6% and 10%. chief executive of Cliffwater LLC, a pension consulting firm. Meketa Investment Group to Host April Virtual Public and Private Markets Emerging & Diverse Manager Research Day BOSTON--(BUSINESS WIRE)--Meketa Investment Group (Meketa), a global investment consulting and fiduciary management (OCIO) firm, today announced its eighth virtual Public and Private Markets Emerging & Diverse Manager Research Day, which will take place on Wednesday, April 28, 2021. The California-based group also works with the Maine Public Employees Retirement System and the Sacramento County Employees’ Retirement System. Morgan Asset Management. The performance data shown represents past performance which does not guarantee future results. September 2020 Cliffwater presented a due diligence review report on the REIT managers, and the board approved retention of Cohen & Steers and Dimensional Fund Advisors. เมื่อ 2019-Dec-03 15:27:15 Benjamin กล่าวว่า. Providing more complex corporate financing arrangements. We spoke to Mr. In addition to consolidating existing knowledge on direct lending, Private Debt offers several completely new analysis tools and concepts, representing significant value to the investment community. 5 trillion by 2025. Kuhns (the Division’s real estate consultant), Cliffwater (the Division’s hedge fund consultant), and Strategic Investment Solutions (the Division’s private equity consultant) undertook extensive due diligence on the proposed investments in accordance with the Division’s Alternative Investment Due Diligence Procedures. in Limbo as Municipal Debt Grows;. Flat Rock Opportunity Fund will primarily invest in equity and junior debt tranches of CLOs. Pat Kelly '79, P '13, '08, President and COO, Brigade Capital Management (distressed debt) Chip Lippman, Managing Director, Carlyle Realty (real estate) Michael Lyons, Senior Managing Director, Lincolnshire Management Moderator: Tom Lynch '81, Senior Managing Director, Cliffwater LLC. Terms & Conditions. BDC Conference 2020 - Please join us on July 15, 2020 for Fitch Ratings’ inaugural Business Development Company (BDC) Conference, where Fitch analysts and industry experts will discuss how market participants are preparing for a turn in the credit cycle. Purchase of “stressed” and distressed debt. The preferred return has traditionally been set at 8–10%. Private equity exit activity 31. Sources: DebtWire, Cliffwater LLC * As of 31 December 2017, the CDLI index includes USD 91bn in assets, with more than 6000 loans – approximately 61% senior debt, 25% subordinate debt, 9% equity and 5% other. Private debt; Sovereign debt; Private retirement systems and sustainability; Cliffwater LLC. From an investor’s perspective, private debt provides attractive capital preserva-tion and income features. Req (2) Paralegal - Life Sciences (2) (Sr) Paralegal, Private Investment Funds (PIF) (2) Senior Paralegal, Debt Finance (2) Paralegal Specialist - IPO (2) Legal Assistant (2) Legal Assistant/Paralegal - Commercial Litigation (2) Senior Counsel, Claim Coverage Litigation (2) Real Estate Paralegal (1). We spoke to Mr. The Fund’s cumulativereturn since inception, June 5, 2019, through June 30, 2020 was 5. TaxWatch Private debt collectors working for the IRS raked in a record $213 million in back taxes this year Published: Dec. *Cliffwater is not allowed to disclose certain names and information of some of its clients. While Blueprint was trying to get New Jersey to invest, a top investment staffer told Walthour in 2016 that Blueprint stood higher chances of getting state money if references to being minority-owned were scrubbed from pension memos, according to the lawsuit. Global private equity house TA Associates is reportedly already eyeing $1. Due to the "private" nature of PE, performance has been less transparent. There can be no assurance that historical trends will continue during the life of any fund. Currency markets often take on the role of rebalancing the global economy, and it’s possible that history repeats itself here both tactically and strategically. Similarly, Cliffwater created and maintains an index which tracks the performance of publicly-traded BDCs (www. "We've seen pretty active investment pipelines across the board," said Gabrielle Zadra, head of the private assets research team at investment consultant Cliffwater. Six months later, it jumped to $50 billion. Cliffwater’s pioneering research into private debt, particularly private direct lending, led to the development of the Cliffwater Direct Lending Index (CDLI), which is used to capture the. In 2019, the private debt fund market has seen its first slowdown in fundraising after several years of stellar growth. Analysts polled by Thomson Reuters expected earnings of 24 cents, excluding gains related to debt, on revenue of $6. The high-priced multiple was caused by the elevated median valuation/EBITDA multiple that traded at 10. Cliffwater overall has 26 clients for which it provides alternative investment consulting services, including hedge fund investments as well as private equity. Keyword-suggest-tool. A number of investors plan to double down on their private-equity and private-debt portfolios, despite the overall economic uncertainty created by the coronavirus pandemic. Cliffwater is one of the largest alternatives advisory firms, assisting clients globally in their allocations to hedge funds, private equity and real assets. Brigade was the selection made by Raimondo and Cliffwater in March 2012. middle market corporate lending. Opalesque Exclusive: Yield hungry investors stick with private debt [more] Investors on the hunt for yield are pouring assets into private credit. First, the Cliffwater Direct Lending Index provides a benchmark for measuring risk, return, and manager performance in direct lending instruments. Alternatives advisory and asset management firm Cliffwater has named Refinitiv's Frances Beyers as managing director and head of capital markets at its private debt group. Morgan, Cliffwater, as of 12/31/19. In recent years we believe meaningful investor capital has flowed into the private debt market, making it more challenging to find value today. Thursday, November 05, 2020. Origination of par, non-dilutive, private equity substitute capital in the form of junior debt, preferred, or structured equity. 2021-02-17T12:42:00Z. 1 CLIFFWATER LLC “US DIRECT LENDING: COMPARATIVE PERFORMANCE THROUGH THE FINANCIAL CRISIS” JUNE 2019. Apr 6, 2016 Erik Dolan-Del Vecchio, Bisnow National Capital Markets. Over 5,000 Topics + 42,000 comments; Access: 2,447 questions for 203 PE firms; Thousands of private equity professionals. Junior capital is typically structured as floating rate second lien term debt, fixed-rate subordinated debt, or non-cash-paying but contractually yielding structured notes. There are over 1,600 data sources from 650+ data partners available on RIMES. View mutual fund news, mutual fund market and mutual fund interest rates. The 17 inputs in the scorecard rarely agree, but ‘late cycle’ is still the best guess. Infrastructure Debt Fund (Private Credit - Direct Lending) - $40 million ATTACHMENT Cliffwater’s Quarterly Performance Report for Alternative Assets for the Quarter ended June 30, 2019. Private debt is a rapidly growing asset class among institutional investors, a trend that is expected to continue. Upper Mid-Market Lenders (lending >£30m). Terms & Conditions. “High Yield” is represented by the Bloomberg Barclays High Yield Index. Private Debt Real Estate. In the dynamic and turbulent world of private debt, I'll argue Steve's guide to the direct lending asset class is not only helpful, but a necessary prerequisite for investment success. With REFI’s business intelligence, you won’t have to worry about missing new business opportunities again; our unrivalled team of reporters and analysts, extensive networks and comprehensive database will ensure you have the intelligence you need to successful raise assets or source new business opp. Oct 8th, 2019 | Filed under: Private Equity, Debt Types of Private Equity, Newly Added, Equity Types of Private Equity, Other Issues in Private Investments, The Alts Industry, Private Investments Private equity middle market deal-making did well in the first half of 2019, matching the pace of 2018, which was a record-setting year, according to. The Cliffwater Direct Lending Index. 2021-02-17T12:42:00Z. middle market corporate lending. by the inflow of nonbank institutional investors in the private debt market (e. Capital-to-finance infrastructure projects usually involve a combination of both private debt and equity, but in many cases are also attracted from capital markets through bond issuances. Investors have been flocking to private debt to escape the paltry yields from fixed income and exploit the retrenchment in bank lending since the global financial crisis. Origination of par, non-dilutive, private equity substitute capital in the form of junior debt, preferred, or structured equity. like Casey & Quirk and Cliffwater have built a case to support the addition of alternatives like real assets to a target date fund’s. “Partnering with Cliffwater LLC, one of the world’s leading global. Prior to forming Cliffwater LLC, he was a Senior Managing Director and principal of Wilshire Associates from 1980 to 2004. Private Equity. Steve is responsible for the firm’s financial accounting, tax and treasury functions. Analysts polled by Thomson Reuters expected earnings of 24 cents, excluding gains related to debt, on revenue of $6. Auch die überzeugende Performance verstärkt den Trend zu Privat Debt: Laut einer US-Fallstudie hat der Markt für US Private Debt gemessen am Cliffwater Direct Lending Index (CDLI) sein High-Yield-Pendant, den Bloomberg Barclays US Corporate High Yield Index, nicht nur in Bezug auf die Wertentwicklung übertroffen, sondern zudem mit einer. Meketa Investment Group to Host April Virtual Public and Private Markets Emerging & Diverse Manager Research Day BOSTON--(BUSINESS WIRE)--Meketa Investment Group (Meketa), a global investment consulting and fiduciary management (OCIO) firm, today announced its eighth virtual Public and Private Markets Emerging & Diverse Manager Research Day, which will take place on Wednesday, April 28, 2021. Similarly, Cliffwater created and maintains an index which tracks the performance of publicly-traded BDCs (www. Kevin joined the firm in 2018 and focuses on leading business development efforts for the firm’s private real estate, listed real estate, and listed infrastructure investment strategies, developing new investor relationships across the institutional. Rice-Shepherd (slide 7) highlighted 2011 and 2012 Real Estate market performance, advising that the investment climate currently favored Real Estate as an investment. Independent LPs as well are starting to do the same thing. Channel Island Jersey got serious about private equity and hedge funds swirling in on their courts to achieve rulings on foreign bond holdings and banned them. Bain Capital Real Estate Fund II seeks to raise $1. Commercial Real Estate Debt & Equity Financing Presenter: Jonathan Lee, Principal/Managing Director, George Smith Partners Description: Most capital providers remained on the sidelines for a significant portion of 2020 due to the concerns over heightened levels of uncertainty, and many predict this pent-up demand will lead to record activity in. Barings BDC Inc. However, with the significant increase of private equity firms competing for capital, limited partners are demanding different compensation models that either change the 2 and 20 format (sometimes reducing the management fee from 2%, the carry from 20%, or both) or alternatively increasing the preferred return threshold beyond the. Virtus Investment Partners, Inc. private debt and direct lending is trending in precisely the opposite direction. Categorised in: Articles. Cliffwater Research. The information contained in this site was valid at the time of posting. 2 billion as of June 30, or 4. All Cliffwater articles in Real Assets. This report focuses on second quarter 2019 performance for one of the largest segments of private debt, U. 5 – Drawdown Percentage: Cliffwater Private Debt Index versus Bank Loans, High Yield & S&P500. Six months later, it jumped to $50 billion. Beyond its role in sourcing investments, conducting due diligence, gaining access for clients and monitoring risks, Cliffwater has both the experience and analytical tools to help cl ients. The total return is a build-up of underlying public market returns (risk-free rates, corporate credit spreads) and private-market specific return drivers such as the public-private spread, losses due to default and. Pete Keliuotis, CFA, is an executive vice president and the head of Callan’s Alternatives Consulting group, which includes the private equity, private credit, and hedge fund consulting teams. Finally, while "vintages" (the year the fund was raised) is an important factor, we believe that manager selection and access to the best managers will also make a big difference as evidenced by the. Zadra closed by talking about Cliffwater’s process for management of Real Estate. Prior to Pender, Steve held various roles for Cliffwater, LLC and Coast Asset Management, LLC. Nicholas Pratt explores the operational challenges that could occur when it does. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the fund net balance and net position of the School and Institutional Trust Fund as of June 30, 2020, and its. Direct Lending. 2 billion for investments in longer-dated distressed opportunities, including private equity, according to documents released by Rhode Island State Investment Commission. (NYSE:BBDC) Q4 2020 Earnings Conference Call March 24, 2021 09:00 ET Company Participants Eric Lloyd - Chief Executive Officer Ian Fowler - President & Co-Head of. The fund will look to originate senior secured loans to specialty finance companies as well as purchase performing whole loans. "We've seen pretty active investment pipelines across the board," said Gabrielle Zadra, head of the private assets research team at investment consultant Cliffwater. On average, they invest 70% of their assets in public securities using a 70/30 split. But we know the main sources of the majority of today’s global greenhouse gas emissions: manufacturing (31 percent), electricity (27 percent), agriculture (19 percent), transportation (16 percent), and buildings (7 percent). Debt Capital Markets Finance Plus: Private Equity, Venture Capital and M&A News Analyst - Private Equity Research at Cliffwater, LLC Los Angeles, CA. Categorised in: Articles. Morgan Asset Management. As an allocator to both private equity and private debt strategies, Huldt says AFA “sees it from both sides” in cases where the borrower is a private equity-backed firm and the lender is a private debt firm. of private equity firm Sagaponack Partners David DiDomenico, Partner, Co- Portfolio Manager: 14 years experience. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the fund net balance and net position of the School and Institutional Trust Fund as of June 30, 2020, and its. Capital-to-finance infrastructure projects usually involve a combination of both private debt and equity, but in many cases are also attracted from capital markets through bond issuances. After giving effect to the formation of MMCF II, TCG BDC’s debt outstanding is expected to decrease by approximately $170 million. Greater New York City Area Private debt fund research Manager of Alternatives Research AndCo Consulting. blackstone securities partners l. Flat Rock Opportunity Fund will primarily invest in equity and junior debt tranches of CLOs. We judge our 6. Data may not sum to total due to rounding. Cliffwater has been a leader in private debt research, creating the Cliffwater Direct Lending Index, a benchmark for direct lending, and the Cliffwater BDC Index, a benchmark for publicly traded Business Development Companies. Before GLC, Jeff held a number of Senior Leadership positions during his 18 years at BNP Paribas, most recently Head of North American Corporate Investment Banking. In today's market environment, satellite strategies such as distressed, private debt and secondaries are expected to outperform going forward. Morgan Asset Management. 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. The fund's target allocation to private credit is 6%. 14 Jun 2018 Los Angeles-based Cliffwater LLC has recently updated a report it prepared a year ago on how state pension systems have fared by way of their investments in private equity. According to data from Preqin, the asset class is on pace to hit $1. As part of the fund's 2020 fiscal-year private credit tactical plan, the pension fund will add one to three more separately managed accounts from the fund's private debt portfolio, which totaled $2. In her role, Fran is responsible for market research to support Cliffwater’s rapidly growing multi-manager private debt asset management business. CLIFFWATER and the CLIFFWATER LLC logo are trademarks of Cliffwater LLC. by private-markets adviser Cliffwater LLC to gauge the performance of middle-market loans before fees has returned 9. “It’s a relative world when it comes to asset allocation,” says Cliffwater chief executive Steve Nesbitt. She will be based in Paris and joins from Credit Agricole CIB where she was an ED in its Infrastructure Capital Markets team. company typically consists of 50% to 80% debt (or higher), a ratio of one to four debt dollars for every dollar of equity capital. Cliffwater assists clients globally in their allocations to alternative investments, including private equity, private debt, hedge funds, real estate, real assets, and liquid alternative investments. 95% expected return for unlevered private loan asset as an attractive alternative to lower yielding traditional fixed income. Private Debt Continued with a Slow Fundraising in Q3 showed no signs of recovery of, what has so far been, a slow fundraising year for private debt, closing just 24 funds for $22bn in capital, both quarterly lows for the year and the lowest amount of capital raised in any quarter since Q3 2016. ZipLine offers private label debit card and mobile payment solutions to retailers looking to create more loyal customers. He said that the Fund had been underweighted to Private Equity, in terms of assets in Private Equity by a little over 7%. The Cliffwater Fund is registered under the 1940 Act and is a continuously offered, non-diversified, closed-end management investment company that operates as an interval fund pursuant to Rule 23c-3 under the 1940 Act. Due to the "private" nature of PE, performance has been less transparent. private equity deal flow and multiples 26. To provide a first look at absolute and relative performance, we utilize the Burgiss. com the largest segments of private debt, U. Cliffwater’s pioneering research into private debt, particularly private direct lending, led to the development of the Cliffwater Direct Lending Index (CDLI), which is used to capture the. 18 Trailing. AltAssets has been serving the global private equity industry for over a decade and has become established as a trusted source of independent news and views on the industry. chief executive of Cliffwater LLC, a pension consulting firm. Rajneesh Vig, 47 President. roles at Cliffwater and Citadel in a Wall Street career that has spanned over 30 years. View mutual fund news, mutual fund market and mutual fund interest rates. The extended debate provided a unique opportunity for the PERA board to be more knowledgeable regarding its actions. PRIVATE DEBT INVESTOR: BDCs - A Market That's Turned Ugly Fast - Fund Finance Partners Still, Stephen Nesbitt , chief executive of Cliffwater , points out that the March sell-off was less steep than during the global financial crisis. Private Debt "Steve is a true 'investor's investor' with a knack for data-driven research that simply lets the numbers speak for themselves. SJCERA| Home. The lack of a proper benchmark for the various sub-sets of the asset class is often cited by investors and advisors as one of the difficulties with assessing private debt opportunities. , where he focused on merchant banking and related capital raising activities in the private equity and mezzanine debt markets. Download our full research paper today to get our market forecast for the year ahead. Private equity was increased from 12 percent to 18 percent, fixed income dropped from 20 percent to 7 percent, and marketable alternatives were raised from 8 percent to 29 percent (now spread. Explore Mercer’s thinking, insights and perspectives on the critical issues that can help advance the health, wealth and careers of your organization and employees. “Private Credit” is represented by the Cliffwater Direct Lending Index. From 1994 to 2004 she was a senior consultant working with high profile and complex public funds, corporate plans and endowments/foundations on their investment strategies and implementation. Direct loans are typically floating-rate, meaning they earn more in a rising-rate environment. Keliuotis joins Callan from Cliffwater where he was a senior managing director and a senior member of the Portfolio Advisory team, helping institutional clients build alternative investment portfolios with a focus on private assets and alternatives strategies. Every startup founder in the Valley wanted to be the next. For TCDRS, the investment is a latest in long line of commitments made to private equity this year totaling more than $700 million. The only media site dedicated exclusively to the coverage of non-traded REITs, business development companies, interval funds, closed-end funds, DSTs and the full range of private placement offerings, The DI Wire has grown to become the most trusted news source for the community of sponsors, broker. debt origination investment and distressed advisory firm). Upper Mid-Market Lenders (lending >£30m). Asset Seniority is the composition by seniority of the assets included in the Index. The 28 companies still in private equity portfolios were acquired for £15bn in equity and £41bn in debt. Also see private equity real estate, and private debt real estate. The Boston-based private equity firm Spectrum Equity has allocated across a number of tech firms over the years including Bitly and Ancestry. Cliffwater Jonathan Mandle Senior Managing Director Corrum Capital Management LLC Jon Rotolo Head of Private Equity/Real Assets Babson Capital Management Edgar Lee Managing Director and Portfolio Manager OakTree Capital When Tuesday, February 13, 2018 from 6:00 PM - 8:30 PM EST Where Club 101 101 Park Avenue New York, NY 10178 Fees. The total return is a build-up of underlying public market returns (risk-free rates, corporate credit spreads) and private-market specific return drivers such as the public-private spread, losses due to default and. Prior to joining Cliffwater in 2004, Gabrielle was an Associate with Pathway Capital Management, LLC where she led due diligence on private equity investments including venture capital, buyout, debt-related and special situation partnerships. Private Debt "Steve is a true 'investor's investor' with a knack for data-driven research that simply lets the numbers speak for themselves. Churchill’s Co-Head of Senior Lending Randy Schwimmer, Cliffwater’s Head of Capital Markets Fran Beyers, Comvest Partners’ Partner Dan Lee, and Refinitiv’s Head of Market Analysis Ioana Barza share their insights. Kuhns (the Division’s real estate consultant), Cliffwater (the Division’s hedge fund consultant), and Strategic Investment Solutions (the Division’s private equity consultant) undertook extensive due diligence on the proposed investments in accordance with the Division’s Alternative Investment Due Diligence Procedures. Prepared by: /S/. We spoke to Mr. A formal written due diligence report for the proposed investment was sent to each member of the IPC and a meeting of the Committee was held on September 20, 2017. ees should be transparent to the extent that transparency does not interfere with PSERS and SERS ability to successfully manage assets. direct lending) has returned 9. 6% annually, while public debt (a. Finally, while "vintages" (the year the fund was raised) is an important factor, we believe that manager selection and access to the best managers will also make a big difference as evidenced by the. Bain Capital Real Estate Fund II seeks to raise $1. is spreading to Asia. Before GLC, Jeff held a number of Senior Leadership positions during his 18 years at BNP Paribas, most recently Head of North American Corporate Investment Banking. BDC2 eligibility to be included in the Index is at least 75% of total assets represented by direct loans as of the Index valuation date. The Cliffwater Direct Lending Index. Terms & Conditions. The DI Wire is the definitive news source for the illiquid alternative investment industry. Find out why leading companies find us easy to use and rate us highest on G2. 8 trillion in debt capital — a far cry from the $95 billion of available dry powder in private. 86% Financial Services 0. Debt Related Private Equity (2) assets are private mortgages that cannot be sold 2011 as calculated by Hedge Fund Consultant Cliffwater is: 1 Year: -1. Projections put buyout returns at 8. Cliffwater has been a leader in private debt research, creating the Cliffwater Direct Lending Index, a benchmark for direct lending, and the Cliffwater BDC Index, a benchmark for publicly traded Business Development Companies. Cliffwater’s pioneering research into private debt, particularly private direct lending, led to the development of the Cliffwater Direct Lending Index (CDLI), which is used to capture the. Performance is measured through June 30, 2016. Meketa Investment Group. The fund's target allocation to private credit is 6%. As a result, they are well-known in this space. Private Equity TMT Growth Health Care Growth Global Impact Real Estate Energy Real Assets Infrastructure Credit Hedge Funds. Thursday, November 05, 2020. Steve brings 12 years of experience in hedge funds and private assets,with a focus in operations, finance, and accounting. Bain Capital Real Estate Fund II seeks to raise $1. Private debt is a rapidly growing asset class among institutional investors, a trend that is expected to continue. The 40 is allocated to a portfolio of high yield, private credit, real estate debt, direct lending and equity yield among others (see below). Meketa Investment Group. Privately-held businesses turn to us because we are Main Street, not Wall Street--we build relationships and tailor transactions to meet the unique needs of our portfolio companies and their. Direct loans are typically floating-rate, meaning they earn more in a rising-rate environment. “The question is where does private debt stack up compared to years past? We’ve lowered our expected returns for private debt but equally so for most other asset classes, so investor demand remains unchanged. Leveraged Loan, 2004-2019). It is not In Private Debt, Beware the Seven-Times Levered Laundry Company Corporate debt's biggest players have some public concerns about private credit. “Partnering with Cliffwater LLC, one of the world’s leading global. will be compared to Cambridge Associates Global Private Equity & VC Index MCERA CY 2020 commitments: – Summit VenturesentureV –v capital (VY 2020), $6 mm –Silver Point Spec Credit II –corporate debt (VY 2019), $8 mm –ThomaBravo Discover III –tech buyout (VY 2020), $8 mm. Private Debt (a. Private debt is a rapidly growing asset class among institutional investors, a trend that is expected to continue. The private debt segment of this market is split between those lenders seeking returns greater than 10% and those seeking returns of between 6% and 10%. Terms & Conditions. Apr 24, 2014, 11:43 ET Debt securities are subject to various risks, the most. About Private Markets+. Prior to Pender, Steve held various roles for Cliffwater, LLC and Coast Asset Management, LLC. This is a representative list of clients. like Casey & Quirk and Cliffwater have built a case to support the addition of alternatives like real assets to a target date fund’s. Private Debt "Steve is a true 'investor's investor' with a knack for data-driven research that simply lets the numbers speak for themselves. This report focuses on first quarter 2020 performance for one of the largest segments of private debt, U. According to data from Preqin, the asset class is on pace to hit $1. Cliffwater Contact Us. Alternative credit, private debt or direct lending funds have grown substantially in recent years and are becoming a key segment of the asset management industry. If you are interested in participating in any of the investment manager searches currently posted to our website, click below to download the RFP. Entering the financial crisis, endowments with $500 million to $1 billion in assets had, on average, more money in fixed income and less in private equity, hedge funds and other illiquid. In fact, the Cliffwater Direct Lending index demonstrates a more stable, lower volatility pattern of returns during the Global Financial Crisis of 2007-2008 and just after (per Figure 5), relative to traditional asset classes. Our scorecard approach continues to situate the U. Stephen Nesbitt, chief executive officer at the advisory firm Cliffwater, agreed that private debt has shown relatively lower volatility than other asset classes like private equity, noting that in the thick of the financial crisis, private credit drawdowns were at a minimal amount of 10 percent. The mad rush into private equity in the U. Rajneesh Vig, 47 President. 0bn) and GSO European Senior Debt fund (€2. Prior to joining Ares in 1997, Mr. There are very few players in this particular segment of the market, which we believe gives us a strong competitive position. Our speakers for 2020 Visions, Insights & Perspectives (VIP) Americas are currently being recruited. Allowed HTML tags:. Origination of par, non-dilutive, private equity substitute capital in the form of junior debt, preferred, or structured equity. , in loans to non-investment. This creates a compelling opportunity set for lenders focused on financing private equity-backed companies with the capacity to invest, as the market pivots from a largely borrower-friendly environment pre COVID-19, to an environment. Kuhns (the Division’s real estate consultant), Cliffwater (the Division’s hedge fund consultant), and Strategic Investment Solutions (the Division’s private equity consultant) undertook extensive due diligence on the proposed investments in accordance with the Division’s Alternative Investment Due Diligence Procedures. Prior to the global financial crisis, private debt was in its infancy. 5 trillion by 2025. Direct Lending is the segment within Private Debt whereby senior secured floating rate loans are directly originated. A leading capital source for middle market companies, Audax Private Debt provides financing to businesses with a history of cash flow stability, consistent revenue growth, and strong management teams. Kevin joined the firm in 2018 and focuses on leading business development efforts for the firm’s private real estate, listed real estate, and listed infrastructure investment strategies, developing new investor relationships across the institutional. Cliffwater’s direct approach. 0 billion, defined benefit, pension fund. 2 billion as of June 30, or 4. Prior to joining Cliffwater in 2004, Gabrielle was an Associate with Pathway Capital Management, LLC where she led due diligence on private equity investments including venture capital, buyout, debt-related and special situation partnerships. The Cliffwater BDC Index (CWBDC) measures the performance of lending-oriented, exchange-traded Business Development Companies, subject to certain eligibility criteria regarding portfolio composition, market capitalization, and dividend history. also find significant return premiums for private debt compared equivalent public debt during the study period. Nesbitt recently about the state of the market. "We've seen pretty active investment pipelines across the board," said Gabrielle Zadra, head of the private assets research team at investment consultant Cliffwater. , calculate value as the sum of the absolute values of: (i) the value of each debt security, (ii) the notional value of each swap, including, but not limited to, total return swaps, interest rate swaps, and credit default swaps, for which the underlying reference asset or assets are debt securities or an interest rate;. BCRED is a non-traded business development company focusing on current income generation and capital appreciation by targeting privately originated and privately negotiated U. "The managers report that they. To invest in distressed debt, RE, hard assets, structured credit New fund received $50 mln from Rhode Island LPs who backed first close get discounted management fee Hedge fund Davidson Kempner Capital Management is targeting $1. 6 percent over the past decade, according to a recent report published by pension consultant Cliffwater. The total return is a build-up of underlying public market returns (risk-free rates, corporate credit spreads) and private-market specific return drivers such as the public-private spread, losses due to default and. The LogicGate Risk Cloud empowers businesses to build agile GRC and enterprise risk process applications that deliver thousands of dollars saved through automation and process efficiency. KEYNOTE ADDRESS. Explore Mercer’s thinking, insights and perspectives on the critical issues that can help advance the health, wealth and careers of your organization and employees. There are over 1,600 data sources from 650+ data partners available on RIMES. Sacramento County Employees’ Retirement System could invest up to $80 million across two funds dedicated to investing in “ag, minerals and timber. Direct loans are typically floating-rate, meaning they earn more in a rising-rate environment. Â Prior to joining 50 South Capital, he was employed at Cliffwater LLC, where he was a Vice President on the firm's hedge fund research team. Average realized loss is the historical average of the realized gains/losses for the Cliffwater Direct Lending Index. Dominic Yoong advises asset managers, debt funds, business development companies, alternative lenders, and other institutional investment firms on complex financing transactions, including CLOs, fund financings, back-leverage financings, asset-based lending facilities, and joint venture origination platforms. This report focuses on fourth quarter 2019 performance for one of the largest segments of private debt, U. Shawn Munday, Wendy Hu, Tobias True, Jian Zhang Although private credit funds have rapidly grown into a standalone asset class over the last decade, little is known about the aggregate performance of these funds. A number of investors plan to double down on their private-equity and private-debt portfolios, despite the overall economic uncertainty created by the coronavirus pandemic. There are over 1,600 data sources from 650+ data partners available on RIMES. Total emerging market returns of 7. She will be based in Paris and joins from Credit Agricole CIB where she was an ED in its Infrastructure Capital Markets team. Capital-to-finance infrastructure projects usually involve a combination of both private debt and equity, but in many cases are also attracted from capital markets through bond issuances. “Private Credit” is represented by the Cliffwater Direct Lending Index. 2021-02-17T12:42:00Z. Sacramento County Employees’ Retirement System could invest up to $80 million across two funds dedicated to investing in “ag, minerals and timber. Private markets 26. Terms & Conditions. Signed the Principles: 9 May 2019. Our speakers for 2020 Visions, Insights & Perspectives (VIP) Americas are currently being recruited. Zadra closed by talking about Cliffwater’s process for management of Real Estate. Correlation data is as of Report Date. Private Debt Investor New York Forum 2020. At a high level, different parts of the private credit market can offer compelling benefits depending on the risk-return profile an investor is trying to generate. View count: + D. is an activist organization working to stop these predatory practices and have sovereign debt forgiven. A Southern-based education system made a private equity commitment in late May. “Private Debt: Opportunities in Corporate Direct Lending” is a primer on the asset class, looking at questions of liquidity, pricing, and valuations. 90% Howard Marshall Levkowitz, 51 Chairman & Chief Executive Officer Blackrock TCP Capital Corp. The Cliffwater Direct Lending Index seeks to measure the unlevered, gross of fee performance of US middle market corporate loans, as represented by the asset-weighted performance of the underlying. roles at Cliffwater and Citadel in a Wall Street career that has spanned over 30 years. Private Debt "Steve is a true 'investor's investor' with a knack for data-driven research that simply lets the numbers speak for themselves. Asia Debt Management Hong Kong Limited Taoshi Private Equity Management (Shanghai) Co. 2016-07-20T12:14:00Z. Credit market participants and issuance 34. Kevin joined the firm in 2018 and focuses on leading business development efforts for the firm’s private real estate, listed real estate, and listed infrastructure investment strategies, developing new investor relationships across the institutional. htm: 10141925-canada-inc_297648. Cliffwater assists clients globally in their allocations to alternative investments, including private equity, private debt, hedge funds, real estate, real assets, and liquid alternative investments. Nesbitt, Wiley 2019. Cliffwater is one of the largest alternatives advisory firms, assisting clients globally in their allocations to hedge funds, private equity and real assets. Capital-to-finance infrastructure projects usually involve a combination of both private debt and equity, but in many cases are also attracted from capital markets through bond issuances. Investment advisers that include Aksia, StepStone Group, Cliffwater and Hamilton Lane ramped up their investments in technology following the financial crisis of 2008 and 2009 to better analyse the thousands of data. 43% DJIA -0. Cliffwater’s direct approach. Purchase of “stressed” and distressed debt. All Cliffwater articles in Real Assets. Every startup founder in the Valley wanted to be the next. BDC2 eligibility to be included in the Index is at least 75% of total assets represented by direct loans as of the Index valuation date. Cliffwater’s CEO and CIO, Steve Nesbitt, is author of a book on these and other issues. htm: 10-15-associates-inc_113714. 1bn), Ardian Private Debt III (€2. Thursday, November 05, 2020. , finance companies, private equity firms, hedge funds and other investment managers). Nonetheless debt overall, and middle market senior loans in. Carlyle’s business development company TCG BDC has formed a $250 million mid-market direct lending joint venture with Cliffwater. The Cliffwater Direct Lending Index (CDLI) seeks to measure the unlevered, gross of fee performance of U. Cliffwaterfunds. If you are interested in speaking at this event, please contact our conference program manager John Hunt at +1 925-244-0526 or j. like Casey & Quirk and Cliffwater have built a case to support the addition of alternatives like real assets to a target date fund’s. 87% per annum over the final 10 years (no data was available for the full period). Primark Private Equity Investments Fund : Equity: 101,723: Pioneer ILS Bridge Fund: Derivatives/ Insurance linked securities: 100,000: Stone Ridge Residential Real Estate Income Fund I, Inc. The Cliffwater study examined PE-investment programmes at US state pension plans over the 16-year period ended June 2016 (encompassing two bear and two bull markets). 3% of current plan assets. 22% Russell 2K -1. Total emerging market returns of 7. Presently, the share of debt in CLOs rated B or B- has grown to 40%, with a total of USD1. also find significant return premiums for private debt compared equivalent public debt during the study period. Research Results Exhibit 1 reports mezzanine debt fund “vintage year” returns from 1995 through 2014. Cliffwater overall has 26 clients for which it provides alternative investment consulting services, including hedge fund investments as well as private equity. Cliffwater has been a leader in private debt research, creating the Cliffwater Direct Lending Index, a benchmark for direct lending, and the Cliffwater BDC Index, a benchmark for publicly traded Business Development Companies. Cliffwater Enhanced Lending Fund: 2021-01-11 14:23:28 Versus Capital Real Asset Debt Fund: 2020-05-08 13:45:03: Delaware Wilshire Private Markets Tender Fund. Pete is a member of Callan’s Alternatives Review, Client Policy Review, Management. Beginning on January 1, 2021 as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Cliffwater Corporate Lending Fund’s shareholder reports, like this one, will no longer be sent by mail, unless you specifically request paper copies of the r. as a result of the involvement of hedge funds and private equity firms. Future results are not guaranteed and loss of principal may occur. Private equity firm Blackstone Group LP's credit arm GSO Capital Partners is seeking U. Of note, transparency is a particular issue with. This information is derived from sources that are considered reliable, but Cliffwater LLC ("Cliffwater") does not guarantee the veracity, currency, completeness or accuracy of this information. Private market dynamics 25. Structure or purchase of cash flow streams generated by either a physical or financial asset. เมื่อ 2019-Dec-03 15:27:15 Benjamin กล่าวว่า. Aurigin is currently being used by private equity funds, investment bankers, corporate advisories, banks, and family offices the world over. Private debt; Sovereign debt; Private retirement systems and sustainability; Cliffwater LLC. If you are interested in speaking at this event, please contact our conference program manager John Hunt at +1 925-244-0526 or j. (NYSE:BBDC) Q4 2020 Earnings Conference Call March 24, 2021 09:00 ET Company Participants Eric Lloyd - Chief Executive Officer Ian Fowler - President & Co-Head of. GOV-Connecticut's Official State Website. 0bn) Bluebay Direct Lending fund II (€2. Junior capital offers many of the same attributes as middle market-focused first lien private debt, but with significantly higher contractual returns. Prior to joining Cliffwater in 2004, Gabrielle was an Associate with Pathway Capital Management, LLC where she led due diligence on private equity investments including venture capital, buyout, debt-related and special situation partnerships. 95% expected return for unlevered private loan asset as an attractive alternative to lower yielding traditional fixed income. private equity 30. After giving effect to the formation of MMCF II, TCG BDC’s debt outstanding is expected to decrease by approximately $170 million. Fund manager Stafford Capital is looking to tap into Australia's global reputation as a premium food producer with the launch of a new $150- $200 million fund that will acquire and lease out. We use a proprietary data set of more than 700 realized. Capital market expectations (CMEs) are critical inputs in designing an investment strategy that will help investors meet specific objectives. It includes primarily debt investments, where an investor expects to receive principal and interest, with the. Cliffwater. The mad rush into private equity in the U. htm: 1060-capital-llc_174763. Returns for private market debt —infrastructure debt and direct lending —are estimated using a ‘build up’ approach. From 2016 through 2018, she served as co-founder and Managing Director of Revere Resources, a private equity fund with $300 million of assets under management (AUM). Finally, core private credit strategies can provide both diversification and income. Prior to Pender, Steve held various roles for Cliffwater, LLC and Coast Asset Management, LLC. 18 Trailing. There are very few players in this particular segment of the market, which we believe gives us a strong competitive position. htm: 10141925-canada-inc_297648. 95% expected return for unlevered private loan asset as an attractive alternative to lower yielding traditional fixed income. Direct loans are typically floating-rate, meaning they earn more in a rising-rate environment. This is a representative list of clients. For the Period Ended December 31, 2019. From 2012 to 2018, Chris was a Managing Director at Cliffwater, LLC, where he led the firm’s real estate investment advisory practice. Thursday, November 05, 2020. This creates a compelling opportunity set for lenders focused on financing private equity-backed companies with the capacity to invest, as the market pivots from a largely borrower-friendly environment pre COVID-19, to an environment. Private debt has been a rapidly growing asset class among institutional investors, a trend that Cliffwater expects to continue. Traditionally a niche asset class pre-crisis, corporate direct lending has become an increasingly important allocation for institutional investors. The Cliffwater Direct Lending Index Our performance analysis relies upon the Cliffwater Direct Lending Index, or CDLI, an asset-weighted index of over 6,000 directly originated middle market loans totaling $108 billion in assets at June 30. The 28 companies still in private equity portfolios were acquired for £15bn in equity and £41bn in debt. Fundraising categories are provided by Preqin, and represent their estimate of annual capital raised in closed-end funds. in Limbo as Municipal Debt Grows;. Cliffwater works with clients on their alternative investment portfolios in a non-discretionary or discretionary capacity. Private equity distributions and the secondary market 29. number of new record funds being raised including ICG Senior Debt Partners II (€3. Since put options generally indicate negative sentiment, and call options indicate positive sentiment, we can get a sense of the overall institutional sentiment by plotting. The Cliffwater Direct Lending Index. com), which represent an important segment of the direct lending industry. 12, may allow more veterans who are NYSTRS members to receive service credit for their time in the military. View today's stock price, news and analysis for Monroe Capital Corp. 5bn for its fourth subordinated debt vehicle, according to investor notes from the Teachers’ Retirement. Summary of Finalists Aon Aon has a strong private equity practice comprised of a deep bench of professionals with practical private equity experience. He focuses on sourcing and monitoring global macro, relative value, and systematic hedge fund investments. Before GLC, Jeff held a number of Senior Leadership positions during his 18 years at BNP Paribas, most recently Head of North American Corporate Investment Banking. In April 2002 KB raised $66 million more in bank debt and. Greg Jones is a Research Analyst for 50 South Capital's Hedge Fund Investment Team. Origination of par, non-dilutive, private equity substitute capital in the form of junior debt, preferred, or structured equity. our five-year-forward interest-rate forecasts (vs. "Private Placement" or "Limited Offering" means an offering that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) or Section 4(6) thereof, or pursuant to Rule 504, Rule 505 or Rule 506 there under. The private debt segment of this market is split between those lenders seeking returns greater than 10% and those seeking returns of between 6% and 10%. However, with the significant increase of private equity firms competing for capital, limited partners are demanding different compensation models that either change the 2 and 20 format (sometimes reducing the management fee from 2%, the carry from 20%, or both) or alternatively increasing the preferred return threshold beyond the. The information contained in this site was valid at the time of posting. Private markets 26. After giving effect to the formation of MMCF II, TCG BDC’s debt outstanding is expected to decrease by approximately $170 million. It may also invest in senior secured loans. Morgan Asset Management. “It’s a relative world when it comes to asset allocation,” says Cliffwater chief executive Steve Nesbitt. /blackstone private credit fund debt capital markets bond-c, bond-m, otc llc/cliffwater corporate lending fund 04102. Channel Island Jersey got serious about private equity and hedge funds swirling in on their courts to achieve rulings on foreign bond holdings and banned them. About Cliffwater LLC: Cliffwater LLC is an alternatives firm serving primarily institutional investors across the full spectrum of alternative investments, including hedge funds, private equity and debt, real estate, and real assets. In recent years we believe meaningful investor capital has flowed into the private debt market, making it more challenging to find value today. Finally, while "vintages" (the year the fund was raised) is an important factor, we believe that manager selection and access to the best managers will also make a big difference as evidenced by the. Before GLC, Jeff held a number of Senior Leadership positions during his 18 years at BNP Paribas, most recently Head of North American Corporate Investment Banking. Private Debt Investor New York Forum 2020. the IPS for Private Equity, in addition to the recommended 2017 Private Equity annual investment plan, which details the investment priorities and is summarized on page 9 of the attached Cliffwater presentation. The fund's target allocation to private credit is 6%. It may be harder to resolve than the shutdown alone or the 2011 debt limit struggle that sent financial markets plummeting and brought the United States to the brink of default. The DI Wire is the definitive news source for the illiquid alternative investment industry. Global private equity fundraising and sentiment 28. The private debt segment of this market is split between those lenders seeking returns greater than 10% and those seeking returns of between 6% and 10%. Brookfield Nears $10B Target For Infrastructure Fund. 8x, in the 85th percentile historically. Cliffwater Direct Lending Index (4. Over 5,000 Topics + 42,000 comments; Access: 2,447 questions for 203 PE firms; Thousands of private equity professionals. If you are interested in speaking at this event, please contact our conference program manager John Hunt at +1 925-244-0526 or j. In the mid-1990s, Wilshire launched its first Private Equity fund of funds, meeting institutional investors' growing appetite for alternative investments. Our speakers for 2020 Visions, Insights & Perspectives (VIP) Americas are currently being recruited. Private Debt Distressed. Zadra closed by talking about Cliffwater’s process for management of Real Estate. Spreads are tightening, we noted. Greg Jones is a Research Analyst for 50 South Capital's Hedge Fund Investment Team. Previously was a Managing Director and Portfolio manager at New Mountain Capital Scott Ostfeld, Partner, JSI Co-Portfolio Manager: 11 years experience. Prior to Pender, Steve held various roles for Cliffwater, LLC and Coast Asset Management, LLC. We judge our 6. Credit returns across recent economic cycles: 2004 ‐2018. This fund uses a multi-manager approach to invest in various high yield corporate debt. After giving effect to the formation of MMCF II, TCG BDC’s debt outstanding is expected to decrease by approximately $170 million. From 2016 through 2018, she served as co-founder and Managing Director of Revere Resources, a private equity fund with $300 million of assets under management (AUM). The Cliffwater Private Debt index has more merits as it seeks to measure the unlevered, gross of fee performance of US middle market loan, as represented by the asset-weighted performance of the underlying assets of business development companies (BDCs). (NYSE:BBDC) Q4 2020 Earnings Conference Call March 24, 2021 09:00 ET Company Participants Eric Lloyd - Chief Executive Officer Ian Fowler - President & Co-Head of. A Southern-based education system made a private equity commitment in late May. In today's market environment, satellite strategies such as distressed, private debt and secondaries are expected to outperform going forward. Gabrielle is a Senior Managing Director of Cliffwater LLC and leads our private assets research team. In the mid-1990s, Wilshire launched its first Private Equity fund of funds, meeting institutional investors' growing appetite for alternative investments. , March 1, 2021 /PRNewswire/ -- In an effort to send a clear message to Democratic Governor Phil Murphy, in an election year, national and state community and business leaders held a. The construction of the portfolio was represented by several themes, except retail, which was why Staff, Franklin Park and Cliffwater thought it was a. Cliffwater’s pioneering research into private debt, particularly private direct lending, led to the development of the Cliffwater Direct Lending Index (CDLI), which is used to capture the. Similarly, Cliffwater created and maintains an index which tracks the performance of publicly-traded BDCs (www. Before GLC, Jeff held a number of Senior Leadership positions during his 18 years at BNP Paribas, most recently Head of North American Corporate Investment Banking. Steve brings 12 years of experience in hedge funds and private assets,with a focus in operations, finance, and accounting. Credit market participants and issuance 34. The performance data shown represents past performance which does not guarantee future results. Annual Report. 6 percent for external debt. Analysts polled by Thomson Reuters expected earnings of 24 cents, excluding gains related to debt, on revenue of $6. Barron's also provides information on historical stock ratings, target prices, company earnings, market valuation and more. Debt in the 14 companies exited was 72%, compared with 23% in companies in the same. About Cliffwater LLC: Cliffwater LLC is an alternatives firm serving primarily institutional investors across the full spectrum of alternative investments, including hedge funds, private equity and debt, real estate, and real assets. (A liquid alternative to private debt) January 30, 2015 Business Development Companies, or “BDCs,” are exchange traded vehicles investing in private non-syndicated secured and unsecured middle market corporate debt, the type of investments generally found in private mezzanine, insurance, and commercial bank portfolios. Investment advisers that include Aksia, StepStone Group, Cliffwater and Hamilton Lane ramped up their investments in technology following the financial crisis of 2008 and 2009 to better analyse the thousands of data. Evaluated investment performance, experience, and competitive advantages of private equity firms including buyout, venture capital, energy and distressed debt funds during due diligence, which led. Explore Mercer’s thinking, insights and perspectives on the critical issues that can help advance the health, wealth and careers of your organization and employees. ” That report argued that private equity had returned in excess of public markets over the last two decades. Churchill’s Co-Head of Senior Lending Randy Schwimmer, Cliffwater’s Head of Capital Markets Fran Beyers, Comvest Partners’ Partner Dan Lee, and Refinitiv’s Head of Market Analysis Ioana Barza share their insights. Cliffwater. We use a proprietary data set of more than 700 realized. Cliffwater, an advisory and asset management firm, has created a new head of capital markets role Subscriber-only article This article is available only to Creditflux subscribers and free trial users within 30 days of publication. renewed concerns over potential debt problems. Not surprisingly there is significant pressure for these ‘gorilla’ debt funds to deploy money and preferably in scale. Private ABS IG Non-IG Private Equity Direct Lending Real Estate Equity Global HY Public Equity Corporate Bonds Private Resi Whole Loans IG Securitized Structured Credit IG Infrastructure Debt IG Real Estate Debt IG Private Placements EM IG Corporate Bonds IG Corporate Bonds Excess Spread 0 0. Division Staff, R. Overview: DCF Research looks at recent macro trends in high yield bond covenant lite issues and compares them to private credit strategies and reviews a few warning signs of a market downturn. -POTENTIAL AUDIENCE: The private debt community is large and growing. Thursday, November 05, 2020. Without private firm data, it is difficult to compare private and public firms to isolate the factors determining why firms go public. PRIVATE DEBT INFRASTRUCTURE PRIVATE EQUITY ALTERNATIVES BREAKDOWN 24% Source: Cliffwater Direct Lending Index, Morningstar. 5bn for its fourth subordinated debt vehicle, according to investor notes from the Teachers’ Retirement. , March 1, 2021 /PRNewswire/ -- In an effort to send a clear message to Democratic Governor Phil Murphy, in an election year, national and state community and business leaders held a. middle market corporate loans, as represented by the asset-weighted performance of the underlying assets of Business Development Companies (BDCs), including both exchange-traded and unlisted BDCs, subject to certain eligibility requirements. Due to the "private" nature of PE, performance has been less transparent. middle market corporate lending. Junior capital offers many of the same attributes as middle market-focused first lien private debt, but with significantly higher contractual returns. 2016-07-20T12:14:00Z. “High Yield” is represented by the Bloomberg Barclays High Yield Index. Overview: DCF Research looks at recent macro trends in high yield bond covenant lite issues and compares them to private credit strategies and reviews a few warning signs of a market downturn. GOV-Connecticut's Official State Website. Cliffwater’s CEO and CIO, Steve Nesbitt, is author of a book on these and other issues. With REFI’s business intelligence, you won’t have to worry about missing new business opportunities again; our unrivalled team of reporters and analysts, extensive networks and comprehensive database will ensure you have the intelligence you need to successful raise assets or source new business opp. View mutual fund news, mutual fund market and mutual fund interest rates. htm: 10141925-canada-inc_297648. Opal Group's 2018 Private Debt Forum is not only a venue for unique access and firsthand insight into the fastest-growing market in the finance sector, but a bellwether for the future of the asset class and investment management industry. The fund’s investment exposure is focused on corporate loans including US middle-market corporate loans (otherwise known as ‘direct loans’). In addition, it will also invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in high yield, high risk debt securities (commonly referred to as "junk bonds"). Apr 24, 2014, 11:43 ET Debt securities are subject to various risks, the most. Private debt; Sovereign debt; Private retirement systems and sustainability; Cliffwater LLC. Apr 6, 2016 Erik Dolan-Del Vecchio, Bisnow National Capital Markets. KEYNOTE ADDRESS. Prior to Pender, Steve held various roles for Cliffwater, LLC and Coast Asset Management, LLC. 1% annual return, the Private Equity Index was the highest performing asset class, which was 4. You are currently looking at all Hedge Funds industry companies in United States of America. As a BDC, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities and indebtedness of private U. /blackstone private credit fund debt capital markets bond-c, bond-m, otc llc/cliffwater corporate lending fund 04102. Pete Keliuotis, CFA, is an executive vice president and the head of Callan’s Alternatives Consulting group, which includes the private equity, private credit, and hedge fund consulting teams. Overview: DCF Research looks at recent macro trends in high yield bond covenant lite issues and compares them to private credit strategies and reviews a few warning signs of a market downturn. Global private equity house TA Associates is reportedly already eyeing $1. According to data from Preqin, the asset class is on pace to hit $1. -POTENTIAL AUDIENCE: The private debt community is large and growing. chief executive of Cliffwater LLC, a pension consulting firm. Market Return % Lipper Rank by Market Prem/ Disc: Levgd Assets: Exp Ratio: Inc Only Yld: Dist Yld (Market). Prior to Cliffwater, Ke. Direct Lending. Performance is measured through June 30, 2016. Prior to the global financial crisis, private debt was in its infancy. The California-based group also works with the Maine Public Employees Retirement System and the Sacramento County Employees’ Retirement System. Private debt; Sovereign debt; Private retirement systems and sustainability; Cliffwater LLC. First, the Cliffwater Direct Lending Index provides a benchmark for measuring risk, return, and manager performance in direct lending instruments. Past performance is no guarantee of future. Cliffwater’s pioneering research into private debt, particularly private direct lending, led to the development of the Cliffwater Direct Lending Index (CDLI), which is used to capture the. like Casey & Quirk and Cliffwater have built a case to support the addition of alternatives like real assets to a target date fund’s. Previously was a Managing Director and Portfolio manager at New Mountain Capital Scott Ostfeld, Partner, JSI Co-Portfolio Manager: 11 years experience. (NYP) Influential. On average, they invest 70% of their assets in public securities using a 70/30 split. Alternative credit, private debt or direct lending funds have grown substantially in recent years and are becoming a key segment of the asset management industry. Private Debt Investor New York Forum 2020. SJCERA| Home. These lenders largely invested as syndicate participants in the leveraged segment of the market (i. From 2012 to 2018, Chris was a Managing Director at Cliffwater, LLC, where he led the firm’s real estate investment advisory practice. Cliffwater raises $135 million for interval fund geared towards direct lending Cliffwater has raised $135 million for an interval fund through which it will allocate to five sub-advisors 1 year ago; US pension to invest $75 million in private debt. 5bn for its fourth subordinated debt vehicle, according to investor notes from the Teachers’ Retirement. 2 billion for investments in longer-dated distressed opportunities, including private equity, according to documents released by Rhode Island State Investment Commission. 2016-07-20T12:14:00Z. Public Funds Summit Virtual 2021. own private debt space grow faster than any other country. The total return is a build-up of underlying public market returns (risk-free rates, corporate credit spreads) and private-market specific return drivers such as the public-private spread, losses due to default and. Direct Lending. Traditionally a niche asset class pre-crisis, corporate direct lending has become an increasingly important allocation for institutional investors. The Cliffwater Direct Lending Index. It includes primarily debt investments, where an investor expects to receive principal and interest, with the. middle market corporate lending. Cliffwater works with clients on their alternative investment portfolios in a non-discretionary or discretionary capacity. Distressed-debt funds generally start raising money in the waning days of an economic growth cycle, said Stephen Nesbitt, a managing partner at investment-consulting firm Cliffwater of Marina Del. Carlyle’s business development company TCG BDC has formed a $250 million mid-market direct lending joint venture with Cliffwater. market expectations) for the sovereign debt of the United States, Europe (proxied by Germany), Japan and the United Kingdom. For more information, please contact us at (888) 442-4420. To provide a first look at absolute and relative performance, we utilize the Burgiss. Available to More Veterans A new state law, which went into effect Nov. Latin America is mounting a cyclical recovery, likely led by Brazil and Andrean economies, while Argentina’s new government faces extreme economic challenges. direct lending) has returned 9. Cliffwater, an advisory and asset management firm, has created a new head of capital markets role Subscriber-only article This article is available only to Creditflux subscribers and free trial users within 30 days of publication. middle market corporate loans, as represented by the asset-weighted performance of the underlying assets of Business Development Companies (BDCs), including both exchange-traded and unlisted BDCs, subject to certain eligibility requirements. Merced County Employees Retirement Association intends to enter into a contractual relationship with Cliffwater. View today's stock price, news and analysis for Monroe Capital Corp. 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. These pooled investment vehicles offer access to the private company debt market and usually offer attractive dividend yields and the chance for capital appreciation. junior debt. Nicholas Pratt explores the operational challenges that could occur when it does. “Partnering with Cliffwater LLC, one of the world’s leading global. Cliffwater Direct Lending Index (4. Pete is a member of Callan’s Alternatives Review, Client Policy Review, Management. middle market corporate lending. The fiscal-stimulus-driven debt binge across the globe could also lead to a hangover and add to currency volatility. News Fundraise for second Bain Capital Real Estate fund reaches $1. In addition to leading these teams, he performs research and advises clients’ alternatives investment portfolios. Cliffwater presented the 2021 private markets annual plan and the board adopted a clarifying amendment to the investment policy concerning the definition of co-investments. PRIVATE DEBT – our expected return for unlevered private loan assets fell slightly from 7. Cliffwater assists clients globally in their allocations to alternative investments, including private equity, private debt, hedge funds, real estate, real assets, and liquid alternative investments. Global private equity fundraising and sentiment 28. Private Debt Investor New York Forum 2020. middle market corporate loans, as represented by the asset-weighted performance of the underlying assets of Business Development Companies (BDCs), including both exchange-traded and unlisted BDCs, subject to certain eligibility requirements. Fran joins Cliffwater from Refinitiv, where she was Head of Middle Market Loan. The construction of the portfolio was represented by several themes, except retail, which was why Staff, Franklin Park and Cliffwater thought it was a. From 2012 to 2018, Chris was a Managing Director at Cliffwater, LLC, where he led the firm’s real estate investment advisory practice. Filtered HTML. Cliffwater’s pioneering research into private debt, particularly private direct lending, led to the development of the Cliffwater Direct Lending Index (CDLI), which is used to capture the investment characteristics and performance of private debt and serves as a benchmark for institutional allocations. private equity continues to generate returns that are 2 to 3 percent above the returns of public markets in an April 2019 paper examining more recent vintage yearsiii. We use a proprietary data set of more than 700 realized. Structure or purchase of cash flow streams generated by either a physical or financial asset. View today's stock price, news and analysis for Monroe Capital Corp. Cliffwater is basically running a bank, acquiring directly originated loans from a pool of investment managers it has worked with in this space for many years. Prior to forming Cliffwater in 2004, Steve was head of investment consulting at Wilshire Associates.