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A strong start to the year Download PitchBook’s Report here. Fourth quarter deal momentum spilled into 2021, resulting in record Q1 numbers for the US PE market. PitchBook’s latest US PE Breakdown Report calculates a $203 billion quarter on 1,763 deals across the country. That’s only the fourth time that a quarter has breached the $200View Article
The European deal market’s fast rebound It was a challenging year for new transactions in the region which nonetheless went out with a bang. It was truly a remarkable year for private debt deals in Europe, as illustrated by a new survey which shows the rapid progression from slump to boom. The latest figures fromView Article
1Q21 leveraged issuance marks four year high at US$474bn; 1Q21 HY bond volume sets new record Building on the early signs of market recovery observed in 4Q20, issuers of leveraged debt took advantage of accommodative conditions to raise nearly US$474bn in loan and high yield bond volume in 1Q21 , the second highest quarterly totalView Article
Private Debt: Risk/Return by Fund Type Across private debt strategies, returns and return dispersion data varies greatly. Direct lending funds, which are characterized by more senior secured debt, have been a steady investment, with a median net IRR of 8.3% for vintages 2008-2017 and a standard deviation of only 5.0%....View Article
Buy-and-build correlates to more secondary buyouts PitchBook is publishing a new analyst note next week that does a deep dive on add-ons. One of the more striking findings is a correlation between additive platforms and how they eventually exit. The more add-ons a portfolio company undergoes, the more likely it will be acquired by anotherView Article
Beginning in November 2020 The Lead Left published a series of articles on special purpose acquisition companies (SPACs). This report consolidates those articles.
Beginning in August 2020 The Lead Left published a series of articles on the state of private credit in a COVID environment. This report consolidates those articles.
Review of Current Market Conditions/ Analysis of Capital Markets Metrics/ Review of Credit Quality/ Outlook for First Quarter 2021