Keep pulling the thread on Jonathan Lewinsohn.
A significant secular trend is emerging where private equity sponsors of 2021-2022 vintage deals will require "capital solutions" to refinance debt taken on in a low-interest-rate environment.
Jonathan Lewinsohn believes AI poses a significant disruption risk to SaaS business models, particularly for products focused on data standardization, workflow enhancement, and data visualization.
The US housing market is effectively frozen, with annual existing home sales down to 4 million units, a level comparable to the 2008-2009 financial crisis.
Jonathan Lewinsohn predicts that China's planned expansion in ethylene and propylene production will create global overcapacity by 2030, even if all European and Japanese capacity is shut down.
Diameter Capital Partners, founded in 2017 by Jonathan Lewinsohn and Scott Goodwin, manages $25 billion across hedge fund, dislocation, CLO, and direct lending strategies.
Jonathan Lewinsohn believes the direct lending asset class has become underrated after a period of being overhyped by investors and fund managers.
Diameter Capital Partners' direct lending business has executed over 70 deals in nearly three years with no defaults to date.
Legacy SaaS software loans in cybersecurity, including those for RSA, Avanti, McAfee, and Barracuda, were among the worst-performing assets in the syndicated loan market last year.
Approximately 30% of the direct lending market is concentrated in the software sector.
Diameter Capital Partners has limited its direct lending exposure to the software sector to less than 10% of its portfolio due to concerns about technological disruption from AI.
Diameter Capital Partners is uncomfortable financing the long-term residual value risk of AI chips like the NVIDIA H100 without an amortization schedule or a third-party guarantee.
Of the 4 million annual existing home sales in the US, an estimated 3 million are non-discretionary moves resulting from deaths and divorces.