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