GP stakes investing—a new trend emerging? Download PitchBook’s Report here. TPG Capital, one of the largest PE firms to retain its partnership structure, flirted with the idea of going public this year. Many of its peers are already publicly traded—Blackstone, KKR and Apollo, to name a few. But since going public, their shares haven’t performed very…
Private Debt Remains Popular for Investors Private debt has seen great success in attracting investors, and as at H2 2018 over a third (36%) of institutional investors allocate capital to the asset class, according to Preqin’s latest survey of institutional investors. Investors cite portfolio diversification as the main reason to invest in private debt, alongside…
Owning up to Europe’s distressed opportunity Under increasing pressure, banks are starting to offload troubled assets – with Italy leading the way. Like a small child who keeps a broken toy in a clenched fist to hide it from a parent, many European banks have been reluctant to own up to the true value of…
Turkey’s self-inflicted problems have had ramifications well beyond its borders and led to comparisons with previous emerging market crises. Mexico in 1994; south-east Asia in 1997; Russia in 1998; Argentina in 2001: all have been invoked as precursors to Turkey’s seemingly inevitable descent into debt distress and recession…. Subscribe to Read MoreAlready a member?
Tariff questions, private equity edition Download PitchBook’s 2Q 2018 M&A Report here. Like every tariff-related conversation, it’s too early to tell what impacts they’ll have on private equity. But like many PE-related conversations, different investors see different outcomes when looking at the same thing. Carlyle’s David Rubenstein, in an interview with CNBC, says that while the…
Loans backing cross border M&A deals at record high Despite a flurry of cancelled or withdrawn M&A transactions recently, the global M&A market remains very strong nearly eight months into 2018. Cross-border deals in particular have been especially robust with over US$1trln of announced transactions, an increase of 74% compared to the same time last…
Real estate debt: a blossoming American tradition Investment opportunities for the sector in the US appear to remain strong. Real estate debt fundraising by region – where a firm plans to deploy capital rather than where the vehicle’s investors are – has fluctuated over the past four years, but one constant has been the rise…
Distressed Debt Outperforms Other Private Debt Strategies The private debt industry has historically been dominated by three main strategies: direct lending, distressed debt and mezzanine, which collectively account for around four-fifths of private debt assets under management. Median returns for these strategies, and for private debt overall, have been strong, and returns have consistently hovered…
Emerging markets: CDS stalwarts Emerging market sovereigns are regarded as stalwarts of the CDS market. Liquidity is dependable – participants can usually trade in large size with relatively low transaction costs and little price impact. Those that offer doom-laden predictions about the single name product clearly pay little heed to emerging market names…. Subscribe to
Strategics are the real barbarians “Barbarians at the gate” is an idiom that has lived past its shelf life. Classifying PE firms as barbarians implies they can raid and conquer at will. There was a tinge of truth to that in the 80s, but it’s a laughable argument in today’s market. As any investor will…