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Private Debt

Yield, Safety and the Emergence of Alternative Lending

Stephen L. Nesbitt

$82.95

Hardback

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English
John Wiley & Sons Inc
17 February 2023
Series: Wiley Finance
An essential resource for creating outsized returns in the private debt markets

In Private Debt II: Finding Yield in a Zero Interest World, renowned investment advisor and industry leader Stephen Nesbitt delivers yet another essential resource for investors seeking to acquire private debt options in the investment market, including corporate direct lending, asset-backed lending, mezzanine lending, royalties, venture debt, structured credit (CLOs), specialty finance, and structured equity.

Building on the success and popularity of Private Debt: Opportunities in Corporate Direct Lending, this latest edition of the author’s flagship text helps readers understand this complex and rapidly growing asset class. The book also offers:

Explorations of the opportunities, relevant risks, and historical yield provided by private debt Discussions of a variety of loan investment vehicles, including the Business Development Company structure Strategies for structuring a direct loan portfolio and how to fit it into your overall investment strategy

A can’t-miss resource for serious investors looking for opportunities to earn higher yields than those offered by traditional index funds while still retaining reasonable safety of principle and liquidity, Private Debt II will undoubtedly become the go-to guide for anyone looking for tried and tested debt investment strategies.

By:  
Imprint:   John Wiley & Sons Inc
Country of Publication:   United States
Edition:   2nd edition
Dimensions:   Height: 231mm,  Width: 160mm,  Spine: 23mm
Weight:   499g
ISBN:   9781119944393
ISBN 10:   1119944392
Series:   Wiley Finance
Pages:   320
Publication Date:  
Audience:   General/trade ,  ELT Advanced
Replaced By:   9781119501152
Format:   Hardback
Publisher's Status:   Active
Introduction Acknowledgments About the Author Chapter 1: Overview of U.S. Middle Market Corporate Direct Lending Chapter 2: The Historical Performance of U.S. Middle Market Direct Loans Chapter 3: Performance Comparisons to Other Asset Classes Chapter 4: Current Yield or Yield-to-Maturity? Chapter 5: Comparative Credit Loss Rates Chapter 6: How Liquid Are Direct Loans? Chapter 7: Middle Market Loans as a Hedge Against Rising Interest Rates Chapter 8: Credit as a Separate Asset Class Chapter 9: Senior and Unitranche Direct Lending Chapter 10: Loans and the Theory of Credit Chapter 11: Risk Premiums in U.S. Middle Market Lending Chapter 12: Covenants and the Loan Agreement Chapter 13: Should Direct Loan Portfolios Be Leveraged? Chapter 14: The Democratization of Alternatives Chapter 15: Business Development Companies (BDCs) Chapter 16: Interval and Tender Funds Chapter 17: Selecting Direct Lending Managers Chapter 18: Loan Valuation Chapter 19: Investment Fees Chapter 20: Portfolio Construction Chapter 21: Expected Returns and Risks from Direct Lending Chapter 22: Asset Allocation Chapter 23: All-Weather Private Debt Chapter 24: Enter SOFR Chapter 25: European Middle Market Direct Lending Chapter 26: The Borrower’s Perspective Chapter 27: Enhanced Lending Conclusion Index

STEPHEN L. NESBITT is Chief Executive Officer and Chief Investment Officer of Cliffwater LLC, an investment advisory firm specializing in alternative investments, including private debt, hedge funds, private equity, real estate, and infrastructure.

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