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Articles by Bill Sacher
Europe’s Place in a Global Private Credit Portfolio
Private Credit Key Takeaways While requiring local expertise to navigate the added complexity, investors can diversify US-concentrated private credit portfolios across economies, sectors, sponsors and regulatory systems with an allocation to Europe Europe offers a large and regionally diverse opportunity set that can support a substantive allocation rather than a purely satellite position Wider spreads may create relative-value opportunities for global investors, but the outcome depends on...
Private Credit Under Scrutiny: What Matters—and What Doesn’t
Key Takeaways Headline risks are overstated: recent bankruptcies were driven by non-core lending and fraud—not systemic weakness in private credit The real risk is manager-specific: concentration (e.g., software exposure) and underwriting discipline matter more than the asset class itself Fundamentals remain attractive: stable spreads, strong yields, and more conservative structures support a compelling risk/return profile In recent years, the rapid growth of private credit has been widely...
Is Direct Lender Optimism Camouflaging Problem Loans?
Key Takeaways Direct lenders’ optimism or self-interest can camouflage problem loans, delaying defaults and inflating portfolio values, which can lead to overstated fund returns Investors should proactively apply five metrics: high loan-to-value (LTV), low interest coverage ratios (ICR), cash-to-PIK shifts, declining EBITDA/revenue, and material loan amendments, as they seek to accurately identify hidden loan risks Recent cases, such as Pluralsight, illustrate how quickly camouflaged loans...
Podcast: Why the Core-Mid Market May Be Private Credit’s Sweet Spot
Key Takeaways Adams Street’s definition of the core mid-market comprises companies with an enterprise value from $150 million and $800 million, and EBITDA ranging from $20 million to $100 million The core-mid market offers a sweet spot as deal terms are often more favorable than in the upper-mid market, while the credit profile of companies is generally more attractive than those in the lower-mid sector.
Building Resilience – The Power of Private Credit in Insurance Portfolios | Adams Street Partners
In episode 225 of InsuranceAUM.com’s podcast, Adams Street’s Bill Sacher, Partner & Head of Private Credit, and Fred Chung, Partner & Head of Credit Underwriting, joined host Stewart Foley to discuss the dynamics of private credit portfolios and how insurance companies can build resilience in this asset class. Stewart: Welcome to another edition of the InsuranceAUM.com podcast. My name’s Stewart Foley, I’ll be your host.
The Compelling Opportunity in Mid-Market Credit
Yields from private debt are currently at decade highs, potentially making this a very attractive vintage for the asset class, says Adams Street Partners’ Bill Sacher to Private Debt Investor (PDI). “In our opinion base rates are likely to remain relatively high as compared to the past 10 years, so the yields that can be obtained in private credit are at decade highs.
The Advantages of Being a Lead Lender: Bill Sacher Q&A
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Private Credit Hyperscalers Risk Eroding Investor Returns
Key Takeaways Large, publicly traded private credit managers have rapidly scaled business development companies and life insurance general accounts over the past decade, leading to rapid growth in assets under management and annual deployment Rapid asset scaling increases pressure on investment teams to deploy capital, which can compromise underwriting standards and credit selection.
Private Credit 2021 Outlook: A Steady Ship in Choppy Waters
In a climate of increasing uncertainty, institutional investors are trusting private credit to provide high-yield, stable solutions compared to other asset classes. While 2020 was a turbulent and devastating year for many across the globe, it was an interesting case study on the strengths of the private credit market compared to other debt and credit investments, and provided insights into how private credit can continue to play an important role in a private markets portfolio in 2021.
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