Fund focus: Shoreline rides the China credit cycle
Ben Fanger, co-founder and managing director at China distress specialist Shoreline Capital, divides credit cycles into four phases: a credit boom or misallocated lending; decelerating growth or credit tightening; the recognition that someone has to take a loss; and the release of NPLs into the market.
China is currently entering the fourth phase and it is against this backdrop that Shoreline has closed its third fund at $500 million - compared to $303 million for Fund II. The GP has also reached a first...
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