US secondary loan bids get a boost from improved single-B sentiment Average bids in the US secondary loan market have been on the upswing of late. The LPC 100, Refinitiv LPC’s cohort of the 100 largest and most liquid loans, closed Monday bid at 98.02, its highest level since August 2. The LPC 100 was
Middle market firms rarely target the public market Download PitchBook’s Report here. Middle market investors aren’t known for prolific take-private activity, but the percentages are surprisingly low. For the past two years, middle-market take-privates have accounted for less than 2% of all middle market activity. 2% is pretty skimpy. Dating back to 2014, MM buyouts have
Direct Lending: Add-ons maintain share over buyouts in November Add-on acquisitions continued to drive financings over buyouts in November, accounting for half the tally, compared to 42% for LBOs, according to Direct Lending Deals. Other proceeds, which include growth financing, accounted for 8% of volume, according to DLD. ...
Europe-Focused Private Debt Fundraising Hits Record High Private debt fundraising has been slowing down globally since 2017 – so far this year the asset class has raised $92.7bn, the lowest fundraising figure seen since 2014. Normally, a big proportion of private debt trends are attributed to the most developed markets of North America and Europe,
LPs expecting lower private debt returns in 2020 The asset class has experienced intense competition over the years, and that might be starting to show up in LPs’ return expectations. Investors broadly expect to enjoy solid private debt returns next year, with 78 percent anticipating returns at or above their benchmarks, according to our annual
Defaulted loans ticked down slightly for BDCs in 3Q19 Lenders and investors are exhibiting growing concerns surrounding slowing growth and where the economy is headed. Yet non-accruals within BDC portfolios are not yet showing any accelerating signs of deterioration. As of the September 30 filing date, the share of BDC loans on non-accrual status as
Grading our predictions, part 3 Download PitchBook’s Report here. The past couple weeks we’ve been covering some of the PE predictions we made last year. We’ll be doing a much deeper dive on our upcoming free webinar, co-hosted with ACG. Here’s the registration link, and mark your calendars for December 17th if you’d like to join.Yours
Top 100 Private Debt Fund Managers The private debt industry has been unceasingly growing over the last ten years, holding more than $786bn in assets as of March 2019, almost three times bigger as in December 2009 when there were $267.3bn in AUM. The 100 largest private debt fund managers have had a major role
Direct lending reigns supreme despite risks A plurality of LPs plan on committing more to the strategy than any other credit product, our annual investor poll found. More covenant headroom, wider credit spreads and a mountain of capital: that’s how LPs view not just for the upper mid-market or the broadly syndicated market, but all
Grading our predictions, part 2 Download PitchBook’s Report here. Last week we previewed our upcoming webinar with ACG on how our 2019 private equity predictions panned out. This week’s rearview assessments is one of our misses—we thought private debt fundraising levels would rebound off of a slower 2018. Slow being relative, as it was still one