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27 MARS

Hayfin co-head of direct lending says European private credit better geared to weather uncertainty than US

Private credit firms, including Hayfin, are still willing to lend to software companies, says Marc Chowrimootoo, co-head of direct lending at alternative asset manager Hayfin, on the latest episode of the Credit Exchange podcast with Lisa Lee. “If that call comes in, we absolutely take that call,” says Chowrimootoo, on how he responds to a request from a private equity fund for a software LBO financing. “We absolutely give it the due care and attention.” But the willingness to partake has moderated, he adds. “Everyone is being much more judicious.” There are a number of questions you can go through with a private equity buyer who understands what they’re doing, Chowrimootoo says. For example: how can I understand why this is more insulated than others out there? How embedded is this platform with its customers? What’s different about the ownership of data in this particular asset? What’s the protected moat around the end customer, and the usage of this in the technology? Regarding software exposure more broadly in the private credit market, Chowrimootoo notes that Europe has less exposure compared to their counterparts in the US. In addition, while retail capital is a huge portion of the US market, European private credit funds have less than EUR 10bn in retail vehicles. On the geopolitical front, Chowrimootoo says Europe has had to deal with many periods of volatility. “It’s way too soon to be making a judgment on where the direction of travel is on credit spreads; where the direction of travel on default levels are; where the direction of travel is on stress of earnings.”

27 mars

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33 min
−4 D

The Fossil restructuring, and getting creative outside of Chapter 11 with Weil

In a discussion with Sunny Singh and Gary Holtzer of Weil, host Andy Serbe raises the question of why companies might seek to avoid Chapter 11 based on current trends and systemic changes, how restructuring companies can avoid becoming debtors, and what can go wrong.

−4 d

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20 min
25 FEB.

2026 Playbook: AI disruption, LME & Chapter 11 trends

In this episode of the Debtwired Podcast, host Madalina Iacob is joined by Wariz Anifowoshe, Head of Restructuring at Fortress Investment Group, Kevin Fortunato, Portfolio Manager at Benefit Street Partners, and Scott Greenberg, Global Head of Restructuring at Gibson Dunn. A central theme of the discussion is AI-driven disruption, particularly in software, and how investors are positioning defensively while selectively hunting for opportunities. Panelists emphasize that AI risk is already reshaping maturity extensions, underwriting assumptions, and liability management decisions, especially for businesses facing rapid technological change. The group also explores what’s driving the unprecedented speed at which loans are trading down from CLO technicals, group-formation risk, and growing familiarity with liability management exercises (LMEs). Speakers expect both more LMEs and an uptick in Chapter 11 filings this year, including failed LMEs from prior vintages where balance sheets were fixed, but businesses were not. They unpack why LMEs are neither inherently successes nor failures, why every situation is bespoke, and how sponsors and not creditors typically set these processes in motion. Finally, the speakers conclude that cooperation agreements (co-ops) remain an essential and widely used tool for collective creditor action, and there has been no meaningful slowdown in their use since Optimum filed an anti-co-op lawsuit against its creditors.

25 feb.

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54 min
2025-12-15

Cordiant's Steven Marshall discusses data center investment

Infralogic's Talya Misiri speaks with Cordiant's Steven Marshall about the firm's approach to data centre investment and the advantages of edge facilities in tier 2 markets.

2025-12-15

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27 min
2025-02-18

Harrison Street's Hochanadel on retail colo's big moment in AI race & more

Harrison Street Managing Director and Head of Digital Assets Michael Hochanadel explores retail colocation operators' big opportunity from the AI race, what the adoption curve for AI looks like and what that means for data center investors, what are the larger implications of AI software company DeepSeek's rise, how different pools of capital are shaping the data center industry and more.

2025-02-18

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27 min
27 JAN.

Sadek Wahba on democratizing infrastructure investment and the global Supercycle

I Squared Capital’s Chairman, Managing Partner and Founder, Sadek Wahba, joins Infralogic’s Crossroads podcast to discuss how democratizing access to infrastructure—especially through the wealth channel—is opening new mid‑market opportunities. He also shares his perspective on the sector's progress through the global “Supercycle” driven by decarbonization, digitization, and supply‑chain shifts. Wahba highlights how private capital is expanding the definition of infrastructure, the long‑term impact on the sector of rapid technological change, and how evolving US industrial policy will reshape the cost of capital and investor roles.

27 jan.

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33 min
2025-12-05

QIC's Arash Shojaie on infra's converging mandates

QIC Partner Arash Shojaie discusses changes in the infrastructure sector, including shifting risk profiles and the conversion of infra, real estate, private equity and private credit.

2025-12-05

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28 min
2023-08-10

The Last Tranche with Pearl Diver's Layton: its not about tiering, its about portfolio construction

In this episode of The Last Tranche, Matt Layton, partner and head of Europe at Pearl Diver Capital, discusses strategies for investing in CLO debt and equity amid the recent rally in liabilities. Layton says that analysing a manager's past behaviour is a better predictor of CLO equity returns than how a manager is tiered by the debt markets. He adds that some of the tier one managers have shown that they can be prone to sell loans too quickly during recent periods of volatility, which has caused those firms to lose their arbitrage faster than other managers. Layton goes on to draw parallels between today's CLO market and the vintage of deals priced in 2006 to 2007, where equity cashflows were paused during the financial crisis. When spread widening occurred on the asset side (due to amend and extend activity pushing back 2010 maturity dates) equity returns were outsized once the CLOs came back into compliance with their tests. Layton forecasts a similar market technical to play out in the next several years. Layton also discusses the investment opportunity in the US versus Europe, and how he expects the deterioration in credit quality, owing to higher interest rates, playing out amid forecasts that the US is no longer headed into a recession.

2023-08-10

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30 min
2023-11-21

Honing the carve-out craft with Aurelius

With corporates looking to divest non-core businesses and private equity investors placing a renewed emphasis on value creation, carve-outs are climbing the agenda for many GPs. Harriet Matthews and Min Ho explore the factors behind current dealflow, with a guest interview with Tristan Nagler, partner at Aurelius. According to Mergermarket data at the time of recording, EUR 190bn worth of carve-outs have taken place in EMEA in 2023 YTD, with EUR 39bn taking place in September and October alone. Competition for carve-outs also appears to be on the up, with more US players edging their way into the European market. Following a discussion of headline data and upcoming deals, Harriet Matthews speaks to Tristan Nagler about the outlook for complex corporate carve-outs and how Aurelius approaches this market. While a process can attract “a flurry of interest” at the start, the complex and uncertain nature of corporate carve-outs and the level of risk often means that there is “a high rate of attrition” in processes, according to Nagler. Nagler discusses Aurelius’ outlook for carve-outs dealflow, including buyer and seller motivations, what makes a “good” carve-out, where the GP sees pockets of opportunities, and how ESG can be a dealbreaker for the firm. In the final part of the episode, the Mergermarket team highlight some of their key takeaways from the interview, as well as the role of communication with unions in carve-out processes, and why carve-out strategies are appealing to LPs in the current market. Intro – 0:27 Data and recent deals – 1:07 Dealflow drivers – 4:22 Who’s buying? – 7:26 Interview with Tristan Nagler, partner at Aurelius – 10:23 A wave of carve-outs? – 11:26The changing buyside landscape – 16:25What makes a “good” corporate carve-out? – 20:51Pockets of opportunities – 23:39Shoring up a target – 27:19Value creation levers and Aurelius’ portfolio – 31:26The role of ESG – 35:45Key takeaways – 39:31 The role of unions and long-term goals – 42:01 The LP view – 45:06 If you would like to hear more podcasts produced by ION Analytics, you can access the ION Analytics channel on Apple Podcasts. Theme music: ©2012 Kick Up The Fire

2023-11-21

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47 min
2024-11-13

The Last Tranche with Oaktree's Jones: why CLO equity is attractive again

Oaktree's Madelaine Jones discusses why investors are finding CLO equity more attractive. CLO issuance is booming due to a return of investors to the market. Many are drawn to CLO equity for its fast cash distribution nature that avoids the J-curve effect of private equity investments.

2024-11-13

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24 min

This channel contains a series of podcasts produced by ION Analytics. Here you will find editors and journalists from Mergermarket, Debtwire, and Infralogic discussing the topics and trends shaping the capital markets.