Hardman & Co Research on Real Estate Credit Investments (RECI):

The rise of private credit: threats and opportunities
 

One of the key trends in global financing markets has been the rise of private credit. In this report, we consider the implications for RECI. On the upside, we note i) the disintermediation of banks reconfirms the drivers to its business model, ii) this should be positive for sentiment, and iii) most of RECI’s competitive advantages relative to banks also apply to private credit funds. On the downside, we note i) competition will increase, especially for higher-end loans and staff, although RECI is in a niche position where the biggest funds are unlikely to be active, and ii) credit losses in large private credit funds are likely to adversely affect sentiment.

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