金融界人人都在談?wù)撍饺诵刨J——這一術(shù)語是指非銀行機(jī)構(gòu),其中許多都是華爾街的知名公司設(shè)立貸款部門,向企業(yè)提供貸款。由于對這些服務(wù)的需求大幅飆升,貝萊德(BlackRock)預(yù)計(jì),到2028年底,全球私人債務(wù)市場的資產(chǎn)管理規(guī)模將達(dá)到3.5萬億美元?!敦?cái)富》雜志在下文中列出了這一龐大而快速增長的行業(yè)的領(lǐng)軍人物名單,但首先,了解一下私人信貸的發(fā)展背景會有所助益。
私人信貸并不是一個(gè)新行業(yè),指的是向企業(yè)(通常是中小型公司)提供貸款的公司,而非銀行。對于銀行來說,這些公司通常規(guī)模過大或風(fēng)險(xiǎn)過高,而對于公共債券市場來說,這些公司的規(guī)模又太小。至少從上世紀(jì)90年代開始,非銀行機(jī)構(gòu)就一直在向企業(yè)提供貸款,但在很大程度上一直處于幕后。
這一切在2008年發(fā)生了改變,當(dāng)時(shí)銀行在全球金融危機(jī)期間退出了借貸業(yè)務(wù),使得新的私人借貸機(jī)構(gòu)涌入,以幫助企業(yè)融資,其中包括著名的私募股權(quán)公司(如阿波羅(Apollo)、KKR和黑石集團(tuán)(Blackstone))。根據(jù)Preqin的數(shù)據(jù),當(dāng)年的私人信貸規(guī)模相對較小,管理的資產(chǎn)規(guī)模約為3750億美元。
隨著越來越多的公司加入到為企業(yè)提供貸款的行列中來,該行業(yè)的規(guī)模急劇擴(kuò)大。國際貨幣基金組織(IMF)表示,去年全球私人信貸資產(chǎn)規(guī)模超過2.1萬億美元,其中大部分在美國。阿波羅全球管理公司聯(lián)合創(chuàng)始人兼首席執(zhí)行官馬克·羅文(Marc Rowan)2023年9月對《財(cái)富》雜志表示:"如今,銀行向企業(yè)提供的信貸不到全部信貸的20%。為私人債務(wù)融資的需求從大型銀行轉(zhuǎn)向了投資市場。”
支持私人信貸的一個(gè)理由是,這類貸款對企業(yè)來說風(fēng)險(xiǎn)要小得多。對于銀行貸款來說,存款是其資金來源,而這可能并不穩(wěn)定。2023年,以硅谷銀行(Silicon Valley Bank)為首的三家地區(qū)性銀行因消費(fèi)者受到驚嚇紛紛撤資而倒閉。與此同時(shí),私人信貸市場卻在借貸業(yè)務(wù)方面表現(xiàn)得非常出色。
King & Spalding律師事務(wù)所合伙人托德·霍爾曼(Todd Holleman)表示:“債務(wù)產(chǎn)品對市場有利,原因是投資私人信貸基金的人非常老練。”King & Spalding律師事務(wù)所自2010年以來一直為私人信貸基金提供咨詢服務(wù)。
如今人們對信貸的期望很高。KKR信貸和市場聯(lián)席主管克里斯·謝爾頓(Chris Sheldon)在4月份給投資者的一封信中表示,目前仍是投資該行業(yè)的好時(shí)機(jī),不過他預(yù)計(jì)在可預(yù)見的未來,利率可能仍將維持在高位。謝爾頓敦促投資者配置資金投資,稱當(dāng)前的環(huán)境是“配置資金投資信貸的黃金時(shí)代”。
一個(gè)月后的5月,黑石集團(tuán)牽頭為人工智能云計(jì)算初創(chuàng)公司CoreWeave提供了75億美元的信貸融資。這筆交易是有史以來規(guī)模最大的債務(wù)融資之一。霍爾曼也認(rèn)為該行業(yè)正處于黃金時(shí)代,他表示自己接到了很多咨詢電話。他對《財(cái)富》雜志表示:“我們不僅看到傳統(tǒng)客戶動(dòng)作頻繁,還接到了市場新進(jìn)入者的咨詢電話。”
最近的熱潮正在提升這一市場的新權(quán)勢派的地位,以下九位人士值得關(guān)注。
約書亞·伊斯特利,Sixth Street聯(lián)合創(chuàng)始人、聯(lián)席首席投資官兼聯(lián)席總裁
在富國銀行(Wells Fargo & Co)旗下的商業(yè)金融公司W(wǎng)ells Fargo Foothill工作過一段時(shí)間后,伊斯特利于2006年加入高盛集團(tuán)(Goldman Sachs)。在高盛集團(tuán)負(fù)責(zé)直接借貸業(yè)務(wù)時(shí),他意識到了私人信貸的商機(jī)。(伊斯特利曾在艾倫·瓦克斯曼(Alan Waxman)手底下工作,后者負(fù)責(zé)高盛集團(tuán)的私人信貸業(yè)務(wù)AmSSG。)他在5月份舉行的《財(cái)富》未來金融會議上表示,與銀行相比,私人信貸擁有更好的模式,原因是它可以在資產(chǎn)負(fù)債表上持有更多的貸款資本。他還表示,私人信貸的興起是全球金融危機(jī)后實(shí)施監(jiān)管措施帶來的“預(yù)期后果”。
那一年,也就是2009年,伊斯特利離開高盛集團(tuán),與瓦克斯曼和其他幾位前高盛集團(tuán)高管一起創(chuàng)辦了Sixth Street。Sixth Street最初是另類資產(chǎn)管理公司TPG專門的全球信貸和信貸相關(guān)投資平臺,于2020年獨(dú)立運(yùn)營,目前該公司管理的資產(chǎn)規(guī)模超過750億美元。信貸仍是該公司的核心戰(zhàn)略;伊斯特利負(fù)責(zé)直接借貸業(yè)務(wù),為大中型企業(yè)提供5000萬至25億美元不等的貸款。他還擔(dān)任Sixth Street Specialty Lending(一家公開上市的業(yè)務(wù)發(fā)展公司)的董事長兼首席執(zhí)行官,以及Sixth Street Lending Partners(一家專注于大型股直接借貸的私人業(yè)務(wù)發(fā)展公司)的董事長兼首席執(zhí)行官。與通常以銀團(tuán)貸款形式發(fā)放貸款的銀行不同,私人信貸公司通常將貸款保留在自己的基金中,直至貸款到期。伊斯特利在《財(cái)富》會議上表示:“你知道是哪一家貸款機(jī)構(gòu),而且只與一家貸款機(jī)構(gòu)打交道。"
約翰·齊托,阿波羅全球管理公司合伙人兼信貸部副首席信息官
阿波羅全球管理公司是最大的貸款機(jī)構(gòu)之一,因此,沒有該機(jī)構(gòu)的私人信貸公司名單是不完整的。截至3月31日,該公司的資產(chǎn)管理規(guī)模達(dá)6710億美元,其中大部分(4760億美元)來自信貸,包括3250億美元的企業(yè)信貸和1510億美元的資產(chǎn)抵押融資。齊托在Veritas Fund Group擔(dān)任了五年的投資組合經(jīng)理,又在Brencourt Advisors擔(dān)任了五年的項(xiàng)目經(jīng)理,后于2012年加入阿波羅。他負(fù)責(zé)公司的全球信貸、保險(xiǎn)和房地產(chǎn)債務(wù)業(yè)務(wù)以及阿波羅團(tuán)隊(duì)。
齊托表示,他認(rèn)為私人信貸市場是一個(gè)價(jià)值40萬億美元、以投資級基金為主的市場機(jī)遇。他在一封電子郵件中表示,阿波羅是大型企業(yè)直接借貸和私人資產(chǎn)支持融資領(lǐng)域的先行者,目前該公司發(fā)起了數(shù)百億美元的交易。阿波羅近期的著名交易包括:向Saks Fifth Avenue的母公司HBC提供融資,以支持其本月收購尼曼(Neiman Marcus);6月,牽頭對英特爾(Intel)在愛爾蘭的一家工廠投資110億美元;并在租車公司赫茲(Hertz)于2021年破產(chǎn)期間擔(dān)任其融資合作伙伴。齊托指出,所有這些成功案例帶來了更多的競爭。他表示:“在利率較高的環(huán)境下,你會看到大量新私人信貸機(jī)構(gòu)涌入,但很少有機(jī)構(gòu)具備與各大企業(yè)合作的規(guī)模、廣泛能力和長期資本,并能為基礎(chǔ)設(shè)施、人工智能和能源轉(zhuǎn)型等新興領(lǐng)域的大規(guī)模、長期變革性需求提供資金。”
吉勒·德拉特(Gilles Dellaert),黑石集團(tuán)信貸保險(xiǎn)全球主管
2010年,黑石集團(tuán)在信貸領(lǐng)域采取了重大舉措,收購了市值100億美元的債務(wù)投資公司GSO Capital Partners,后者后來成為黑石信貸(Blackstone Credit)。9月,黑石集團(tuán)將其企業(yè)信貸部、資產(chǎn)融資部和保險(xiǎn)部合并為一個(gè)部門,成立了信貸保險(xiǎn)部(BXCI)。該機(jī)構(gòu)還提拔吉勒·德拉特為信貸保險(xiǎn)部主管。作為最大的另類資產(chǎn)管理公司,黑石集團(tuán)一如既往地為信貸保險(xiǎn)部設(shè)定了遠(yuǎn)大的目標(biāo)。2023年,黑石集團(tuán)的資產(chǎn)管理規(guī)模達(dá)到1萬億美元,如今計(jì)劃在未來10年里,信貸保險(xiǎn)部連同房地產(chǎn)信貸的資產(chǎn)管理規(guī)模達(dá)到1萬億美元。在過去三年里,信貸保險(xiǎn)部的資產(chǎn)管理規(guī)模增加了一倍多,達(dá)到3.3億美元,如果將房地產(chǎn)債務(wù)業(yè)務(wù)計(jì)算在內(nèi),這一數(shù)字將躍升至4.2億美元。
德拉特從事信貸行業(yè)長達(dá)20年。他在高盛集團(tuán)的再保險(xiǎn)集團(tuán)工作了近10年,該集團(tuán)于2014年分拆,成為Global Atlantic。德拉特在Global Atlantic工作了近7年,最近的職務(wù)是聯(lián)席總裁兼首席投資官。(在2021年收購了Global Atlantic的多數(shù)股權(quán)后,KKR今年早些時(shí)候又收購了這家保險(xiǎn)公司未持有的剩余股權(quán)。)2020年4月,德拉特加入黑石集團(tuán),擔(dān)任保險(xiǎn)解決方案全球主管,并于去年被任命為信貸部全球主管。德拉特還認(rèn)為,我們正處于信貸的黃金時(shí)代。他說:“我們面前有一條寬廣的跑道——我們認(rèn)為在更廣泛的私人信貸市場至少有25萬億美元的機(jī)會,大多數(shù)客戶也認(rèn)識到他們在這一資產(chǎn)類別上配置不足?!?/p>
基普·德維爾(Kipp deVeer),艾瑞思信貸集團(tuán)(Ares Credit Group)的合伙人兼負(fù)責(zé)人
另一家大公司是艾瑞思資產(chǎn)管理公司(Ares Management),資產(chǎn)管理規(guī)模約為4280億美元。該公司擁有多種戰(zhàn)略,包括私募股權(quán)、房地產(chǎn)和基礎(chǔ)設(shè)施。但艾瑞思資產(chǎn)管理公司以信貸著稱,還是其最大的部門,截至3月31日,該部門管理著近3100億美元的資產(chǎn)。
德維爾曾是RBC Capital的合伙人,也曾在摩根大通(J.P. Morgan)的特殊投資部和投資銀行部工作過,于2004年加入艾瑞思資產(chǎn)管理公司,現(xiàn)任信貸部主管。德維爾在2023年11月接受美國全國廣播公司財(cái)經(jīng)頻道(CNBC)采訪時(shí)表示,20年前,艾瑞思資產(chǎn)管理公司通常為規(guī)模小得多的公司提供融資,這些公司的營收只有幾億美元。自那以后,銀行規(guī)模不斷擴(kuò)大,但仍受到嚴(yán)格監(jiān)管。德維爾說:“隨之而來的是,你知道,銀行與規(guī)模較小的公司打交道的興趣就降低了(而與我們打交道的公司往往就是這些規(guī)模較小的中型市場公司)?!边@使艾瑞思資產(chǎn)管理公司受益匪淺,因?yàn)樗F(xiàn)在的業(yè)務(wù)范圍更廣了。他說,艾瑞思資產(chǎn)管理公司仍然專注于小型企業(yè),但也涉足“企業(yè)價(jià)值達(dá)數(shù)十億美元的公司”領(lǐng)域。
斯蒂芬妮·雷德,高盛資產(chǎn)管理公司另類資本形成部全球聯(lián)席主管
知名投行高盛集團(tuán)自上世紀(jì)90年代以來一直在打造私人信貸業(yè)務(wù)。事實(shí)上,高盛集團(tuán)的第一支夾層基金在1996年籌集了12億美元。(夾層基金通常用于為收購公司或其資產(chǎn)提供資金。)該基金池的最新版本是West Street Mezzanine Partners VIII,于2023年1月籌集了117億美元,基金總規(guī)模達(dá)152億美元。今年5月,高盛集團(tuán)最新的直接借貸基金以及獨(dú)立管理賬戶共募集資金210億美元。截至3月31日,該集團(tuán)管理的私人信貸資產(chǎn)規(guī)模為1390億美元。
雷德在2004年加入高盛集團(tuán),并在高盛集團(tuán)工作了二十年。她于2015年晉升為董事總經(jīng)理,并于2018年被任命為合伙人。雷德在高盛集團(tuán)擔(dān)任過多種職務(wù),曾擔(dān)任高盛集團(tuán)資產(chǎn)管理私人信貸客戶解決方案全球主管,還曾領(lǐng)導(dǎo)全球市場的不良貸款和銀行貸款銷售。2023年12月,雷德被任命為另類資本形成部的聯(lián)席主管。低利率和低違約率的環(huán)境意味著私人信貸基金的回報(bào)在過去10多年里一直保持穩(wěn)定和積極的態(tài)勢。雷德預(yù)計(jì),隨著宏觀經(jīng)濟(jì)環(huán)境的不確定和波動(dòng)的加劇,這種情況將發(fā)生變化。她說:“我們相信,擁有穿越周期的投資經(jīng)驗(yàn)以及資源和能力來真正設(shè)法渡過難關(guān)的基金經(jīng)理將處于更有利的位置。此外,擁有一個(gè)廣泛的融資渠道也至關(guān)重要,這能讓投資者在盡職調(diào)查和承銷過程中具有高度選擇性?!?/p>
勞倫斯·格羅布(Lawrence Golub),Golub Capital首席執(zhí)行官
首席執(zhí)行官勞倫斯·格羅布曾在艾倫公司(Allen & Co)和Wasserstein Perella擔(dān)任投資銀行家,于1994年創(chuàng)辦了以自己的名字命名的公司。(格羅布還曾在上世紀(jì)90年代初擔(dān)任白宮研究員。)總部位于紐約的Golub Capital已成長為一家領(lǐng)先的直接借貸公司和私人信貸管理公司,截至4月1日,其管理的資本超過700億美元。
格羅布認(rèn)為私人信貸領(lǐng)域不存在泡沫,而且如今并不是資本的黃金時(shí)代。他對《財(cái)富》雜志說:"不要相信炒作?!八硎荆?私人信貸作為一種資產(chǎn)類別已經(jīng)發(fā)展壯大,并將繼續(xù)發(fā)展壯大,因?yàn)樗瞄L為兩個(gè)關(guān)鍵的利益相關(guān)者提供服務(wù),即投資者和私募股權(quán)保薦人?!备窳_布對這一資產(chǎn)類別持樂觀態(tài)度,但他預(yù)測贏家將是那些擁有“強(qiáng)大競爭優(yōu)勢,如長期關(guān)系、任期、規(guī)模以及在整個(gè)商業(yè)周期中久經(jīng)考驗(yàn)的信貸專業(yè)知識”的企業(yè)。
邁克爾·帕特森(Michael Patterson),HPS Investment Partners管理合伙人
帕特森于2007年加入HPS,當(dāng)時(shí)該公司名為Highbridge Principal Strategies,是摩根資產(chǎn)管理公司(J.P. Morgan Asset Management)旗下高橋資本管理公司(Highbridge Capital Management)的一個(gè)部門。2016年,HPS的負(fù)責(zé)人和員工從高橋資本管理公司和摩根資產(chǎn)管理公司收購了該公司。HPS現(xiàn)在是一家領(lǐng)先的信貸投資公司,資產(chǎn)管理規(guī)模約為1140億美元。
自2016年以來,帕特森一直是HPS的管理合伙人。他表示,誘人的經(jīng)風(fēng)險(xiǎn)調(diào)整的收益率已導(dǎo)致直接借貸備用資金大幅增加。今年4月,皮特齊布克(Pitchbook)估計(jì),私人信貸市場有大約5000億美元的備用資金,其中一半以上是直接借貸。帕特森表示,隨著更多資金追逐相同數(shù)量的交易,HPS看到其他借貸機(jī)構(gòu)在結(jié)構(gòu)性保護(hù)方面做出妥協(xié),包括抵押品包的安全性,這指的是借款人增加增量債務(wù)的能力。他表示:“我們將繼續(xù)關(guān)注證明文件所提供結(jié)構(gòu)的質(zhì)量,并尋求避免以犧牲下行保護(hù)為代價(jià)來追求增量收益?!?/p>
克雷格·W·帕克(Craig W. Packer), Blue Owl Capital聯(lián)席總裁兼信貸平臺主管
帕克在瑞士信貸(Credit Suisse)/DLJ工作了近14年,擔(dān)任高收益資本市場全球主管。他于2006年加入高盛集團(tuán),擔(dān)任董事總經(jīng)理兼高收益資本市場主管。2008年,他成為高盛集團(tuán)合伙人,并被任命為美洲地區(qū)杠桿融資聯(lián)席主管。他于2016年離開高盛集團(tuán),與他人共同創(chuàng)立了直接信貸公司Owl Rock Capital Partners。2021年,Owl Rock與Dyal Capital通過特殊目的收購公司交易實(shí)現(xiàn)合并,后者是一家私募股權(quán)公司股權(quán)收購方。合并后的公司名為Blue Owl Capital,資產(chǎn)管理規(guī)模達(dá)530億美元,主要投資于信貸、房地產(chǎn)和私募股權(quán)公司。此后,Blue Owl Capital的資產(chǎn)管理規(guī)模增加了兩倍多,超過1740億美元。帕克是信貸平臺的負(fù)責(zé)人,同時(shí)也是Blue Owl Capital各公司發(fā)展中心的首席執(zhí)行官。
帕克說,他一直擔(dān)心Blue Owl Capital的投資組合和借款人的經(jīng)營狀況。他說:“這是我們業(yè)務(wù)的本質(zhì)?!辈贿^,他表示,私人信貸不再是最后貸款機(jī)構(gòu),更多時(shí)候是首選貸款機(jī)構(gòu)。帕克說:“私人信貸作為一種資產(chǎn)類別持續(xù)增長,原因很簡單——它能為投資者和資本使用者提供更好的服務(wù)。”
阿門·帕諾西安(Armen Panossian),美國橡樹資本管理有限公司(Oaktree Capital Management)聯(lián)席首席執(zhí)行官兼執(zhí)行信貸主管
美國橡樹資本管理有限公司是上榜的老牌公司之一,這是一家著名的不良債務(wù)投資機(jī)構(gòu),由霍華德·馬克斯(Howard Marks)和布魯斯·卡什(Bruce Karsh)于1995年共同創(chuàng)立。截至3月31日,該公司的資產(chǎn)管理規(guī)模達(dá)1920億美元。根據(jù)該公司網(wǎng)站的數(shù)據(jù),其中約75%是信貸資產(chǎn)。(2019 年,房地產(chǎn)投資者布魯克菲爾德資產(chǎn)管理公司(Brookfield Asset Management)以近50億美元的價(jià)格收購了橡樹資本管理有限公司的大部分股權(quán)。)
帕諾西安于2007年加入橡樹資本管理有限公司的全球機(jī)會團(tuán)隊(duì),擔(dān)任助理副總裁,并于2014年轉(zhuǎn)入美國高級信貸團(tuán)隊(duì),擔(dān)任聯(lián)合投資組合經(jīng)理,并領(lǐng)導(dǎo)橡樹資本管理有限公司的貸款抵押債券業(yè)務(wù)的發(fā)展。2019年,帕諾西安成為履約信貸業(yè)務(wù)的負(fù)責(zé)人,并繼續(xù)領(lǐng)導(dǎo)該業(yè)務(wù)。他于今年3月就任橡樹資本管理有限公司的聯(lián)席首席執(zhí)行官。帕諾西安稱,過去十年來,銀行從企業(yè)直接借貸中撤出,刺激了私人貸款機(jī)構(gòu)的發(fā)展。他表示:“隨著傳統(tǒng)上在銀團(tuán)貸款市場融資的企業(yè)轉(zhuǎn)向私人信貸,長期趨勢轉(zhuǎn)變正在進(jìn)行中?!保ㄘ?cái)富中文網(wǎng))
譯者:中慧言-王芳
金融界人人都在談?wù)撍饺诵刨J——這一術(shù)語是指非銀行機(jī)構(gòu),其中許多都是華爾街的知名公司設(shè)立貸款部門,向企業(yè)提供貸款。由于對這些服務(wù)的需求大幅飆升,貝萊德(BlackRock)預(yù)計(jì),到2028年底,全球私人債務(wù)市場的資產(chǎn)管理規(guī)模將達(dá)到3.5萬億美元?!敦?cái)富》雜志在下文中列出了這一龐大而快速增長的行業(yè)的領(lǐng)軍人物名單,但首先,了解一下私人信貸的發(fā)展背景會有所助益。
私人信貸并不是一個(gè)新行業(yè),指的是向企業(yè)(通常是中小型公司)提供貸款的公司,而非銀行。對于銀行來說,這些公司通常規(guī)模過大或風(fēng)險(xiǎn)過高,而對于公共債券市場來說,這些公司的規(guī)模又太小。至少從上世紀(jì)90年代開始,非銀行機(jī)構(gòu)就一直在向企業(yè)提供貸款,但在很大程度上一直處于幕后。
這一切在2008年發(fā)生了改變,當(dāng)時(shí)銀行在全球金融危機(jī)期間退出了借貸業(yè)務(wù),使得新的私人借貸機(jī)構(gòu)涌入,以幫助企業(yè)融資,其中包括著名的私募股權(quán)公司(如阿波羅(Apollo)、KKR和黑石集團(tuán)(Blackstone))。根據(jù)Preqin的數(shù)據(jù),當(dāng)年的私人信貸規(guī)模相對較小,管理的資產(chǎn)規(guī)模約為3750億美元。
隨著越來越多的公司加入到為企業(yè)提供貸款的行列中來,該行業(yè)的規(guī)模急劇擴(kuò)大。國際貨幣基金組織(IMF)表示,去年全球私人信貸資產(chǎn)規(guī)模超過2.1萬億美元,其中大部分在美國。阿波羅全球管理公司聯(lián)合創(chuàng)始人兼首席執(zhí)行官馬克·羅文(Marc Rowan)2023年9月對《財(cái)富》雜志表示:"如今,銀行向企業(yè)提供的信貸不到全部信貸的20%。為私人債務(wù)融資的需求從大型銀行轉(zhuǎn)向了投資市場?!?
支持私人信貸的一個(gè)理由是,這類貸款對企業(yè)來說風(fēng)險(xiǎn)要小得多。對于銀行貸款來說,存款是其資金來源,而這可能并不穩(wěn)定。2023年,以硅谷銀行(Silicon Valley Bank)為首的三家地區(qū)性銀行因消費(fèi)者受到驚嚇紛紛撤資而倒閉。與此同時(shí),私人信貸市場卻在借貸業(yè)務(wù)方面表現(xiàn)得非常出色。
King & Spalding律師事務(wù)所合伙人托德·霍爾曼(Todd Holleman)表示:“債務(wù)產(chǎn)品對市場有利,原因是投資私人信貸基金的人非常老練。”King & Spalding律師事務(wù)所自2010年以來一直為私人信貸基金提供咨詢服務(wù)。
如今人們對信貸的期望很高。KKR信貸和市場聯(lián)席主管克里斯·謝爾頓(Chris Sheldon)在4月份給投資者的一封信中表示,目前仍是投資該行業(yè)的好時(shí)機(jī),不過他預(yù)計(jì)在可預(yù)見的未來,利率可能仍將維持在高位。謝爾頓敦促投資者配置資金投資,稱當(dāng)前的環(huán)境是“配置資金投資信貸的黃金時(shí)代”。
一個(gè)月后的5月,黑石集團(tuán)牽頭為人工智能云計(jì)算初創(chuàng)公司CoreWeave提供了75億美元的信貸融資。這筆交易是有史以來規(guī)模最大的債務(wù)融資之一?;魻柭舱J(rèn)為該行業(yè)正處于黃金時(shí)代,他表示自己接到了很多咨詢電話。他對《財(cái)富》雜志表示:“我們不僅看到傳統(tǒng)客戶動(dòng)作頻繁,還接到了市場新進(jìn)入者的咨詢電話?!?/p>
最近的熱潮正在提升這一市場的新權(quán)勢派的地位,以下九位人士值得關(guān)注。
約書亞·伊斯特利,Sixth Street聯(lián)合創(chuàng)始人、聯(lián)席首席投資官兼聯(lián)席總裁
在富國銀行(Wells Fargo & Co)旗下的商業(yè)金融公司W(wǎng)ells Fargo Foothill工作過一段時(shí)間后,伊斯特利于2006年加入高盛集團(tuán)(Goldman Sachs)。在高盛集團(tuán)負(fù)責(zé)直接借貸業(yè)務(wù)時(shí),他意識到了私人信貸的商機(jī)。(伊斯特利曾在艾倫·瓦克斯曼(Alan Waxman)手底下工作,后者負(fù)責(zé)高盛集團(tuán)的私人信貸業(yè)務(wù)AmSSG。)他在5月份舉行的《財(cái)富》未來金融會議上表示,與銀行相比,私人信貸擁有更好的模式,原因是它可以在資產(chǎn)負(fù)債表上持有更多的貸款資本。他還表示,私人信貸的興起是全球金融危機(jī)后實(shí)施監(jiān)管措施帶來的“預(yù)期后果”。
那一年,也就是2009年,伊斯特利離開高盛集團(tuán),與瓦克斯曼和其他幾位前高盛集團(tuán)高管一起創(chuàng)辦了Sixth Street。Sixth Street最初是另類資產(chǎn)管理公司TPG專門的全球信貸和信貸相關(guān)投資平臺,于2020年獨(dú)立運(yùn)營,目前該公司管理的資產(chǎn)規(guī)模超過750億美元。信貸仍是該公司的核心戰(zhàn)略;伊斯特利負(fù)責(zé)直接借貸業(yè)務(wù),為大中型企業(yè)提供5000萬至25億美元不等的貸款。他還擔(dān)任Sixth Street Specialty Lending(一家公開上市的業(yè)務(wù)發(fā)展公司)的董事長兼首席執(zhí)行官,以及Sixth Street Lending Partners(一家專注于大型股直接借貸的私人業(yè)務(wù)發(fā)展公司)的董事長兼首席執(zhí)行官。與通常以銀團(tuán)貸款形式發(fā)放貸款的銀行不同,私人信貸公司通常將貸款保留在自己的基金中,直至貸款到期。伊斯特利在《財(cái)富》會議上表示:“你知道是哪一家貸款機(jī)構(gòu),而且只與一家貸款機(jī)構(gòu)打交道。"
約翰·齊托,阿波羅全球管理公司合伙人兼信貸部副首席信息官
阿波羅全球管理公司是最大的貸款機(jī)構(gòu)之一,因此,沒有該機(jī)構(gòu)的私人信貸公司名單是不完整的。截至3月31日,該公司的資產(chǎn)管理規(guī)模達(dá)6710億美元,其中大部分(4760億美元)來自信貸,包括3250億美元的企業(yè)信貸和1510億美元的資產(chǎn)抵押融資。齊托在Veritas Fund Group擔(dān)任了五年的投資組合經(jīng)理,又在Brencourt Advisors擔(dān)任了五年的項(xiàng)目經(jīng)理,后于2012年加入阿波羅。他負(fù)責(zé)公司的全球信貸、保險(xiǎn)和房地產(chǎn)債務(wù)業(yè)務(wù)以及阿波羅團(tuán)隊(duì)。
齊托表示,他認(rèn)為私人信貸市場是一個(gè)價(jià)值40萬億美元、以投資級基金為主的市場機(jī)遇。他在一封電子郵件中表示,阿波羅是大型企業(yè)直接借貸和私人資產(chǎn)支持融資領(lǐng)域的先行者,目前該公司發(fā)起了數(shù)百億美元的交易。阿波羅近期的著名交易包括:向Saks Fifth Avenue的母公司HBC提供融資,以支持其本月收購尼曼(Neiman Marcus);6月,牽頭對英特爾(Intel)在愛爾蘭的一家工廠投資110億美元;并在租車公司赫茲(Hertz)于2021年破產(chǎn)期間擔(dān)任其融資合作伙伴。齊托指出,所有這些成功案例帶來了更多的競爭。他表示:“在利率較高的環(huán)境下,你會看到大量新私人信貸機(jī)構(gòu)涌入,但很少有機(jī)構(gòu)具備與各大企業(yè)合作的規(guī)模、廣泛能力和長期資本,并能為基礎(chǔ)設(shè)施、人工智能和能源轉(zhuǎn)型等新興領(lǐng)域的大規(guī)模、長期變革性需求提供資金?!?/p>
吉勒·德拉特(Gilles Dellaert),黑石集團(tuán)信貸保險(xiǎn)全球主管
2010年,黑石集團(tuán)在信貸領(lǐng)域采取了重大舉措,收購了市值100億美元的債務(wù)投資公司GSO Capital Partners,后者后來成為黑石信貸(Blackstone Credit)。9月,黑石集團(tuán)將其企業(yè)信貸部、資產(chǎn)融資部和保險(xiǎn)部合并為一個(gè)部門,成立了信貸保險(xiǎn)部(BXCI)。該機(jī)構(gòu)還提拔吉勒·德拉特為信貸保險(xiǎn)部主管。作為最大的另類資產(chǎn)管理公司,黑石集團(tuán)一如既往地為信貸保險(xiǎn)部設(shè)定了遠(yuǎn)大的目標(biāo)。2023年,黑石集團(tuán)的資產(chǎn)管理規(guī)模達(dá)到1萬億美元,如今計(jì)劃在未來10年里,信貸保險(xiǎn)部連同房地產(chǎn)信貸的資產(chǎn)管理規(guī)模達(dá)到1萬億美元。在過去三年里,信貸保險(xiǎn)部的資產(chǎn)管理規(guī)模增加了一倍多,達(dá)到3.3億美元,如果將房地產(chǎn)債務(wù)業(yè)務(wù)計(jì)算在內(nèi),這一數(shù)字將躍升至4.2億美元。
德拉特從事信貸行業(yè)長達(dá)20年。他在高盛集團(tuán)的再保險(xiǎn)集團(tuán)工作了近10年,該集團(tuán)于2014年分拆,成為Global Atlantic。德拉特在Global Atlantic工作了近7年,最近的職務(wù)是聯(lián)席總裁兼首席投資官。(在2021年收購了Global Atlantic的多數(shù)股權(quán)后,KKR今年早些時(shí)候又收購了這家保險(xiǎn)公司未持有的剩余股權(quán)。)2020年4月,德拉特加入黑石集團(tuán),擔(dān)任保險(xiǎn)解決方案全球主管,并于去年被任命為信貸部全球主管。德拉特還認(rèn)為,我們正處于信貸的黃金時(shí)代。他說:“我們面前有一條寬廣的跑道——我們認(rèn)為在更廣泛的私人信貸市場至少有25萬億美元的機(jī)會,大多數(shù)客戶也認(rèn)識到他們在這一資產(chǎn)類別上配置不足?!?/p>
基普·德維爾(Kipp deVeer),艾瑞思信貸集團(tuán)(Ares Credit Group)的合伙人兼負(fù)責(zé)人
另一家大公司是艾瑞思資產(chǎn)管理公司(Ares Management),資產(chǎn)管理規(guī)模約為4280億美元。該公司擁有多種戰(zhàn)略,包括私募股權(quán)、房地產(chǎn)和基礎(chǔ)設(shè)施。但艾瑞思資產(chǎn)管理公司以信貸著稱,還是其最大的部門,截至3月31日,該部門管理著近3100億美元的資產(chǎn)。
德維爾曾是RBC Capital的合伙人,也曾在摩根大通(J.P. Morgan)的特殊投資部和投資銀行部工作過,于2004年加入艾瑞思資產(chǎn)管理公司,現(xiàn)任信貸部主管。德維爾在2023年11月接受美國全國廣播公司財(cái)經(jīng)頻道(CNBC)采訪時(shí)表示,20年前,艾瑞思資產(chǎn)管理公司通常為規(guī)模小得多的公司提供融資,這些公司的營收只有幾億美元。自那以后,銀行規(guī)模不斷擴(kuò)大,但仍受到嚴(yán)格監(jiān)管。德維爾說:“隨之而來的是,你知道,銀行與規(guī)模較小的公司打交道的興趣就降低了(而與我們打交道的公司往往就是這些規(guī)模較小的中型市場公司)?!边@使艾瑞思資產(chǎn)管理公司受益匪淺,因?yàn)樗F(xiàn)在的業(yè)務(wù)范圍更廣了。他說,艾瑞思資產(chǎn)管理公司仍然專注于小型企業(yè),但也涉足“企業(yè)價(jià)值達(dá)數(shù)十億美元的公司”領(lǐng)域。
斯蒂芬妮·雷德,高盛資產(chǎn)管理公司另類資本形成部全球聯(lián)席主管
知名投行高盛集團(tuán)自上世紀(jì)90年代以來一直在打造私人信貸業(yè)務(wù)。事實(shí)上,高盛集團(tuán)的第一支夾層基金在1996年籌集了12億美元。(夾層基金通常用于為收購公司或其資產(chǎn)提供資金。)該基金池的最新版本是West Street Mezzanine Partners VIII,于2023年1月籌集了117億美元,基金總規(guī)模達(dá)152億美元。今年5月,高盛集團(tuán)最新的直接借貸基金以及獨(dú)立管理賬戶共募集資金210億美元。截至3月31日,該集團(tuán)管理的私人信貸資產(chǎn)規(guī)模為1390億美元。
雷德在2004年加入高盛集團(tuán),并在高盛集團(tuán)工作了二十年。她于2015年晉升為董事總經(jīng)理,并于2018年被任命為合伙人。雷德在高盛集團(tuán)擔(dān)任過多種職務(wù),曾擔(dān)任高盛集團(tuán)資產(chǎn)管理私人信貸客戶解決方案全球主管,還曾領(lǐng)導(dǎo)全球市場的不良貸款和銀行貸款銷售。2023年12月,雷德被任命為另類資本形成部的聯(lián)席主管。低利率和低違約率的環(huán)境意味著私人信貸基金的回報(bào)在過去10多年里一直保持穩(wěn)定和積極的態(tài)勢。雷德預(yù)計(jì),隨著宏觀經(jīng)濟(jì)環(huán)境的不確定和波動(dòng)的加劇,這種情況將發(fā)生變化。她說:“我們相信,擁有穿越周期的投資經(jīng)驗(yàn)以及資源和能力來真正設(shè)法渡過難關(guān)的基金經(jīng)理將處于更有利的位置。此外,擁有一個(gè)廣泛的融資渠道也至關(guān)重要,這能讓投資者在盡職調(diào)查和承銷過程中具有高度選擇性?!?/p>
勞倫斯·格羅布(Lawrence Golub),Golub Capital首席執(zhí)行官
首席執(zhí)行官勞倫斯·格羅布曾在艾倫公司(Allen & Co)和Wasserstein Perella擔(dān)任投資銀行家,于1994年創(chuàng)辦了以自己的名字命名的公司。(格羅布還曾在上世紀(jì)90年代初擔(dān)任白宮研究員。)總部位于紐約的Golub Capital已成長為一家領(lǐng)先的直接借貸公司和私人信貸管理公司,截至4月1日,其管理的資本超過700億美元。
格羅布認(rèn)為私人信貸領(lǐng)域不存在泡沫,而且如今并不是資本的黃金時(shí)代。他對《財(cái)富》雜志說:"不要相信炒作?!八硎荆?私人信貸作為一種資產(chǎn)類別已經(jīng)發(fā)展壯大,并將繼續(xù)發(fā)展壯大,因?yàn)樗瞄L為兩個(gè)關(guān)鍵的利益相關(guān)者提供服務(wù),即投資者和私募股權(quán)保薦人?!备窳_布對這一資產(chǎn)類別持樂觀態(tài)度,但他預(yù)測贏家將是那些擁有“強(qiáng)大競爭優(yōu)勢,如長期關(guān)系、任期、規(guī)模以及在整個(gè)商業(yè)周期中久經(jīng)考驗(yàn)的信貸專業(yè)知識”的企業(yè)。
邁克爾·帕特森(Michael Patterson),HPS Investment Partners管理合伙人
帕特森于2007年加入HPS,當(dāng)時(shí)該公司名為Highbridge Principal Strategies,是摩根資產(chǎn)管理公司(J.P. Morgan Asset Management)旗下高橋資本管理公司(Highbridge Capital Management)的一個(gè)部門。2016年,HPS的負(fù)責(zé)人和員工從高橋資本管理公司和摩根資產(chǎn)管理公司收購了該公司。HPS現(xiàn)在是一家領(lǐng)先的信貸投資公司,資產(chǎn)管理規(guī)模約為1140億美元。
自2016年以來,帕特森一直是HPS的管理合伙人。他表示,誘人的經(jīng)風(fēng)險(xiǎn)調(diào)整的收益率已導(dǎo)致直接借貸備用資金大幅增加。今年4月,皮特齊布克(Pitchbook)估計(jì),私人信貸市場有大約5000億美元的備用資金,其中一半以上是直接借貸。帕特森表示,隨著更多資金追逐相同數(shù)量的交易,HPS看到其他借貸機(jī)構(gòu)在結(jié)構(gòu)性保護(hù)方面做出妥協(xié),包括抵押品包的安全性,這指的是借款人增加增量債務(wù)的能力。他表示:“我們將繼續(xù)關(guān)注證明文件所提供結(jié)構(gòu)的質(zhì)量,并尋求避免以犧牲下行保護(hù)為代價(jià)來追求增量收益。”
克雷格·W·帕克(Craig W. Packer), Blue Owl Capital聯(lián)席總裁兼信貸平臺主管
帕克在瑞士信貸(Credit Suisse)/DLJ工作了近14年,擔(dān)任高收益資本市場全球主管。他于2006年加入高盛集團(tuán),擔(dān)任董事總經(jīng)理兼高收益資本市場主管。2008年,他成為高盛集團(tuán)合伙人,并被任命為美洲地區(qū)杠桿融資聯(lián)席主管。他于2016年離開高盛集團(tuán),與他人共同創(chuàng)立了直接信貸公司Owl Rock Capital Partners。2021年,Owl Rock與Dyal Capital通過特殊目的收購公司交易實(shí)現(xiàn)合并,后者是一家私募股權(quán)公司股權(quán)收購方。合并后的公司名為Blue Owl Capital,資產(chǎn)管理規(guī)模達(dá)530億美元,主要投資于信貸、房地產(chǎn)和私募股權(quán)公司。此后,Blue Owl Capital的資產(chǎn)管理規(guī)模增加了兩倍多,超過1740億美元。帕克是信貸平臺的負(fù)責(zé)人,同時(shí)也是Blue Owl Capital各公司發(fā)展中心的首席執(zhí)行官。
帕克說,他一直擔(dān)心Blue Owl Capital的投資組合和借款人的經(jīng)營狀況。他說:“這是我們業(yè)務(wù)的本質(zhì)?!辈贿^,他表示,私人信貸不再是最后貸款機(jī)構(gòu),更多時(shí)候是首選貸款機(jī)構(gòu)。帕克說:“私人信貸作為一種資產(chǎn)類別持續(xù)增長,原因很簡單——它能為投資者和資本使用者提供更好的服務(wù)?!?
阿門·帕諾西安(Armen Panossian),美國橡樹資本管理有限公司(Oaktree Capital Management)聯(lián)席首席執(zhí)行官兼執(zhí)行信貸主管
美國橡樹資本管理有限公司是上榜的老牌公司之一,這是一家著名的不良債務(wù)投資機(jī)構(gòu),由霍華德·馬克斯(Howard Marks)和布魯斯·卡什(Bruce Karsh)于1995年共同創(chuàng)立。截至3月31日,該公司的資產(chǎn)管理規(guī)模達(dá)1920億美元。根據(jù)該公司網(wǎng)站的數(shù)據(jù),其中約75%是信貸資產(chǎn)。(2019 年,房地產(chǎn)投資者布魯克菲爾德資產(chǎn)管理公司(Brookfield Asset Management)以近50億美元的價(jià)格收購了橡樹資本管理有限公司的大部分股權(quán)。)
帕諾西安于2007年加入橡樹資本管理有限公司的全球機(jī)會團(tuán)隊(duì),擔(dān)任助理副總裁,并于2014年轉(zhuǎn)入美國高級信貸團(tuán)隊(duì),擔(dān)任聯(lián)合投資組合經(jīng)理,并領(lǐng)導(dǎo)橡樹資本管理有限公司的貸款抵押債券業(yè)務(wù)的發(fā)展。2019年,帕諾西安成為履約信貸業(yè)務(wù)的負(fù)責(zé)人,并繼續(xù)領(lǐng)導(dǎo)該業(yè)務(wù)。他于今年3月就任橡樹資本管理有限公司的聯(lián)席首席執(zhí)行官。帕諾西安稱,過去十年來,銀行從企業(yè)直接借貸中撤出,刺激了私人貸款機(jī)構(gòu)的發(fā)展。他表示:“隨著傳統(tǒng)上在銀團(tuán)貸款市場融資的企業(yè)轉(zhuǎn)向私人信貸,長期趨勢轉(zhuǎn)變正在進(jìn)行中。”(財(cái)富中文網(wǎng))
譯者:中慧言-王芳
John Zito, a partner and deputy CIO of credit at Apollo Global Management; Joshua Easterly, co-founder, co-chief investment officer, and co-president of Sixth Street; and Stephanie Rader, global co-head of Alternatives Capital Formation within Goldman Sachs Asset Management
COURTESY OF APOLLO GLOBAL MANAGEMENT, SIXTH STREET AND GOLDMAN SACHS
Everyone in finance is talking about private credit—the term used for non-bank firms, many of them well known Wall Street names, that have created lending units that provide loans to businesses. Demand for these services has soared so much that?BlackRock expects the global private debt market to hit $3.5 trillion in AUM by the end of 2028. Fortune has compiled a list of the people at the forefront of this big and fast-growing sector further below, but first it’s helpful to have some context about the evolution of private credit.
Private credit isn’t a new sector. The term refers to firms, which are not banks, that offer loans to businesses, typically small and medium-sized companies. These companies are usually too big or risky for banks and too small for the public bond markets. Non-bank firms have been providing loans to companies since at least the 1990s but have largely remained in the background.
That all changed in 2008 when banks stepped back from lending during the global financial crisis, ushering in a new class of private lenders to help finance businesses—including well-known PE firms (think Apollo, KKR and Blackstone). That year, private credit was relatively small, with about $375 billion in assets under management, according to Preqin.
As more firms stepped in to provide loans to businesses, the sector has soared. Last year, private credit assets topped $2.1 trillion globally, most of this in the U.S., the IMF said. “Today, the banks supply less than 20% of all credit to businesses,” Marc Rowan, co-founder and CEO of Apollo Global Management, told?Fortune in September 2023. “The need for funding private debt switched from the big lenders to the investment marketplace.”
One argument in favor of private credit is that these types of loans are much less risky for businesses. For bank loans, deposits serve as their source of funding, which can be precarious. In 2023, three regional banks, led by Silicon Valley Bank, collapsed when consumers got spooked and pulled their money out. Meanwhile, the private credit market has become very good at the lending business.
“The debt product is good for the market because people that are investing in private credit funds are very sophisticated,” said Todd Holleman, a partner with law firm King & Spalding who has advised private credit funds since 2010.
Expectations for credit are high now. Chris Sheldon, KKR’s co-head of credit and markets, said it is still a good time to invest in the sector, although he expects interest rates will likely remain high for the foreseeable future, according to an April investor letter. Sheldon urged investors to deploy capital, calling the current environment “a golden age for credit allocations.”
A month later, in May, Blackstone led a $7.5 billion credit facility for CoreWeave, an A.I. cloud computing startup. The transaction was one of the biggest debt financings ever. Holleman, who agrees that the sector is in a golden age, said his phone has been ringing a lot. “We’ve seen not only a lot of activity from traditional clients but we are getting calls from new entrants in the market,” he told Fortune.
The recent boom is elevating a new class of power players in this market. Here are nine to watch.
Joshua Easterly, co-founder, co-chief investment officer, and co-president of Sixth Street
Joshua Easterly, co-founder, co-chief investment officer, and co-president of Sixth Street
COURTESY OF SIXTH STREET
After a stint at Wells Fargo Foothill, the commercial finance company of Wells Fargo & Co, Easterly joined Goldman Sachs in 2006. It was at Goldman, where he ran the direct lending business, that he realized the opportunity available in private credit. (Easterly worked for Alan Waxman who led AmSSG, the private credit business at Goldman.) Compared to banks, private credit has a better model because it can hold more capital for loans on its balance sheets, Easterly said during Fortune’s?Future of Finance conference in May. The rise of private credit was the “intended consequence” of regulation that came out of the global financial crisis, Easterly said.
That year, in 2009, Easterly left GS to help launch Sixth Street with Waxman and several other former Goldman execs. Sixth Street started out as TPG’s dedicated global credit and credit-related investing platform, went solo in 2020 and the firm now has more than $75 billion in assets under management. Credit remains a core strategy; Easterly oversees the direct lending business, which provides loans ranging from $50 million to $2.5 billion to large-cap and middle-market companies. He also serves as chairman and CEO of Sixth Street Specialty Lending, a publicly listed business development company, and chairman and CEO of Sixth Street Lending Partners, a private BDC focused on large cap direct lending. Unlike banks, who often syndicate their loans, private credit firms typically keep the loans in their funds until maturity. “You know who your lender is. You are dealing with one counterparty,” Easterly said at the Fortune conference.
John Zito, a partner and deputy CIO of credit at Apollo Global Management
John Zito, a partner and deputy CIO of credit at Apollo Global Management
COURTESY OF APOLLO GLOBAL MANAGEMENT
No list of private credit firms is complete without Apollo Global Management, which is one of the biggest lenders. The firm had $671 billion in AUM as of March 31, with most, or $476 billion coming from credit, including $325 billion AUM in corporate credit and $151 billion AUM in asset-backed finance. After spending five years as a portfolio manager at Veritas Fund Group, and another five years at Brencourt Advisors as a PM, Zito joined Apollo in 2012. He oversees the firm’s global credit, insurance and real estate debt business and team at Apollo.
Zito said he views the private credit market as a $40 trillion, predominantly investment grade, opportunity. Apollo was an early mover in large-cap corporate direct lending and private asset-backed finance, and currently originates tens of billions of dollars at the firm, he said in an email. Notable recent deals for Apollo include provided financing to HBC, parent company of Saks Fifth Avenue, to support its buy of Neiman Marcus this month; leading an $11 billion investment in an Intel factory in Ireland in June; and as a financing partner for Hertz during the rental car company’s bankruptcy in 2021. With all this success there is more competition, Zito noted. “In a higher rate environment, you’ve seen an influx of new entrants to private credit, but few have the scale, broad capabilities, and long-dated capital to partner with companies and fund large, transformative long-duration needs in emerging areas such as infrastructure, AI and energy transition,” he said.
Gilles Dellaert, global head of Blackstone Credit and Insurance (BXCI)
Gilles Dellaert, global head of Blackstone Credit and Insurance (BXCI)
COURTESY OF BLACKSTONE CREDIT AND INSURANCE
In 2010, Blackstone made a?big move in the credit space when it acquired GSO Capital Partners, the $10 billion debt investment firm that went on to become Blackstone Credit. In September, Blackstone?combined its corporate credit, asset-based finance, and insurance groups into a single unit, creating BXCI. It also promoted Gilles Dellaert to head up BXCI. Blackstone, the biggest alternative asset manager, has, as usual, big goals for BXCI. In 2023, Blackstone the firm reached $1 trillion in AUM and now plans for BXCI, along with real estate credit, to hit $1 trillion AUM over the next ten years. Over the past three years, AUM for BXCI has more than doubled to $330 million, and if the real estate debt business is included, this jumps to $420 million.
Dellaert’s career in credit spans twenty years. He spent nearly 10 years at Goldman’s reinsurance group, which spun off in 2014 and became Global Atlantic. Dellaert worked for nearly seven years at Global Atlantic, most recently as co-president and chief investment officer. (After buying a majority of Global Atlantic in 2021, KKR acquired the rest of the insurance company that it didn’t own earlier this year.) In April 2020, Dellaert joined Blackstone, as global head of insurance solutions and was named global leader of credit last year. Dellaert also believes we are in the golden age of credit. “There is a huge runway ahead of us – we think it is at least a $25 trillion opportunity in the broader private credit market with most clients also recognizing they’ve been under allocated to the asset class,” he said.
Kipp deVeer, partner and head of Ares Credit Group
Kipp deVeer, partner and head of Ares Credit Group
COURTESY OF ARES CREDIT GROUP
Another big player is Ares Management, which manages about $428 billion in AUM. The firm has multiple strategies including private equity, real estate and infrastructure. But what Ares is known for is credit, its biggest unit that managed nearly $310 billion in assets as of March 31.
DeVeer, who was previously a partner at RBC Capital and also worked at J.P. Morgan’s special investment group and in their investment banking unit, joined Ares in 2004 and is now head of the credit group. Twenty years ago, Ares typically financed much smaller companies, businesses with a couple hundred million of revenue, deVeer?told CNBC in November 2023. Since then, banks have grown bigger but are still heavily regulated. “With that has come just a, you know, lesser interest in dealing with the companies that we deal with that tend to be smaller, middle market companies,” deVeer said. This has benefited Ares which plays in a broader fairway now. Ares still focuses on small businesses, but it also plays in the sector of “companies that have billions of dollars of enterprise value,” he said.
Stephanie Rader, global co-head of Alternatives Capital Formation within Goldman Sachs Asset Management
Stephanie Rader, global co-head of Alternatives Capital Formation within Goldman Sachs Asset Management
COURTESY OF GOLDMAN SACHS
Goldman Sachs, the storied investment bank, has been building its private credit business since the 1990s. In fact, Goldman’s first mezzanine fund raised $1.2 billion in 1996. (Mezz funds are often used to finance the acquisition of companies or their assets.) The latest iteration of the pool, West Street Mezzanine Partners VIII,?collected $11.7 billion in January 2023, with a total fund size of $15.2 billion. In May, Goldman’s latest direct lending fund, along with separately managed accounts, raised $21 billion. Goldman had $139 billion in private credit assets under management as of March 31.
Rader has spent two decades at Goldman, joining in 2004. She was promoted to managing director in 2015 and, in 2018, was named a partner. Rader has held various roles at GS, serving as global head of private credit client solutions for Goldman Sachs asset management, and she also led distressed and bank loan sales within global markets. Rader was named co-head of alternatives capital formation in December 2023. A low interest rate and low default environment means returns for private credit funds have been calm and positive for more than 10 years. Rader expects this will change with an uncertain macroeconomic environment and heightened volatility. “We believe managers with experience investing through cycles, and the resources and capabilities to actually manage through work out situations will be better positioned. It is also critical to have a wide origination funnel, allowing investors to be highly selective in their diligence and underwriting processes,” she said.
Lawrence Golub, CEO of Golub Capital
Lawrence Golub, CEO of Golub Capital
COURTESY OF GOLUB CAPITAL
Lawrence Golub, CEO, founded the firm that bears his name in 1994 after working as an investment banker for Allen & Co and Wasserstein Perella. (Golub also served as a White House fellow in the early 1990s.) New York-based Golub Capital has grown into a leading direct lender and private credit manager, with over $70 billion of capital under management as of April 1.
Golub doesn’t believe private credit is in a bubble or that it’s the golden age of capital. “Don’t believe the hype,” he told Fortune. “Private credit has grown as an asset class and will continue to grow because it serves two key stakeholders well—investors and private equity sponsors,” he said. Golub is optimistic about the asset class but predicts the winners will be those with “powerful competitive advantages like long-standing relationships, incumbencies, scale and proven credit expertise across the business cycle.”
Michael Patterson, governing partner, HPS Investment Partners
Michael Patterson, governing partner, HPS Investment Partners
COURTESY OF HPS INVESTMENT PARTNERS
Patterson joined HPS in 2007 when the firm was known as Highbridge Principal Strategies, a division of Highbridge Capital Management, within J.P. Morgan Asset Management. In 2016, HPS principals and employees acquired the firm from Highbridge and J.P. Morgan Asset Management. HPS is now a leading credit investment firm with about $114 billion of AUM.
Patterson has been HPS’s governing partner since 2016. Attractive risk adjusted returns have caused direct lending dry powder to soar, he said. In April, Pitchbook estimated that the private credit markets had about $500 billion in dry powder, with more than half in direct lending. With more capital chasing the same number of transactions, HPS has seen other lenders compromise on structural protections including the security of collateral packages, which refers to a borrower’s ability to raise incremental debt, Patterson said. “We continue to remain focused on the quality of the structure afforded by documentation and seek to avoid stretching for incremental yield at the expense of downside protection,” he said.
Craig W. Packer, co-president of Blue Owl Capital and head of the credit platform
Craig W. Packer, co-president of Blue Owl Capital
COURTESY OF BLUE OWL CAPITAL
Packer spent nearly 14 years at Credit Suisse/DLJ where he was the global head of high yield capital markets. He joined Goldman Sachs in 2006 as a managing director and head of high yield capital markets. In 2008, he was made a Goldman partner and was named co-head of leveraged finance in the Americas. He left GS in 2016 to cofound Owl Rock Capital Partners, a direct lender. In 2021, Owl Rock merged with Dyal Capital, an acquirer of PE firm stakes, through a SPAC deal. The combined firm was called Blue Owl Capital, had $53 billion in AUM, and invested in credit, real estate and in PE firms. AUM for Blue Owl has since more than tripled to over $174 billion. Packer is head of the credit platform and is CEO of each of the Blue Owl BDCs.
Packer said he’s always worried about Blue Owl’s portfolio and how its borrowers are doing. “That is the nature of our business,” he said. Private credit, however, is no longer the lender of last resort but is more often the first lender of choice, he said. “Private credit continues to grow as an asset class for one simple reason – it has worked well for both the investors and the users of capital,” Packer said.
Armen Panossian, co-CEO and head of performing credit at Oaktree Capital Management
Armen Panossian, co-CEO and head of performing credit at Oaktree Capital Management
COURTESY OF OAKTREE CAPITAL MANAGEMENT
One of the older firms on our list is Oaktree, a well-known distressed debt investor that was co-founded by Howard Marks and Bruce Karsh in 1995. Oaktree had $192 billion in AUM as of March 31.?About 75% of that is in credit, according to the Oaktree website. (In 2019, Brookfield Asset Management, the real estate investor,?acquired a majority of Oaktree in a nearly $5 billion deal.)
Panossian joined Oaktree’s global opportunities group in 2007 as an assistant VP and, in 2014, he moved to the U.S. senior loans team where he was co-portfolio manager, and led the development of Oaktree’s CLO business. In 2019, Panossian became head of the performing credit business, which he continues to lead. He assumed the co-CEO position at Oaktree in March. Banks over the past decade retreated from corporate direct lending, fueling the growth of private lenders, Panossian said. “There is a secular shift underway as companies that were traditionally financed in the syndicated loan market are turning to private credit,” he said.