Struggling under the weight of interest rates, highly-levered assets within private equity and real estate are promising distressed investors some of the best opportunities in more than a decade, according to Howard Marks, co-chairman and co-founder of Oaktree Capital Management.
Howard Marks, co-chairman and co-founder of Oaktree Capital Group, during the Lujiazui Forum in Shanghai, China, on Wednesday, June 19, 2024. The forum runs through June 20. Photographer: Qilai Shen/Bloomberg --
Risky corporate borrowers, especially those backed by private equity, have seen a jump in borrowing costs as a result of rate hikes from the Federal Reserve. In the property market, the value of commercial real estate has fallen while a slow-rolling wave of maturities is underway, setting the stage for lender losses.
“Right now and going into the future, leveraged companies will not be able to renew their leverage as easily and the cost of doing so will be higher,” said Marks. “That gives us better opportunities than we’ve been seeing.”
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