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Practical Applications

Practical Applications

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Practical Applications of Performance of Private Credit Funds: A First Look

Shawn Munday, Wendy Hu, Tobias True and Jian Zhang
Practical Applications 6 (3) DOI: https://doi.org/10.3905/pa.6.3.304
Shawn Munday
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Wendy Hu
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Tobias True
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Jian Zhang
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Practical Applications Summary

In Performance of Private Credit Funds: A First Look, from the Fall 2018 issue of The Journal of Alternative Investments, Shawn Munday of the University of North Carolina, Wendy Hu of Burgiss, Tobias True of Adams Street Partners, and Jian Zhang of Adams Street Partners analyze the performance of private credit funds and conclude that they deliver superior performance relative to the S&P/LSTA US Leveraged Loan 100 index. They further conclude that direct lending funds, which compose a subset of private credit funds, offer the attractive combination of low beta and high alpha relative to both the S&P/LSTA US Leveraged Loan 100 index and the ICE Bank of America Merrill Lynch Global High Yield Index. Additionally, direct lending funds offer notable diversification benefits because of their generally low correlation with all relevant benchmark indexes.

TOPICS: Real assets/alternative investments/private equity, fixed income and structured finance, performance measurement

  • The content is made available for your general information and use and is not intended for trading or other specific investment advice purposes or to address your particular requirements. We do not represent or endorse the accuracy or reliability of any advice, opinion, statement, or other information provided any user of this publication. Reliance upon any opinion, advice, statement, or other information shall also be at your own risk. Independent advice should be obtained before making any such decision. Any arrangements made between you and any third party named in this publication are at your sole risk.
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Practical Applications: 6 (3)
Practical Applications
Vol. 6, Issue 3
31 Jan 2019
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Practical Applications of Performance of Private Credit Funds: A First Look
Shawn Munday, Wendy Hu, Tobias True, Jian Zhang
Practical Applications Jan 2019, 6 (3) DOI: 10.3905/pa.6.3.304

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Practical Applications of Performance of Private Credit Funds: A First Look
Shawn Munday, Wendy Hu, Tobias True, Jian Zhang
Practical Applications Jan 2019, 6 (3) DOI: 10.3905/pa.6.3.304
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