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There was 4.1x more MM LBO volume in the direct lending market vs. syndicated market in 2022 With very challenging conditions in the syndicated loan market, more and more sponsors turned to the direct lending market for funds in 2022. Even in the fourth quarter, when direct lending contracted, the ratio of direct to syndicated…View Article
The stalled exit environment Download PitchBook’s Report here. PitchBook’s latest US PE Breakdown, the annual version, showed a seismic decline in PE exits last year. Estimated exit volume fell by 28% while exit value fell a much sharper 63%. In all, PitchBook estimates $322.9 billion in exit value, which is the lowest total since 2013…. LoginView Article
Private debt dry powder balanced with AUM Private debt dry powder continues to rise in line with the growth of assets under management (AUM) over 2022, although the ratio of dry powder to AUM fell slightly in the first half of 2022. As of June 2022, dry powder at managers based in Europe, North America…View Article
Rates become chief performance concern Inflation and interest rates enter investors’ list of top three worries this year, as fears of a recession persist. Rising interest rates and inflation have become the key concerns for investors taking part in Private Debt Investor’s LP Perspectives 2023 Study, for the first time pushing extreme market valuations out…View Article
US secondary market rallies to begin the year The US secondary loan market has rallied to start the year. The LPC 100 cohort of the largest, most widely quoted loans is up 142bp so far in January to 92.7, and middle market loans are 34bp higher to the 92.8 context. Volatility left a vastly altered…View Article
Beginning in July 2022 The Lead Left published a series of articles on credit market. This report consolidates those articles.
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. … Login to Read More...
Beginning in September 2021 The Lead Left published a series of articles on supply chain. This report consolidates those articles.