2020 Surprise #1: The SnapBack

Because last year was so unique, to really capture its themes adequately we’re kick off our special series: “The Five Biggest Private Capital Surprises of 2020.” Surprise #1: The Market Snap-Back Hard to remember now, but by last March 23rd the Dow plunged almost 11,000 points in less than six weeks to 18,592. Today it […]

Leveraged Loan Insight & Analysis - 1/18/2021

Secondary market levels at their highest levels post-Covid Prior to the pandemic, the average bid on the Overall-Market cohort of loans was in the 97.5 context, with half of loans bid between the 98-<100 level, bids above par made up around a 35% share. By March 24, the Overall-Market average had collapsed to the 82

Debtwire Middle-Market – 1/18/2021

Source: Cliffwater Direct Lending Index and BofA Merrill Lynch US High Yield Effective Yield The red line in the chart is the *Cliffwater Direct Lending Index (CDLI) current yield, which is based on the investment income of the underlying assets held by public and private BDCs. BDCs invest in middle market companies, and the Index

The Pulse of Private Equity – 1/18/2021

Which way for PE valuations? Download PitchBook’s Report here. US PE buyout multiples went up in 2020, according to the 2020 Annual US PE Breakdown. At 14.1x, 2020 is actually the new high-water mark, increasing almost a turn and a half over 2019’s median of 12.7x. 14.1x certainly isn’t reflective of the entire market. Many of

Private Debt Intelligence - 1/18/2021

Record Number of Active Private Debt Managers A record of 1,947 private debt firms are currently active. With record figures in both firms and funds, the market is becoming increasingly crowded. The number of fund managers in Europe is increasing...