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Public versus private The private equity industry has matured quite a bit over the years. The most visible marker is the handful of firms that have gone public, despite the public market’s difficulty in valuing the complex, variable cash flows that are inseparable from the PE model....View Article
Distressed Debt Funds Stall in 2019 Distressed debt has long been a major component of the private debt industry. Around the time of the Global Financial Crisis (GFC) in 2008, the strategy raised a record $45bn in capital – a level that has never been equalled – and performance of funds raised around this timeView Article
North American private credit market: sponsored by private equity The fates of the two asset classes are largely intertwined and the deluge of private equity capital bodes well for debt managers’ dealflow. In case it wasn’t clear that the North American sponsored finance market is booming, here’s a set of figures for you. Private equityView Article
BDC returns superior so far in 2019 BDC share prices are on a tear in 2019. The Wells Fargo BDC Index has delivered a stunning +18.0% return so far in 2019 through May 17th. This is outpacing the S&P500 (+14.1%) and the S&P/LSTA Leveraged Loan Index (+5.72%). Several BDCs are near 52 week highs. OaktreeView Article
Why are add-ons getting so much bigger? Download PitchBook’s Report here. The median add-on size almost doubled in the span of two years. The $41 million median seen in 2016 ballooned to $76 million last year, an 86% difference. At first glance, it looks like platform deal sizes have gone up much more rapidly, but chartsView Article
Beginning in February 2019 The Lead Left published a series of articles on leveraged loans and systemic risk. This report consolidates those articles.
Review of Current Market Conditions/ Analysis of Capital Markets Metrics/ Review of Credit Quality/ Outlook for Second Quarter 2019
Beginning in March 2018 The Lead Left published a series of articles on the healthcare industry. This report consolidates those articles.