“Private credit is the only bright spot in asset allocation right now.”
The themes around private credit of consistent returns, valuation stability and low-risk portfolios were repeatedly underlined in the twenty or so meetings we had with investors in our weeklong trip around Seoul, South Korea.
Fortunately conditions are increasingly propitious for both private credit managers and investors in this country. Regulatory relief is helping. Recently released proposals ease burdens of foreign investor registration and off-market trading.
Also, according to Preqin, amendments in 2021 to the Capital Market Act allow South Korean PE firms “to use mezzanine financing, a mix of debt and equity financing if all their investors are institutions.” As our Chart of the Week highlights, private debt represents one of the fastest growing assets in Korea...
“You have to spend less than you spent last year. That’s not that difficult to do.” – Kevin McCarthy, Speaker of the House, US Congress.
Featuring Charts
Chart of the Week: Vaults in Alts
A confluence of factors, including slumping China imports, are slowing South Korean growth.
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Chart of the Week: Stepping Down
A confluence of factors, including slumping China imports, are slowing South Korean growth.
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Chart of the Week: All Are Super
Australia’s pension funds range in size; the largest represent 80% of industry assets.
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Chart of the Week: Down Under Down
Australia’s credit growth has been slowing since peaking late last year.
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Chart of the Week: Technically Speaking
Lincoln’s database shows rising defaults – covenants, not payments – from a low base.
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Chart of the Week: EBITDA With Benefits
The share of middle market companies with Ebitda adjustments remains high.
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The Pulse of Private Equity – 5/29/2023
Seeking Fund VII or greater Download PitchBook’s Report here. Yet another piece of evidence about today’s fundraising challenges—more than half of 2023 dollars have been committed to funds VII or greater. According to PitchBook’s Global Private Markets Fundraising Report, 56% of PE fund closings this year have gone to the seventh, eighth, ninth or tenth funds…
View ArticleLeveraged Loan Insight & Analysis – 5/29/2023
US Single-B volume share increases in 2Q23 Completed US loan volume to issuers with a Single-B rating totals US$30.5bn so far in 2Q23, comprising 25% of leveraged volume. This is up from last quarter’s 22% share and is the highest since 1Q22’s 28%…. Login to Read More...
View ArticlePrivate Debt Intelligence – 5/29/2023
Private debt AUM surpasses private real estate funds in North America Private debt assets under management (AUM) in North America exceed private real estate funds for the first time ever. As of September 2022, private debt AUM in North America reached $924.0bn establishing a lead over real estate’s $918.9bn…. Login to Read More...
View ArticlePDI Picks – 5/29/2023
UK dislodged from Europe’s top spot France saw a surge of deals in the second half of last year, but the UK should not be written off prematurely. The Deloitte Private Debt Deal Tracker for the second half of last year caused something of a stir when it positioned France ahead of the UK for…
View ArticleThe Pulse of Private Equity – 5/22/2023
Founder-backed M&A is doing better Download PitchBook’s Report here. Founder-owned businesses are more motivated to sell in the current environment. PitchBook’s latest Analyst Note, Founder-Owned Businesses are Attractive M&A Targets, found a sharp uptick for “nonbacked sellers”—companies with no private backing or corporate ownership. Companies backed by PE firms are, for the most part, on the…
View ArticleMiddle Market Deal Terms at a Glance
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Beginning in July 2022 The Lead Left published a series of articles on credit market. This report consolidates those articles.
Cov-lite trends Inflation & rising interest rates – LIBOR to SOFR transition Mega-tranche uni trend ESG takes center stage Login to view interactive report and download PDF version. … Login to Read More...
Beginning in September 2021 The Lead Left published a series of articles on supply chain. This report consolidates those articles.
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