Private Debt – Page 4
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NewsUnicredit pension fund closes down alternatives sub-funds
The fund for alternative investments Effepilux Sif-Sicav fund will become a real estate Alternative Investment Fund (AIF)
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NewsSovereign investors reshape portfolios after year of negative returns
Sovereign investors are now more resolute than ever in their ambitions to fund the energy transition
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NewsDanish FSA raps ATP and other pension funds over alternatives valuation
Pension firms must ensure necessary value adjustments take place sufficiently quickly and frequently, says FSA
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NewsGerman church pension fund pivots to private debt in new strategy
The scheme is also reviewing its overlay mandates for equities and currencies
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InterviewsOn the record: Doubling down on debt
Pension funds are focusing on both listed fixed income and private credit
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Asset Class ReportsPortfolio strategy – Fixed income & credit
Factors including rising inflation and interest rates, the war in Ukraine, and the uncertainty surrounding the global economy might have significantly slowed down the growth of an alternative asset class like private debt. But this has not been the case, and while fundraising by private debt managers for 2022 and 2023 might be challenging, investors are making new long-term commitments.
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Country ReportItaly: Casse di Previdenza roll with the punches
Italian industry-wide pension funds fail to attract new members, with potentially serious long-term consequences
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Country ReportItaly: Byblos consolidates private markets portfolio
The industry-wide fund has opted for a single external multi-asset mandate for private equity, private debt and infrastructure
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Asset Class ReportsFixed income & credit – No turning back for alternative credit
Investor demand for alternative lending strategies remains strong as the opportunity set grows
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Country ReportCountry report – Pensions in Italy (July/August 2023)
Italian second-pillar occupational pension funds continue on their path to diversification. Owing to the higher yields on offer in traditional fixed income markets, allocations to private markets may slow down temporarily, but funds have made long-term strategic commitments. A variety of industry initiatives is facilitating investment in private equity, private debt and infrastructure. Meanwhile, some pension funds are consolidating their private markets portfolios.
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NewsComPlan to look at UN SDGs in private equity, debt investments
The scheme included physical and transitional climate risks in an ALM analysis for the first time last year
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NewsItaly roundup: BCC-CRA pension fund divests from private markets
Plus: Fondo Priamo increases number of members and contributions; Enpaia cuts real estate investments
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Country Report
UK: One way for DC schemes to access private markets
There is much debate about mark-to-model valuation methodologies and whether a material economic downturn will cause these to catch up with public market price falls, but the history books will show that portfolios with allocations to private markets were more robust than those with none in 2022 – the worst year on record for traditional balanced portfolios.
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NewsAP7 to invest 20% of total assets in alternatives
The buffer fund is looking into private equity, infrastructure and real estate
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NewsBaFin warns of further risks for Pensionskassen
Risks are perceived from investments in Spezialfonds and alternative investments, as well as in private equity and private debt funds
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NewsIncome generation drives private markets investments in 2023, BlackRock finds
More than 70% of respondents globally intend to increase their allocations to private equity this year
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InterviewsPension funds on the record: In-house due diligence of private debt managers pays off
Experienced alternative credit investors find that risk-adjusted returns are better than in the more liquid credit markets
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Opinion PiecesGuest viewpoint: LDI regulation should not ignore private asset solutions
In the aftermath of the liability-driven investing (LDI) crisis, The Pensions Regulator (TPR) in the UK drew up guidelines for pension funds to improve the resilience of LDI strategies. These guidelines primarily aim to support the creation of liquidity buffers so that pension funds can withstand yield shocks. To that end, the guidelines advise pension funds to conduct stress tests and identify suitable collateral with respect to both leveraged and unleveraged LDI strategies using yield-shock scenarios.
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NewsInarcassa hedges equity exposure, resumes private markets allocations
According to the new strategic asset allocation for 2023, Inarcassa is increasing its allocation to bonds by 3%, while reducing equities by 1.5%
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NewsPrivate debt managers seek to tackle climate change – IPE research
The vast majority of private lenders include ESG T&Cs in financing agreements, with a quarter including net-zero targets
