Private equity continues to have its difficulties, but family offices are nonetheless increasing their exposure to this asset class.

They are, however, expected to target specific sectors and focus on companies in the lower mid-market space to maximize returns in the year ahead.

A lack of liquidity in the past three years has brought an unprecedented “transaction rut” that was not expected to continue through 2025, says Ash Lawrence, head of AGF Capital Partners. But it has. Now, he hopes that, through 2026, “we’ll see ourselves get back to regular transaction volume. But we’re not there yet.”

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Investing in stressed and distressed companies can offer a chance to reap high returns

The idea of investing in distressed credit markets may sound daunting—it requires expertise in evaluating companies whose balance sheets are at risk. But some funds, such as the Pender Credit Opportunities Fund, see opportunities where others see trouble.

Pender’s view is that in a global economy where the only certainty seems to be that there is likely to be more uncertainty, it can be worth considering the potential upsides to often-overlooked investment areas like distressed credit. 

“We invest where others step away – in companies that face temporary balance sheet stress but have tangible paths to recovery,” says Parul Garg, associate portfolio manager at Pender and a specialist in distressed credit investing. 

This story is brought to you by PenderFund Capital Management Ltd.

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