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Taking the Credit — Compare and Contrast P2Ps in 2023
Josie Shillito
•2 min read
One of the drawbacks for the private credit lender in a public-to-private transaction is that their deal terms get published. Yippee!
It’s publicly available (Hyve, Medica and Sureserve), but still, it’s too tempting not to do a side-by-side comparison when you have this rare level of market transparency.
So scroll down to compare and contrast what three new 2023 P2P private credit entrants have offered their borrowers: Hayfin, Barings and Pemberton Asset Management:
Meanwhile, something curious, but nonetheless inevitable, is taking place at the large cap end of the private credit space. As 9fin reported in Taking the Credit last week, and, as we saw with the Envalior deal, there’s a fair old opportunity to conduct a hybrid deal with private credit funds taking down a chunk of the debt and leaving the rest to traditional syndicated buyers.
According to this Bloomberg article, now CVC are joining KKR, Apollo, Blackstone, Carlyle and EQT to underwrite a portion of debt financing buyout deals.
Funds with active CLO arms benefitting from already strong banking relationships are well positioned for this. Blackstone’s recent hire of Morgan Stanley’s Jane Bradshaw is a strong indication of this strategy.
Bradshaw joins Blackstone Credit to, according to the press release, oversee capital markets origination across both liquid and private strategies.
Formerly co-head of leveraged debt capital markets at Morgan Stanley, Bradshaw would be well placed to coordinate that valuable relationship with banks.
