Investors who specialise in scooping up distressed assets at bargain prices have identified a downturn in private credit as their best opportunity since the 2008 financial crisis.
These funds, which typically invest in companies with bad balance sheets but viable underlying businesses, have been largely sidelined for a decade as markets surged but are now betting on making money from strains in private credit.
“Biggest opportunity since 2008,” said Victor Khosla, founder of Strategic Value Partners, which manages $21bn in assets.
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