Permira Debt Managers underlines private debt risk with jump to default

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By Owen Sanderson
26 Nov 2019

Permira Debt Manager’s Credit Solutions II fund, a direct lending fund raised in 2015, underlined the risk of concentration in private debt funds, thanks to a sharp downgrade of the fund’s largest exposure, making up 17% of its assets.

NatWest Markets provides the fund leverage, lending €191m through a CLO-like structure rated by Arc Ratings, giving a total advance rate of 30%.

An update from Arc disclosed that the largest asset in the portfolio, representing 17% of the book, had recently been downgraded from B to D, ...

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