private debt

Houlihan Lokey’s Jeff Hammer and Paul Sanabria discuss the benefits of undertaking GP-led secondaries in private debt.

A few dozen positions held in the 2005- and 2007-vintage Sankaty Credit Opportunities Funds II and III were moved into a separate vehicle in a deal that closed in early June.

While many credit funds wrap up cleanly, a lot don’t, and lenders are left to navigate how to deal with leftover loans and investor commitments.

Just over 20% of the fund is already invested in secondaries, according to founder and managing partner Jeremy Golding.

Houlihan Lokey’s Jeff Hammer says that while there is a broad base of potential actors, that loans are repaid over a given period or refinanced likely constrains the size of the market.

Abhik Das will be responsible for primaries, secondaries and co-investment for institutional investment programmes and managed accounts.

A sole buyer acquired two separate credit funds of funds as part of a clean-up in the bank's private investment arm, Secondaries Investor has learned.

The opening brings the Allianz spin-out's global office count to five as it forges ahead with its latest secondaries fundraise.

Julien Princi, the former deputy general counsel for Amundi Asset Management, has joined the private equity and private debt firm.

The credit specialist has hired a former PineBridge Investments secondaries specialist as it launches a fund restructuring business that also offers preferred equity.