Elham Credit Partners

The APAC private credit market is expanding rapidly, with deals growing, but competition remains limited. Elham Credit Partner Siddhartha H. joined the Hong Kong Venture Capital and Private Equity Association (HKVCA) Private Credit Panel alongside Bo Hu, Head of Private Credit at HSBC; Celia Yan, Managing Director & Head of APAC Private Credit at BlackRock; Raymond Chan, Head of APAC Credit at CPPIB; and Dugald Marr, Managing Director and Head of Debt at Nuveen Australia & New Zealand to discuss Asia’s evolving private credit sector. Sid emphasized Elham's ability to navigate the entire risk spectrum as a solution provider, creating opportunities in sponsor activity and direct lending, particularly in unitranche direct lending for large LBOs in Australia. He noted the rapid expansion of the APAC private credit market, characterized by larger deals and limited competition. Sid attributed Elham's enhanced returns to its solution-oriented approach and capacity to work bilaterally or within small consortia. Additionally, Elham benefits from a strong symbiotic relationship with Hillhouse's senior team, aiding in deal origination and underwriting of attractive risk-return deals.

Last week,?Sandeep Chandak, Managing Director of Elham Credit Partners, spoke at the Milken Institute Middle East & Africa Summit held at Abu Dhabi, along with co-panelists Michael Gross, Zia Uddin, Orla Walsh, on the topic of “Credit Investors Taking the Reins”.? Discussing the emerging opportunity set within the Asian credit markets, Sandeep observes that the collective Asian markets, spanning from Australia to Japan, India to Singapore, contribute nearly 60% of the Global GDP growth. The magnitude of this market should not be underestimated. The evolution of Asian businesses is particularly noteworthy, with large number of enterprises in the region growing from US$5-10 million EBITDA to US$50-100 million EBITDA in just a few years. In Sandeep’s view, private credit markets in Asia, while in their nascent stage, are poised for transformative change and "sensible growth". Success in the Asian private credit business lies in focusing on fundamentals and a long-term mindset, providing portfolio companies with the right quality of capital. “We have maintained a presence in Asia for over two decades. We have feet on the ground in the major economies in this region, where it is important to build long lasting relationships with those same founders. We follow these same businesses for many years, we follow their story and see how their businesses have evolved. What they have done right, done wrong and we do repeat transactions with these same founders. It is a relationship-driven business, and if you can keep the fundamentals intact, its a winning formula. We are not here to do a quick trade, but to build a business.” #MIGlobal

Meet the Leaders: Exclusive Insights at #APEF2025 #PrivateCredit Panel! Bo Hu | Celia Yan | Raymond Chan | Siddhartha H. | Dugald Marr ?? January 15, 2025 (Wed) ?? Hong Kong Convention and Exhibition Center https://lnkd.in/gTJcvRQh #HKVCA #PrivateCapital #PrivateEquity #VentureCapital #FamilyOffice

Lei Zhang, Founder and Chairman of Hillhouse Investment, participated at the Global Financial Leaders Investment Summit on November 20th and commented on the Asia Pacific credit landscape. Lei highlighted that Asian banks will maintain a crucial role in Asia's financial landscape due to their deep-rooted business relationships and will continue to provide credit for trade and transactions. However, for longer term credit assessments of counterparties, which is more fundamentals driven, investment firms like Hillhouse have an important role to play. Hillhouse specializes in making multi-year investments in companies, leveraging their expertise to predict which businesses will thrive over time. Hillhouse's private credit strategy (Elham Credit Partners) has deployed significant capital this year. Banks often partner with our private credit team, acting as facilitators in transactions and providing working capital. This partnership benefits banks as we provide additional affirmation of the company's financial health as well as ongoing active portfolio management, enhancing their confidence in the selected companies. Lei added that while such fundamental-focused private credit investors have an advantage in making long-term investments beyond just owning real assets, such investors are keen to collaborate with banks to deliver a total capital solution to the real economy.

Last week, Sandeep Chandak, Managing Director of Elham Credit Partners, spoke at the EY-AZB Private Credit Conference on the panel "Performing Credit in India: The next 3-5 years, Domestic vs. Foreign Competition, Market Assessment, Demand Drivers, Investor Wish-List and What to Watch For". He addressed the unique selling proposition of private credit funds, their contribution to bridge the credit gap in the country and vision for the future.

Talent, a solution-oriented approach, and strong relationships are critical to building a private credit business in Asia according to Sandeep Chandak, Managing Director, Elham Credit Partners. Find out how each of these factors can go a long way in establishing a long-term footprint in the Asian market. Learn more here: https://lnkd.in/e5R6DUgQ

Srinivasulu Yanamandra, Managing Director of Elham Credit Partners, spoke at this year’s Asia Pacific Loans Market Association conference, and highlighted the emergence of private credit as solution capital across Asia Pacific markets. Hear more from Srini about the expanding opportunity set across this asset class here: https://lnkd.in/e5R6DUgQ #PrivateCredit #APLMA

For credit strategies, Asia stacks up well on relative value analysis vs. the West, noted Sandeep Chandak, Managing Director of Elham Credit Partners. Find out more here: https://lnkd.in/eh5gJ3Uz

Our Managing Director, Srinivasulu Yanamandra, spoke at the #APLMA conference in Singapore on the importance of partnership between private credit actors and the banking sector.?

On May 14, Hillhouse founder and Chairman, Lei Zhang, spoke at the Qatar Economic Forum 2024 in Doha on the growing Asian private credit opportunity. He highlighted that traditional corporates in Asia have historically managed their balance sheets more conservatively than their counterparts in developed markets. This has underpinned a rich pipeline of credit opportunities for investors who are equipped with deep research, solid sector knowledge, and are able to do well structured deals.??