Mega-funds lead PE fund returns Download PitchBook’s Report here. Global PE funds posted a quarterly record in the first quarter, returning 17.6%, according to PitchBook’s latest Global Funds Performance Report. Very active capital markets are helping boost quarterly return numbers to historical highs. Preliminary Q2 returns show some deceleration, estimated at 8.8%, but still well above…
Equity multiples average an all-time high 7.1x on middle market LBO deals this year US middle market LBO purchase price multiples have continued to move higher this year. Through the first nine months of the year, the average middle market LBO purchase price multiple was 12.1x, an all-time high, and 8% above last year’s previous…
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
Our friends at William Blair ended their 3Q survey [link] with a summary of issues most expected to impact leveraged loans through year-end. Here’s a sampling: Supply/demand equilibrium. Which comes first, supply or demand? Retail cash inflows and CLO capacity largely drive liquid loan demand. Once issuers see there’s investor appetite, they hit the market…
The Fed has signaled rate hikes could begin in 2023, but markets are forecasting sooner.
New ways of accessing private debt for hungry LPs Permanent capital is the holy grail for fund managers looking to expand their fundraising potential even further. In the previous edition of PDI Picks, we provided a glimpse of our Global Investor 30 ranking of the largest LPs in private debt and included a table of…
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…
Distribution of Synergies & Cost Savings EBITDA Addback Time Horizons (for Actions Resulting in Addbacks) (Past performance is no guarantee of future results.) Contact: Steven Miller
Private debt sees leap in impact funds Private debt has seen a rise in the number of impact funds, defined as funds with the intention of generating a measurable, beneficial environmental or social impact alongside financial returns, being raised over the year, reaching a new high in 2021 with 12 funds either raising or already…
Contact: Marina Lukatskymarina.lukatsky@spglobal.com