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Eight consecutive years in the black? Download PitchBook’s Report here. Private equity net cash flows are on pace for an eighth consecutive year in positive territory. Through Q3 2018 (the most recent data available), net cash flows (the difference between contributions and distributions) remained just above $100 billion. One more quarter’s worth of data to siftView Article
US CLO distribution of defaulted loans by sector In May, the top sectors of defaulted loans held within active CLOs on a volume basis were Healthcare, Telecommunications and Technology. One-hundred and thirty-two CLOs currently hold defaulted Healthcare debt, 163 CLOs hold defaulted Telecom debt and 83 CLOs hold defaulted debt in Technology....View Article
North America-Focused Private Debt The private debt market has grown rapidly in recent years, and North America and Europe account for the majority of that expansion. Based on the latest Preqin Investor Outlook report, 68% of investors believe the US presents the most favourable opportunities in private debt in 2019....View Article
AUM growth expectations at odds with consolidation trend Many private markets managers expect rapid growth in the coming years, but some of those optimistic firms may find themselves being bought – just ask some BDC managers. One of the marquee stories in the finance world post-global financial crisis has been the rise of alternative assets.View Article
Loan mutual fund AUM continued to decline, ending May at US$137bn Loan retail outflows sent the AUM (market value) for loan mutual funds & ETFs lower to US$137.7bn as of the end of May, a decline of US$1.92bn or -1.4% month on month, and US$9.9bn or -7% since the beginning of the year. Loan funds’View Article
Beginning in April 2019 The Lead Left published a series of articles on valuations. This report consolidates those articles.
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