Overview “What is the optimal portfolio?” A question that has been discussed and debated since Harry Markowitz introduced modern portfolio theory (MPT) in his 1952 essay “Portfolio Selection.” While practitioners continue to look for ways to improve upon MPT, the...
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Overview Oil prices, Brexit and the U.S. presidential election. In this mid-year private credit market update, we avoid all of these attention grabbing topics and instead provide data and analysis on less followed (although we would argue equally interesting) issues...
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Overview An axiom in investing is that credit markets are cyclical. Range bound or “valuation rich” credit markets are followed by spread widening environments (i.e., bear markets) which set up for “opportunity rich” spread tightening regimes (i.e., bull markets)…and the...
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Overview Concerns about slowing growth in China, a sharp drop in oil prices and heightened expectations around an imminent interest rate hike by the Fed drove markets sharply lower during the third quarter. High yield markets in particular traded off...
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Eric Dillon, the founder of Silver Creek, sees a huge opportunity in European credit as banks shed loans. From Barron's, Nov. 2015 From his office on the top floor of Rainier Tower in Seattle, Silver Creek Capital founder and Chief...
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Silver Creek Capital Management and Plum Creek Timber Launch $1 Billion Joint Venture – Twin Creeks Timber Silver Creek Capital Management (“Silver Creek”), an alternative investment boutique focusing on private credit, hedge fund and real asset strategies, announced today the...
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Overview At the beginning of June the Canada Pension Plan Investment Board (“CPPIB”) won a competitive bidding process to buy GE Antares, the middle market direct lending arm of GE Capital. The division, which has been described by competitors as...
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Overview While the Goldilocks metaphor – the little girl who tasted porridge that was too hot and then too cold until finding one that was just right – is vastly overused, in the context of the European credit opportunity, it...
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Overview As specialists in private credit, a diverse market encompassing consumer lending, commercial and residential real estate-related finance and corporate lending, Silver Creek believes that many other alternative yield opportunities are more compelling today than direct lending. In this paper...
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Overview In late October the European Central Bank (“ECB”) released the results of the Asset Quality Review (“AQR”), a widely anticipated review of the financial health of 130 of Europe’s largest banks. The headline number, as illustrated below, was an...
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