This intense two-day program provides you with a structured, in-depth, and state-of-the-art practical understanding of private debt as a sub-asset class. It is designed to bridge the knowledge gap between the world of traditional fixed income and a detailed understanding of the fast-growing world of private credit.
The Investing in Private Debt program combines formal lectures, practical exercises, and case studies to ensure not only conceptual understanding but also hands-on application. By the end, participants will have a critical and well-rounded view of the role of private credit in institutional portfolios, as well as associated opportunities and risks.
How you will benefit
- Gain a comprehensive view of the inner workings of private credit investments, including:
- the investment process
- key sub-strategies: direct lending, venture debt, distressed debt, special situations
- niche strategies such as asset-backed financing
- instruments and structures commonly used in the market (senior debt, unitranche, subordinated debt and mezzanine)
- Explore the market landscape and dynamics
- Delve into the operation of debt funds and performance measurement
- Understand the perspective of an institutional investor on portfolio construction considerations
Program length
2 days
| Day 1 | 09:00 – 17:30 |
| Day 2 | 09:00 – 17:30 |
Next steps
We offer carefully crafted learning paths designed to help you dive deeper into various facets of finance. Take the next step in your professional learning path by choosing one or more of our specialized programs, for example:
> Entrepreneurial Finance: Venture Capital Financing
> Investing in Private Infrastructure
> Investing in Private Real Estate
> Private Equity
Day 1 | Morning
Introduction and context
- Private debt in the context of private markets: Strategies and instruments
- Funds, their functioning, their stakeholders and their ecosystem
- J-curve, terms and economics
- Current market size and segmentation (geographical breakdown, funds raised, invested, etc.)
- Performance (IRR, TVPI, PME) and comparison with other asset classes
- Time permitting, a small workshop on fund documentation
Day 1 | Afternoon
Exploring core private debt strategies and instruments
- Role of Private Credit in the economy
- Deep dive: Direct lending
- A new asset class?
- Structure, deal purpose and borrower motivation
- Sponsor-backed vs. non-sponsored deals
- Sample case study
- Competition and impact on leverage and returns
- Asset-backed finance (ABF)
- Definitions of the various sub-strategies
- Structure and performance drivers
- Core: Consumer finance, receivables, transportation finance
- Esoteric: Trade receivables, royalties, litigation finance
- Sample case study
- Opportunistic strategies
- Distressed lending/ special situations
- Growth financing/ Capital solutions
- Sample case study
- Niche and emerging segments
- Venture debt, recurring revenue loans
- NAV lending, GP financing
- Increasing role of private credit in real estate and infrastructure
Day 2 | Morning
Market dynamics and trends
- Europe vs. North America
- Market function
- Behaviour in stress scenarios
- Europe: regional differences
- Are there fashions in private credit?
- Is largest, safest?
Investing in private debt: Key parts of the underwriting process
- Sourcing
- Underwriting process (market / company / asset / financials)
- Covenants
- Monitoring and exiting
- Syndicated vs non-syndicated transactions – why does it matter?
- Diversification
- Transparency and investor reporting
- Lessons learned from defaults or restructurings
- Role of technology and data in underwriting
Day 2 | Afternoon
Investor perspectives
- Fund investor motivations for allocating to private credit
- Investment considerations: fund level
- The importance of the track record (DPI vs. IRR)
- Fund structures and fee alignment
- Continuation funds
Key Risk Factors
Outlook & Opportunities
- Impact of macro environment
- Entry of retail investors
- Medium-term outlook for private credit
Program preparation
There is some preparatory work required for this program. These materials will be made available on a password protected webpage a few weeks prior to the program.
Read more:
> Redefining capital allocation: Prof. Cyril Demaria on mastering private markets
> Navigating the changing reality of Private Debt: expert Olya Klüppel on risk, resilience and long-term value
The Investing in Private Debt program is designed for professionals in asset management, pension funds, insurance companies, family offices and foundations, and financial institutions who want to deepen their expertise in private debt investment.
Please contact us should you feel the need to verify your level of knowledge.
Prerequisite
Proficiency in English is vital for following this training program effectively.
Is this program not the right fit for you?
We offer other programs which you might find more interesting or useful, such as:
> Investing in Private Infrastructure
> Private Equity
> Entrepreneurial Finance: Venture Capital Financing
