Bloomberg Talks Carlyle's Mark Jenkins Talks $5.7B Capital Raise, Credit Market
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Dec 12, 2024 Mark Jenkins, head of global credit at Carlyle Investment Management, shares insights on their impressive $5.7 billion capital raise for a flagship credit fund. He discusses the benefits of targeting underbanked businesses and the shifting landscape driven by changes in the banking sector. Jenkins highlights new opportunities in private investment markets, particularly asset-backed securities. He explains how private and public credit markets can complement each other while outlining a positive investment outlook going into 2025.
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Carlyle's Opportunistic Credit Strategy
- Carlyle's opportunistic credit strategy focuses on underserved family and employee-owned businesses.
- These businesses often seek bespoke capital solutions across the capital structure.
Return Profile of Opportunistic Credit
- Investments in opportunistic credit yield premiums due to their complexity and bespoke nature.
- Returns are typically 300-400 basis points above first-lien direct lending.
Growth Areas in Credit
- Carlyle sees growth in CLOs, opportunistic credit, and asset-backed finance, driven by a secular shift.
- Regulatory and accounting changes are pushing assets into private markets, creating opportunities for investors like Carlyle.