Alternatives

A lack of bank liquidity in construction lending is driving yields up while keeping loan to cost low.

Despite limited M&A and IPO activity, the diversification profile of a secondaries-focused strategy may boost distributions and liquidity compared to primaries.

NYCB downgrade isn’t rattling other financials or credit markets, and showcases the opportunity in private lenders.

Combining middle market loans with strategically sourced deals in private placement and project finance markets allows for a more diversified portfolio that has the potential to deliver returns that have been less correlated to economic cycles.

Next year’s alts themes are pension funds’ move into private credit, the IRA-driven appeal of renewables infrastructure debt, and big opportunities in mortgage derivatives.

High rates make it a dreadful time to buy a home, but an excellent time to buy interest-only and inverse interest-only securities.

With attractive yields, robust covenant protection, and a surprising amount of liquidity, investment grade private credit is a growing favorite of both investors and borrowers.

Buying assets at a discount is one of the key benefits of investing in secondary private equity funds. But is it the most significant driver of long-term returns?

Residential mortgages are transformed by investors’ de-risking process into a spectrum of assets, from very stable CMO bonds to mortgage derivatives, credit risk transfers and more. The result is a broad range of liquid investment opportunities featuring differentiated risk profiles and attractive risk-adjusted returns.

Bank lending and deal flow on the decline, economic stress on the rise. It’s a surprisingly good time for private credit.