Emotional Support Loans

A beluga whale was found last week in the Arctic Ocean off the northern Norwegian coast. Otherwise not an unusual event, but this particular cetacean wore a harness. Its proximity to Russia sparked rumors the animal had been recruited as a spy.

Another theory, however, soon surfaced. Some surmised “Hvaldimir” was an escapee from a marine facility “for underprivileged children.” This notion gained credibility when the whale retrieved a tourist’s cell phone she had accidentally dropped in the water...

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Quote of the Week

“The market’s concerned that maybe things will get worse before they get better.” – Donald Ellenberger, head of multi-sector strategies, Federated Investors.

Featuring Charts

Chart of the Week: Cash to Burn

May 16, 2019

Direct lending supply and demand is driven by increasing amounts of dry powder.

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Chart of the Week: No End in Sight

May 8, 2019

As enduring as the US expansion seems, eight other economies have done better over past three decades.

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Chart of the Week: Going Concern

May 1, 2019

Asset valuations tops the worries confronting sponsors in meeting return hurdles.

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Chart of the Week: Buy-and-Building

April 22, 2019

Since the credit crisis private equity sponsors have quickened the pace and number of add-on acquisitions.

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Chart of the Week: Shift to the Right

April 15, 2019

The number of buyouts with purchase price multiples over 10x has increased markedly since 2013.

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Chart of the Week: Lofty Pursuits

April 9, 2019

Purchase price multiples eased last year, though still sustained at near record levels.

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Features

The Pulse of Private Equity – 5/13/2019

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 charts

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PDI Picks – 5/13/2019

When junior debt fundraising comes out on top The lack of mid-market mezzanine opportunities has likely caused the size of mezzanine funds to grow faster than senior debt vehicles. Fewer firms are raising a greater portion of all private debt capital, but this stands out to be particularly true in mezzanine debt. Junior loan funds

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Private Debt Intelligence – 5/13/2019

Private Real Estate Debt Attracts Investors The private real estate debt market has grown significantly in recent years as fund managers have sought to capitalize on the opportunity provided by banking regulation, and investors have targeted exposure to the stable income and portfolio diversification that debt investments can provide....

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The Pulse of Private Equity – 5/6/2019

A closer look at foreign investment There’s a tradeoff between welcoming foreign investment and protecting national security. That’s becoming a more common tradeoff to consider in the private equity world, where foreign investors are keen to get involved in direct investments....

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Private Debt Intelligence – 5/6/2019

Private Debt in Asia Struggles to Gain Ground The Asian private debt market is still relatively small. While the industry has grown rapidly in the more developed markets of North America and Europe, expansion has been slower in Asia, and the region has yet to reach a ‘critical mass’, so activity remains cyclical....

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Middle Market Deal Terms at a Glance

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Special Report: Leveraged Loans and Systemic Risk

April 24, 2019

Beginning in February 2019 The Lead Left published a series of articles on leveraged loans and systemic risk. This report consolidates those articles.

State of the Capital Markets – First Quarter 2019 Review and Second Quarter 2019 Outlook

April 11, 2019

Review of Current Market Conditions/ Analysis of Capital Markets Metrics/ Review of Credit Quality/ Outlook for Second Quarter 2019

Special Report: Spotlight on Healthcare

February 28, 2019

Beginning in March 2018 The Lead Left published a series of articles on the healthcare industry. This report consolidates those articles.