Bank of England Executive Director Nathanaël Benjamin: Private Equity & Private Credit – Be Very Careful
7th July 2023 | Hong Kong
Expert Comment – Bank of England Executive Director (Authorisations, Regulatory Technology & International Supervision) Nathanaël Benjamin on Private Equity & Private Credit: “Here I would say: be very careful … … We are mindful that as interest rates have risen and traditional leveraged financing markets have stuttered, a clear trend toward illiquid private equity financing and private credit has emerged. Some firms are growing rapidly in this space, and with that has come a significant increase in complexity, as firms not only lend to portfolio companies, but also to fund investors, underlying funds, asset managers, and everyone in between. Overall, we see a risk that firms underestimate their aggregate direct and indirect exposures to underlying counterparties and connected collateral – not a good place to be should credit conditions begin to deteriorate, or should those counterparties be feeling the squeeze of the tighter monetary environment through tighter access to liquidity.” Nathanaël (Nat) Benjamin is Bank of England Executive Director for Authorisations, Regulatory Technology, and International Supervision. He is responsible for 1) the authorisation of regulatory transactions, where firms apply either to carry out PRA-regulated activities or to change the activities they undertake 2) RegTech: the use of technology, data and innovation in support of regulatory processes, and 3) the supervision, as a host prudential regulator, of the UK activities of banks, custodians and designated investment firms headquartered in over 50 overseas jurisdictions.
” Private Equity & Private Credit – Be Very Careful “
Bank of England Executive Director Nathanaël Benjamin
Nathanaël (Nat) Benjamin is Bank of England Executive Director for Authorisations, Regulatory Technology, and International Supervision. He is responsible for 1) the authorisation of regulatory transactions, where firms apply either to carry out PRA-regulated activities or to change the activities they undertake 2) RegTech: the use of technology, data and innovation in support of regulatory processes, and 3) the supervision, as a host prudential regulator, of the UK activities of banks, custodians and designated investment firms headquartered in over 50 overseas jurisdictions.
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