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To help manage risks, investors should build a diversified private debt portfolio with a range of managers, durations and styles. Additionally, investment and operational due diligence is particularly crucial since private debt is most often accessed via closed-ended funds and cannot be easily divested. It is impor- tant not only to assess a manager’s underwriting ability, but also their expertise in working out difficult or defaulting loans successfully, especially given where we are in the credit cycle.


Private debt will continue to play an important role in pension scheme portfolios. However, seeking out the best opportunities is complex and, when coupled with the greater governance associated with investing in these strategies, it is essential to work closely with consultants and managers with a proven track record in this area.


For more information, contact Oliver Hamilton via oliver.hamilton@aon.com.


This article is intended for investment professionals only. It is for informational purposes only and should not be construed as a specific investment recommendation or investment, financial, tax, legal or accounting advice. Any opinions or assumptions in this document have been derived by us through a blend of economic theory, historical analysis and/or other sources. Any opinion or assumption may contain elements of subjective judgement and are not intended to imply, nor should be interpreted as conveying, any form of guarantee or assurance by us of any future performance. Some of the statements in these materials may contain or be based on forward looking statements, forecasts, estimates, projections, targets, or prognosis (“forward looking statements”), which reflect our current view of future events, economic developments and financial performance. Actual results may differ substantially from those assumed in the forward-looking statements. The views expressed in this article are those of the author as of the day of writing and are not necessarily those of Aon as a whole and maybe subject to change.


October 2019 portfolio institutional roundtable: Private debt 21


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