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Investing through the cycle

Investing through the cycle

After being named Lender of the Year in 2016 by Private Debt Investor, a highly regarded magazine within the European private debt industry, Kartesia has come away this year with not one but two prestigious awards: Lender of the Year Europe 2017 and Junior Lender of the Year Europe 2017. While we are proud of the peer recognition, these awards are especially important because they truly vindicate Kartesia’s innovative investment model.

It is fair to assume that European credit markets are approaching their peak. Stress and valuations are at an all-time low and high respectively while yields have compressed massively over the past two years on the back of abundant liquidity. Rather than simply shying away from investing and waiting for better momentum, we continue to believe that our flexibility to access a variety of credit instruments on a pan-European basis represents the most appropriate model to deliver consistent returns across cycles. Despite the prevailing market conditions, our mission remains unchanged: we aim to identify mispriced and under-the-radar opportunities with solid downside protection, primarily by staying senior, performing the right credit assessments, pricing risk properly and not chasing returns. Additionally, we believe it is a good time to think about portfolio risk management and to harvest gains on the most mature portfolio assets. With KCO III reaching c.40% DPI and KCO IV being 44% invested as at end-March 2018, our pan-European investment strategy is on track despite the current market momentum. Our now established platform and local presence in each of our core markets undeniably offer a key competitive advantage, allowing us to be more active in the UK, where the secondary market is picking up, to be at the forefront of sponsorless opportunities across Europe and to secure unrivalled bespoke CLO investments with the world’s leading managers.

In this issue of Insight Kartesia, you can read about how we backed the MBO of a global leader in sales performance and secured a place in an investment alongside one of Europe’s top CLO managers. We take you behind the scenes of the recent EDS and Kufner disposals. And, of course, we get you up to speed on the latest team news.

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