All roads lead to North America Private debt has a bias not just to fund managers based in the region but also to those investing in the funds. What was clear from our PDI 50 ranking towards the end of last year was that North America-based fund managers dominate the private debt asset class. Out…
Contact: Marina Lukatskymarina.lukatsky@spglobal.com
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 […]
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…
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
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…
Synergies & Cost Savings EBITDA Addbacks Contact: Steven Miller
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…