Core Insights - Tata Capital has led a ₹2,300 crore refinancing of Jayaswal Neco Industries' debt, providing an exit to Edelweiss Alternatives [9] - The refinancing includes commitments from various lenders, with Tata Capital contributing ₹800 crore and Investec ₹300 crore [9] - The refinancing replaces an earlier structure where Edelweiss Alternatives was the primary lender, achieving a total return of about 19% over its investment period [9] Financing Details - The total deal size for the refinancing is approximately ₹2,300 crore, with contributions from Vivriti Capital (₹200 crore), Hero FinCorp (₹300 crore), DSP (₹175 crore), and smaller family offices (₹75 crore) [9][2] - The entire syndicate is expected to yield a return of around 12.5% [2] - Tata Capital has earned a syndication fee from the deal size [2] Investment Performance - Edelweiss Alternatives' second performing credit fund, a $900 million fund, has executed 17 deals, with 13 already exited [4] - The fund has delivered returns exceeding 18%, prompting the company to raise an additional $1 billion in private credit [4][5] - The exit from Jayaswal Neco adds to the fund's track record, with remaining investments expected to exit in 12 to 18 months [4] Strategic Implications - The refinancing will lower borrowing costs and extend maturities for Jayaswal Neco, with promoters pledging their entire 55.2% stake as collateral [7] - Half of the pledged stake is expected to be released once 50% of the debt is repaid, enhancing balance-sheet flexibility [7] - Jayaswal Neco had previously faced financial stress and was referred to the NCLT in 2018, but avoided insolvency proceedings [8]

Our next guest sees lots of tailwinds for PE going into 2026. Joining us here at Post 9 with her private markets outlook is Anastasia Amaroso, managing director and chief investment strategist for private wealth and retirement at Partners Group. Welcome back.Good to have you. Good morning. So, why do you think the tide turns for 26. >> I mean, I think the tide has already turned.Clearly, it's not being reflected in the stock prices, but if you look at private markets activity across the board has picked up ...

SAF is charging into a corner of private credit long dominated by Apollo and Brookfield. If followed by others, the move could help redraw the contours of the Canadian private credit market https://t.co/hyLImg6mys ...

Hanwha Asset Management is expanding into private credit, an asset class still in its early stages in South Korea but continues to attract some of the nation’s largest money managers https://t.co/QWsjOH0RVr ...

Core Insights - Trajan Wealth is a $2.5 billion registered investment advisor (RIA) that serves a diverse clientele, including mass affluent, high-net-worth, and ultra-high-net-worth individuals, offering a comprehensive range of services beyond wealth management [5][2]. Investment Strategy - The firm employs a variety of investment products, including managed equity models, alternatives like managed futures, and fixed-income strategies, aiming to provide crisis alpha and capitalize on market trends [1][4]. - Trajan Wealth focuses on large cap growth, particularly in technology, while balancing this with large cap value investments to mitigate volatility [9][10]. - The firm is cautious about private credit investments due to concerns over covenant-lite loans and the lack of transparency in performance [20][22]. Client Segmentation and Services - Clientele is segmented into three groups: mass affluent (with $500,000 to $1 million in assets), high-net-worth, and ultra-high-net-worth individuals, with services including estate planning, tax planning, and insurance [2][5]. - The firm aims to be a one-stop shop for clients' financial needs, integrating various services under one roof [4]. Asset Management Approach - Trajan Wealth conducts in-house asset management, employing a robust team of analysts and portfolio managers to research and position investments [14]. - The firm avoids fund-of-funds strategies to reduce fees and instead collaborates directly with private equity firms for tailored investment opportunities [15][16]. Market Outlook - The firm is cautious about the current market environment, particularly regarding valuations in the tech sector and potential volatility in fixed-income markets due to Federal Reserve policies [11][12]. - Trajan Wealth is selective in high-yield investments, emphasizing thorough credit analysis to ensure the ability of borrowers to repay debt [13]. International Investments - The firm invests primarily in developed markets, favoring countries like India for growth potential while maintaining positions in stable markets like Switzerland [25].

Core Viewpoint - AXA SA is exercising caution in financing artificial intelligence (AI) developments due to emerging risks in private markets, despite a belief in the medium-term trend of AI [1][2] Group 1: AI Financing Strategy - AXA is avoiding overly specialized data centers dedicated to single technologies or players, focusing instead on data centers with inference and general-purpose capabilities [2] - The company acknowledges the significant investments in AI infrastructure, which have reached astronomical volumes recently [1] Group 2: Private Credit Market Concerns - The collapse of US auto parts supplier First Brands has raised concerns about risks in the $1.7 trillion private credit market, affecting financial firms including insurers and banks [3][4] - AXA has approximately €65 billion deployed in private and structured credit, and is reviewing its portfolio line by line in response to recent market events [5] Group 3: Investment Guidelines and Portfolio Management - AXA's private and structured credit allocation constitutes around 14% of its total deployment, with over half in senior tranches of collateralized loan obligations or mortgages in Europe [5] - The firm maintains a focus on investment-grade assets, with about 84% of its private credit portfolio rated as such [5] - AXA prefers single managed accounts or structured funds with strict investment guidelines, avoiding investments without covenants or in covenant-lite arrangements [6] Group 4: Economic Considerations - AXA is steering clear of technological bets and exposure to subprime consumers, noting a two-tiered economy in the US where affluent consumers are increasingly driving market trends [7]

Core Viewpoint - Apollo is set to release a definitive book on private credit as a holiday gift, aiming to clarify misconceptions surrounding the term and its implications in the financial markets [2][5]. Group 1: Private Credit Definition and Misconceptions - The book will address the confusion over the definition of private credit, which has been exacerbated by media narratives [2][5]. - Apollo's CEO Marc Rowan emphasizes that many people do not understand what private credit is and often confuse it with traditional banking [5]. Group 2: Industry Response to Recent Events - The release of the book follows high-profile bankruptcies, including Tricolor Holdings and First Brands, which have raised concerns about the risks associated with private credit [2][3]. - Industry leaders, including Blackstone's CEO Steve Schwarzman, have pushed back against the narrative linking private credit to these bankruptcies, attributing the failures to banks instead [3][4].

Fed decision day in America. In your view, what does getting policy right look like. >> I don't know if there's a right answer here.Um, you know, internally at Apollo, we do not think there's a need for a cut. There's nothing in the data that tells us, but at the same time, I understand the decision. But longer term, I'm not sure it really matters.I mean, if you think about what's happening, the market is ultimately determining the outcome. We have governments around the world who are borrowing record amoun ...

Core Insights - The AI boom is initiating a significant construction surge, with financing needs becoming increasingly apparent [1][2] - Companies traditionally operating with minimal assets are transitioning to asset-heavy models, exemplified by Meta's substantial increase in debt [1][3] Group 1: Financing Trends - There is a massive and sustained increase in borrowing, transforming public spending into private credit lending opportunities [2] - Apollo Asset Management is focusing on sectors such as data centers, defense spending, and energy transition, which require extensive long-term financing [3] Group 2: Debt and Investment Quality - Despite the high demand for assets, there are concerns regarding the rising debt levels and whether companies are over-leveraging [4] - Companies involved in these projects generally maintain low net debt to EBITDA ratios, indicating a solid financial foundation as they transition to debt financing [5] Group 3: Investment Strategy - The complexity and scale of these investments necessitate high-quality underwriting, with Apollo leveraging a large investment team to assess asset classes effectively [6] - The AI revolution presents a multitrillion-dollar lending opportunity, but only the most capable private credit firms will be able to manage the associated risks [7]

Summary of Blue Owl Capital Conference Call Company Overview - **Company**: Blue Owl Capital (NYSE: OWL) - **Industry**: Alternative Asset Management - **Assets Under Management**: Nearly $300 billion - **Specialization**: Private credit, GP solutions, and real assets Key Priorities and Strategic Focus - **2026 Priorities**: Focus on execution after a year of integration and diversification in 2025 [4][43] - **Margin Improvement**: Aim for gradual increase in margins and focus on FRE (Fee-Related Earnings) per share [4][43] - **Fundraising Initiatives**: Actively fundraising for flagship funds, including a $7.5 billion real estate fund and a digital infrastructure fund expected to be larger than the previous $7 billion [5][6] Fund Performance and Market Dynamics - **Private Credit Performance**: Underlying portfolio companies show strong performance with average EBITDA of $275 million and low loan-to-value ratios (39% for corporate credit, 30% for software loans) [13][14] - **Revenue and EBITDA Growth**: Recent growth rates have slowed slightly to 7.5%-8% from 8%-9%, but remain robust [15] - **Default Rates**: Very few defaults observed, with no new names added to the watch list [15] Wealth Management Channel - **Growth in Wealth Channel**: $16 billion of inflows over the last 12 months, with a focus on expanding product offerings and geographical reach [22][25] - **Market Positioning**: Transitioned from an advisor-sub-advisor model to an in-house fundraising model, resulting in a team of over 200 people [24][25] Market Challenges and Outlook - **M&A Environment**: Deployment rates have been below expectations, but there is cautious optimism for improvement in the M&A environment [10][11] - **Concerns from Advisors**: Financial advisors express concerns about market conditions, but there is still optimism about the long-term potential of private credit [29][31] New Product Launches - **Digital Infrastructure Fund**: Recently launched with significant initial capital, expected to scale rapidly [34][36] - **Alternative Credit**: Less competition than direct lending, with higher expected returns [40][42] Financial Metrics and Future Guidance - **FRE Margins**: Commitment to improving FRE margins, aiming for around 60% in the future [43][45] - **Long-term Growth Target**: Targeting $3 billion in FRE, with confidence in achieving this goal [46] Conclusion - **Focus on Organic Growth**: Current strategy emphasizes growing existing products and managing recent acquisitions rather than pursuing new M&A opportunities [47][48]