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The Expanding Fund Manager Universe The number of participants in the private debt asset class has grown at a remarkable pace since the GFC. There are currently over 1,700 fund managers active in the industry, over twice as many as five years ago. Asia has historically accounted for a modest share of the global privateView Article
How LP views of private equity are being shaped by covid-19 Fewer but more open-minded commitments may be among LPs’ responses to the crisis, according to our new survey. The covid-19 outbreak has thrown the pieces of the puzzle in the air and, as yet, we don’t know exactly how those pieces will land. ButView Article
BDC share prices rally after plummeting to below 0.4x book value earlier in week BDC share prices rallied on Thursday following the coronavirus relief bill cleared by the U.S. Senate. At the start of the week, BDCs were brought back to their darkest days of The Great Financial crisis with average BDC share price-to-book valueView Article
Competing interests for private equity Download PitchBook’s Report here. Private equity has lots of money at the ready—the question is what they will use it for. In the months ahead, investors will be looking at an unprecedented opportunity to buy. On the other hand, they’re also in very familiar territory of keeping their current crop ofView Article
Private Debt: Rise of Covenant-Lite Loans The growth in covenant-lite issuance in the loan market has sparked heavy discussion. The growth of supply in mid-market lending has led to a loss of value, which has in turn brought about a rise in weaker covenants. As investors allocate to private debt, they find themselves increasingly unableView Article
Review of Current Market Conditions/ Analysis of Capital Markets Metrics/ Review of Credit Quality/ Outlook for First Quarter 2020
In June 2019 The Lead Left published a series of articles on private debt. This report consolidates those articles.
In May 2019 The Lead Left published a series of articles on covenant trends. This report consolidates those articles.