The Fran & Ran Show (Part II): 1Q20 Direct Lending Outlook, with Fran Beyers
#DirectLending #MiddleMarket
TheLeadLeft
State of the Capital Markets – Fourth Quarter 2019 Review and First Quarter 2020 Outlook
Review of Current Market Conditions/ Analysis of Capital Markets Metrics/ Review of Credit Quality/ Outlook for First Quarter 2020
The Pulse of Private Equity – 1/13/2020
2020 prediction – SWFs and pensions will become more sophisticated Download PitchBook’s Report here. Sovereign wealth funds and public pensions financed private equity for years before they began co-investing in deals alongside their GPs. Though the trend is well publicized, the practice is still rare overall. Pension funds co-invest in about 2% of all US deals
PDI Picks – 1/13/2020
Fees are still a sticking point for private equity LPs High fees have become a focus for critics of the industry, and fund managers will need to make their case to the voting public. Almost three-quarters of LPs find private equity fund fees difficult to justify to their colleagues, according to the 2020 edition of
DL Deals: News & Analysis – 1/13/2020
DL Deals Monthly Scorecard: December buyouts swamped volume, lenders closed out 51 transactions Buyouts swamped direct lending activity in December, accounting for 61% of volume, a big leap from the two previous months that saw more action in M&A Add-On business, according to DL Deals. For the quarter, the increase in buyouts pushed LBOs above
Covenant Trends – 1/13/2020
Synergies & Cost Savings EBITDA Addbacks (Capped vs. Uncapped vs. None Allowed) Contact: Steven Miller
2020 Hindsight
Remember your summer internships in high school? Neither do we. There’s a vague recollection of delivering mail for a financial advertising agency on Wall Street. (It’s also where we first encountered the term “Lead Left,” but that’s another story). Wolf Cukier’s stint at NASA’s Goddard Space Flight Center last summer could have been equally tedious.