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Debtwired!
Niche credit investing with HighVista Strategies’ Raphael Schorr
Mar 29, 2022
Exploring niche and private credit markets, off-the-run opportunities, high returns, and diversification. The two stages of the 2020 distressed cycle and HighVista's investing approach. Financing challenges in biotechnology and retail sectors, opportunities in pharmaceutical royalty financing and asset-backed financing. Exploring socially useful assets, ESG evolution, and HighVista Strategies' investment approach.
26:23
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Quick takeaways
- Niche credit investing focuses on off-the-run opportunities and unique credit nuances, requiring specialized sourcing networks.
- Niche credit strategies offer high returns and act as a source of equity-like returns, especially in environments with geopolitical risk, inflation, and low real returns.
Deep dives
Differentiating Niche Credit Markets from Private Credit Markets
Niche credit markets, unlike the direct lending market of private credit, focus on finding off-the-run opportunities and unique credit nuances. HiVista Strategies specializes in the opportunistic part of the private credit markets, seeking high returns for an appropriate level of risk. Their investment strategy requires specialized sourcing networks and the ability to underwrite a broader variety of opportunities.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode