PE’s historical performance still allures in a market plagued by uncertainty View PitchBook’s 2017 Global PE & VC Fund Benchmarking Report: Part II Here Comparing the returns of different strategies is difficult enough, given the typical disparities in approach. Assessing private equity’s performance relative to that of public markets is even more challenging,… Login to
The UK vs Europe: Private Debt Fundraising Europe-focused fundraising has typically been driven by vehicles based in the UK: since the start of 2010, UK-based funds have raised a cumulative €50bn in investor commitments,… Login to Read More...
US Direct Lending Funds Approach $100bn in AUM The direct lending market in the US has been growing consistently since the Global Financial Crisis (GFC). Given the long-term low-interest environment, many investors have been looking for alternatives to supplement their fixed income investments, which have seen yields remain low. Direct lending, in this context,… Login
Middle market lenders struggling to find yield in 2Q17 Middle market lenders with a minimum spread requirement of 500bp and above are most likely struggling to find assets in the syndicated loan market that meet their return requirements. So far in 2Q17, 77% of middle market sponsor-backed loans to hit the syndicated market have a…
Finishing strong View PitchBook’s 2017 Global PE & VC Fund Benchmarking Report: Part II Here In the prior installment of the Pulse of Private Equity, we discussed how the cyclicality of the PE industry was coming to bear, as the momentum and speed with which more recent fund vintages could return money to their investors…
BDC performance wavers in May on the back of mixed earnings The upward march of BDC share prices in 2017 seems to have come to a halt in May on the back of mixed earnings announcements for 1Q17. Rising non-accruals, earnings misses, heavy prepayments, declining yields, tough market conditions and extreme competition are all… Login
Cyclicality of PE industry coming to bear? View PitchBook’s 2017 Global PE & VC Fund Benchmarking Report: Part II Here From the rhythmic ebb and flow of the tide to the mysterious circadian patterns within each human, the world is governed by cycles. When it comes to private equity investment and fundraising, multiple separate cycles…
Private Debt Investment Consultant Outlook In November 2016, Preqin conducted a survey of 49 alternative investment consultants in order to determine their sentiment on the private debt asset class, and their regional, structural and strategic preferences for the coming year. Investment consultants identified direct lending as the most promising private debt fund type heading into…
2017 was widely touted to be the year of volatility. The UK government started the fraught process of leaving the EU, while the Dutch and French elections were scheduled with populist far-right parties riding high in the polls. But here we are, in the middle of Q2 and volatility is at rock bottom. The Markit…
Lender Survey: Compared to the historical average, loan recoveries will be: Many investors have a wish list for rolling back structural deterioration with, not surprising, bringing back covenants with clean historical EBITDA definition meaning capped add-backs and no inclusion of projected results or cost savings at the top of the list. Although a lower spread…