This week we chat with Mark MacTavish, a Managing Director at ONCAP, which is the dedicated middle market private equity platform of Onex Corporation. Onex was founded in 1984 and manages approximately $24 billion in assets, principally through two private equity platforms, in which each Onex is the largest investor. In November 2016, ONCAP raised…
After a three year pause, the number of sponsor-backed portfolio companies held for over five years is rising.
Private Debt Management Fees Both mean and median management fees for private debt funds have been moving down since the highs for vintage 2013 funds, with the average management fees falling to a 10-year low among 2017 vintage funds. The mean investment fee for 2017 vehicles has dropped to 1.52%, while the median fee has…
The middle market isn’t cheap Download PitchBook’s Report click here. Middle market activity has never been as strong as it is now. What used to be a space to find bargains has turned into just another frenzied market, one among many. The median valuation-to-EBITDA multiple for all middle-market M&A transactions is up yet again this…
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
PE-backed IPOs: A hairy 2017 It’s no secret that PE sellers have preferred outright sales over IPOs recently. There are big advantages to staying private, and many of the best-performing assets on sale since 2016 have been bought outright by financial or corporate buyers. Why test the temperamental public markets when acquisitions can bring in…
Primary leveraged yields tighten slightly so far in 4Q17 Yields have declined slightly in 4Q17 despite an increase in the Libor component. The average yield, assuming a three-year term to repayment is at 5.07% so far in 4Q17; slightly below the 5.16% recorded in 3Q17. Holding up the yields is the increase in the 3-month…
In what was the highest price ever paid for a painting, Leonardo da Vinci’s “Salvator Mundi” sold last week for $450.3 million at a Christie’s auction, beating by a wide margin the $179 million forked over two years ago for Picasso’s “Les Femmes d’Alger.” The price tag also topped the entire building cost of New…
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 comprises of more…