Featured

Leveraged Loan Insight & Analysis - 7/30/2018

Middle market dominates for LBO activity with direct lenders stealing share from syndicated market New Co/New Traditions! Join us for a half day on September 12th for our 24th Annual Loans Conference. The middle market continues to remain a hot spot for LBO activity – however the numbers don’t always show it. Pre credit crisis (2004-2008), roughly…

Private Debt Intelligence - 7/30/2018

Private Debt Assets under Management Break New Records Preqin finds that private debt assets under management have risen for the third consecutive year, reaching a record $667bn at the end of 2017. This represents a 13% increase from December 2016 when private debt assets under management had yet to hit the $600bn mark. Private debt…

Leveraged Loan Insight & Analysis - 7/23/2018

Unitranche volume exploded in 2Q18 Unitranche volume hit a new high in 2Q18 since LPC began tracking this facility. 2Q18 issuance exploded to $8.67bn, up a whopping 178% from 1Q18’s low levels. Middle market lenders financed bigger deals in 2Q18 which also was a contributor to the pick up in unitranche volume. The average deal…

The Pulse of Private Equity – 7/23/2018

First-time MM fundraising hums along Download PitchBook’s 2Q 2018 US PE Middle Market report here. We discussed last week the faltering fundraising market in the overall private equity market. But like most PE-related discussions, there’s usually a discrepancy between the PE middle market and the PE market as a whole. That’s especially true when looking…

PDI Picks – 7/23/2018

LPs going on the defensive Senior debt continues to be popular even as many investors have fleshed out their private credit exposure via their handful of favourite direct lenders. The proportion of senior debt capital raised in the first six months of 2018 hit a four-year high, according to PDI data, signifying a greater willingness…

Private Debt Intelligence - 7/23/2018

Distressed Debt Sees Strong Performance Distressed debt has seen strong success, particularly in Q2 2018: the strategy led private debt fundraising during the quarter and the majority (60%) of investors tracked by Preqin are planning to seek out distressed debt vehicles over the next 12 months. The fund type has also seen favourable returns, even…

Private Debt Intelligence - 7/16/2018

Investors Take Notice of Distressed Debt Preqin currently tracks more than 3,300 private debt investors globally. The majority (55%) of these investors are based in North America. A further 25% are based in Europe and 14% are based in the Asia-Pacific region. The 10 largest investors allocate a total of $66bn to the private debt…

Markit Recap – 7/16/2018

The news wires are full of headlines around Trump, trade wars and Brexit. A mercantilist USA and a UK government clinging on by its fingertips are not conducive to positive market sentiment. Yet spreads appear unaffected by the political chaos; spreads have tightened, rather than widened. The Markit iTraxx Europe is trading at 65bps, a…

PDI Picks – 7/16/2018

US-based managers dominate fundraising Many of the behemoth alternative asset managers are based in America and have raised some of the largest funds this year. For all that’s said about the rise of private debt in Europe and Asia, managers headquartered in the US ruled fundraising in the first six months of the year, according…

The Pulse of Private Equity – 7/16/2018

Is the fundraising boom over? Download PitchBook’s 2Q 2018 US PE Breakdown report here. It isn’t news that US private equity fundraising has been on a tear in recent years. The flood began in 2013, which saw $195 billion raised across 290 vehicles. At the time, both figures were head-and-shoulders above 2012 totals, but it…