La plupart des investisseurs institutionnels qui détiennent de la dette privée détiennent, dans les faits, des titres de crédit privé, plus précisément des prêts garantis de premier rang accordés à des entreprises de taille intermédiaire. Cette exposition leur a été très profitable. Mais cela ne représente qu’une partie d’un ensemble d’opportunités bien plus large, et si cela constitue désormais la totalité de l’allocation en dette privée de nombreux portefeuilles, c’est peut-être par défaut plutôt que par choix.
La dette privée couvre un large spectre allant des prêts d’infrastructures et immobiliers au financement titrisé (par exemple, garanti par des redevances ou les flux de trésorerie liés à des avions), en passant par les stratégies de crédit opportunistes et les stratégies axées sur le crédit en difficulté. Ces sous-stratégies se distinguent non seulement par les emprunteurs auxquels elles s’adressent, mais aussi par leurs profils de risque et de rendement, leur sensibilité aux taux d’intérêt et aux cycles économiques, ainsi que par les objectifs de portefeuille qu’elles peuvent atteindre de manière réaliste.
Un fonds de pension à la recherche de revenus à long terme, un assureur gérant l’efficacité de son capital dans le cadre de Solvabilité II et une dotation visant à optimiser le rendement ont chacun une réponse différente à la question des stratégies de dette privée ayant leur place dans leur portefeuille.
Dans cet article, nous plaidons en faveur d’une allocation plus réfléchie à ce segment, en dressant un panorama des différentes stratégies de dette privée, en expliquant les facteurs qui déterminent les rendements et en proposant un référentiel pratique permettant de déterminer quelles stratégies ont leur place dans quels portefeuilles. L’objectif n’est pas de plaider en faveur de la dette privée, mais d’aider les investisseurs à se repérer et à évoluer de manière plus délibérée parmi la gamme importante de sous-stratégies possibles.
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