Name: Ready, set, private credit: Can the asset class keep its momentum in 2024?
Uploaded: 2024-03-27T09:13:07.768Z
Duration: 122.72
Description: We met Tara Moore, Managing Director, Head of European Originations, Golub Capital at SuperReturn Private Credit Europe 2024, to discuss how private credit's momentum from 2023 is rolling into 2024, why and how private credit is delivering in the face of a a slowdown in private equity deals and why LPs should pay attention to this asset class.

Tara Moore_SR_edited.mp4

SuperReturn Private Credit Europe 2024

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Tara Moore_SR_edited.vtt

ENGLISH

{{00:00:05}}
Tara Moore, Managing Director, Head of
Originations at Golub Capital Europe.

{{00:00:17}}
Yes, it has carried on
into 2024, a huge positive.

{{00:00:20}}
We've seen a similar 2023.

{{00:00:23}}
There's a number of reasons behind this.

{{00:00:26}}
Private equity are sitting on
a huge mountain of dry powder.

{{00:00:29}}
They need to buy businesses
to deploy that dry powder.

{{00:00:32}}
On the flip, they need to actually sell
businesses to return capital to their LPs.

{{00:00:37}}
So that buying and selling
is coming back to the market.

{{00:00:40}}
It's a matter of marrying the
bid ask spread in terms of the

{{00:00:44}}
sale price, purchase price.

{{00:00:46}}
And then thirdly, there's the
interest rate environment.

{{00:00:48}}
There's a confidence level there,
and I think that's improving as

{{00:00:51}}
people feel like rates have peaked.

{{00:00:54}}
So from our perspective, M&A improvement
and pipeline is a when, not if.

{{00:01:08}}
I think private equity has always
been very focused on the public

{{00:01:10}}
markets and it's about value.

{{00:01:12}}
Do they think they can create more value
in that business by taking it privately?

{{00:01:15}}
Often these structures are super
complex, so it places private

{{00:01:18}}
credit in a really unique position
to finance these transactions.

{{00:01:29}}
I think we can all agree the last couple
of years have been pretty turbulent.

{{00:01:33}}
And private credit has continued to
deliver in those turbulent times.

{{00:01:36}}
We've also grown in size, as you,
you mentioned, so we are a genuine

{{00:01:41}}
alternative to the syndicated markets.

{{00:01:43}}
It's a matter of was
the pocket deep enough?

{{00:01:46}}
Could the actual private credit
solution rival that in terms of

{{00:01:50}}
size of a syndicated transaction?

{{00:01:52}}
I think that question's been taken off
the table, and that could be really

{{00:01:55}}
interesting for private investors.

Tara Moore, Managing Director, Head of
Originations at Golub Capital Europe.

Yes, it has carried on
into 2024, a huge positive.

Private equity are sitting on
a huge mountain of dry powder.

They need to buy businesses
to deploy that dry powder.

On the flip, they need to actually sell
businesses to return capital to their LPs.

So that buying and selling
is coming back to the market.

It's a matter of marrying the
bid ask spread in terms of the

And then thirdly, there's the
interest rate environment.

There's a confidence level there,
and I think that's improving as

So from our perspective, M&A improvement
and pipeline is a when, not if.

I think private equity has always
been very focused on the public

Do they think they can create more value
in that business by taking it privately?

Often these structures are super
complex, so it places private

credit in a really unique position
to finance these transactions.

I think we can all agree the last couple
of years have been pretty turbulent.

And private credit has continued to
deliver in those turbulent times.

We've also grown in size, as you,
you mentioned, so we are a genuine

It's a matter of was
the pocket deep enough?

Could the actual private credit
solution rival that in terms of

I think that question's been taken off
the table, and that could be really

Expert Insight

We met Tara Moore, Managing Director, Head of European Originations, Golub Capital at SuperReturn Private Credit Europe 2024, to discuss how private credit's momentum from 2023 is rolling into 2024, why and how private credit is delivering in the face of a a slowdown in private equity deals and why LPs should pay attention to this asset class.