In this fireside chat, Bill Ammons, Partner, Portfolio Manager at AlbaCore Capital Group, shares his insights on the European private credit market, discussing topics such as the industry’s growth, secondary markets, and investment strategies.

Key Takeaways:

Private Credit Industry Growth: Ammons notes that the private credit industry has grown significantly, and fundraising has become a crucial aspect of the business. He believes this trend will continue, driven by the need for capital to invest and deploy.

Secondary Markets: Ammons expects secondary markets in private credit to grow, driven by the private equity cycle and the need for investors to exit their positions. He sees opportunities in secondary markets, particularly in private credit.

Investment Strategies: Ammons is bullish on senior private credit, citing attractive returns and a strong pipeline of deals. He also sees opportunities in asset-backed strategies, real estate, and infrastructure.

Sponsor vs. Sponsor-less Transactions: Ammons believes sponsor transactions will grow more, driven by the size of businesses and the need for private credit.

Country Focus: When asked which country he would choose to invest in if he had to pick one, Ammons cited the complexity of businesses and the importance of looking beyond country borders.

About Bill Ammons:

Bill Ammons is a Partner and Portfolio Manager at AlbaCore Capital Group, a European-based credit manager. With 18 years of experience in leveraged finance and private credit, Ammons has built a strong network of relationships in the industry. He co-founded AlbaCore Capital Group in 2016, focusing on European private credit investments.

Key timestamps:

00:09: Introduction
00:43: Background and Founding of AlbaCore Capital Group
02:43: Growth of Private Credit in Europe
05:06: Investment Proposition and Strategy
06:40: Transaction Origination and Opportunity Set
07:49: Credit Selection and Decision-Making
09:26: Market Outlook and Default Rates
12:00: Experience in Handling Defaults
13:10: Investor Concerns and Competition
13:56: Views on Private Credit and Competition
18:02: Impact of AI on Business
20:17: Role of Intermediaries and Relationship Building
22:05: Evolving Team Strategy and Relationship Building
23:40: Focus on Fundraising and Investments
25:08: Growth of Secondaries in Private Credit
26:38: Bullish Strategies in Private Credit
27:40: Sponsor or Sponsor-less Transactions
28:09: Country-based Investment Perspective
29:24: Aspirations for AlbaCore Capital Group