??? Client Spotlight Today we're highlighting a client who is a pioneer in NAV lending. Hark Capital provides creative, non-dilutive solutions for sponsors and LPs covering multiple stages of the fund lifecycle structured to support clients’ objectives, while keeping the interests of GPs and LPs aligned.?Founded in 2013, Hark has deployed over $1.5bn across 125+ investments and recently closed Hark Capital IV with $645 million in commitments. Given their creative financing structures, the firm needed a flexible software solution to institutionalize its operational workflows for managing their growing portfolio. Hark selected?Sirvatus?as their loan operations platform in order to ensure accuracy, consistency, and ultimately reduce the time the team spent on?maintaining?complex deal terms and billing activities. From the Hark team: "It was essential for us to partner with a team deeply versed in the credit space. Trevor and the Sirvatus team have shown exceptional industry knowledge, making it easy for us to communicate our unique needs. Their onboarding process has been seamless, and the product’s flexibility meets our requirements in full. We’re excited to leverage this partnership to drive greater efficiency in our business and support our growth as we scale†Sirvatus is thrilled to serve as a key operational partner with Alexander, Ronak and the broader Hark Capital team.
Sirvatus
软件开å‘
Austin，TX 317 ä½å…³æ³¨è€…
Modernizing loan operations for direct lenders
关于我们
Sirvatus empowers loan ops teams with a modern comprehensive loan operations platform specifically engineered for direct lenders. For more information or to schedule a demo, visit https://www.sirvatus.com.
- 网站
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https://www.sirvatus.com
Sirvatus的外部链接
- 所属行业
- 软件开å‘
- 规模
- 2-10 人
- 总部
- Austin，TX
- 类型
- ç§äººæŒè‚¡
地点
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主è¦
获å–路线
US，TX，Austin
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获å–路线
US，NY，New York
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获å–路线
US，CA，San Francisco
Sirvatus员工
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Sirvatus转å‘了
We’re pleased to announce Sirvatus as our Exhibitor for this year’s LPGP Connect 5th Annual CFO/COO Private Debt event, happening in New York on November 20th, 2024. ? Sirvatus is a modern, comprehensive loan operations platform purpose-built for today’s direct lenders. Founded by deal professionals with experience structuring and restructuring transactions, Sirvatus offers software tools that lift loan operations out of spreadsheets, documents, legacy systems and inboxes into a single system of truth that balances flexibility and structure to provide an exceptionally modern experience to manage the entirety of the deal lifecycle across the front, middle and back office. ? Discover more at www.sirvatus.com ? ? #DebtManagement #IndustryInnovators #FinanceNetworking #SponsorHighlight #NewYorkEvent #ThoughtLeadership
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?? Client Spotlight Today we're highlighting a client with deep expertise in the venture debt landscape. Conductor Capital is a private credit fund providing growth oriented debt financing for sponsor-backed and bootstrapped recurring revenue software and tech-enabled service businesses. Founded by experienced venture lenders and entrepreneurs, Conductor Capital leverages its founder-centric approach to structure tailored debt facilities to help its portfolio companies scale efficiently. The firm wanted to maintain its lean, capital efficient DNA as it grew and selected Sirvatus as the operations backbone in order to maintain deal velocity while the portfolio expands. From the Conductor team: "Trevor and the team at Sirvatus have been phenomenal partners for Conductor. Their credit expertise is evident in the product, which is purpose built with private lenders in mind. There is a great balance of clean simplicity with flexible customization that gives us confidence that the platform will meet our needs for years to come." Sirvatus is thrilled to serve as a key operational partner with Zack, Dhruv, and the broader Conductor Capital team.
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Sirvatus转å‘了
At Sirvatus, we continue to see our clients creatively structure deals to address the impact of high base rates on borrowers' balance sheets. While we've seen a general increase in PIK utilization, the nature in which it has been deployed has varied. Some examples: ? Partial or full PIK toggles at the borrower's election ? Fixed cash pay with floating PIK ? PIK interest and fees across facilities (ie DDTL PIK'd to Term Loan) As an investor, it was imperative for me to have deal structuring flexibility to address whatever circumstances a borrower may face, through an amendment or otherwise. I didn't want our operational infrastructure to limit our deal creativity - this is why we built Sirvatus. More from our collaboration with Chronograph below.
?? Over the past two years, higher interest rates have acted as a double-edged sword for private credit. ?? With base rates at their highest levels in decades, returns on first-lien loans approached 12-13% — a significant jump from historical norms. ?? However, higher rates have equally strained borrower health. Increased interest rate payments, tighter margins, and muted earnings have sent interest rate coverage ratios to their lowest levels in decades. ?? And many balance sheets are feeling the pinch, leading private credit to do what it does best: get creative. ?? The recent emergence of synthetic PIKs, which offer borrower relief while addressing cash flow and dividend issues associated with traditional PIKs, exemplifies such innovation. ?? We partnered with Sirvatus to explore how private credit lenders are using amendments, maturity extensions, and other strategies to support borrowers along with what anticipated interest rate cuts could mean for LPs’ appetite for the asset class.?Check out our deep dive at the link in the comments.
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More from our collaboration with Chronograph where we discuss elevated amendment activity and increased utilization of PIK in direct lending.
?? Over the past two years, higher interest rates have acted as a double-edged sword for private credit. ?? With base rates at their highest levels in decades, returns on first-lien loans approached 12-13% — a significant jump from historical norms. ?? However, higher rates have equally strained borrower health. Increased interest rate payments, tighter margins, and muted earnings have sent interest rate coverage ratios to their lowest levels in decades. ?? And many balance sheets are feeling the pinch, leading private credit to do what it does best: get creative. ?? The recent emergence of synthetic PIKs, which offer borrower relief while addressing cash flow and dividend issues associated with traditional PIKs, exemplifies such innovation. ?? We partnered with Sirvatus to explore how private credit lenders are using amendments, maturity extensions, and other strategies to support borrowers along with what anticipated interest rate cuts could mean for LPs’ appetite for the asset class.?Check out our deep dive at the link in the comments.
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We recently contributed to an article published by Chronograph covering trends in private credit and direct lending markets. Check out the full report below.
What does banks’?return to corporate debt mean for private credit? The broadly syndicated loan market has steadily recovered throughout 2024, and banks’ renewed risk appetite has enabled many buyout shops to refinance second-lien or unitranche loans in the BSL market, achieving significant savings on interest payments. Further, as banks reenter the arena for deal flow, limited LBO and M&A activity has pressured private credit spreads, evaporating the pricing premium these loans commanded in recent years. But will this competition erode private credit’s market share? Ongoing secular trends will likely to keep driving growth in the asset class: ??Private credit will continue to ride the coattails of private equity’s growth. With over $3 trillion in private equity dry powder and a surge in M&A activity expected next year, private credit lenders will be key in financing a wave of backlogged deals. ??A functioning BSL market doesn’t diminish private credit’s appeal of faster transaction times, certainty, closer borrower relationships, and collaboration with a smaller group of investors. ??While banks and private credit firms may compete on a deal-by-deal basis, collaboration in the space via joint ventures, balance sheet solutions, and more speaks to a growing symbiosis between both markets. We explore all these dynamics and more at our recent deep dive with Sirvatus. Check it out at the link in the comments.
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