From David Di Pilla’s HMC Capital to Pengana’s newly listed trust, crivate credit is everywhere you look. A 20-year industry veteran helps us understand why.
Where is the country’s second-largest super fund Australian Retirement Trust looking to put more money? European and North American private credit.
Private credit started with the rise of leveraged buyouts – direct lending to private equity firms to sit on top of senior bank debt and juice up their buyouts. Hedge funds and other non-bank lenders tipped in junior debt in return for a pretty penny.The industry got a kick along in the global financial crisis, as regulators, governments and central bank shareholders took a stronger grip on mainstream banks, and dictated what they should and shouldn’t do.
But he has also been in the market long enough to know it was unique. Syndicated markets were shut and borrowers had two funding options: expensive equity or private credit. The latter had a field day.
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