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Voya Investmen… - Tue, 04/16/2024 - 14:57

Private Credit Insights: The Collateral Crunch (and How to Avoid It)

In a land of middle market mega-funds, exposure to low-collateral, private-equity-driven investments could become an issue—yet this is readily addressable with diversification into a higher-collateral specialist fund. Plus: smart ways to play commercial mortgage lending now.

Key takeaways

  • A sharp contraction in private equity liquidity, plus an oncoming maturity wall, could impact middle market lenders with large allocations to software, services and other low-collateral businesses.
  • Strategies with a higher-collateral focus, low reliance on PE sponsors, and the ability to access project finance and private placement deals will increasingly provide important diversification from the herd.
  • Despite the dismal office market and doom-laden headlines, select commercial mortgage lending strategies outperformed last year. This year has further upside potential.

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Voya

Voya Investment Management is a leading authority in insurance asset management, bringing the capabilities of a large institutional investment manager with proprietary insurance balance sheets to small and medium sized insurance companies and key strategic partnerships. As the manager of a large and complex proprietary life insurance balance sheet, we extend every resource committed to that undertaking to our third-party clients. Our deep insurance resources and expertise, investment process and infrastructure built especially for regulated balance sheets, and our high touch client engagement model are all key differentiators versus our competitors.

Voya Investment Management is the asset management business of Voya Financial (NYSE: VOYA), overseeing $306 billion in assets for institutions, financial intermediaries and individual investors as of 09/30/23. Voya Investment Management assets are calculated on a market value basis and include proprietary insurance general account assets of $32 billion.

Michael Alvarez, CFA

Managing Director, Head of Insurance Solutions
Michael.Alvarez@voya.com     
770-690-6709

https://institutional.voya.com/ 
 

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