Leveraged market set to keep things rolling post-Labor Day The leveraged loan market has not looked like it will slow down anytime soon. Year-to-date completed issuance stands at US$972bn through the end of August. That is higher than any post-crisis year through 3Q while another roughly $35bn sits in the pipeline for September. While the…
The next buyout cycle is heavy middle market View PitchBook’s 2017 PE & VC Fundraising Report Here If the latest fundraising numbers are any indication, the new buyout cycle taking hold will be much more geared toward the middle market, particularly on the lower end. Compared to years past, the latest crop of MM funds accounts…
Private Debt Fund Managers Adapt to Rising Competition The private debt industry is seeing fundraising figures on pace with those of 2016, and optimism among private debt fund managers for the asset class remains high. However, high levels of deployable capital and an increased number of industry participants have likely contributed to increased difficulty in…
Mixed earnings result in investors running from select BDCs BDC 2Q17 earnings season is in full swing and results have been extremely mixed keeping the landscape quite bifurcated. After returning to book value in 2Q17, the average share price to net asset value per share for the public BDCs has been back on the decline…
Spotlight on the Consumer Following the announcement of the Amazon/Whole Foods merger, one telling footnote deserves more attention: private equity was eyeing Whole Foods but, due to a rapidly evolving industry, didn’t really have a chance against Amazon. An interesting scoop from Techcrunch reported that, after hearing PE firms were trying to start exploratory conversations,…
Deal Concentration by Location and Industry Recent Preqin data saw that deals completed in H1 2017 were both concentrated by location as well as primary industry focus. Preqin found that most private debt deal activity was concentrated in North America and most completed deals occurred in the industrials sector…. Login to Read More...
South Korea widens as rhetoric ramps up Donald Trump’s promise to bring “fire and fury” to North Korea if it continues to threaten the United States has certainly caused consternation across the world. But has Trump’s rhetoric affected the credit markets? In the space of a couple of days it has had an impact, though…
MM Fundraising hits US$35B YTD, on track to match 2016 levels Fundraising for middle market lending continues strong in 2017. Year to date LPC has tracked almost US$35 billion in inflows on the back of US$60B just last year. Direct lending funds continue to make up the biggest piece of the pie raking in 64%…
Middle Market Activity – 2Q Update, Part Two Download PitchBook’s 2Q 2017 US PE Middle Market Report click here. As we discussed last week, record-level fundraising is having an outsized effect on the PE middle market. So it comes as little surprise that secondary buyouts are taking a larger share of exit activity, with the…
Mezzanine Funds Become Most Sought-After Last week, Preqin examined the stated preferences of private debt investors and showed that mezzanine funds are currently preferred by the largest proportion of investors, a shift from 12 months ago. This week, Preqin explores… Login to Read More...