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:
> Investing in Private Real Estate
> Fixed Income Investment
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
- Direct lending
- Sponsor-backed vs. non-sponsor deals
- Senior secured, unitranche, second lien, mezzanine financing
- Typical borrowers
- Cash-flow-backed and Asset-backed finance (ABF)
- Specialty finance (consumer vs. SME)
- Trade receivables, royalties, litigation finance
- Structural protections and performance drivers
- Opportunistic strategies
- Distressed lending / special situations
- Growth financing
- Bespoke capital solutions
- Niche and emerging segments
- Venture debt, recurring revenue loans
- NAV lending, GP financing, continuation vehicles
- Increasing role of private credit in real estate and infrastructure
Market dynamics and trends
- Supply/demand imbalance in credit (banks vs. private funds per region)
- Regional differences: Europe vs. North America
- Ticket size segmentation: lower mid-market vs. large-cap direct lending
- Competition and spread compression per segment
- Role of technology and data in underwriting
Day 2 | Morning
Investing in private debt: Key parts of the underwriting process
- Sourcing channels
- Syndicated vs non-syndicated transactions – why does it matter?
- Underwriting process (market / company / asset / financials)
- Monitoring and exiting
- Transparency and investor reporting
- Lessons learned from defaults or restructurings
Investor perspectives
- Fund investor motivations for allocating to private credit (yield, diversification, downside protection)
- Liquidity, duration, and cash flow considerations
- The importance of the track record (DPI vs. IRR)
- Fee structures and alignment
Day 2 | Afternoon
Business cases
- Direct lending transaction (e.g., sponsor-backed vs. non-sponsor SME)
- ABF example
Outlook & Opportunities
- Impact of macro environment (rates, inflation, geopolitics)
- Medium-term outlook for private credit as a sub-asset class
Program preparation
There is some preparatory work required for this program. Pre-readings consist of case materials, chapters of a book and/or a few articles. These materials will be made available on a password protected webpage a few weeks prior to the program.
To ensure maximum benefit from the program for participant and fellow-participants, we strongly advise to prepare prior to attending.
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:
> Private Equity
> Entrepreneurial Finance: Venture Capital Financing
