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Private Debt Intelligence - 7/22/2019

Private Debt Funds in Market in Q2 2019 Through Q2 2019, new private debt funds have continued to come to market, and there are now a record 420 vehicles on the road. Having spiked to $192bn at the start of the quarter, though, the total capital sought in the asset class has fallen back to

Leveraged Loan Insight & Analysis - 7/15/2019

2Q19 non-sponsored lending jumped to its highest quarterly level in a year After a very slow start to the year, non-sponsored lending soared in 2Q19. At US$26bn, non-sponsored syndicated loan volume was up 81% from 1Q19, but was still down 15% year-over-year. The quarter-over-quarter increase in lending was driven by a big surge in refinancings

Private Debt Intelligence - 7/15/2019

Private Debt Fundraising in Different Regions over H1 2019 Private debt fundraising started 2019 slowly, and in Q2 it has not picked up. Looking regionally, it appears that while prospects are good in North America, in Europe and Asia fundraising momentum has fallen to the mid-point of the year....

The Pulse of Private Equity – 7/15/2019

12x the rest of the year? Download PitchBook’s Report here. Two quarters into 2019 and buyout multiples remain above 12x on a median basis, according to PitchBook’s recently released PE Breakdown Report. Quarterly readings from 2015 to early 2016 were in the 9.5x to 10.5x range, with multiples gradually building over time. Though high, investors have

PDI Picks – 7/15/2019

Distressed managers find favour with investors in H1 2019 The biggest challenge for such shops will be where to find chances to deploy capital should no extended period of topsy-turvy markets ensue. Distressed debt fundraising has come back in a big way in the first half of the year, according to Private Debt Investor’s fundraising

Leveraged Loan Insight & Analysis - 7/8/2019

Syndicated MM sponsored lending volume reached $13.6bn in 2Q19 Syndicated middle market sponsored lending volume improved somewhat in the second quarter, but not nearly enough to match 2017-2018 levels. Issuance grew 10% quarter over quarter to US$13.61bn in 2Q19, but was still over 40% lower than 2Q18 levels. The lack of refinancing actvity was the

Private Debt Intelligence - 7/8/2019

Private Debt Fundraising Slump Continues in Q2 2019 Private debt fundraising slowed in Q1 2019, with a fall in both the number of funds closed (32) and the total capital secured ($24bn). That slowdown continued in Q2, continuing the decline seen in fundraising since the most recent peak in Q2 2018. Just 29 funds reached

PDI Picks – 7/8/2019

Private credit and a different view on economic conditions Concern over the economy often relates to worries over a recession or correction. Private debt managers, however, may fear things becoming too good. Private fund chief financial officers fear that the economic environment could be the main barrier to achieving their goals this year, according to

The Pulse of Private Equity – 7/8/2019

Exits are way down Private equity’s mid-year report card includes many of the same headwinds and tailwinds we’ve discussed in the past. One big one stands out. According to our US PE Breakdown Report, to be released this Friday, PE-backed exits had a very slow first half. Timing often plays a role—the rush to get

Leveraged Loan Insight & Analysis - 7/1/2019

1H19 Leveraged lending down 44% y-o-y; Leveraged loan volume off 53% Renewed focus on credit quality and increased market volatility combined gave rise to increased selectivity among leveraged loan investors, despite a lighter 2Q19 deals calendar. At US$255.35bn, 2Q19 total leveraged lending was up slightly compared to 1Q19 results but down 45% compared to the