Podcasts

Hymans Robertson On... Episode 64

Investment - Direct Lending, a Decade On

22 Jun 2022

Overview

In this episode of Hymans Robertson On... our host Ben Farmer presents the latest instalment in our Investment series and is joined by Penny Cochrane, Senior Investment Research Consultant, and James Greenwood, CEO of Permira Credit.  

During the episode, we look back at how the Direct Lending market has evolved over the past decade, the state of play in the asset class today, and how things might develop over the coming years.

If you have any questions on anything discussed in this podcast, please get in touch.

Disclaimer

This podcast has been prepared by Hymans Robertson LLP, and is based upon our  understanding of events as at 22 June 2022. It is designed to be a general summary of topical investment matters and is not specific to the circumstances of any particular employer or pension scheme. The information contained in this podcast should not be construed as advice and not be considered as a substitute for specific advice as the information is generic in nature. Where a podcast refers to legal matters please note that Hymans Robertson is not qualified to provide legal opinion and therefore you may wish to obtain independent legal advice to consider any relevant law and/or regulation. Hymans Robertson LLP accepts no liability for errors or omissions. Your Hymans Robertson LLP consultant will be pleased to discuss matters raised in this podcast in greater detail. 

Please note the value of investments, and income from them, may fall as well as rise. This includes but is not limited to equities, government or corporate bonds, derivatives and property, whether held directly or in a pooled or collective investment vehicle. Further, investments in developing or emerging markets may be more volatile and less marketable than in mature markets. Exchange rates may also affect the value of investments. As a result, an investor may not get back the full amount of the original investment. Past performance is not necessarily a guide to future performance. 

Private debt investments, whether held directly or in pooled fund arrangements, carry a higher risk than publicly quoted securities and may not be suitable for all types of institutional investor. The nature of private debt pooling vehicles makes them particularly illiquid and investment in private debt should be considered to have a long time horizon.

Hymans Robertson LLP is authorised and regulated by the Financial Conduct Authority and Licensed by the Institute and Faculty of Actuaries for a range of investment business activities.

Notes and Resources

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Key Topics
  • Introduction : (00:29)
  • Key definitions: Private Debt vs Direct Lending : (01:41)
  • Direct lending history lesson : (04:27)
  • Direct lending performance and outlook : (08:12)
  • Responsible Investment in Direct Lending : (14:15)
  • “What do you know now?” quiz : (19:45)
  • Summary and wrap up : (22:17)

Speakers

Ben Farmer

by Ben Farmer
Senior Investment Consultant

Penny Cochrane

by Penny Cochrane
Senior Investment Research Consultant