Australia’s hottest asset class has a new player.
Pengana Capital and its major shareholder, Washington H. Soul Pattinson, are understood to be jointly launching a global private credit offering as early as Wednesday.WHSP has put up $200 million in seed funding to establish the portfolio of private credit investments, largely made up of offshore US and European managers including New York-based Reverence Capital Partners.
It is the latest multi-boutique manager to add a private credit offering to its sleeve. Pinnacle’s non-bank lender, Metrics Credit Partners, are the main players in the market, managing assets exceeding $14 billion.launching its private credit opportunities fund in October. A prominent unnamed Australian family office committed $200 million in January, as Regal said it was seeing “increasing interest in private credit ... as investors search for ways to diversify their alternatives exposure”.
Growing interest in the asset class from fund managers comes as major banks pull away from lending to anything that doesn’t fit neatly in the box. The collapse of Silicon Valley Bank and rescue of Credit Suisse have financial institutions more concerned about the health of their balance sheet. But the demand for capital is there, and private credit funds are stepping in to provide financing, eyeing healthy spreads.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sunny side up for Roc Partners as it sizes up Pace Farms in $200m dealPwC has been running the process, chasing private equity or strategic buyers who could either take a stake in the company or buy it in full.
Read more »
Former NFL player and ‘kind soul’ Chris Smith dies at age of 31Former NFL defensive end Chris Smith has died at the age of 31, according to his agent Drew Rosenhaus
Read more »
Hunting trips, sex and a BMW: former biathlon chief charged with corruptionAnders Besseberg has been accused of receiving various expensive gifts from Russia and, if convicted, he could face 10 years in prison in his home country, Norway
Read more »
Google chief warns AI could be harmful if deployed wronglySundar Pichai calls for global regulatory framework similar to nuclear treaty amid safety concerns
Read more »
‘Media frenzy’ directed at Brittany Higgins carried ‘risk to her life’, said Bruce Lehrmann trial judgeACT chief justice publishes reasons for maintaining suppression orders in a newly released judgment
Read more »
UK cyber security chief to warn of China’s rise as a technology superpowerLindy Cameron speech expected to present the security threat posed by Beijing as an epoch-defining challenge to the west
Read more »