This has driven rapid growth in the European market for institutional lending, which now represents a majority of the European primary leveraged loan market.Ī lot of the money that has poured into this market is going where there are well packaged, intermediated and widely syndicated credit opportunities, since this is the quickest way of finding credit exposure. Institutions are looking for yield in order to fulfil large commitments in a low return environment. Banks have become more restrictive in their lending and this is expected to continue. The decade since then has been dominated by enormous monetary stimulus, resulting in low and even negative interest rates as well as political and regulatory changes leading to shifts in the capital markets. The events of 2008, when the credit crisis became visible in the wake of Lehman Brothers, were symptoms of severe structural imbalances built up over decades and which will take a long time to adjust. In the last decade, we have seen structural shifts in the capital markets. Our strategy rests on Proventus AB’s 50-year history of investing in companies in change, and building relationships and partnerships with management teams and owners of European companies. The team has been led by Daniel Sachs since the start in 2002. PCP was founded in 2002 within Proventus AB, raised its first institutional fund in 2009 and became an independent management-owned company in 2013.
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