Your once-a-month insider on talent + alternative investments.
The Locke-Down is a once-monthly newsletter for our closest contacts on topics related to talent and alternative investments. The newsletter covers 3 simple things:
What we’re hearing in the market,
What we’re reading, and
What we’re up to.
We are in the market, daily, and want to share our insights. We want to hear from you. What information would be valuable? We’re always available. Get in touch with us.
What we’re hearing
Uptick In Deal Flow — We are hearing that M&A, buy-outs, and sponsor lending are coming back. Senior investors are on the road and we are hearing more optimism about capital deployment. Before long, this will translate to optimism for year-end bonus numbers.
Non-Sponsor & Lower-Middle Market Lending Take The Stage — Credit investors can get uncorrelated returns, higher yield (S+700), and more covenants via lower mid market, non-sponsored direct lending. For example, credit hedge fund Brigade Capital launched its private credit effort with a similar strategy and backing from Blackstone. Given spread compression in the sponsor-led middle market, we are hearing more chatter about non-sponsor deals and have even seen a few investor decks highlighting the benefits.
RX Professionals Are In Focus for Private Credit Workouts — With high rates, more PIKs, and an uptick in out-of-court workouts, Private Credit firms are anticipating defaults in their portfolios. As a result, Turnaround & Restructuring (RX) advisory professionals are in demand for private credit workout teams. RX pros with depth in company-side engagements (debtor, not lender) and skill in building collaborative relationships with portfolio company executives are most in demand. Be advised, RX advisory is busy and these individuals are expecting strong compensation at year end.
What we’re reading
📄 Private Equity Wire – Man Group to Acquire $3bn US Credit Manager Bardin Hill — Highlights hedge funds’ growing private credit footprint.
📄 Bloomberg – JPMorgan’s Surprise Dealmaking Gain Signals Tariff Fear Easing — Proof of a rebounding deal market.
What we’re up to
New Talent, Big Impact — Here are some of the latest hires we’ve made for our clients in Private Credit, CLO Management, and Private Equity.
Brecon Hession: Private Credit Associate, First Eagle Alternative Credit
Lucca Mariani & Robert Finstra: CLO Analysts, King Street Capital Management
Madeline Brown-Scherer: Business Development Manager, Healthcare – THL Partners
Matt Szekeley: Associate, Investor Relations – THL Partners
Search Spotlight – MidOcean Partners Hires Victoria Li
We are especially excited to shine a spotlight on Victoria Li and MidOcean Partners.
Victoria joined MidOcean’s Credit team as a Principal and firm’s first professional dedicated to Private Asset-Based Finance (ABF) investments.
MidOcean is highly respected in private equity and corporate credit, but new to ABF markets. They needed to attract top talent as a relative unknown. More importantly, they needed to hire a truly dynamic individual capable of executing transactions while standing-up a business with the leaders of the Credit team. Commercial, quantitative, and experienced – Victoria is the perfect fit.
She joins from Northleaf Capital’s Specialty Finance team and previously worked in Flexpoint Ford’s Asset Opportunities business.
Victoria will work in close partnership with Teddy Tawil to expand the ABF strategy..
Congratulations!
Sincerely,
The Locke Group