Many direct lenders have oriented their platforms around financing only businesses backed by private equity sponsors. While non-sponsored strategies have certain benefits, the presence of an owner with its own separate track record, select industry experience, and deal sourcing prowess to draft behind, gives relationship lenders distinct advantages.

This is particularly true when it comes to building a healthy, diversified, all-weather portfolio. Besides the mix of industries, structures, and terms credit managers can play with, there’s the additional dimension of varying sponsors based on a number of investment categories.

Each private equity sponsor comes to the table with different strategies...

Quote of the Week

“We are closer to a bottom.” – Josh Emanuel, chief investment officer, Wiltshire Funds Management.

Featuring Charts

Chart of the Week: Value Shopping

June 27, 2022

Recent concerns about rising rates and a possible recession has weighed on public equity multiples.

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Chart of the Week: No Safe Havens

June 23, 2022

Since year-end 2021, previously performing sectors have seen selloffs in public equities.

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Chart of the Week: “Been Down So Long…”

June 15, 2022

While the Fed may push rates up to 3%, that’s nowhere near historic highs.

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Chart of the Week: Recipe for a Slump

June 9, 2022

Public equities have been down double-digits in 2022 for a variety of reasons

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Chart of the Week: What Recession?

June 2, 2022

Real GDP was higher at the end of the mild 2001 downturn than it was at the beginning.

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Chart of the Week: Hikes and Likes

May 25, 2022

Certain sectors are expected to fare better than others in a rising rate environment.

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Features

Leveraged Loan Insight & Analysis – 6/20/2022

BDC portfolio company earnings outlook for 2022 weakens The outlook for BDC portfolio company earnings has weakened in recent months, according to the Refinitiv LPC BDC Outlook June Survey. With companies facing higher costs in the current inflationary environment and heightened fears around slowing economic growth, survey respondents say that the biggest challenge facing BDCs

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The Pulse of Private Equity – 6/20/2022

A very slow start for exits Download PitchBook’s Report here. PitchBook’s latest US PE Middle Market Report shows a big drop-off in middle-market exit activity. Only 175 exits were completed in the first quarter, many of which probably started in late 2021. That’s a low number even by pre-COVID standards. When you take out the second

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Private Debt Intelligence – 6/20/2022

Venture debt funds ready to step in Venture debt is a niche product that could serves as an alternative fundraising option for high growth companies, particularly in the technology sector, that may be struggle over the next few years given the correction underway in technology stocks and venture capital. A total of $15bn has been

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PDI Picks – 6/20/2022

Tough talk on DE&I LPs are now asking questions of their managers, who, in turn, are waking up to the impact of diversity on performance. Private debt is still at the beginning of its DE&I journey. According to Diversity Review in Corporate Credit, a 2020 paper by specialist credit recruitment company Waterman Stern, just 14

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Leveraged Loan Insight & Analysis – 6/13/2022

Lower rated credits post largest declines in secondary market Risk assets have come under renewed pressure in recent days as rising inflation has prompted expectations of a more aggressive monetary tightening by the Federal Reserve.  Though equities and high yield bonds have been hit more severely, leveraged loans have not escaped market pressure with the

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2022 Capital Market Outlook Report

February 3, 2022

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. ...

Special Report: Supply Chain Blues

January 6, 2022

Beginning in September 2021 The Lead Left published a series of articles on supply chain. This report consolidates those articles.

Special Report: Reflation Nation & Inflation Nation

October 20, 2021

Beginning in March 2021 The Lead Left published a series of articles on reflation and inflation. This report consolidates those articles.