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Agent & Other
Lenders
30%
Asset Owners
- Money Managers
44%
Other
11%
Asset Owners
- Institutions
15%
Subset of Interviews Focused on Supply Side
Total Number of Interviews:
27 Firms and 36 Individuals
EMEA
36%
North America
58%
APAC
6%
Geographic Breakdown
of Interviews
Methodology
Many of the firms and individuals that participated
in this year’s discussions were hedge funds and the
institutional investors and consultants that allocated
money to these alternatives managers. As such,
these participants represent the demand side of the
industry. This audience has been the traditional focus
of our industry evolution reports and, indeed, Parts
I & II of this year’s output mark our 5th anniversary
covering this segment.
This year we have chosen to broaden the lens,
however, and also interview those asset owners and
lenders that comprise the supply side of the industry.
Interviews with these participants accounted for 27
of our 138 interviews and captured views from 36
individuals. The breakdown of these interviews is
provided below.
As shown, asset owners accounted for 59% of
the supply side interviews with 44% originating
from those firms that also manage money as their
primary business and 15% coming from institutional
asset owners. Agent and other lenders represented
30% of this year’s survey with Citi being one of
the contributors in terms of views. Finally, there
were scatterings of interviews done with those
who work on the periphery of the lending universe
either as consultants or as representatives of the
industry’s interests.
Geographically, the bulk of interviews were focused
in North America (58%) and EMEA (36%). This
represents the relative maturity of these lending
markets and our goal of trying to understand how
emerging regulations coming into force are likely to
impact these regions.
It is important to note that the goal of our survey was
to solicit the views of the industry participants about
their own experiences, concerns and expectations.
This was done through a qualitative discussion
rather than through a quantitative questionnaire.
Most interviews ranged from 30-45 minutes and
covered a broad set of topics. To convey the voice of
the interviewees, we incorporate a large number of
quotes in the report so that the reader can hear the
key thinking that helped inform our analysis.
To preserve the anonymity of our survey participants,
no firms or individuals are identified anywhere in
the report. Rather, we try to focus on the type of
interviewee making a specific comment so that the
reader can gauge their point of view in opining on
the topic.
Interviews to inform this report were performed as part of the Citi Business Advisory Services
team’s annual industry evolution survey. In total, interviews were held with 138 different
firms and more than 150 individuals globally to compile the findings for all three parts of this
year’s report.