Is PE performance persistent? Download PitchBook’s Report click here. “Past performance does not guarantee future results.” Finance professionals have probably read that boilerplate disclosure so many times they may not even notice it anymore. And while that phrase has arguably reached truism status, there is a residual belief that past performance is relevant to future…
U.S. buyout activity keeps up the lively pace, boosting LBO issuance Leveraged buyout activity has been keeping up a lively pace this quarter helping to drive LBO loan issuance higher. So far this quarter there has been US$23.9bn in completed LBO issuance, on par with 1Q18’s total of US$24.7bn. This will be the seventh consecutive…
Trending European Senior debt is finding a home in a rapidly maturing private credit market. All eyes have turned to Europe for senior debt fundraising with the bulk of funds investing at the top of the capital structure targeting the continent. Of the $78.63 billion credit managers are seeking for senior funds, some $39.15 billion…
Private Debt: A Slow Start for Europe Historically, Europe and North America have accounted for the lion’s share of the private debt fundraising market. However, Europe-focused fundraising did experience a slight downtick in levels in the first quarter of 2018, with just four funds reaching a final close and securing an aggregate €1.9bn. By contrast,…
In the political sphere, Europe and North America appear to be going on separate ways since the election of Donald Trump, as was evident in the recent G7 talks. In the credit world, however, they are closely correlated, reflecting the global scope of corporates on both sides of the Atlantic…. Subscribe to Read MoreAlready a
AT&T legal ruling bodes well for M&A deals; Loan market backs over US$200bn in 2Q18 The debt capital markets are feeling good about M&A and more specifically, the unabated surge in large transformative acquisition deals. Total M&A transactional volume so far is up 39% year over year through June 11 and the highest level since…
The pros and cons of long-dated funds Download PitchBook Report here Private equity moves at a glacial pace. While the average shelf life of a PE fund is often assumed to be eight to ten years, many funds require considerably more time to wind down. PitchBook data shows that it takes between 11 to 14…
Can Asia Pacific make a breakthrough? The region has been characterized by modest overall fundraising totals boosted by occasional mega-funds, but there is hope that this year may be different. Looking at fundraising data for the Asia-Pacific region over the last four-and-a-half years does not appear to provide much encouragement: 2015 saw almost $8.5 billion…
Private Debt and Public Market Performance A key issue for investors when evaluating the performance of their private debt investments is the correlation to public markets. Part of the appeal of private debt is its low correlation to other asset classes, as well as its long-term and illiquid nature. As such, though, it makes accurately…
The upside of SBOs Secondary buyouts have been a contentious part of the PE industry for a long time. Limited partners are the most vocal about “pass-the-parcel” deals; in rare cases they are both buyer and seller of the same company (if they’re invested in both funds), but even when that’s not the case, studies…