The Lead Left

Recent investor challenged single-B deals have yet to gain traction since breaking in the US secondary market As bifurcation among credits continues, a number of recently launched deals for single-B names received significant investor pushback during syndication. Not surprisingly perhaps, none of these loans have been bid above their break price in the secondary market.

Public and private Download PitchBook’s Report here. Recent GP stake deals are giving us a growing sample size of private PE firm valuations. We already had a small set for publicly traded PE firms, and we’ve heard ad nauseum that the public markets don’t fully understand how to value firms like Blackstone or Apollo. Much of

Another sign that the big are only getting bigger The baseline for being in the top-10 fundraises of the year increased from 2018 to 2019, signaling the growing dominance of a few firms. The overall capital collected by the top-10 fund closes this year has eclipsed the total raised by last year’s 10 largest fundraises,

Private Debt Funds in Market Q3 2019 The fundraising market for private debt remains crowded at the start of Q4, with 417 private debt funds seeking an aggregate $177bn in capital. Although slightly down from the start of Q3, both figures remain very high compared with historical total. But these figures could lead to a

Add-ons keep surging Download PitchBook’s Report here. Add-ons now account for 68% of all US PE buyouts. If that pace holds, 2019 will notch another high-mark for the add-on/LBO ratio, which has been trending up for the past decade. That’s according to PitchBook’s 3Q Breakdown Report, just released this week. Two crosswinds have helped boost that