Top Private Credit Funds
Folks - there is too little information on PC market
Who are the top players in the market for direct & mezzanine lending and distressed?
Would love to hear your thoughts
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Sixth Street
Ares
HPS
Blue Owl
Apollo
Blackstone
Oaktree
Will also add that most MF/UMM have a large PC arm
Golub very solid in MM
Agreed. Antares is as well.
How about distressed/opportunistic investments? Same list?
Would also be interested in this
would definitely have to add Fortress and Cerberus for this list but I think each name in the list above more or less still applies (some may be better than others at certain things within the distressed space).
Add Goldman
remove Blue Owl
For Mezz/SS sure but they are a fundraising monster in DL.
How do you start learning about private credit? I'm an incoming SA in pubfin and I'm curious
Pitchbook's weekend Private Credit Pitch newsletter can be pretty helpful on private credit and the overall credit markets. Often there's free deep dive downloads to learn more about performance or a certain topic. There's a decent amount of material on here if you want to know day to day of the job though
What is the ranking of those private credit shops?
I would say Ares, Apollo, HPS and Oaktree are on the stronger side of this list, although Oaktree has made some mistakes recenty.
Blackstone would be on the weaker side of this list.
Interesting. Curious to hear your rationale on why Blackstone would be on the weaker side.
For mezz/distressed:
Silverpoint Finance
Fortress
TCW
MSD Capital (BDT & MSD)
Is silverpoint finance that good? Thought their strength was in the HF and the DL business was more vanilla
A lot of that just comes from origination. There is a reason no one is raising a $34 billion mezz fund. Silverpoint does a lot of vanilla stuff but has the flexibility to dip down into hairier stuff. MSD and TCW both do really interesting stuff. Fortress is also somewhere in there
LBC Credit Partners
Bump
Adding LGT and Arcmont from a European perspective
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