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Private Debt Intelligence - 8/5/2019

Investors in Private Debt More Cautious in Q2 2019 Analysing the fund searches that private debt investors make, we can gain some idea of what demand for various fund types and regions will look like in the coming months. Comparing what investors were looking for in Q2 2019 to a year ago, the scenario has…

PDI Picks – 8/5/2019

Massive mezzanine lenders: the few, the proud While this year’s sluggish junior debt fundraising numbers partially reflect the hollowing out of mid-market mezzanine investments, they also illustrate big firms getting bigger. Mezzanine debt fundraising is off to a slow start this year, according to PDI data, once again showing the strategy’s reliance on mega-funds to…

Debtwire Middle-Market – 8/5/2019

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…

High-water Mark

We instinctively knew making “Smooth Sailing” our commentary title last week invited retribution from the market gods. No sooner had we hit the “Send” button to our 50,000 subscribers when the latest round of tariffs on China was launched. Having lived through countless market bumps, our editorial staff decided to press on regardless with our…