The New Order: Leverage Finance in an Asset Management World (Second of a Series)

The battle for buyouts is over: privates have won. Private credit fundraising has changed that narrative for good. Increasingly, leading private credit managers with capacity to speak comfortably for $1 billion or more are committing to financings with the ability to hold the entire loan among controlled funds… (Any “forward-looking” information may include, among other […]

Private Debt Intelligence - 3/25/2024

North American-based private debt AUM hits $1tn Private debt in North America has overtaken real estate in 2023 to become the second largest private capital asset class by assets under management (AUM), topping $1tn for the first time. AUM grew 18% in H1 2023, faster than private equity (13%), and private capital markets overall (11%)….

Debtwire Middle-Market – 3/25/2024

Healthcare is generating significant numbers of restructuring cases A guide to distress in healthcare The US healthcare sector has been beset by malaise in recent months, with the number of restructuring cases lurching to 49 in 2023 from 23 the previous year. Prospects show little sign of improving in 2024, with a dozen Chapter 11 cases…

Covenant Trends - 3/25/2024

Percentage of New Issue First Lien Loans that Cleared with a J. Crew Trapdoor (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com

The Pulse of Private Equity – 3/25/2024

Introducing LCD’s dual-track default rate: Sponsors drive distressed exchanges Download PitchBook’s Report here. In tandem with LCD’s legacy criteria capturing general defaults of missed payments and bankruptcy filings, LCD is now tracking a separate rate that includes distressed transactions stemming from out-of-court restructurings, exchanges, and subpar buybacks, or so-called “distressed exchanges.”… Login to Read More...

Chart of the Week: Stepping Down

Private borrower covenant (not payment) default rates fell for third straight quarter.  Source: Lincoln International Proprietary Private Market Database(Past performance is no guarantee of future results.)