Another record year for the middle market Download PitchBook’s Report here. The US middle market had quite the year. Both volume and total value easily set records by year, and the quarterly totals were even more impressive. All four quarters saw more than $100 billion invested—not only the first time that’s happened, but those are the…
Underwriting’s influence on track record GPs’ documentation practices play an outsized role in private credit, and LPs should know whether they’re doing it well. Limited partners put an almost unanimous emphasis on a potential general partner’s track record, with 97.6 percent of respondents in our annual PDI Perspectives 2019 investor survey saying it forms a…
“I believe in being fully transparent,” we told our spouse, negotiating NFL playoff viewing rights this past weekend. “It’s working,” she said. “I can see right through you.” In that same spirit of confession, your correspondent reminds readers of last week’s forecast regarding fund flows. We predicted outflows from retail loan accounts, which had been…
LPC’s analysis of private club deals showed almost 93% of middle market volume was senior or unitranche.
Distribution of MFN Sunset Horizons Contact: Steven Miller
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
Asia-Focused Private Debt Fundraising Falters 2018 proved to be another strong year for private debt fundraising, with the year seeing 163 funds holding a final close and securing an aggregate $110bn in capital. North America continued to represent the largest portion of the industry: 91 North America-focused vehicles raised a total of $68bn…. Login to
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…
Drawdown speeds and fund returns Download PitchBook’s Report here. US PE fundraising trended down in 2018. No surprise there—more than $200 billion was cumulatively raised in both 2016 and 2017, totaling nearly $442 billion altogether in the span of two years. As we’ve noted in the past, the current fundraising market bears a hint of opportunism,…