Today the Private Debt has acquired more quotes in investment world, but if we look at only 10 years ago the asset class was only a small percentage of the so-called alternative assets where the private equity was the master. The tendency is to spread the Private Debt as alternative of the standardized bank loans, to “democratize” the Private Debt in order to make it accessible even to retail investors. The following thesis has the effort to describe the Private Debt in all its variants and qualities in the first instance, to focus on its potential rule as diversifying component in investment portfolios secondly. In detail: the first chapter describes what is the Private Debt and how we may distinguish it by strategies, but also what is the procedure for a company that would like to take advantage of Private Debt in order to satisfy its needs and what is the underlying structure of a Private Debt fund in an investor perspective; the second chapter has the goal to make an overview about the Private Debt growth in European countries and more specifically in Italy; the third chapter has the task to enhance the Private Debt peculiarities by the implementation of a pragmatic portfolio; and the fourth chapter, the last one, proceeding 10.000 portfolio simulations, thanks to Markowitz theory, is focused on the demonstration of the diversification power of private debt in investments.
Il Private Debt ha acquisito recentemente maggiore importanza nel mondo degli investimenti, ma se si guarda a soli 10 anni fa l’asset class rappresentava solo una piccola percentuale delle cosiddette attività di investimento alternative, dove il Private Equity regna ancora sovrano. Il Private Debt si propone come alternativa ai prestiti bancari standardizzati, nell’ottica di una “democratizzazione” del Private Debt al fine di renderlo accessibile anche agli investitori retail. La tesi seguente ha lo scopo di descrivere il Private Debt in tutte le sue varianti e qualità in prima istanza, per poi concentrarsi sul suo ruolo potenziale come componente diversificatrice nei portafogli di investimento. Nel dettaglio: il primo capitolo descrive cos'è il Private Debt e la sua classificazione per strategia, ma anche qual è la procedura che deve seguire un'azienda che vorrebbe usufruire del Private Debt per soddisfare le proprie esigenze e qual è la struttura sottostante ad un fondo di Private Debt nell’ottica dell'investitore; il secondo capitolo ha l'obiettivo di dare una panoramica sulla crescita del Private Debt nei paesi europei e più specificatamente in Italia; il terzo capitolo ha il compito di valorizzare le peculiarità del Private Debt attraverso l'implementazione di un portafoglio pragmatico; il quarto capitolo, procedendo a 10.000 simulazioni di portafoglio, per mezzo della teoria di Markowitz, si concentra sulla dimostrazione del potere di diversificazione del Private Debt negli investimenti.
Private debt: crescita e benefici di diversificazione del portafoglio
AVANZATO, VINCENZO
2022/2023
Abstract
Today the Private Debt has acquired more quotes in investment world, but if we look at only 10 years ago the asset class was only a small percentage of the so-called alternative assets where the private equity was the master. The tendency is to spread the Private Debt as alternative of the standardized bank loans, to “democratize” the Private Debt in order to make it accessible even to retail investors. The following thesis has the effort to describe the Private Debt in all its variants and qualities in the first instance, to focus on its potential rule as diversifying component in investment portfolios secondly. In detail: the first chapter describes what is the Private Debt and how we may distinguish it by strategies, but also what is the procedure for a company that would like to take advantage of Private Debt in order to satisfy its needs and what is the underlying structure of a Private Debt fund in an investor perspective; the second chapter has the goal to make an overview about the Private Debt growth in European countries and more specifically in Italy; the third chapter has the task to enhance the Private Debt peculiarities by the implementation of a pragmatic portfolio; and the fourth chapter, the last one, proceeding 10.000 portfolio simulations, thanks to Markowitz theory, is focused on the demonstration of the diversification power of private debt in investments.È consentito all'utente scaricare e condividere i documenti disponibili a testo pieno in UNITESI UNIPV nel rispetto della licenza Creative Commons del tipo CC BY NC ND.
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https://hdl.handle.net/20.500.14239/3394