Featured

Private Debt Intelligence - 1/8/2018

Private Debt Fundraising in 2017 by Geographic Focus North America saw the highest levels of private debt activity in 2017, with 75 funds focused on the region raising a total of $67bn. This amounted to over half (55%) of private debt funds closed, and the region made up 63% of capital raised. Although this is…

The Pulse of Private Equity - 1/1/2018

Is private equity at full capacity? Download PitchBook’s Report click here. 2017 may have been a watershed year for private equity. 2009 certainly was: for all the discussion about PE’s recovery post-crisis—a record seller’s market, record dry powder levels, another big fundraising boom—the number of new entrants slowed to a crawl in 2009 and never…

Leveraged Loan Insight & Analysis - 1/1/2018

2017 US Syndicated loan volume tops US$2.5Tr to set new record Despite the din of geopolitical noise in the background, 2017 was a remarkably steady year in the loan market, punctuated by an especially strong finish in the last few weeks of 4Q17. At US$2.5Tr, full year 2017 US syndicated loan volume was up 26%…

Private Debt Intelligence - 1/1/2018

Private Debt Fundraising in 2017 by Fund Type 2017 was a record year for private debt fundraising, as 126 vehicles secured a total of $98bn in capital. In comparison, 2016 saw 164 vehicles reach a final close, raising $99bn in capital. Preqin expects the 2017 figures to rise up to 10% as more information becomes…

Markit Recap – 12/11/2017

Italy CDS – watch the ISDA basis This year was widely touted by many – including yours truly – as the year of political risk. As we now know it didn’t turn out that way. Emmanuel Macron fought off the challenge of the National Front, Mark Rutte was re-elected as Dutch Prime Minister and Italy…

Leveraged Loan Insight & Analysis - 12/11/2017

Flex activity swings back in favor of issuers this week So far this week, flex activity has swung back in favor of issuers after investors pushed back on several deals in prior weeks. The Flex Factor averages a very issuer friendly flex score of -1.9 this week, after occupying investor friendly territory the prior two…

The Pulse of Private Equity - 12/11/2017

Buyout funds, distressed debt strategies outperform their peers Download PitchBook’s Report click here. How do private asset classes compare on a real and risk-adjusted basis? Our latest analyst note (Is the risk worth the wait?) gauged the risk/return profile of buyout funds between 2000 and 2012 against PE growth, PE energy and venture capital strategies,…

Private Debt Intelligence - 12/11/2017

India-Based Private Debt Market Although the private debt industry is still an emerging asset class in India, it represents 13% of the market across the Asia-Pacific. Additionally, since 2014, India-based private debt assets under management has grown steadily from $2.6bn in December 2014 to $3.3bn in December 2016. Additionally, as at December 2016, dry powder…

Leveraged Loan Insight & Analysis - 12/4/2017

Yields widen slightly for new money deals; tighten for refis Average yields for first-lien institutional term loans have tightened slightly so far in 4Q17, after having ticked up in the past two quarters. The average first-lien institutional term loan yield, assuming a three-year term to repayment is 5.09% in 4Q17, down 7bp from the 5.16%…

The Pulse of Private Equity - 12/4/2017

FoF needs a reset Download PitchBook’s Report click here. Are fund-of-funds obsolete? It’s a question that’s been asked over the years, but one that is taking on more urgency as the numbers continue to slide down and to the right. FoF fundraising declined a fourth straight year in 2016 and is on track for a…