Alt Valuations’ Post

Evolving private fund regulations mean it's more important than ever to get a grip on portfolio valuations. VRC (Valuation Research Corporation)'s John Czapla, CFA writes in the second of a two-part feature in today's News and Analysis from Private Debt Investor: https://lnkd.in/gcyqChKQ #economy #fundmanagement #valuation #privatedebt #regulations

If you're involved in private fund management or simply curious about the intricacies of the private debt market, this article is a must-read. Head of VRC (Valuation Research Corporation)'s Portfolio Valuation practice group, John Czapla, CFA, gives a behind-the-scenes look at impacts on the private credit market, risk considerations, reporting requirements, and the common variables that impact valuations. https://hubs.ly/Q02t4CjR0 #valuation #privatedebtmarkets #marketupdate

In the latest AIMA Journal, James Grand, Ben Jones, and Hannah Ward of Simmons & Simmons explore the rise of Uptier Priming Debt as a tool in leveraged finance restructurings. This insightful piece examines how position-enhancing transactions (PETs) are reshaping the landscape, raising questions about minority protections, good faith, and the evolving role of CLOs in the US and EU markets. Read the full article here: https://lnkd.in/eYENgw7X Download the full 2024 Q4 AIMA Journal at  https://lnkd.in/ebinMw3H

#KBRANews: "There is also the matter of distribution, and whether it may best be accomplished through cash or in kind. As KBRA's senior managing director, #ratings legal - and the primary author of the report - John Hogan said: "If you redeem a note early you of course always redeem it at par, at its nominal amount. If you withdraw an LP interest you receive net asset value, which is essentially a market value."" Read the full story on Private Debt Investor: https://lnkd.in/eGkBZc5Q | #funds #investors

Interesting article from the Lex column of the FT today describing the current situation in the PE markets. With exits at low levels, and in 2023 we were close to a 25 year low in the ratio of distributions back to LPs versus capital calls, the creativity of the PE industry has come into play. To give investors breathing space for portfolio companies to grow into their valuations, the private credit markets have come to the rescue along with continuation funds and portfolio loans. As interest rates decline these mechanisms will give the PE industry some breathing space as it returns to providing investors with superior risk-adjusted returns.

In recent weeks, discussions have been centered around valuation and potential systematic and valuation risks in the private debt markets. As a leading valuation agent for private credit managers, banks, and investors, drawing from over two decades of experience in the private debt market, we find it helpful to offer these insights garnered from our extensive tenure. Download the newest insightful article from VRC (Valuation Research Corporation)'s Chairman and head of the firm's Portfolio Securities Valuation Practice, John Czapla, CFA, as he gives a behind-the-scenes look at impacts on private credit market, risk considerations, reporting requirements, and the common variables that impact valuations. https://hubs.ly/Q02sjXWJ0 #valuation #privatedebtmarkets #marketupdate

Read the full story on Private Debt Investor and the full report here: https://lnkd.in/enXKyWBx #ratednotes #feederfunds #funds

Great insights from John Kerschner, Head of U.S. Securitized Products at Janus Henderson Investors, as he seeks identify and debunk the biases that keep some investors from considering an allocation to U.S. securitized fixed income. Read the full article here: https://hubs.li/Q02Cj3GT0 #CMBS #FixedIncome #RealEstate #Investing

Are there systemic and valuation risks in the private credit market? VRC (Valuation Research Corporation)'s John Czapla, CFA investigates in part one of two featured in today's News and Analysis from Private Debt Investor: https://lnkd.in/etzJkYhJ #economy #fundmanagement #valuation #privatedebt

Great insights from John Kerschner, Head of U.S. Securitized Products at Janus Henderson Investors, as he seeks to identify and debunk the biases that keep some investors from considering an allocation to U.S. securitized fixed income. Read the full article here: https://hubs.li/Q02Cj6Qc0 #CMBS #FixedIncome #RealEstate #Investing