Читать книгу Alternative Investments 2.0 - Группа авторов - Страница 57

Investors need to undertake detailed due diligence on the GP’s workout capabilities and experience during previous cyclical downturns. Workout expertise is critical to maximizing recovery. GPs serving as either the sole or lead arranger are often in a better position to succeed in such a situation than a club of lenders. In addition, our analysis from our proprietary database shows that sole and lead arrangers achieved loss-adjusted returns 80 bps higher than participants in club deals with five or more lenders. We believe this is due to their enhanced negotiating power vis-à-vis the borrowers.