@sanilrege@sanilrege could you please recommend a practicing physician anywhere in US/EU who understands the above (excellent) explanation and can help navigate a complex case?
My banker says Blackstone US has about 26% of the portfolio in Software. The EU has about 35%. But he thinks its important here to make the distinction between the mid-market SaaS that is getting crushed and the type of software that Blackstone lend to (mega-cap B2B software that is doing absolutely fine). Blackstone bought an AI Consulting business 2.5 years ago – half their time is spent on seeing how AI improves portfolio companies and the other half on how it can threaten them. They have been monitoring the moves we are seeing now for a few years and the current news flow is not really representative of what is happening at portfolio level, especially in European credit.
The funds have not seen an increase in redemption rates (BCRED was below 5% for Q4 and remains in net inflow), ECRED has barely any redemptions but it is a younger fund.
I clearly don’t have a crystal ball (or spend time on X like Mr Weinstein) but I do have the pleasure of spending a lot of time with people who actually manage these funds (and who give me very useful insight on their portfolios but also that of their competitors). And for me, senior direct lending today is a lot better risk than most parts of public fixed income.
Thoughts?
@ivanburazin Do you think agents will make it simpler/cheaper to use complex enterprise grade systems, bringing new customers that were using lower class systems, hence offsetting possible per-seat revenue decline?