As we wrap up our special SPAC series, let’s take a look at the performance of these vehicles over time. According to research firm Renaissance Capital, of the 200-plus SPACs launched since 2015, 107 have completed mergers and gone public. Shares in those issuers averaged a loss of 14%. Compare that to an average regular-way […]
Source: SPP Capital Partners Contact: Stefan Shaffer stefan@sppcapital.com
Percentage of New Issue First Lien Loans that Cleared with a J. Crew Trapdoor Contact: Steven Miller
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…
Volume surged in December, strong M&A tone carries into first week of 2021 Direct lenders established a new high watermark for volume in December, setting the tone for an aggressive first quarter in 2021. Last month’s volume soared past every previous monthly tally since DLD launched in September 2019…. Subscribe to Read MoreAlready a member?
2020 buoyed by fourth quarter PitchBook’s latest US PE Breakdown is around the corner. Our numbers suggest a massive jump in Q4 activity, bringing 2020 closer to 2019 numbers than many expected. In all, we’re estimating 5,309 deals were done in 2020 totaling $708.4 billion. Respectively, those totals are -3% and -7% off 2019 numbers….
We typically dedicate the new year’s first issue to reviewing the year gone by. Unfortunately when we emerged from the holidays, 2020 seemed lost in a fog of masks, sanitizers, and Netflix bingeing. Two items in December did manage to penetrate our consciousness. First was an opinion piece from our content partner, Creditflux. Fellow columnist…
Last year was Exhibit A on how non-traded loans perform amid volatility relative to their liquid cousins.