Amundi Private Debt

Wednesday 24 April 2019

Expertises

Amundi Private Debt

2018 was again a record year for the private debt platform in term of investments activity but also with the successful development of new verticals.  Q1’19 continued on the same path with a lot of opportunities and attractive investments undertaken across our funds / strategies.

However, standards for credit issuance continue to be very loose in some specific markets.  Aggressive documentation features, Ebitda adjustments / addbacks, incremental loan facilities, freebies, loose covenants and the like are all of great concern.  

In that context, access to a large and diversified sourcing, thorough due-diligence and high selectivity have never been more important.

Furthermore, given where we stand in the credit cycle and as uncertainty is rising as we move toward 2019 (Brexit, trade war, EU election, etc.), we prefer to invest at the top of the capital structure.

Fundraising

 
 
 
Fund dedicated to SMEs in Auvergne Rhône Alpes region
Alignment of interest with 5 regional banks, anchor investors, actively participating to the sourcing
Second closing expected mid-2019
 
Fund dedicated to European Senior Mortgage Loans
3 diversifying transactions already undertaken and 3 additional secured for the second closing
Second closing expected in May 19
 
Fund dedicated to European broadly and liquid Senior Secured Leveraged Loans
Open-ended vehicle with monthly liquidity
Granular portfolio well diversified across sector and geography
Outperformed its benchmark since inception
 
Our €890 million benchmark fund (DS III) dedicated to European SMEs is well underway to deliver all its objectives (risk-adjusted-return, ramp-up period, diversification, etc.)
New positions: One credit analyst and one financial controller joined the team in Q1’19

More information