Private Credit
Solving for 2022
Entering a New Age
The heads of our investment platforms identified the key themes they anticipate will guide investment decisions in 2022.
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Private Credit
DISRUPTIVE FORCES IN INVESTING PODCAST
Public vs. Private Credit: Competitors or Allies?
Over the course of more than a decade, private debt has been in high investor demand. But how does private debt come into play alongside public fixed income markets?
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Private Credit
PLATFORM AT A GLANCE
Neuberger Berman's multi-decade history and specialized capabilities investing in liquid and illiquid credit across asset durations provide a distinct range of offerings.
CORPORATE STRATEGIES
SPECIALTY STRATEGIES
OUR PHILOSOPHY
Our specialized investment teams, from traditional corporate lending to specialty strategies, seek differentiated sources of income and return potential. Our highly selective capital deployment approach emphasizes our diverse sourcing capabilities, credit analysis and market expertise.
Diverse Sourcing and Origination
Significant access to deal flow and information in both sponsor and non-sponsor backed investment universes; global sourcing across banks, non-banks, financial sponsors and fintech platforms
Deep Specialist Expertise
Bottom-up investment approach driven by experienced teams, no house view
Broad Resources
Significant private equity franchise, global research capabilities, risk management oversight and robust infrastructure provide investing and operational support1
OUR PLATFORM
$49bn
Specialized investment teams with expertise across fixed income and private markets, with access to insights of 120+ centralized research analysts1
40+ YEARS OF MANAGING FIXED INCOME ASSETS, 30+ YEARS INVESTING IN PRIVATE MARKETS
ESG, SUSTAINABLE & IMPACT
We believe incorporating ESG analysis into our research process is essential for high-quality credit selection, offering the potential to reduce risk and providing a lens to identify value-creation opportunities
ESG-Integrated
Investment-led consideration of ESG factors across a number of NB private credit strategies
Proprietary Views
Application of NB Materiality Matrix to assess financially material sustainability factors across industries
Actively Engage
Ability to engage with issuers and sponsors to seek to identify and manage material ESG risks
INSIGHTS
Solving for 2022
November 11, 2021
Solving for 2022: Entering a New Age
Our senior investment leaders look to the coming year in the global economy and markets.
FIXED INCOME INVESTMENT OUTLOOK
July 07, 2022
Building Value as Conditions Tighten
We anticipate resilient fundamentals, but also volatility tied to inflation and higher short rates.
Into the Inflationary Slowdown
As inflation persists and recession risks rise, our Asset Allocation Committee sees more yield potential in fixed income and favors commodities for ongoing inflation exposure, but remains cautious in equities.
Mythbusting Crypto Investing
(22:11) Digital currency has been considered the new frontier for many investors, so we bring in the experts to explore the ramifications of investing in one of the newer asset classes amid today’s investment backdrop.
Rethinking the Credit Liquidity Continuum
As private credit markets have expanded, matured and democratized, eligible investors can now, in a cost-effective and operationally efficient manner, combine liquid and less-liquid credit assets in one portfolio. This allows investors to increase yield profile and potentially reduce volatility and correlation.
Regime Change
While we do not anticipate a recession over the next 12 months, the prospect of slowing growth and stubborn inflation has led us to downgrade our view on equities, and prepare for a new regime in which real assets could generally perform better than financial assets such as stocks and bonds.
Hike Rates and Carry On
A positive economic outlook makes the case for holding risky assets through 2022, in our view, but higher rates are likely to mean higher volatility: we therefore favor a focus on income or “carry” from risky assets, alongside strategies with the potential to withstand price volatility.
Taking a Second Look at Real Estate Secondaries
(13:48) With inflation and interest rate risks on the rise, what might make investors want to take a second look at real estate secondaries?
Laying the Foundations: Understanding Current Real Estate Dynamics
From de-urbanization to e-commerce, three heads of our real estate teams debate key sector trends.
Public/Private Investing: Fixed Income at a Crossroads
Drawing on multiple fixed income asset classes can help investors navigate varied market environments.
CAT Bonds: Finding Reassurance in Reinsurance
(20:12) With flooding, wildfires and hurricanes continuing to wreak havoc around the globe, how might investors want to consider these natural catastrophe risks within their portfolios?
Private Debt, Capital Solutions and the Early-Cycle/Later-Cycle Paradox
Early-cycle growth prospects should incentivize investment, but later-cycle valuations can give pause: Private debt and capital solutions could resolve the paradox.
The Preferred Option
How tailored solutions deploying preferred stock can help private equity-owned companies solve a pressing challenge in their capital structures—and earn very attractive risk-adjusted returns in the process.
The Great Housing Diaspora of COVID-19
(19:35) As a result of mass deurbanization during the pandemic, the residential housing markets have seen unprecedented buyer activity over the last several months. But as buyer demand continues to saturate the market, where does that leave supply?
Private Equity Demonstrates Resiliency in the Face of Change
How have Private Markets been affected by the pandemic?
Anthony Tutrone on Life After Dyal
In the May 2021 Buyouts Insider cover story, Anthony Tutrone, Global Head of Alternatives, explains the alternatives business and how it has evolved, while continuing to maintain a sharp focus on the needs and objectives of clients.
Public vs. Private Credit: Competitors or Allies?
(19:50) Over the course of more than a decade, private debt has been in high investor demand. But how does private debt come into play alongside public fixed income markets?
Shaping the Future of Healthcare
(18:05) As the world saw the coronavirus vaccines get developed and administered within a year of the first confirmed case, we evaluate the level of innovation we’re seeing across the healthcare sector today.
High Demand, Tight Supply: Private Debt Post-Coronavirus
We think private debt fared well relative to publicly traded credit during the coronavirus volatility, but will really differentiate itself in the years following the crisis.
ESG More Than Just a Branding Exercise in ILS
Published by Artemis, this recent article featuring Jennifer Signori, Principal and Senior Vice President, ESG and Impact Investing at Neuberger Berman, discusses the importance of ESG factors when it comes to Insurance-linked Securities (ILS).
Market Conditions and Opportunities in Private Credit
(4:48) Matthew Bird, Managing Director for our Private Debt team, provides an update on how the Private Debt markets are managing through the COVID-19 crisis, how the team has been managing portfolios since March, and what investors could anticipate in the months ahead.
The Past, Present and Future of Insurance-Linked Securities
(14:30) As the insurance industry is potentially facing one of the biggest losses in history due to COVID-19, what can we learn from the past that could allow us to find opportunities in the future?
Private Debt Through the Crisis
(3:44) Susan Kasser explores the themes that remain consistent in private debt portfolios through the crisis and those that will likely reassert themselves following the dislocation.
Perspective on Private Credit
(4:22) Listen to David Lyon as he discusses the current dislocation in the credit markets and the types of investment opportunities that may emerge as a result.
Opportunity in Credit Dislocation
(4:18) Michael Holmberg and John Humphrey provide an update on the credit market dislocations resulting from the crisis, what is causing concern in the market and how to find the opportunities that are emerging.
The Impact of COVID-19 on Borrowers
(4:57) Peter Sterling, Head of Specialty Finance, addresses the impact of COVID-19 on different segments within specialty finance with a look at how to dampen the impact and expectations for the future.
A View of Markets Through Insurance Securities
(6:23) Peter DiFiore, Portfolio Manager on the Insurance Linked Strategies team, discusses developments in the Insurance Linked Securities market while identifying trends and implications investors should be aware of.
Protective and Proactive
Liquid alternatives and private market investors are proving their worth during the current turmoil.
Hedge Fund Market Update
(7:29) Jeff Majit, Co-Head of NB Alternative Investment Management, discusses how various segments of the hedge fund market have performed during the recent period of heightened market volatility and how his team is positioning portfolios during this uncertain time.
Credit Dynamics
(19:04) Senior credit professionals Ashok Bhatia, Deputy CIO in Fixed Income, David Brown, Co-Head of Global Investment Grade Fixed Income, Susan Kasser, Co-Head of Private Credit and Joseph Lynch, Global Co-Head of Non-Investment Grade Credit discuss the market implications and potential opportunities arising from the recent unusual market dynamics.
CLO Market Update
(6:29) Pim van Schie, Neuberger Berman Non-Investment Grade Credit Portfolio Manager, discusses market activity for CLOs over the past month and the team’s approach to navigating the risks associated with the sell-off in the non-investment grade fixed income market.
Audio Insight: The Course of COVID-19
Terri Towers, Senior Healthcare Research Analyst looks at the current progression of the COVID-19 pandemic as well as her views on inflection points and treatment timelines.
Dyal Capital Partners’ Michael Rees on Investing in Private Capital
Watch Neuberger Berman's Managing Director Michael Rees chat on "Bloomberg Markets: The Close."
Froth Fears in the Credit Market
Susan Kasser, Co-Head of the Private Credit explains that amount of direct lending doesn't necessarily indicate "Froth" on “Bloomberg Money Undercover”
Taking Advantage of a Downturn: Tips for the Distressed and the Opportunistic Private Credit Investors
Susan Kasser, Co-Head Private Credit, shares her thoughts with SuperReturn 365 on the risks we might see in an eventual downturn, and how we can turn them into positive opportunities.
Disruption Outlook: The Politics of Healthcare
(17:49) Where are investors finding opportunities as the healthcare sector faces political uncertainty?
Private Credit: The Rise of a Core Asset Class
(15:12) Private credit has established itself as an emerging leader in the alternatives space, becoming a key source of long-term finance for borrowers globally.
Diversifying into Insurance Risk Premia
How Insurance Linked Securities can potentially improve the diversification in an institutional portfolio.
Combining Public and Private Debt: Considerations for Investors
We believe there are a number of good reasons fixed income investors should consider a one-portfolio public/private debt solution.The Inflation Inflection | Section IV Private Markets
Tony Tutrone and Susan Kasser share their views on how Private Equity is impacted by today's inflationary environment
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