In this episode, Andy Thomson meets with Raymond Wright, a portfolio manager in private markets at the London Collective Investment Vehicles, which was established in 2015 as one of eight UK Local Government Pension Scheme asset-pooling companies.

Wright discusses the organisation’s private debt-focused funds of funds and how he has gone about building portfolios through client collaboration – which, by his own admission, is a process that has challenged some of his assumptions around portfolio construction.

He talks about why asset-based finance, secondaries and sustainability are all favoured areas currently, but also why he has concerns about an economic downturn and private debt’s possible systemic risk.

To hear more of our episodes, head to privatedebtinvestor.com/podcast or you can search and subscribe to the Private Debt Investor Podcast wherever you like to listen.

This episode is sponsored by 17Capital

NAV finance used to be a niche, little known corner of debt capital markets, but over the past 10 years it has evolved into a firmly established part of the private markets ecosystem.

As NAV finance has moved into the mainstream, private capital managers have taken up NAV facilities in ever greater numbers to address a wide range of financing requirements.

So, how are managers using NAV finance across their platforms, and how has the market navigated a cycle of rising inflation and interest rates? What do LPs think of NAV finance and what is the outlook for the industry in the next 12 to 24 months?

In this episode, we sit down with 17Capital partner Dane Graham to discuss what has driven the NAV finance industry’s rapid growth over the last 10 years, unpack how managers are using NAV facilities at the portfolio company and fund level, and look ahead to what comes next following a period of higher interest rates and tighter liquidity.

This episode is sponsored by the Credit Investments Group (CIG)

Private credit has expanded exponentially in recent years, with most citing the contraction in syndicated markets as the cause of that growth. But now those markets are opening back up, and questions linger about how that will affect private credit.

So what do continued inflation and elevated interest rates mean for today's managers? What does private credit look like now, and how will it adapt to a new macroeconomic landscape? Will private credit shrink in the wake of access to public credit, or will the two co-exist to provide a full suite of financing options to their clients?

In this episode, we'll look back at the causes of private credit's recent boom, how much of that boom might continue, and what the future of lending is likely to be in the coming years. We’re joined by Kevin Lawi, private credit portfolio manager and head of origination at the Credit Investments Group in UBS Asset Management (formerly known as Credit Suisse Asset Management), along with his colleague on the public side, David Mechlin, a US portfolio manager and member of the CIG Corporate Credit Committee.