The Investment Portfolio’s Swiss Army Knife: Adding Private Credit to Portfolios for US Investors
We view private credit as an underused and effective tool that can help a broad array of investors meet their objectives.
November 2021
Has the Approaching Debt Default by Chinese Property Developer Evergrande Created Opportunities for Investors?
Yes. In recent weeks, several Chinese property developers have defaulted, and spreads on Chinese high-yield bonds have widened roughly 600 basis points (bps), taking their year-to-date loss to 18%.
October 2021
Stress and Losses Among Middle-Market Senior and Unitranche Loans: Introducing Cambridge Associates' New Database
As part of our ongoing commitment to alternative credit, Cambridge Associates (CA) began compiling a database of credit stress and losses in one of the largest strategies within private credit, senior debt (i.e., direct lending). Our initial outreach in the United States and Europe yielded data from 11 senior debt funds tracking material document modifications (which we use as a proxy for credit stress, greater detail below) and loss rates in bilateral and clubbed middle-market lending.
July 2019
Private Credit Benchmarks: A User's Guide
In response to the proliferation of new private credit strategies and managers, Cambridge Associates has developed a set of benchmarks that will help limited partners assess the performance of new and existing fund manager (general partners).
January 2019